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PIA Praises House Passage of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act

WASHINGTON – The National Association of Professional Insurance Agents applauds the U.S. House of Representatives for passing S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act...
May 22, 2018

WASHINGTON – The National Association of Professional Insurance Agents (PIA) applauds the U.S. House of Representatives for passing S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act.

S. 2155 contains a PIA-supported provision that would increase transparency at global insurance standard-setting regulatory forums and on any international insurance agreements. This provision is based on the International Insurance Capital Standards Accountability Act (S. 1360), sponsored by Senators Dean Heller (R-NV) and Jon Tester (D-MT), a bill that PIA helped develop and strongly supports.

Specifically, the bill creates an advisory committee at the Board of Governors of the Federal Reserve System that will ensure the insurance industry, including agents and brokers, are given the opportunity to offer their expertise and advice on international capital standards and other insurance issues. The bill would also mandate an annual report from the Treasury Department and the Federal Reserve concerning the activities at the International Association of Insurance Supervisors (IAIS) and the Financial Stability Board (FSB).

“It was important that the final bill to reform Dodd-Frank require international insurance standard-setting bodies to ensure our domestic insurance regulatory system and U.S. consumers never take a back seat to what may be in the best interests of other countries,” said PIA National Vice President of Government Relations Jon Gentile. “The U.S. has a unique state-based insurance regulatory system that must be considered during such negotiations. This provision ensures the protection of that system.”

Importantly, the provision requires a report on the impacts on consumers and markets in the U.S. before supporting or consenting to the adoption of any final international insurance capital standard. It also allows public comment on the report.

S. 2155 passed the Senate on March 14 and will now go to the president. President Trump is expected to sign the bill into law.

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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