Big “I” Applauds House Passage of International Insurance Bill
Legislation seeks to protect state-based regulation and bring transparency to international insurance negotiations.
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.
Founded in 1896, the Independent Insurance Agents & Brokers of America, Inc., (IIABA or the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.
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