The Senate Banking Committee has included two bills endorsed by PIA in broader legislation scheduled for markup on May 21. The Financial Regulatory Improvement Act of 2015 includes both the Policyholder Protection Act of 2015 (S.798) and the International Insurance Capital Standards Accountability Act (S. 1086).
The Policyholder Protection Act, sponsored by Sens. David Vitter (R-La.) and Jon Tester (D-Mont.), ensures that insurance companies structured under larger financial firms are not held financially responsible for an affiliated bank’s failure or financial crisis. The International Insurance Capital Standards Accountability Act ensures that state insurance regulation is afforded appropriate deference in any federal or international decision-making process.
“Both of these bills provide key protections for insurance policyholders,” said PIA National Director of Federal Affairs Jon Gentile. “We commend Chairman Richard Shelby for including them in the larger package and urge the Senate Banking Committee to consider the Financial Regulatory Improvement Act of 2015 favorably in the markup.”