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PIA Praises House Passage of S. 2155

S. 2155 contains a PIA-supported provision that would increase transparency at global insurance standard-setting regulatory forums and on any international insurance agreements.
May 30, 2018

PIA National 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.

“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.”

In signing S. 2155, President Trump issued a signing statement, in which he was critical of the language regarding international insurance regulations, saying it was a usurpation of presidential authority. Trump said he may disregard portions of the bill that require federal negotiators to reach a consensus with state regulators when they are at the bargaining table over global regulatory measures.

 

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