WASHINGTON (Sept. 18, 2006) – This morning, Rep. Richard Baker, R-La., Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, was named “Legislator of the Year” by the National Association of Mutual Insurance Companies (NAMIC). The award was presented by Charles M. Chamness, president and CEO of NAMIC.
“Chairman Baker received the award in recognition of his exceptional knowledge and understanding of the property/casualty insurance industry,” said Chamness.
“Chairman Baker is a leading advocate for terrorism risk insurance. He was instrumental in creating a compromise that allowed for major flood insurance reform legislation to be enacted,” Chamness noted. “As subcommittee chairman, Rep. Baker understands the importance of state regulation of the property/casualty insurance industry and has strongly opposed legislation to create an optional federal charter (OFC) by offering a different approach with his, ‘State Modernization And Regulatory Transparency Act’ (SMART Act) draft.’
“NAMIC appreciates your leadership, which is why we are presenting you with the NAMIC Legislator of the Year Award. Thank you for the strong working relationship that NAMIC has with you and your staff,” said Chamness.
Chairman Baker thanked the members of the association for the honor of receiving the NAMIC Legislator of the Year Award. He remarked that he and his staff rely on the professionals within the NAMIC organization to give the best advice and recommendations that allow the committee to make the best public policy decisions possible because a strong insurance industry is an essential element of a vital economy.
“I look forward to going into the next session of Congress to continue with you in your work. I am very appreciative for this award and the kind courtesies you’ve extended to me in the past,” said Baker
In 1752, Dr. Benjamin Franklin founded America’s first successful mutual insurance company, The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Today, NAMIC not only pays tribute to Dr. Franklin, but also to Congressman Baker for his ongoing commitment to an open and competitive economy. The actual presentation was taped last week in Chairman Baker’s Capitol Hill office and was shown during the Opening General Session at NAMIC’s 111th annual convention.
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