This week, the U.S. House of Representatives overwhelmingly passed H.R. 4537, the “International Insurance Standards Act of 2017,” by Reps. Sean Duffy (R-Wisconsin) and Denny Heck (D-Washington). The bill was passed unanimously by voice vote.

Along with the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America, the Big “I” sent a letter of support advocating for passage of this common-sense, bipartisan legislation.

The bill requires that when U.S. federal government representatives negotiate international insurance standards, they ensure negotiations are consistent with U.S. state and federal insurance law. The legislation also increases congressional oversight, aims to bring greater transparency to international insurance negotiations, ensures appropriate consideration of stakeholder viewpoints, and increases coordination with state insurance regulators. 

The Big “I” is working with other stakeholders to advocate for a companion measure in the Senate. H.R. 4537 is intended to serve as a complement to similar Big “I”-supported legislation addressing international insurance issues, enacted into law earlier this year as part of a Dodd-Frank Wall Street Reform and Consumer Protection Act reform package.

Joseph Cortina is Big “I” director of federal government affairs.