American Property Casualty Insurance Association
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Contact:

Eileen Gilligan

Phone:

202-639-0497

Email:

Eileen.Gilligan@pciaa.net

 

 

FOR RELEASE ON RECEIPT

September 19, 2014

PCI Applauds Introduction of House and Senate Resolutions Condemning IAIS Proposal to Reduce Transparency

 

WASHINGTON – Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association of America (PCI) issued the following statement today applauding the introduction of H.Res. 735 and S.Res. 561, resolutions disapproving of the International Association of Insurance Supervisors (IAIS) proposed measures to reduce transparency and public participation in the IAIS meetings.

“PCI applauds Senators Jon Tester (D-MT) and Dean Heller (R-NV) and Representatives Bill Huizenga (R-MI) and Greg Meeks (D-NY) for introducing these resolutions,” said Wienecke. “These resolutions are a significant step in making clear that all agencies representing the U.S. on international issues must stand firm against efforts to reduce transparency at the IAIS. Openness is critically important to U.S. consumers and companies as the IAIS develops policy on global insurance regulatory standards.

“PCI strongly condemns the IAIS proposal to reduce public access and by extension, accountability at the IAIS,” continued Wienecke. “We have long supported and participated in the work of the IAIS. But PCI supports open and transparent meetings for developing international regulations, unless there are specific enumerated reasons to close them, such as personnel or company-specific discussions.”

Ironically, the IAIS attempt to restrict public access followed shortly after consumer groups were allowed to participate in the IAIS meetings. PCI submitted comments last month to the IAIS against their proposal to change the meeting procedures.

“An open process is the hallmark of good governance. The IAIS’ efforts to bring down the curtain on transparency and accountability is a step backwards. They should operate in the light of day and out of closed rooms. With an open and transparent process, the IAIS can ensure buy-in from policymakers and broader global markets,” 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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