WASHINGTON, D.C. (PRWEB) May 18, 2017
The American Insurance Association (AIA) issued the following statement in response to the Trump Administration’s letter notifying Congress of their intent to renegotiate the North American Free Trade Agreement (NAFTA). A statement from Steve Simchak, AIA’s Director of International Affairs follows:
“NAFTA has been vital to the growth of the U.S. insurance industry, but as with any agreement that’s nearly a quarter of a century old, NAFTA can be improved. Our hope is that the Administration will work to ensure that a re-negotiated NAFTA and all future agreements make it even easier for U.S. insurers to do business around the world without jeopardizing the benefits the NAFTA currently offers. Strong international trade agreements mean consumers end up with more options and U.S. insurers can continue to create jobs and invest in the U.S.”
NAFTA has been significantly beneficial for U.S. insurers. In addition to guaranteeing fairer treatment of our industry in Mexico and Canada, the agreement led to economic growth in all three countries. As a result, millions of people have the opportunity and need to protect their families and growing wealth through products that U.S. insurers offer.
Since it came into force in 1994, there are areas of the agreement that can be improved to reflect changes that have occurred in the industry. Specific improvements that can be made include:
Protect insurers’ ability to store and process data in the location of their choice;
Expand cross-border commitments so U.S. insurers can better serve international customers; and
Strengthen commitments to prevent government interference in the composition of senior management teams and boards of directors.