American Insurance Association enters coalition between US and UK despite Brexit

American Insurance Association UK coalition

The trade association for P/C insurance leaders will use the coalition to make notable improvements. As Brexit Day in March 2019 moves ever closer, the American Insurance Association was undaunted and joined a coalition between the United States and the United Kingdom. The goal is to boost discussion from both countries regarding investment and trade in the industry. The American Insurance Association is the property and casualty insurance industry trade association. It recently announced it would join the American side of the Financial and Related Professional Services Coalition with the…

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New auto insurance legislation may undermine the insurance industry in Minnesota

auto insurance ridesharing

American Insurance Association opposes new legislation proposed in Minnesota New legislation in Minnesota may change the way auto insurance is regulated in the state and it has received opposition from the American Insurance Association (AIA). AIA Midwest region vice president Steve Schneider has provided testimony to the Minnesota State Senate Commerce Committee, highlighting the fact that the AIA is opposed to the legislation taking hold. The organization has expressed concern that the legislation would completely rework state law without taking into account how this would affect the solvency of the…

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China could benefit from US property-casualty insurance companies

China insurance market news

American Insurance Association issues statements concerning China-US trade The American Insurance Association has submitted comments to the Office of the U.S. Trade Representative and the U.S. Department of Commerce concerning the 2014 US-China Joint Commission on Commerce and Trade. The joint commission has been in place for some time, renewed between the two countries every year. The agreement between the U.S. and China is meant to promote trade while also protecting companies that operate in both countries. Guarding trade secrets, ensuring legitimate sales, and determining how government officials use certain…

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Auto insurance bill in North Carolina fails to pass

auto insurance

A measure that would have changed the way that the coverage is regulated in the state was voted down. A bill designed to change the way that auto insurance rates are regulated within North Carolina, and which was strongly opposed by Wayne Goodwin, the commissioner for the state, has failed to pass. The House Insurance Committee voted the bill down on Tuesday, causing the measure to fail. The auto insurance rate regulation bill failed by a vote of 18 to 11, following the presentation of the views of both the…

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Insurance group spends more than $300,000 lobbying the federal government

The American Insurance Association spent more than $300,000 in lobbying the federal government during the second quarter of this year. Much of the lobbying effort was focused on disaster insurance and regulatory reform. The insurance organization has been pressuring legislators to pass laws that would make insurance more accessible to those in disaster prone areas. The money spent during the second quarter was not only spent to lobby the House and Senate, it also went toward lobbying efforts targeted at the Department of Treasury and Federal Reserve System. The association…

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Insurers lobby for segregation from the international banking system, turn to Obama for aid

The U.S. government is being asked to support a new measure before the U.N. that would separate banks and insurance companies from the Financial Stability Board’s efforts to overhaul the international banking system. Several insurance company trade groups have been partitioning President Obama to join other G20 leaders in these efforts, hoping that the added support will affect the measure toward their goals. Insurers are concerned with this issue because one set of regulations is being used to govern both banking institutions and insurance companies. Given the recent failings of…

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Treasury Department wants real life insurance professionals for new committee

The U.S. Treasury Department announced today the creation of a new advisory committee on insurance. The committee will be made up of state regulators and industry officials from all over the country. The Department has issued several notices throughout the U.S. inviting those interested in a position within the committee to apply with the Federal Registrar. The committee is being formed to help the federal government better understand the ramifications of changes made to the existing industry in the country. The plan has garnered support from some of the nation’s…

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