Senate Passes Banking Bill

Statement from NAIC:

The NAIC applauds the U.S. Senate on passage of S. 2155, The Economic Growth, Regulatory Relief, and Consumer Protection Act, which includes two NAIC legislative priorities. The bill includes language from the Senior Safe Act, sponsored by Sens. Susan Collins and Claire McCaskill, which encourages reporting of suspected financial exploitation. It also includes the text of the International Insurance Capital Standards Accountability Act sponsored by Sens. Dean Heller and Jon Tester, which formalizes structures for congressional oversight, increased transparency of international insurance standard-setting activities and consultation with state insurance regulators. We look forward to working with the U.S. House of Representatives as they consider this important piece of legislation.