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Two Bills Endorsed by Professional Insurance Agents (PIA) Advance to Senate Banking Committee Markup

WASHINGTON — The National Association of Professional Insurance Agents applauds the Senate Banking Committee for including two bills endorsed by PIA in draft legislation scheduled for markup on Thursday, May 21...
May 20, 2015

WASHINGTON — The National Association of Professional Insurance Agents (PIA) applauds the Senate Banking Committee for including two bills endorsed by PIA in draft legislation scheduled for markup on Thursday, May 21. The broad legislative package aims to improve accountability and transparency in the United States’ financial regulatory system, protect access to credit for consumers and provide sensible relief to financial institutions.

The Financial Regulatory Improvement Act of 2015 includes both the Policyholder Protection Act of 2015 (S.798) and the International Insurance Capital Standards Accountability Act (S. 1086).

“PIA strongly supports state-based regulation of insurance and has been actively advocating for the inclusion of the Policyholder Protection Act in the Banking Committee draft,” said PIA National Director of Federal Affairs Jon Gentile. “The bill allows state insurance regulators to protect policyholders in their state by ensuring that insurance companies structured under larger financial firms are not held financially responsible for an affiliated bank’s failure or financial crisis.” The Policyholder Protection Act is sponsored by Sens. David Vitter (R-La.) and Jon Tester (D-Mont.).

PIA also supports efforts to increase transparency and cooperation, and to ensure that state insurance regulation is afforded appropriate deference in any federal or international decision-making process. To this end, PIA strongly supports the inclusion of the International Insurance Capital Standards Accountability Act, introduced by Sens. Dean Heller (R-Nev.) and Jon Tester (D-Mont.).

It would increase congressional oversight of the Federal Reserve and Treasury Department in order to ensure the United States’ state-based insurance regulation system’s best interests are represented at international insurance negotiations. The bill would create an Insurance Policy Advisory Committee on International Capital Standards and other Insurance Issues at the Federal Reserve to ensure the insurance industry, including agents and brokers, are given the opportunity to offer their expertise and advice on discussions.

“Both of these bills provide key protections for insurance policyholders,” Gentile said. “We commend Chairman Shelby for including them in the larger package and urge the Senate Banking Committee to consider the Financial Regulatory Improvement Act of 2015 favorably in the markup.”

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America SM. PIA’s web address is www.pianet.com.

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