U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement upon conclusion of the Housing and Insurance Subcommittee titled “The Impact of U.S. – EU Dialogues on U.S. Insurance Markets.”

“This subcommittee has spent a great deal of time focused on international factors that affect our domestic insurance markets,” Luetkemeyer said. “Today, we continued to conduct oversight of the evolving international regulatory environment and the direct impact on American policyholders. Insurance companies across the nation are receiving letters from foreign regulators mandating compliance with Solvency II in exchange for continued business opportunities.  The number of closed-door meetings at the International Association of Insurance Supervisors should send a chill down every American’s spine.  There are real consequences to these issues, and this committee will continue to press for meaningful oversight of them.”

Earlier this year, Luetkemeyer introduced H.R. 5143, the Transparent Insurance Standards Act, in an effort to create more transparency into IAIS proceedings and covered agreement negotiations. This legislation will codify a stronger role for state governments and the U.S. Congress to conduct oversight of these international conversations.