WASHINGTON – May 21, 2015 – (RealEstateRama) — Nat Wienecke, senior vice president, federal government relations at the Property Casualty Insurers Association of America (PCI) issued the following statement regarding the Senate Banking Committee’s mark-up of “The Financial Regulatory Improvement Act of 2015.”
“PCI commends Senator Shelby for taking this step to reinforce Congress’ historic support of the consumer-centric state regulatory system. There are a number of important bipartisan insurance consumer protections included in The Financial Regulatory Improvement Act of 2015. America’s property casualty insurers urge Congress to work together to identify specific concerns on the banking side and resolve them with a bipartisan consensus and don’t leave the insurance consumers behind.”
Attached is the joint insurance letter that was sent to the Senate Banking Committee.
PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $183 billion in annual premium, 35 percent of the nation’s property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 27 percent of the homeowners market, 32 percent of the commercial property and liability market and 34 percent of the private workers compensation market.