Scott Commends Treasury Decision Preserving State-Based Insurance Systems

Washington – U.S. Senator Tim Scott (R-SC) released the statement below following the U.S. Treasury Department’s decision to continue protecting the United States insurance regulatory system and resisting efforts to shift to a European-modeled Insurance Capital Standard (ICS). Scott discussed the matter with Treasury Secretary Stephen Mnuchin by phone earlier this week, and recently led a letter to Treasury on the matter that was signed by 30 Senators.

Scott said, “It is clear that the ICS is not fit for purpose in the United States and would never be adopted here. Our insurance commissioners should be leading our regulatory approach, and the Treasury Department has now taken the important step of protecting that state-based approach. Thank you to Secretary Mnuchin and his team for their tireless efforts to negotiate an outcome that reflects a clear pathway to comparability for the United States, as well as the Federal Reserve and National Association of Insurance Commissioners for their work on this issue.”