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Wall Street Journal Supports PIA-Backed Bill

The Wall Street Journal has editorialized in favor of the International Insurance Standards Act of 2018 (H.R. 4537).
Wall Street Journal Supports PIA-Backed Bill
December 4, 2018

The Wall Street Journal has editorialized in favor of the International Insurance Standards Act of 2018 (H.R. 4537), a measure by Sean Duffy (R-WI) and Denny Heck (D-WA) that says any international agreement related to insurance solvency must recognize the U.S. state-based regulatory system. State insurance commissioners would also get a seat at the negotiating table.

H.R. 4537 was folded into House Financial Services Chairman Jeb Hensarling’s “Jobs 3.0” bill, which passed the House in July on a 406-4 vote. It awaits possible action in the Senate during the current lame-duck session.

The editorial board notes that some Treasury Department officials are demanding Duffy-Heck’s removal by the Senate. The Wall Street Journal says the provision should remain. “The Duffy-Heck measure would ensure that international negotiations are used to ease cross-border regulations rather than force conformity with EU rules. This could become a bigger worry with a Democratic Administration since many liberals think insurers should be regulated like banks.”

Passage of H.R. 4537 has been one of thetop legislative priorities of PIA this year. “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,” said PIA National Vice President of Government Relations Jon Gentile.

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