American Property Casualty Insurance Association
  • Staff Contact: Eileen Gilligan     
    • Printer-Friendly Printer-Friendly PDF Export PDF Export

 

 

Contact:

Eileen Gilligan

Phone:

202-639-0497

Email:

Eileen.Gilligan@pciaa.net

 

 

FOR RELEASE ON RECEIPT

October 14, 2014

PCI CEO Sampson to Discuss Key Industry Issues and  Regulation, Post Crisis

 

WASHINGTON – David A. Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI), today will discuss key domestic and international property and casualty insurance issues and industry regulation post 2008 financial crisis. The Brookings Institution forum entitled “Global Insurance Regulatory Developments and the Impacts on U.S. Consumers and Insurers” will focus on lessons about insurance from the financial crisis and how regulatory reforms are changing the industry and its supervision.

Sampson will participate in a panel discussion, entitled “The Insurance Industry and its Regulation, Post Crisis,” with Ben Nelson, CEO, National Association Insurance Commissioner and Viral Acharya, C.V. Starr professor of economics, Stern School of Business, NYU. Martin Neil Baily, senior fellow economic studies, Brookings Institution will moderate the panel.

“PCI welcomes the opportunity to discuss the industry’s perspective on key domestic and international issues with such a distinguished panel,” said Robert Gordon, PCI’s senior vice president policy development and research. “The industry is at a critical watershed as we await Congressional action on must pass insurance legislation while facing threats such as the recent actions by the International Association of Insurance Supervisors (IAIS) to eliminate meaningful public observer participation from their discussions, severely undermining their transparency and accountability.

“There certainly are immediate needs for central action, such as working together against the threat of terrorism and ironing out the wrinkles in the implementation of our post-crisis legislation such as the Dodd-Frank Act, Solvency II, and the many U.S. state model acts being adopted in the states. But in the rush to solutions and international agreements, we need to fully understand and appreciate the diversity in our systems and markets and the often different needs and goals they are intended to address. A single one-size-fits-all approach domestically or internationally is not in the best interest of consumers,” concluded Gordon.

Sampson will discuss the concerns with the IAIS proposal to eliminate public observer participation, the Federal Insurance Office (FIO) Report recommendations, the urgent need to reauthorize TRIA and approve the Insurance Capital Standards Act during the lame duck session, the challenges and opportunities brought on by the sharing economy, and the Department of Housing and Urban Development’s push to erode an insurer’s ability to use actuarially sound underwriting tools in homeowners insurance.

The Brookings Institution will webcast the forum. Click here to watch Sampson’s panel discussion beginning at 1:30pm ET.

PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. 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 more than $210 billion in annual premium, 39 percent of the nation's property casualty insurance. Member companies write 47 percent of the U.S. automobile insurance market, 33 percent of the homeowners market, 36 percent of the commercial property and liability market, and 39 percent of the private workers compensation market.

###