Euro MEP gives evidence to US Congress on Insurance Reforms - 2009-06-15

On the eve of the expected announcement by the Obama administration on a financial reforms package, the House Congressional Subcommittee on Capital Markets, Insurance and Government Enterprises will hear testimony from Peter Skinner MEP as expert witness. The Congressional hearing convened by a senior member of Congress and Subcommittee
Chairman Paul Kanjorski, will examine issues relating to systemic risk and insurance reform.

Peter Skinner, European Parliament Rapporteur for insurance legislation and senior member of the Economic Committee, said: "The U.S. Congress and Administration is very interested in hearing what the EU is doing with financial regulation. Clearly the onus is on politicians on both sides of the Atlantic to draw closer together and to not allow another near financial melt-down. If we talk to each other directly we can also avoid re-inventing the wheel!"

With banking and insurance legislation recently passed within the European Parliament and new moves to create a European Systemic Risk Council and European financial services regulator, the speed of change is making governments around the World sit up and pay attention. In the United States a move to create an Office of Insurance Information sets the scene for Federal oversight and reform of insurance supervision and paves the way for recognition by the EU of U.S. insurance regulation.

"I look forward to hearing Mr. Skinner's testimony during Tuesday's hearing," said Congressman Kanjorski, Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.  "Mr. Skinner and I both participated in the Transatlantic Legislators Dialogue in April, bringing together American Members of Congress and European Members of Parliament to discuss the global economic crisis.  As we have learned from the current financial problems, the global economic system is interconnected, and we must work together to determine the best solutions and regulations."

Peter Skinner MEP said: "On Tuesday, I will be addressing concerns of Members of Congress about the anticipated introduction of European Insurance law and how this will impact on the U.S. and World markets. It is no longer possible for legislators to act in isolation on these current and critical economic issues. Our cooperation on insurance helps to set the scene for further cooperation on Financial Services reform."

Ends.

Note to the Editor:

Peter Skinner MEP European Parliament Rapporteur for insurance legislation, senior member of the Economic Committee and is also currently an Advisor to the Transatlantic Economic Council (TEC) on Financial Services issues.

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