Duffy Insurance Bill Protects Policyholders

Press Release

House Financial Services Oversight & Investigations Subcommittee Chairman Sean Duffy (WI-07) introduced The International Insurance Standards Transparency and Policyholder Protection Act on Thursday.

"America's representatives should be able to negotiate freely with our global counterparts," said Duffy. "Unfortunately, they have little experience regulating the insurance industry, so we want to ensure the protection of the state--based system of insurance, that has worked in the United States for a hundred years, remains."

Duffy went on: "Our system has worked in the United States because insurance regulators' primary goal is to protect the policyholder. I want to ensure their voices are heard throughout this process." This bill establishes a Congressional notification timeline and public comment period while requiring consultation with state insurance regulators. It represents months of gathering stakeholder input and collaboration, and I'm excited to introduce it today."

The bill was cosponsored by four other Members, including the Vice Chair of the Financial Services Committee, Rep. Lynn Westmoreland (GA-03).

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