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

July 11, 2014

PCI Applauds House Appropriations Report Reinforcing the Limited Federal Authority Over State Insurance Regulators

 

WASHINGTON – Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association of America (PCI) issued the following statement in support of the language on insurance regulation in the report to accompany H.R. 5016, the Financial Services and General Government Appropriations Act, 2015.

“PCI applauds the House Committee on Appropriations for underscoring the clear Congressional intent in the Dodd-Frank Act that the business of insurance shall continue to be regulated by the states. PCI also praises the Committee for clearly stating that federal agencies need to be on the same page with state regulators when establishing U.S. policies in international insurance negotiations. Federal agencies must also avoid advocating for international insurance capital standards that conflict with those of the states, including a global capital standard for insurers,” said Wienecke.

“This is a clear sign to all involved in these negotiations that Congress, on a bipartisan basis, has no appetite to re-open Dodd-Frank to allow new capital standards that are inconsistent with state standards and that the U.S. is not going to move in this direction without the consent of the states. PCI is also very pleased that the report requires the Inspector General to submit a report on the federal agencies’ process for coordinating with state insurance commissioners, specifically determining if federal agencies developed a consensus on international insurance standards policy and if the federal agencies representation at international negotiations conforms with the consensus. This Congressional action is a positive step towards creating a stronger voice for the U.S. insurance market and protecting the viability of a competitive private insurance market for the benefit of consumers and insurers,” 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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