The National Association of Mutual Insurance Companies is urging the Senate to act on legislation to protect domestic, state-based insurance regulation from being undermined by international standard-setting bodies after it was passed for the second time by the House of Representatives, this time as part of the JOBS and Investor Confidence Act of 2018.
“Just seven days after passing the House virtually unopposed, lawmakers again voted to send H.R. 4537, the International Insurance Standards Act, to their colleagues across the Capitol with overwhelming bipartisan support,” said Jimi Grande, senior vice president of government affairs for NAMIC. “This legislation would simply protect the state-based U.S. regulatory system that has served consumers for more than 150 years from being undermined through an opaque international standard-setting process.”
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 full House on its own July 10 by such an overwhelming margin that lawmakers declined to conduct a recorded vote.
“The case for H.R. 4537 has been made with strong bipartisan support for it as an individual bill or alongside other commonsense reforms in the JOBS and Investor Confidence Act,” Grande said. “We are very appreciative of the leadership of Representatives Duffy and Heck and the House Financial Services Committee in pushing for this important legislation. The Senate should take up the overall bill as soon as possible and pass it with H.R. 4537 intact. To leave this provision on the cutting room floor would be selling-out main street insurers across the country.”