WASHINGTON – Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association of America (PCI) issued the following statement following the House passage of H.R. 1478, the Policyholder Protection Act of 2015. The House passed the legislation by voice vote.
“PCI appreciates the leadership of Representatives Bill Posey and Brad Sherman in moving the Policyholder Protection Act forward. PCI has worked on this important legislation to protect insurance consumers for four years, PCI members advocated for the bill during our congressional Legislative Action Day, and it was strongly supported by the state insurance regulators,” said Wienecke. “The Policyholder Protection Act clarifies and corrects several ambiguities and loopholes in the Dodd-Frank Act to preserve the authority of state insurance regulators to protect insurance policyholders and prevent federal banking regulators from abusing funds set aside to pay policyholder claims to rescue a failing affiliated bank. PCI applauds the House for passing the legislation and urges the Senate to take up and pass this legislation.”