The Independent Insurance Agents & Brokers of America (IIABA) has praised the House of Representatives for passing a bipartisan bill that aims create safeguards for federal officials taking part in international insurance negotiations.
The bill, dubbed as the “International Insurance Standard Act of 2018,” is co-sponsored by Reps. Sean Duffy (R-Wisconsin) and Denny Heck (D-Washington).
“With such an interconnected world, it is critical to approach negotiations with consistency and to not undermine our current state-based system,” IIBA senior vice president of external, industry & government affairs Charles Symington said.
The legislation requires current US insurance standards to be the objective of anyone representing the country in negotiations. US negotiators are also required to closely consult and coordinate with state insurance regulators throughout the negotiating process.
“The Big ‘I’ [IIABA] thanks Reps. Duffy and Heck for their leadership on the legislation and is grateful for today’s House action on this common-sense legislation,” said Symington. “We look forward to continuing to work with Congress to strengthen and modernize the state-based insurance system.”
The IIABA represents a network of approximately a quarter of a million agents, brokers and their employees in the country across all lines of insurance.