Political Quotes

“House Resolution 944 provides for consideration of H.R. 5143, the Transparent Insurance Standards Act of 2016. The resolution provides for a structured rule. This legislation is an important effort to protect the U.S. model of insurance supervision, provide for improved oversight, and keep the U.S. insurance industry strong and competitive. For over 150 years, individual States have successfully regulated insurance and coordinated their activities. This model has worked and ensured that the focus remains on the consumer. Well, when Congress passed the Dodd-Frank Act back in 2010, the Federal Government assumed a new role in the regulation of the insurance industry. This change included the creation of the Federal Insurance Office, otherwise known as FIO, and charged FIO with representing the interests of U.S. insurers--not consumers, insurers-- during the negotiation of any international agreements. The change also allowed for both the FIO Director and the Federal Reserve to participate in an international organization known as the International Association of Insurance Supervisors. Previously, insurance regulators from the individual States participated in the international discussions. Remember, the State insurance regulators are there to protect consumers. The International Association of Insurance Supervisors is responsible for developing regulatory guidelines and best practices for insurance supervisors around the world to adopt.…”