Insurance trade negotiation bill may split industry
R.J. Lehmann, who handles insurance trade policy at the R Street Institute, a libertarian think in Washington, has put out a letter calling for members of Congress to vote against the bill as it is now written.
The current text states that any officials involved in insurance trade negotiations “‘shall use their voice and shall vote to oppose any proposed agreement or standard’ that differs in any way from existing federal law, or even any state law,” Lehmann writes. “The effect of this legislation would be to render insurance a topic permanently off the table in international trade negotiations. It would tie negotiators’ hands from offering any changes in domestic rules as concessions or inducements for opening more of the $4.73 trillion global insurance market to U.S. firms.”
Requiring federal officials to consult with state officials also conflicts with a provision in the U.S. Constitution, Lehmann writes.
