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PIA Praises Passage of Legislation to Protect U.S. Insurance Regulatory System From Harmful International Agreements

WASHINGTON – The National Association of Professional Insurance Agents (PIA) was pleased today to see the House pass the International Insurance Standards Act of 2018 (H.R. 4537), introduced by Rep. Sean Duffy (R-WI) and Rep. Denny Heck (D-WA)...
July 10, 2018

WASHINGTON – The National Association of Professional Insurance Agents (PIA) was pleased today to see the House pass the International Insurance Standards Act of 2018 (H.R. 4537), introduced by Rep. Sean Duffy (R-WI) and Rep. Denny Heck (D-WA). This legislation is intended to preserve the U.S. state-based system of insurance regulation, while giving Congress greater oversight of and transparency in international insurance standard-setting negotiations. It passed by a voice vote.

“International negotiations can have serious consequences for the domestic insurance industry and its consumers,” said PIA National Vice President of Government Relations Jon Gentile. “Thankfully, Reps. Duffy and Heck came together on this common-sense legislation that seeks to protect state insurance regulation from harmful international developments, while giving Congress a role in preventing destructive international insurance agreements from hurting our successful domestic system.”

H.R. 4537 would require consultation with Congress and coordination with state insurance commissioners throughout negotiations of international standard-setting agreements. PIA strongly supports the bill’s grant of authority for Congressional review, including the provision of Congressional power to stop the enforcement in the United States of an ill-advised agreement.

“This bill is pro-consumer and pro-state insurance regulation,” Gentile said. “PIA was pleased to work with Reps. Duffy and Heck on developing it, and we’ll actively work to see it pass in the Senate this Congress.”

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America SM. PIA’s web address is www.pianet.com

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