PCI States Position on International Regulatory Standards after House Hearing

June 14, 2013

The Property Casualty Insurers Association of America (PCI) issued a statement following the conclusion of Wednesday’s hearings by the House Financial Services Subcommittee on Housing and Insurance hearing entitled “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers.”

Nat Wienecke, PCI’s senior vice president of federal government relations, said: “The fact that the House Subcommittee on Housing and Insurance, led by Chairman Randy Neguebauer, took the time today to consider the impact of international regulatory standards on U.S. insurers shows how seriously the House is taking this issue. We urge policymakers to move forward in a thoughtful and careful way to ensure that the U.S. insurance market continues to serve its consumers from a position of strength.

“As we have consistently said, any regulation at home or abroad must take into account the difference between banks and insurance companies as well as the differences between the United States and European insurance markets.”

The PCI’s bulletin also noted that it had, together with “other U.S. insurance associations, sent a letter to members of the House Subcommittee on Housing and Insurance, urging them to “defend the successful and time-tested U.S. insurance regulatory system, and prevent the imposition of an unlevel playing field for U.S. companies.”

“PCI and our members have always worked with policymakers and regulators in cooperation to promote sound supervision and we will continue to do so. By fixing what needs fixing and preserving what works, we can make sure consumers have a safe, solvent, and secure insurance marketplace,” Wienecke concluded.

Source: Property Casualty Insurers Association of America (PCI)

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