American Property Casualty Insurance Association
  • Staff Contact: Eileen Gilligan     
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  • FOR RELEASE ON RECEIPT
  • December 7, 2016
  • PCI Applauds Congressional Action to Protect U.S. State-Based Regulation of Insurance
  • 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 for passing H.R. 5143, the “Transparent Insurance Standards Act of 2016.”

    “We appreciate the leadership and efforts of House Financial Services Committee Chairman Hensarling and Subcommittee Chairman Luetkemeyer for advocating for insurance consumers and defending the U.S. state-based insurance regulatory system,” said Wienecke.

    “This legislation will defend and promote our proven, effective, consumer-centric system of insurance regulation during international regulatory discussions. It will improve deliberations through increased transparency and reporting by the Treasury and the Federal Reserve to Congress. This bill also requires federal and state representatives to achieve consensus to avoid advocating different positions in international regulatory discussions,” continued Wienecke. “These guardrails are needed to safeguard the highly-competitive U.S. insurance marketplace, protect U.S. consumers, and strengthen the U.S. voice in international negotiations.”

    “We applaud House leadership and members for their support of this legislation. We urge the Senate to take up and pass this legislation and send a final bill to the president’s desk,” concluded Wienecke. 

  • PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write $202 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 27 percent of the homeowners market, 33 percent of the commercial property and liability market and 34 percent of the private workers compensation market.
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