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Oxley Receives NAMIC's Inaugural Legislator of the Year Award

WASHINGTON (Sept. 21, 2004)--This afternoon, Charles M. Chamness, president of the National Association of Mutual Insurance Companies (NAMIC), presented the association's inaugural Legislator of the Year Award to House Financial Services Committee Chairman Michael G. Oxley, R-Ohio, at the Washington Hilton Hotel. The award ceremony was held during NAMIC's 109th Annual Convention.

"Chairman Oxley received the award in recognition of his outstanding leadership on issues such as financial services modernization. More recently, he co-authored the draft of the State Modernization and Regulatory Transparency (S.M.A.R.T.) Act, which was designed to establish a transition to an open, nationwide, competitive market system for insurance products. NAMIC members appreciate Chairman Oxley's leadership in the debate for an extension of the Terrorism Risk Insurance Act (TRIA). Next week, his committee will mark up legislation to extend TRIA through 2007," said Chamness.

Chairman Oxley thanked NAMIC members for the honor of receiving the Legislator of the Year Award. He remarked that many worthy people would follow him, but that he would cherish his status as the first recipient.

"Congratulations to you on the great job you do in promoting the idea of insurance companies owned - not by shareholders - but by policyholders," said Oxley. "Given that Benjamin Franklin was among the first to promote this idea in the colonies, I'd say you're in some fine company."

There were many lessons learned post-9/11, according to Oxley. One important lesson was, "just how crucial insurance and reinsurance is to the functioning of our economy."

Consistent with Oxley's long-held views on state insurance regulation, he said, "We seek targeted, state-based reforms to improve the regulation of the industry. As a former state legislator, I believe that state insurance regulation, when done well, will continue to be the best way to oversee this industry. Achieving greater uniformity by working through state insurance commissioners and state legislators, we can increase choices for consumers and increase the capacity of the insurance industry."

Oxley also thanked the membership of NAMIC for its steadfast support of the reauthorization of the national flood insurance program. "As you know, the legislation was completed in the nick of time before its authorization ran out," Oxley continued.

He concluded by thanking NAMIC for "all that we've accomplished, and all that we will accomplish in the future."

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For further information contact:
Robert Detlefsen at rdetlefsen@namic.org
or (317) 875-5250