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H.R. 5143, the Transparent Insurance Standards Act of 2016

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Insurance Industry Regulation

On Wednesday, December 7, 2016 the House considered H.R. 5143, the Transparent Insurance Standards Act of 2016. This legislation, like last week’s Systemic Risk Designation Improvement Act of 2016 is yet another attempt to weaken the Dodd Frank Financial Regulatory Reform Act. H.R. 5143 targets reforms implemented for the insurance industry. You may recall that during the financial crisis in 2008, the insurance company American International Group (AIG) practically fell apart. This was a key factor in the economic crisis that ensued. The Dodd Frank Act increased oversight of the insurance industry by establishing a framework to identify insurance industry risks. It created the Federal Insurance Office (FIO) to coordinate some of this activity and develop appropriate policies relative to international insurance matters. The FIO is also responsible for working with state insurance regulators so their views are taken into account, particularly when it comes to international insurance policies. H.R. 5143 weakens the Dodd Frank Act by essentially requiring that the Treasury Department have support from all state and territory insurance commissioners when entering into international insurance agreements. This is simply an impossible standard to meet, weakening the authority of the Treasury Department and the FIO. The Administration has stated that this legislation will be vetoed. I voted NO. H.R. 5143 passed and the entire vote is recorded below:

  YEA NAY PRESENT NOT VOTING
REPUBLICAN

235

0

0

11

DEMOCRAT

4

170

0

13

TOTAL

239

170

0

24

MASSACHUSETTS
DELEGATION

0

8

0

1



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