WASHINGTON — Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association of America (PCI) issued the following statement applauding House action on H.R. 5059, the State Insurance Regulation Preservation Act. The bill passed out of the House of Financial Services Committee with a strong bipartisan vote.
“PCI applauds the House Financial Services Committee for passing H.R. 5059, the State Insurance Regulation Preservation Act,” said Wienecke.
This commonsense, bipartisan legislation will maintain the role of the Federal Reserve Board of Governors as the consolidated supervisors of insurance savings and loan companies; while providing needed direction for the appropriate tailoring of the supervision of insurance savings and loan companies considering the role of State insurance commissioners as primary regulators of the business of insurance.
“The Federal Reserve Board’s duplicative examinations of well-capitalized insurers affiliated with depository institutions increase consumers’ costs and reduce competition. The Fed should be focused on the safety and soundness of banks and savings and loan institutions, not well-functioning state regulated insurers,” continued Wienecke.
“PCI commends Representatives Rothfus and Beatty for their bipartisan leadership. We urge the House to take up and pass this bill, which will free up more investment in the economy for the benefit of consumers and policyholders across the country,” concluded Wienecke.
PCI’s letter of support is attached.