This week, the U.S. House of Representatives Financial Services Committee voted on H.R. 4537, “The International Insurance Standards Act of 2017” by Reps. Sean Duffy (R-Wisconsin) and Denny Heck (D-Washington). The House can now consider the bill for a full vote, though no vote is currently scheduled.

The Big “I” sent a letter of support ahead of the vote and worked with like-minded organizations, including the National Association of Insurance Commissioners (NAIC), to advocate for the legislation. The bipartisan bill requires that when U.S. federal government representatives negotiate international insurance standards, they ensure such negotiations are consistent with U.S. state and federal insurance law. The legislation also increases congressional oversight of international insurance negations and requires the federal government to better coordinate with state regulators.

Of note, the bill seeks to create a specific process for congressional review of international agreements following the recent negotiation of a new bilateral agreement between the U.S. and European Union on the prudential regulation of insurance.

Meanwhile, Big “I”-supported legislation to bring greater transparency to international insurance negotiations is also making progress in the U.S. Senate. Language similar to S. 1360, “The International Insurance Capital Standards Accountability Act of 2017” by Sens. Dean Heller (R-Nevada) and Jon Tester (D-Montana), was included in a larger bipartisan banking reform bill that the Senate Banking Committee approved last week. 

Jennifer Webb is Big “I” federal government affairs counsel.