The National Association of Mutual Insurance Companies (NAMIC) issued the following comment on a letter recently sent by the House Committee on Financial Services to the president of the National Association of Insurance Commissioners. (See insurancejournal.com National headlines, Sept. 20, 2001)
“We appreciate the Financial Services Committee’s interest in the well-being of the insurance industry and appreciate the offer of assistance. NAMIC is confident that its member companies will honor their contracts and will proceed to adjust and pay claims in a responsible manner just as they have done when other disasters have struck this country. Insurance employees are patriotic Americans and, after firefighters and police, are generally the first people to respond in a crisis, as they have been in this tragedy.”
Chairman Michael Oxley, R-Ohio; Ranking Member John LaFalce, D-N.Y.; Richard Baker, R-La.; and Paul Kanjorski, D-Pa.; sent the letter to Kathleen Sebelius. Baker is chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. Kanjorski is the subcommittee’s Ranking Member. NAMIC is a full-service national trade association with more than 1,200 member companies that underwrite 40 percent ($123.3 billion) of the property/casualty insurance premium in the United States. NAMIC’s membership includes five of the 10 largest p/c carriers, every size regional and national p/c insurer and hundreds of farm mutual insurance companies.
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