WASHINGTON, DC - U.S. Congressman Pete Sessions, Chairman of the House Committee on Rules, today released the following statement in support of a measure to provide greater transparency and congressional oversight of international insurance standards setting processes, and for other purposes:
“Historically insurance companies in the United States have always operated under a state-based regulatory model. However, the international insurance community is pushing regulatory standards that are not congruent with our current model, which is forcing American companies to do business on an uneven playing field. We cannot allow the international community to dictate regulatory standards that would make the U.S. less competitive, weaken consumer protections, and drive up costs on American families.
“I have always been a fierce advocate for the free-enterprise system and regulating in a smart, effective way with responsible oversight. Today’s bill does just that. It enhances Congressional oversight of any changes to international insurance regulatory standards and creates a set of requirements that the FIO or the Federal Reserve must comply with during any negotiations. In addition, this legislation ensures transparency and public accountability by requiring the FIO and the Fed to publish any proposed changes and provide ample time for a public comment period.
“It is critical that states, Congress, and the Executive Branch work together on this issue. As a united front we will show the international insurance community that we will not be susceptible to bad deals and that we will fight to ensure any standards or agreements that we participate in are in the best interest of U.S consumers, our economy, and American families.”
To read more about H.R. 5143, the Transparent Insurance Standards Act of 2016, click here.
Caroline Boothe, Communications Director