The Unbiased Insurance coverage Brokers & Brokers of America (IIABA) has praised the Home of Representatives for passing a bipartisan invoice that goals create safeguards for federal officers collaborating in worldwide insurance coverage negotiations.
The invoice, dubbed because the “Worldwide Insurance coverage Customary Act of 2018,” is co-sponsored by Reps. Sean Duffy (R-Wisconsin) and Denny Heck (D-Washington).
“With such an interconnected world, it’s essential to method negotiations with consistency and to not undermine our present state-based system,” IIBA senior vp of exterior, trade & authorities affairs Charles Symington mentioned.
The laws requires present US insurance coverage requirements to be the target of anybody representing the nation in negotiations. US negotiators are additionally required to carefully seek the advice of and coordinate with state insurance coverage regulators all through the negotiating course of.
“The Massive ‘I’ [IIABA] thanks Reps. Duffy and Heck for his or her management on the laws and is grateful for immediately’s Home motion on this common sense laws,” mentioned Symington. “We stay up for persevering with to work with Congress to strengthen and modernize the state-based insurance coverage system.”
The IIABA represents a community of roughly 1 / 4 of 1,000,000 brokers, brokers and their workers within the nation throughout all strains of insurance coverage.
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Supply hyperlink – https://www.insurancebusinessmag.com/us/information/breaking-news/insurance-group-lauds-passing-of-international-insurance-standard-bill-105706.aspx