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PIA-Supported International Insurance Bill Introduced

The Transparent Insurance Standards Act of 2016 was introduced by Rep. Blaine Luetkemeyer (R-MO), chairman of the House Financial Services Committee’s Housing and Insurance subcommittee...
May 4, 2016

The Transparent Insurance Standards Act of 2016 was introduced by Rep. Blaine Luetkemeyer (R-MO), chairman of the House Financial Services Committee’s Housing and Insurance subcommittee.

The bill taps addresses an issue that was one of the top priorities of focus at the PIA Federal Legislative Summit (FLS). It requires transparency and public comment for international insurance negotiations, and requires U.S. negotiators to emphasize the importance of keeping in place the current state-based system of insurance regulation.

The legislation also prohibits international covered agreements from granting the Federal Insurance Office (FIO) any authority to supervise or regulate the business of insurance.

PIA collaborated with Rep. Luetkemeyer’s office on the development of this legislation and will work to promote its passage.