American Property Casualty Insurance Association
  • Staff Contact: Jeffrey Brewer     
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Contact:

Jeffrey Brewer

Phone:

847-553-3763

Email:

Jeffrey.brewer@pciaa.net

 

 

FOR RELEASE ON RECEIPT

May 21, 2014

PCI’s Sampson to Discuss International Issues at the Global Insurance Symposium in Iowa

 

CHICAGO - David Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI) will highlight key trends regarding the federalization and globalization of insurance regulation during a panel discussion Thursday at the Global Insurance Symposium in Des Moines, Iowa.

Corporate executives and regulatory authorities from around the world are meeting in Des Moines to engage in a dialog and share insights into the challenges facing the insurance industry both nationally and globally. In addition to Sampson, featured speakers at the symposium include Senator Ben Nelson, CEO of the National Association of Insurance Commissioners; Naruki Mori, assistant commissioner for international affairs, Japan Financial Services Agency; T.S. Vijayan, chairman, India Insurance Regulatory and Development Authority; Governor Tim Pawlenty, CEO of the Financial Services Roundtable; and Governor Dirk Kempothorne, president and CEO, of the American Council of Life Insurers.

“As the representative of the broadest cross section of insurers of any national trade association, PCI is pleased to be able to share its views regarding the direction of global and federal insurance regulatory discussions,” said Marguerite Tortorello, senior vice president of public affairs for PCI. “Iowa, with its healthy and competitive insurance market, serves as an excellent location to engage in this type of dialogue regarding the challenges facing insurers whether or not they do business internationally.”

PCI has always been a strong supporter of the U.S. state-based regulatory system and has expressed concerns regarding discussions that advance one-size-fits-all, bank-like global regulatory approaches.

“We welcome more international coordination, mutual recognition and, where appropriate, harmonization,” said Tortorello. “However, we are cautious regarding global regulatory convergence which threatens to undermine a domestic regulatory system that has worked relatively well for many years. Additionally, we believe the industry should be concerned about a lack of transparency in the decision making process at the international level. While not perfect, the state-based system has a 150 year track record of comprehensive state regulation protecting consumers.”

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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