WASHINGTON, D.C. – June 30, 2015 – (RealEstateRama) — President Barack Obama has signed into law the “Defending Public Safety Employees’ Retirement Act,” which includes legislation to renew Trade Promotion Authority (TPA). Dave Snyder, vice president, international policy at the Property Casualty Insurers Association of America (PCI) issued the following statement:
“PCI commends President Obama and Congressional leaders for taking the first step to open global markets to American services by enacting the Bipartisan Congressional Trade Priorities & Accountability Act into law. TPA is essential to encourage other countries to provide meaningful, long term and enforceable commitments for access to their markets by U.S. insurers and reinsurers. TPA is fundamental to open foreign markets and create additional jobs and income in the U.S. PCI applauds the President and Congress for making TPA a priority.”
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.