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 House Financial Services Committee for passing H.R. 5143, the “Transparent Insurance Standards Act of 2016.”
“PCI applauds the House Financial Services Committee for passing this important legislation. The Transparent Insurance Standards Act of 2016 provides clear direction by Congress to U.S. representatives involved in international insurance regulatory negotiations to protect and promote the U.S. state-based regulatory system,” said Wienecke.
“The U.S. has the largest, most resilient, and competitive insurance market in the world. Our successful system should be promoted during international negotiations,” continued Wienecke “It is imperative that Congress put guardrails up to preserve the 150-year-old state based system, where serving consumers is the primary objective. This bill would also strengthen the U.S. voice in international negotiations through better coordination and increased transparency and accountability of international standard setting.
“We commend the leadership of Committee Chairman Hensarling and Subcommittee Chairman Luetkemeyer and the committee members for passing HR 5143. We also appreciate Rep. Denny Heck and other members on the committee for their support and efforts in advocating for legislation to preserve the state-based insurance regulation system,” continued Wienecke.
“We encourage the House and Senate to finalize legislation supporting the U.S. state-based system and send it to the president’s desk this year,” concluded Wienecke.