WASHINGTON, D.C., Dec. 7, 2016 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today praises the U.S. House of Representatives for passing H.R. 5143, the “Transparent Insurance Standards Act of 2016,” by Rep. Blaine Luetkemeyer (R-Missouri).
“H.R. 5143 would create important checks on federal officials involved in international insurance negotiations to ensure that our state-based system of insurance regulation is not needlessly eroded,” says Charles Symington, Big “I” senior vice president of external and government affairs. “With many insurance issues now being discussed on a global level, it is vital that the U.S. have clear objectives and a consistent approach to participating in these deliberations.”
The Luetkemeyer bill would install procedural safeguards around international insurance negotiations to ensure the continued primacy of the U.S. state-based system of regulation. The legislation would increase transparency and enhance congressional oversight of international deliberations related to insurance. Most importantly, the legislation also requires coordination and consultation with state insurance regulators.
“While the 114th Congress is set to adjourn shortly, the Big ‘I’ is grateful that the House passed this important legislation in 2016 and looks forward to working with the 115th Congress and the new Administration on numerous insurance regulatory issues in 2017,” continues Symington.