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NAMIC to Paulson; Property/Casualty Insurance Companies Do Not Want or Need Direct Capital Infusion

WASHINGTON, D.C. (Oct. 31, 2008) – Yesterday, Charles Chamness, president and CEO of the National Association of Mutual Insurance Companies (NAMIC), sent a letter to Treasury Secretary Henry Paulson making clear that there is no need for the inclusion of property/casualty insurance companies in the Capital Purchase Program. NAMIC member companies remain strong and solvent and the program would create a competitive advantage for participating companies while also undermining policyholder confidence. Chamness further urged the Secretary not to burden the most solvent and efficiently regulated segment of the financial services industry with any new federal regulatory requirements.

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Nancy Grover
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(202) 628-1601 Fax

Posted: Friday, October 31, 2008 12:00:00 AM. Modified: Friday, October 31, 2008 2:55:53 PM.

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