American Property Casualty Insurance Association
  • Staff Contact: Eileen Gilligan     
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Contact:

Eileen Gilligan

Phone:

202-639-0497

Email:

Eileen.Gilligan@pciaa.net

 

 

FOR RELEASE ON RECEIPT

April 29, 2014

PCI Applauds Introduction of The Insurance Capital Standards Clarification Act of 2014

 

WASHINGTON – The Property Casualty Insurers Association of America (PCI) issued the following statement today applauding the introduction of The Insurance Capital Standards Clarification Act of 2014.

“PCI applauds Senators Sherrod Brown, Susan Collins, Mike Johanns and Representatives Gary Miller and Carolyn McCarthy for introducing The Insurance Capital Standards Clarification Act of 2014,” said Nat Wienecke, PCI’s senior vice president, federal government relations. “PCI has long been advocating against the one-size-fits-all model for regulation and we are pleased that there is broad, bipartisan agreement to clarify that any capital standards for insurance holding companies with depository institution affiliates are appropriately tailored to insurance. The insurance model is fundamentally different from the banking model, and without this legislation, many PCI member companies that own community banks or other relatively small depository institutions may be forced to quit the banking industry because of the potential regulatory costs and challenges that will be imposed by the Fed.”

“We appreciate the leadership of Senators Brown, Collins and Johanns and Representatives Miller and McCarthy and look forward to working with them to urge Congress to act quickly and pass this important legislation,” concluded Wienecke.

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $195 billion in annual premium, 39 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.

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