The NAIC applauds the inclusion of H.R. 4537, the International Insurance Standards Act, in the bipartisan Jobs Act 3.0, which passed the House of Representatives 406-4. The language ensures that federal representatives in international negotiations will advocate only for standards that will not undermine the U.S. insurance regulatory framework, a system that has proven to protect insurance consumers and promotes a vibrant U.S. insurance market.
H.R. 4537 safeguards transparency and provides additional mechanisms for congressional oversight to ensure decisions about changes to the U.S. system of insurance regulation are made at home and not abroad. It also ensures more inclusion of state insurance regulators, the primary regulators of the U.S. insurance sector and those chiefly responsible for implementing standards and agreements, in international negotiations.
We urge the Senate to take up this important piece of legislation.