The National Association of Mutual Insurance Companies hailed today’s passage by the House of Representatives of legislation to protect domestic, state-based insurance regulation from being undermined by international standard-setting bodies.
“Today’s passage of H.R. 4537, the International Insurance Standards Act, is a monumental victory for American insurance consumers and the state-based U.S. insurance regulatory system,” said Jimi Grande, senior vice president of government affairs for NAMIC. “For more than 150 years, this system has been the gold standard for ensuring company solvency and consumer protection. Imposing unnecessary, inappropriate new rules on U.S. regulators through some opaque international standard-setting process would create marketplace distortions and needlessly increase costs for domestic insurers and their policyholders.”
Introduced by Reps. Sean Duffy, R-Wis., and Denny Heck, D-Wash., H.R. 4537 would ensure that U.S. officials maintain a strong, unified voice that will ensure that the successful, state-based, policyholder-centric system of insurance regulation is the model and basis for any international discussions. The legislation was passed by the House Financial Services Committee by a vote of 56-4, and was passed by the full House today by such an overwhelming margin that lawmakers declined to conduct a recorded vote.
“Such overwhelming support from both sides of the aisle, in this sharply divided Congress, should send a clear signal to the Senate to take up and pass this much-needed legislation,” Grande said.