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Industry Issues | Regulatory Reform
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PCI Engaged in Federal Financial Services Regulatory Reform
Financial services regulatory reform tops the list of federal legislative priorities in 2010 for the Property Casualty Insurers Association of America. PCI is highly engaged in federal financial services regulatory reform efforts and is committed to working to minimize unintended consequences on the property casualty industry and policyholders. As lawmakers work to pass broad-ranging financial services reform this year, our goal is for any regulatory reform legislation to fully recognize that property casualty insurance is not systemically risky, and thus should not be included in measures aimed at systemically risky companies.
In Dec. 2009, the U.S. House of Representatives passed H.R. 4173, a comprehensive regulatory reform package. The bill, advanced by the House Financial Services Committee and Chairman Barney Frank (D-Mass) includes provisions for a Federal Insurance Office (FIO), a Consumer Financial Protection Agency (CFPA), federal systemic risk and resolution regulation, and stricter federal oversight of securities and derivatives.
The Senate will continue deliberations over their regulatory reform proposal in the beginning of 2010. PCI remains dedicated to working with the Senate to improve the Restoring American Financial Stability Act. Property casualty insurers are not highly leveraged or interconnected with other financial firms as a source of credit or liquidity. Because they are not systemically risky, they should not be forced into a duplicative federal regulatory system.
Learn More
PCI Asks Congress not to Fix What Isn’t Broken
House Passes Financial Services Regulatory Reform; PCI Urges Additional Improvements
PCI Members Testify Before Congress on Financial Services Regulatory Reform
PCI Calls For Refinements To Proposed Systemic Risk Bill
PCI Member Testifies On Association’s Concerns With New Insurance Regulatory Proposal
PCI Member To Testify Industry Is Healthy, Well-Regulated
Educational Resources
PCI’s Financial Services Regulatory Reform Resource Page
Highlights of Wall Street Reform and Consumer Protection Act of 2009 – HR 4173
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