WASHINGTON — Nat Wienecke, senior vice president, federal government affairs at the Property Casualty Insurers Association of America (PCI) issued the following statement encouraging the House Financial Services Committee to strongly support H.R. 3746, the Business of Insurance Regulatory Reform Act of 2017, at today’s markup.
“PCI strongly urges members of the House Financial Services Committee to support the Business of Insurance Regulatory Reform Act of 2017.
“When Congress created the CFPB in the Dodd-Frank Act it chose to exempt the business of insurance from its jurisdiction, but the CFPB has overstepped its boundaries in some instances. This important bipartisan legislation reflects the congressional intent of Dodd-Frank and provides increased clarity on the insurance exemption. As Dodd-Frank did, this bill recognizes that our state-based system for insurance regulation has been effective in protecting consumers and fostering competitive insurance markets for over 150 years.
“PCI applauds Representatives Sean Duffy and Gwen Moore for their leadership and introducing this important bipartisan legislation to support and protect state-based insurance.”
A letter of support signed by PCI and other trade organizations is attached.