Three property/casualty insurance industry groups as well as the U.S. Chamber of Congress have written a letter to Rep. Blaine Luetkemeyer, R-Mo., in support of his bill concerning international regulation of U.S. insurers.

Rep. Luetkemyer's bill, the Transparent Insurance Standards Act of 2016 — H.R. 5143 — takes aim at the International Association of Insurance Supervisors' standards-setting process.

According to a description issued by the congressman's office, the bill “would reinforce that any international insurance standard agreed to at the IAIS would not be self-executing and could not be applied in the United States until it is implemented through the required domestic process and provides Congress the opportunity to reject a bad agreement.”

The measure would also require the U.S. Treasury Department and Federal Reserve “to work to ensure policyholder protection, increased transparency and recognition of the state-based model of insurance regulation.” according to the description.

In the letter sent to Rep. Luetkemeyer on Thursday, the Alexandria, Virginia-based Independent Insurance Agents & Brokers of America, the Indianapolis-based National Association of Mutual Insurance Companies and the Chicago-based Property Casualty Insurers Association of America joined the chamber in praising the bill.

“It is critical for state and federal representatives to have a united voice in international regulatory discussions to improve mutual recognition and avoid outcomes that would undermine our marketplace or regulatory system,” according to the letter. “Your bill encourages a more unified U.S. voice while ensuring that U.S. advocacy will support our current state-based regulatory system that has helped create the largest, most competitive, financially sound and consumer protective insurance market in the world.”

The letter also said the measure “achieves the critically important goal of establishing safeguards that increase transparency and accountability in international insurance regulatory standard setting.”