NAMIC Statement Regarding Optional Federal Charter Bill

January 7, 2002

On Dec. 21, Sen. Charles Schumer (D-N.Y.), introduced the National Insurance Chartering and Supervision Act, providing for the optional federal chartering, regulation and supervision of insurance companies and agencies.

The National Association of Mutual Insurance Companies (NAMIC) issued the following comment in response to Senator Schumer’s proposal.

“Senator Schumer’s introduction of the National Insurance Chartering and Supervision Act will significantly intensify the debate over the future of insurance regulation and should increase the pressure on the states to adopt meaningful reforms to make the regulation of insurance more uniform and efficient,” said Monte Ward, vice president-federal affairs.

“NAMIC supports state insurance regulation and will continue to devote its resources to the adoption of these reforms in the states. NAMIC will also actively participate in the debate on Senator Schumer’s legislation as well as the House Financial Services Committee’s continuing review of insurance regulation.”

NAMIC is a full-service national trade association with more than 1,200 member companies that underwrite 40 percent ($123 billion) of the property/casualty insurance premium in the U.S. 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. NAMIC benefits member companies through government relations, public affairs, education and arbitration services, and insurance and employee benefit programs.

Information about the association, its member companies and the property/casualty insurance industry can be found at NAMIC Online, www.namic.org.

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