Financial CHOICE Act Acknowledges Differences and Needs for Insurance-Specific Regulation

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The American Insurance Association (AIA) welcomes the Financial CHOICE Act’s reexamination of the Dodd-Frank Act. The Financial CHOICE Act of 2017 will be marked up today by the U.S. House Financial Services Committee.

The American Insurance Association (AIA) welcomes the Financial CHOICE Act’s reexamination of the Dodd-Frank Act. The Financial CHOICE Act of 2017 will be marked up today by the U.S. House Financial Services Committee.

A statement from Wes McClelland, AIA’s vice president for federal affairs, follows:

“A strong, vibrant economy depends on a well-functioning financial system, necessitating continuous review and updates of our nation’s laws and regulations. Therefore, AIA thanks the Chairman for his continued leadership and welcomes the House Financial Services Committee’s consideration of the Financial CHOICE Act.

Specifically, AIA appreciates the Committee’s inclusion of provisions to bring greater transparency and clarity to the Financial Stability Oversight Council’s (FSOC) non-bank systemically important financial institutions (SIFIs) designation process. The Financial CHOICE Act continues to acknowledge that insurers are not a source of systemic risk to the US financial system and that the laws need to reflect the differences inherent to the business of insurance.

Furthermore, we look forward to working with the Committee on Title XI to reform the Federal Insurance Office (FIO) and the Independent Insurance Expert at the Financial Stability Oversight Council (FSOC) and ensure that there is a federal office that has the ability to represent the best interests of U.S. insurers abroad, serve as a resource for information on U.S. insurance markets, and advise other federal entities on insurance matters, in close coordination with our state insurance regulators.”

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