You are here:HomeIssuesProtecting State Insurance Regulation 2017PIA Supports International Insurance Standards Act (H.R. 3762)

PIA Supports International Insurance Standards Act (H.R. 3762)

PIA has sent a letter thanking Rep. Sean Duffy (R-Wisc.) for introducing the International Insurance Standards Act of 2017 (H.R. 3762). The bill requires that any international agreements must reflect the U.S. state-based insurance system...
September 27, 2017

PIA has sent a letter thanking Rep. Sean Duffy (R-Wisc.) for introducing the International Insurance Standards Act of 2017 (H.R. 3762). The bill requires that any international agreements must reflect the U.S. state-based insurance system. In addition, if changes need to be made to any international insurance agreements, those changes must be enacted in the United States first before being ratified in international forums. Also, the bill would ensure state insurance regulators are part of any U.S. team negotiating international agreements.

“Your legislation would require consultation with Congress, involve state insurance commissioners in the negotiations process, and include a mechanism for Congress to stop an agreement from being enforced,” states the PIA letter, signed by Executive Vice President & CEO Mike Becker. “H.R. 3762 would also prevent negotiators from agreeing to any agreement that is inconsistent with or does not recognize any federal or state regulators, laws, and policies on the regulation of insurance. This legislation will finally offer protection for the U.S. insurance industry as these negotiations take place.”

Duffy’s introduction of H.R. 3762 comes as the United States entered into a covered agreement with the European Union on insurance and reinsurance measures.