The Property Casualty Insurers Association of America (PCI) is lending support to a measure designed to adjust insurance regulatory actions.
Sens. Tim Scott (R-SC), Mike Rounds (R-SD), Tammy Baldwin (D-WI) and Joe Manchin (D-WV) recently introduced the Business of Insurance Regulatory Reform Act while the House Financial Services Committee marked-up companion legislation in January.
“PCI applauds the leadership and bipartisan efforts of Senators Scott, Rounds, Baldwin and Manchin for introducing this important legislation that recognizes that our state-based system for insurance regulation has been effective in protecting consumers and fostering competitive insurance markets for over 150 years,” Nat Wienecke, senior vice president, federal government relations at PCI, said. “PCI strongly supports the Business of Insurance Regulatory Reform Act and we urge the Senate and House to take up and pass this legislation and send a bill to the president’s desk.”
PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. It is composed of nearly 1,000 member companies, representing the broadest cross-section of insurers of any national trade association.
PCI member companies write 44 percent of the automobile insurance market, 30 percent of the homeowners market, 35 percent of the commercial property and liability market, and 37 percent of the private workers compensation market.