“Our state-based system of insurance regulation has worked well for more than 150 years and should be held up as a model to be supported by our negotiators in international forums,” Duffy said.
The International Insurance Standards Act would require that international insurance agreements reflect United States policy and ensure that state insurance regulators are included throughout the negotiations of covered agreements and international insurance agreements.
The act would also enhance Congressional consultation and review of international insurance agreements and require that covered agreements not include new prudential requirements for United States insurers.
Finally, it would treat international insurance agreements and covered agreements as rules for the purposes of the Congressional Review Act.
“I support America’s active participation in the world and believe that our representatives should advocate strongly on behalf of the U.S. insurance industry,” Duffy said. “Unfortunately, we have seen a rush to cut global insurance deals that lack clarity, reduce protections for policyholders, federalize our regulatory system, and leave Americans’ representatives in Congress with little oversight of the process.”