You are here:HomeIssuesProtecting State Insurance Regulation 2017PIA Priority Bill Passes House FSC

PIA Priority Bill Passes House FSC

The House Financial Services Committee has endorsed a bill intended to preserve the U.S. state-based system of insurance regulation, while giving Congress greater oversight and transparency on international insurance standard negotiations...
December 20, 2017

The House Financial Services Committee (FSC) has endorsed a bill intended to preserve the U.S. state-based system of insurance regulation, while giving Congress greater oversight and transparency on international insurance standard negotiations. The International Insurance Standards Act of 2017 (H.R. 4537) is legislation that PIA strongly supports that was recently introduced by Rep. Sean Duffy (R-WI). It passed the FSC on a 56-4 vote on Dec. 13.

The legislation would require consultation with Congress and coordination with state insurance commissioners throughout negotiations of international standard-setting agreements. In addition, representatives of the federal government would be required to consult with the insurance industry, state and local governments, and policyholders during such negotiations of covered agreements. PIA also supports the bill’s authority for Congressional review, including the granting of Congressional authority to stop an ill-advised agreement from being enforced.