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PIA Praises Bill Protecting State-Based Regulation

The House Financial Services Committee on June 16 passed the Transparent Insurance Standards Act of 2016 (H.R. 5143) by a vote of 34-25...
June 21, 2016

The House Financial Services Committee on June 16 passed the Transparent Insurance Standards Act of 2016 (H.R. 5143) by a vote of 34-25. PIA applauded the vote and strongly supports this legislation. State regulators and industry representatives hailed the vote as providing additional guarantees that global standards will not supplant the U.S. state-based system of insurance oversight.

H.R. 5143 enhances Congress’s oversight of international deliberations relating to insurance standards by requiring the U.S. Treasury Department and Federal Reserve to consult with Congress and state insurance regulators before approving any international insurance standards. It would give Congress 90 days to approve or reject any proposed international insurance agreement, require its publication in the Federal Register and mandate a 30-day public comment period. The legislation also prohibits the U.S. from entering into an international covered agreement that would grant the Federal Insurance Office (FIO) any authority to supervise or regulate the business of insurance.

PIA National worked with the bill’s sponsor, Rep. Blaine Luetkemeyer (R-MO), in developing the legislation and will continue to advocate for its passage.

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