WASHINGTON — Nat Wienecke, senior vice president, federal government relations issued the following statement applauding the Senate passage of S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. This bill includes provisions based on the bipartisan Insurance Capital Standards Accountability Act, introduced by Senators Dean Heller (R-NV) and Jon Tester (D-MT).
“PCI applauds the Senate for passing the Economic Growth, Regulatory Relief and Consumer Protection Act. Chairman Crapo has been a real leader on these issues and we appreciate the inclusion of the important International Capital Standards Accountability provisions. These bipartisan provisions led by Senators Heller and Tester are important and reinforce the primacy of the state regulation of insurance.
“It is essential that the U.S. participants speak with one voice in international insurance negotiations. The International Insurance Capital Standards Accountability provisions would increase transparency in international forums and ensure that U.S. federal representatives advocate effectively for market access and mutual recognition of our successful state-based regulatory system for insurance.
“PCI calls on the House to pass H.R. 4537, the International Insurance Standards Act of 2017and for the two chambers to reconcile their differences in a final bill that defends the state-based regulatory system for insurance.”