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 holding a hearing entitled “A Legislative Proposal to Create Hope and Opportunity for Investors, Consumers, and Entrepreneurs.”
“PCI strongly supports the Financial CHOICE Act, which would benefit consumers, uphold proven effective state-based insurance regulation, strengthen the financial marketplace, and at the same time reduce federal regulatory overreach,” said Wienecke.
“Dodd-Frank has created extra layers of federal banking-related regulation that have spilled over into insurance, which often duplicate or undermine consumer-focused state regulation,” continued Wienecke. “The Financial CHOICE Act includes several provisions that could reduce unproductive regulatory duplication and overreach and thereby support more financial activity and economic growth. At the same time, however, it assures the continued viability of our proven effective state-based system of insurance regulation.”
“If enacted, the legislation will better focus regulatory efforts, better protect state-based consumer protections and better support a competitive U.S. insurance market. PCI applauds Chairman Hensarling and the House Financial Services Committee for their leadership,” concluded Wienecke.
PCI’s statement for the record and letter of support are attached.