AIA Statement on Senate Banking Committee Covered Agreement Hearing

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Wes McClelland, vice president for federal affairs for the American Insurance Association (AIA), issued the following statement in advance of today’s Senate Committee on Banking, Housing, and Urban Affairs Committee hearing titled “Examining the US-EU Covered Agreement.”

Wes McClelland, vice president for federal affairs for the American Insurance Association (AIA), issued the following statement in advance of today’s Senate Committee on Banking, Housing, and Urban Affairs Committee hearing titled “Examining the US-EU Covered Agreement.” Michael C. Sapnar, President and Chief Executive Office of Transatlantic Reinsurance Company is scheduled to testify in support of the Covered Agreement on behalf of AIA, the American Council of Life Insurers (ACLI), The Council of Insurance Agents & Brokers (CIAB) and the Reinsurance Association of America (RAA).

Mr. McClelland’s statement follows:

“AIA thanks Chairman Crapo and Ranking Member Brown for holding today’s hearing on the US-EU Covered Agreement. Mr. Sapnar’s testimony will highlight how the covered agreement is a victory for U.S. insurers and reinsurers operating in the E.U. and for the U.S. state-based system of insurance regulation. This agreement will not only resolve several real discriminatory issues that were adversely impacting U.S. companies as a result of the E.U.’s Solvency II insurance regulations, but also affirm U.S. state insurance commissioners as the global regulators of U.S. insurance groups.

We believe that today’s hearing will help answer any concerns about the Covered Agreement and further show that the actual benefits to U.S. competitiveness far outweigh any potential risks. U.S. insurers and reinsurers want to compete and win in foreign insurance markets. We stand with our colleagues at ACLI, CIAB and RAA in advocating for prompt signature of the agreement as the best path to accomplish this goal.”

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