Posted: 6/30/2010

NAMIC Responds to Removal of Fee from Financial Reform Legislation

WASHINGTON (June 30, 2010) The National Association of Mutual Insurance Companies (NAMIC) praised the removal of a so-called “bank tax” from the Dodd-Frank Wall Street Reform and Consumer Protection Act by the conference committee.

“As critics have noted, this so-called fee was not a part of either the House or Senate versions of the bill, and was added without any prior consideration,” said Jimi Grande, senior vice president of federal and political affairs for NAMIC. “This fee would have unfairly included some property/casualty insurers in a pre-funding mechanism to fix problems that our industry did not cause, burdening insurers and their customers with the costs of the bill.”

For further information, contact
Matt Brady
Director of Media Relations
(202) 580-6742 Tel
(202) 379-6490 Mobile
mbrady@namic.org