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AIA: Modernize NAFTA While Preserving What's Already Working

Contact: Benjamin Tomchik
(202) 828-7129

WASHINGTON, D.C., June 29, 2017 – The American Insurance Association’s Steve Simchak, director of international affairs, issued the following statement after testifying today before the U.S. Trade Policy Staff Committee on the need to modernize The North American Free Trade Agreement (NAFTA):

"NAFTA was written at a time when people still watched movies on VCRs, made calls from payphones, and played cassette tapes in their cars. We must modernize the agreement in a way that best serves Americans, but our hope is that President Trump and his team will work hard to maintain the parts of the agreement, like the benefits that insurers enjoy, that are working."

BACKGROUND:

NAFTA has been significantly beneficial for U.S. insurers. In addition to guaranteeing fairer treatment of our industry in Mexico and Canada, the agreement led to economic growth in all three countries. As a result, millions of people have the opportunity and need to protect their families and growing wealth through products that U.S. insurers offer.

Since it came into force in 1994, there are areas of the agreement that can be improved to reflect changes that have occurred in the industry.

Specific improvements that can be made include:

  • Protect insurers’ ability to store and process data in the location of their choice;
  • Expand cross-border commitments so U.S. insurers can better serve international customers; and
  • Strengthen commitments to prevent government interference in the composition of senior management teams and boards of directors.

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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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