American Insurance Association issued the following announcement on July 10.
Steve Simchak, vice president and chief international counsel at the American Property Casualty Insurance Association (APCIA) issued the following statement urging Congress to approve the United States-Mexico-Canada Agreement (USMCA).
“APCIA urges Congress to approve the USMCA to address modern technological barriers to trade, making it easier for U.S. insurers and reinsurers to conduct business and provide consumer protections in Canada and Mexico,” said Simchak.
“While retaining the core protections currently in place, USMCA includes a new pledge to allow insurers to store and process data in the location that is best for their business and customers. This commitment would provide insurers an opportunity to further improve financial security products and protect personal information from cyberattacks. Allowing insures to utilize their headquarters’ technology would also improve efficiencies that could reduce costs for consumers and allow insurers to expand consumer options in underinsured populations.”
Representing nearly 60 percent of the U.S. property casualty insurance market, the American Property Casualty Insurance Association (APCIA) promotes and protects the viability of private competition for the benefit of consumers and insurers. APCIA represents the broadest cross-section of home, auto, and business insurers of any national trade association. APCIA members represent all sizes, structures, and regions, protecting families, communities, and businesses in the U.S. and across the globe.
Original source can be found here.