FEDERALhearing transcript

Hearing on International Insurance Regulations and U.S. Competitiveness

Original title: THE IMPACT OF INTERNATIONAL REGULATORY STANDARDS ON THE COMPETITIVENESS OF U.S. INSURERS--PART II

January 1, 2017

insurance international regulation financial services competitiveness economic policy

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The Frame

What this does

The hearing explores whether international insurance standards create regulatory burdens that disadvantage U.S. insurers compared to their global competitors, which could influence future federal policy on insurance oversight.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

U.S. Insurance Companies

These firms are subject to both domestic and international regulatory standards that influence their operational costs and global market access.

International Regulatory Bodies

These organizations set the standards that the subcommittee is evaluating for their impact on U.S. market competitiveness.

What changed

Last recorded activity January 1, 2017.

What's next

Next step not available in the current record.

Summary

This document is a transcript of a 2016 House hearing examining how affect the global competitiveness of American insurance companies. Industry experts and academics provided testimony to the Subcommittee on Housing and Insurance regarding the implications of these global standards on domestic markets.

Key Facts

The hearing took place on February 25, 2016, in the Rayburn House Office Building.
The session was the second part of a series regarding international regulatory standards for insurers.
Witnesses included representatives from the American Council of Life Insurers (ACLI), the National Association of Mutual Insurance Companies (NAMIC), the Property Casualty Insurers Association of America (PCI), and academia.
The subcommittee examined the balance between international regulatory alignment and the competitiveness of U.S.-based insurance firms.
Written statements were submitted for the record by the American Insurance Association.

Frequently Asked Questions

What was the purpose of this hearing?

To gather testimony from industry experts and academics on how international insurance regulations impact the ability of U.S. insurance companies to compete globally.

Who testified at the hearing?

Witnesses included Carolyn Cobb (ACLI), Gary Thompson (NAMIC), Joseph Torti III (PCI), and David Zaring (Wharton School).

Why It Matters

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Focus on International Alignment

The hearing highlights a multi-year effort by the House Financial Services Committee to scrutinize the influence of international bodies on U.S. domestic financial regulation.

Subcommittee on Housing and Insurance

Connected Entities

personGary Thompson“CEO of Columbia Mutual Insurance Company”Map →

personJoseph Torti III“Vice President, Fairfax Financial Holdings Limited”Map →

personDavid Zaring“Associate Professor, The Wharton School”Map →

organizationSubcommittee on Housing and Insurance“Congressional body conducting the hearing”Map →

personBlaine Luetkemeyer“Chairman of the Subcommittee on Housing and Insurance”Map →

personCarolyn Cobb“Vice President and Chief Counsel, American Council of Life Insurers”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance40
How much this matters to a regular citizen
Controversy20
Intensity of disagreement among stakeholders
Entertainment5
Compellingness for a non-policy-wonk reader
Buzz5
Current news / social attention level

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