Rothfus Joins Housing and Insurance Subcommittee Chairman to Introduce Legislation to Protect America's Insurance Markets

Press Release

Congressman Keith Rothfus [PA-12] joined Housing and Insurance Subcommittee Chairman Blaine Luetkemeyer [MO-03] in introducing the Transparent Insurance Standards Act of 2016 (H.R. 5143). This legislation seeks to enhance Congressional oversight and provide increased transparency to ongoing negotiations on international insurance regulations. H.R. 5143 also reaffirms the importance of the state-based insurance regulatory system and prevents any internationally-negotiated rule from being implemented in the U.S. without input from Congress and the American people.

The International Association of Insurance Supervisors (IAIS) is in the process of devising insurance regulations for systemically important and internationally active insurers.

"This legislation will ensure that our insurance industry is not unfairly burdened by one-size-fits-all rules negotiated overseas and without the input of the American people," said Congressman Rothfus. "Our country has a robust and time-tested tradition of state-based insurer oversight and consumer protection. Any rules that we adopt must recognize the uniqueness and strength of our marketplace, and any changes must take place in the light of day."

Congressman Rothfus and Chairman Luetkemeyer were joined by Representatives Pearce [NM-02], Wagner [MO-02], Westmoreland [GA-03], Huizenga [MI-02], and Barr [KY-06] in introducing the Transparent Insurance Standards Act of 2016.

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