WASHINGTON (Dec. 11, 2008) – While some companies in the financial services sector have been lining up to receive federal money, the National Association of Mutual Insurance Companies (NAMIC) has stated that its members neither need nor want any federal aid. Now, NAMIC has launched a national grassroots campaign to signal the diversity and strength of the property/casualty insurance industry. In a call-to-action sent last week, NAMIC called on its 1,400 member companies, which represent more than 40 percent of the property/casualty insurance industry, to contact and meet with their members of Congress before the 111th Congress convenes next month.
During the course of the next several weeks, NAMIC members across the country will visit with their congressional representatives and senators to explain that the property/casualty insurance industry is strong, diverse, and not in need of any assistance from the federal government. They will remind their congressional members that consumers have been well protected by the prudent management and strong solvency regulation of property/casualty insurers.
“In January when President-elect Barack Obama is sworn in and the 111th Congress convenes, their attention will be focused on enacting the greatest overhaul of financial services regulation since the 1930s,” wrote Chuck Chamness, NAMIC president/CEO. “Broad regulatory restructuring for the financial markets, including financial institution oversight and regulation, will be front and center for the foreseeable future. The future of insurance regulation will be part of that debate.
“Members of Congress will be working in their district offices over the holidays contemplating how best to move forward with the future regulation of our industry,” Chamness wrote. “It is vital that we explain to Congress that the property/casualty insurance industry has remained healthy and continues to serve its policyholders during this crisis.”
Chamness made clear that any regulatory initiatives should be narrowly tailored to address specific market problems. “As the new Congress and administration consider creating new regulations targeting Wall Street financial services interests, we must protect against any negative consequences for our industry on Main Street,” he wrote. “We must ensure that property/casualty insurers – and NAMIC member companies in particular – are not swept up in any overreaching legislation that could produce devastating repercussions for years to come.”
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Posted: Thursday, December 11, 2008 12:00:00 AM. Modified: Tuesday, December 16, 2008 10:11:46 AM.
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