U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement after his legislation, the Transparent Insurance Standards Act, passed the House of Representatives.
U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement after his legislation, the Transparent Insurance Standards Act, passed the House of Representatives.
“The Transparent Insurance Standards Act is a bill that would increase transparency, protect U.S. policyholders, and uphold Article I of the Constitution by stating that Congress will have the ultimate say in terms of what standards are approved by the United States,” Luetkemeyer said. “My bill maintains that international discussions should represent the state-based regulatory system and that United States should be in the position of exporting our standards, not importing them from Europe. On matters of importance to consumers, America will lead and not be led. I am pleased with today’s strong vote and look forward to continuing the work on this issue in the new Congress.”
H.R. 5143 reinforces that any international insurance standard agreed to at the International Association of Insurance Supervisors (IAIS) would not be self-executing and could not be applied in the United States until implemented through the existing domestic process, and provides Congress the opportunity to reject any agreement. It also requires the Department of Treasury and the Federal Reserve to work to ensure policyholder protection, increased transparency, and recognition of the state-based model of insurance regulation.
