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AIA Statement on Treasury Department Asset Management and Insurance Regulatory Report

Contact: Marguerite Seidel
(202) 828-7196

WASHINGTON, D.C. OCTOBER 27, 2017 — Late Thursday, the U.S. Treasury released a report focusing on the asset management and insurance regulatory environment, and making recommendations to ensure the regulatory framework is aligned with Core Principles for Regulating the U.S. Financial System outlined in the President’s February 2017 Executive Order (13772). The AIA’s Stef Zielezienski, acting CEO and general counsel, issued the following statement in response:

“We appreciate the Department’s efforts to use this report to lay a solid foundation for increased reform and engagement on many key public policy issues. Specifically, AIA was pleased to see the report reflect a number of public policy priorities that we have pressed over the last several months, such as: (1) urging a shift away from an entity-based approach to an activities-based framework for domestic and global systemic risk assessments of insurers; (2) re-commitment to a unified U.S. voice on international matters, including a workable group capital initiative for U.S.-based insurance groups with international operations; (3) a pledge to coordinate with state regulators and the NAIC on a single terrorism risk insurance data call; (4) a call to HUD to reconsider application of its disparate impact rule to homeowners’ insurance as inconsistent with actuarially-sound principles and state insurance law and the McCarran-Ferguson Act; (5) support for state-based regulatory reform of commercial lines insurance and producer appointments; and (6) a clear vision of (and support for) the appropriate international and domestic functions for the Federal Insurance Office.” 

We are excited to move forward in these and other areas identified in the report, and we believe that the Department has set the stage for transparent discussion and reform-minded action ahead.”

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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

 

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