On the recordDecember 7, 2016
I am proud to cosponsor H.R. 5143, the Transparent Insurance Standards Act of 2016, with my good friend and colleague from the State of Missouri, Representative Blaine Luetkemeyer. Dodd-Frank reversed a nearly 150-year precedent of the U.S. insurance industry being regulated primarily by the States. From property- casualty, life, reinsurance, health, and even auto, the Obama administration and Dodd-Frank created a more invasive role for the Federal Government to intervene in this industry. Where this has become apparent is during the negotiations of international agreements regarding insurance standards, where our foreign counterparts, particularly in the European Union, are trying to force us to adopt their standard and forgo our State-based insurance regime. Most concerning is that many of these meetings take place behind closed doors with little accountability or transparency while our Federal Government says they are negotiating on behalf of our best interests. H.R. 5143 would enhance congressional oversight into these deliberations by establishing requirements to be met before the Federal Government can agree to the adoption of any final international insurance standards or covered agreements. Setting these procedures in place ensures that Missouri policyholders and customers will be protected from premium increases by having to adopt international standards that don't apply or make sense here in the United States.…
