The U.S. House advanced legislation Tuesday that sets ground rules for international insurance agreements.
The International Insurance Standards Act of 2017, introduced by Reps. Sean Duffy (R-WI) and Denny Heck (D-WA), would ensure that any international agreements on insurance regulation reflect the successful U.S. regime, or, if changes are made, they are enacted in the United States first and then ratified in international forums.
It would also require state insurance regulators to be part of the U.S. negotiating team working on any international agreements. Further, the bill would provide Congress formal oversight of any new international standard proposed by representatives of the U.S. federal government.
The Property Casualty Insurers Association of America (PCI) supports the passage of the legislation.
“PCI applauds House members on both sides of the aisle for supporting the International Insurance Standards Act,” Nat Wienecke, senior vice president of federal government relations at PCI, said. “This important bipartisan legislation reinforces the primacy of the state regulation of insurance. H.R. 4537 also ensures international insurance agreements recognize our standards as they evolve to meet new challenges.”
The legislation advanced the House by a voice vote.
“This bill also recognizes the appropriate role of state insurance regulators in developing international insurance standards and provides that Congress receives appropriate notice to exercise its oversight over such negotiations,” Wienecke added.
The bill now heads to the Senate floor for further consideration.