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 Subcommittee on Housing and Insurance hearing entitled, “The Impact of U.S. – EU Dialogues on U.S. Insurance Markets.”
“PCI applauds Chairman Luetkemeyer for his steadfast work on defending the U.S. insurance market,” said Wienecke. “We commend Congress for its efforts and urge leaders to move forward with H.R. 5143, the Transparent Insurance Standards Act of 2016, and other bipartisan legislation. This will improve international insurance regulatory deliberations and clearly and effectively promote U.S. markets, the interests of our consumers and our proven effective state-based insurance regulatory system.
“PCI also urges Congress to continue to exercise oversight over the covered agreement process,” continued Wienecke. “PCI believes that the U.S. negotiators’ primary objective should be to achieve U.S.-E.U. mutual recognition of each other’s insurance regulatory regimes. Some EU countries have recently begun to discriminate against U.S. insurers because of the lack of mutual recognition. That must stop. One system should not be imposed on the other and U.S. companies should not be disadvantaged in Europe. PCI appreciates TEAM USA for working together to resolve these concerns and we look forward to working with them constructively.
“The collective challenge for all of us – Team USA, the Congress and U.S. consumers and industry is to work together for outcomes that respect our regulatory system as fully compliant. This means working for outcomes in every area that are sufficiently high level and principles based that they allow proven effective systems, although different to be fully recognized,” concluded Wienecke.
PCI submitted a statement for the record and a copy of letter PCI President and CEO David Sampson wrote to the key U.S. negotiators. PCI’s statement and letter are attached.