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AIA Statement on House Financial Services Committee CHOICE Act Hearing

Contact: Benjamin Tomchik
(202) 828-7129

WASHINGTON, D.C., April 26, 2017 Wes McClelland, vice president for federal affairs for the American Insurance Association (AIA), issued the following statement in advance of today’s House Financial Services Committee hearing, entitled A Legislative Proposal to Create Hope and Opportunity for Investors, Consumers, and Entrepreneurs.  The hearing will discuss the latest discussion draft of the “Financial CHOICE Act of 2017.” 

Mr. McClelland’s statement follows:

“Nearly seven years have passed since the enactment of the Dodd-Frank Act and AIA welcomes a review and update of the law.  The CHOICE Act appropriately recognizes that the business of insurance is different from banking and that insurers are inherently not systemically risky. Therefore, AIA applauds the discussion draft’s emphasis on the need for greater clarity and transparency involving the designation process for systemically important financial institutions (SIFIs) by the Financial Stability Oversight Council (FSOC). 

In addition, AIA also looks forward to working with the Committee in reforming the Federal Insurance Office (FIO) and the FSOC independent insurance expert position.  Both FIO and the FSOC independent insurance expert have been important advocates for the insurance industry given their narrow authorities.  And because U.S. insurers and reinsurers compete in global insurance markets, we believe there should continue to be a federal office that has the ability to represent the best interests of U.S. insurers abroad, serve as a resource for information on U.S. insurance markets, and advise other federal entities on insurance matters, in close coordination with our state insurance regulators.”

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The American Insurance Association (AIA) is the trade association for today’s leaders in the property-casualty insurance industry.  Our members work each day to protect the American Dream, whether that’s a house, car, business or otherwise.  Now more than 150 years old, AIA has an unparalleled record of advocating on state, federal and international issues for insurers and their customers.

Our membership is comprised of more than 320 companies, collectively writing more than $125 billion in premiums each year.

We have the experience of a veteran organization coupled with the innovative ideas that drive our industry forward. AIA is leading the insurance industry into the second half of the 21st Century… today.


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Media Contacts

Maggie Seidel
VICE PRESIDENT, PUBLIC AFFAIRS
(202) 828-7196
mseidel@aiadc.org

Rachel Wallen
PUBLIC AFFAIRS MANAGER
(202) 828-7149
rwallen@aiadc.org

 

AIA MEDIA

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