WASHINGTON, D.C., June 16, 2016 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today praises the U.S. House of Representatives Committee on Financial Services for reporting H.R. 5143, the “Transparent Insurance Standards Act of 2016,” by Rep. Luetkemeyer (R-Missouri) to the full House for consideration.

“This bill would create procedural ‘checks’ for federal officials in international insurance negotiations to ensure that our state-based system of insurance regulation remains strong,” says Charles Symington, Big “I” senior vice president of external and government affairs. “The Big ‘I’ remains dedicated to preserving and modernizing the state-based system of insurance regulation and firmly believes that the attributes of this system dramatically outweigh any perceived shortcomings or inefficiencies.”     

H.R. 5143 would install procedural safeguards around international insurance negotiations to ensure the U.S. state-based system of regulation is not needlessly eroded. The legislation would increase transparency and enhance congressional oversight of international deliberations related to insurance. Importantly, the legislation also requires coordination and consultation with state insurance regulators.        

“With many insurance issues now being discussed on a global level, it is vital that the U.S. has clear objectives and a consistent approach to participating in these discussions,” continues Symington. “The Big ’I’ is grateful for the House Financial Services Committee’s swift consideration of this legislation and hopes the full House will act soon.”