WASHINGTON, D.C., July 10, 2018 —The Independent Insurance Agents & Brokers of America (IIABA or the Big “I") applauds the U.S. House of Representatives for passing H.R. 4537, the “International Insurance Standard Act of 2018," by Reps. Sean Duffy (R-Wisconsin) and Denny Heck (D-Washington).
“H.R. 4537 protects erosion of our state-based insurance regulatory system by creating important safeguards for federal officials taking part in international insurance negotiations," says Charles Symington, Big “I" senior vice president of external, industry & government affairs. “With such an interconnected world, it is critical to approach negotiations with consistency and to not undermine our current state-based system."
The Duffy bill requires that current U.S. insurance standards would be the objective of anyone representing the U.S. in negotiations. The legislation would also provide enhanced Congressional review on all international insurance standards, including covered agreements. Most notably, the legislation also requires U.S. negotiators to closely consult and coordinate with state insurance regulators throughout the negotiating process.
“The Big 'I' thanks Reps. Duffy and Heck for their leadership on the legislation and is grateful for today's House action on this common-sense legislation," says Symington. “We look forward to continuing to work with Congress to strengthen and modernize the state-based insurance system."
Founded in 1896, the Independent Insurance Agents & Brokers of America (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.