The Trump administration will be positive for private competitive markets, including the US insurance market, given the president-elect has set out plans to reduce the impact of regulation, according to the Property and Casualty Insurance Association of America (PCI).
"President-Elect Trump ran on a primarily economic platform to reduce regulation. We expect the new administration to review regulatory issues affecting the industry and the net-outcome will be positive for private competitive markets," said Nat Wienecke, PCI's senior vice president of federal government relations.
Wienecke listed the regulation he is looking forward to bringing to the attention of the Trump administration, including the Department of Labor's restrictions on overtime and the Department of Housing and Urban Development's "encroachment on state insurance regulation" with its Disparate Impact Rule.
This rule is part of the US Fair Housing Act which states a policy may be considered discriminatory if it has an adverse impact against any group based on race, national origin, colour, religion, sex, familial status or disability.
Wienecke also said the PCI will renew efforts to lobby against international insurance rules being developed by the International Association of Insurance Supervisors, including the global insurance capital standard.
"We will also continue our efforts to push back on the international standard-setting efforts to implement a global one-size-fits standard on an already sound and robust state-based regulatory environment."