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NAMIC President Comments on Senate Hearing

INDIANAPOLIS (Nov. 16, 2004)--National Association of Mutual Insurance Companies (NAMIC) President Charles M. Chamness issued the following statement in response to hearings held today by the Senate Governmental Affairs Subcommittee on Financial Management, the Budget, and International Security:

"Bid-rigging is contrary to a free marketplace and should be prosecuted to the fullest extent of the law. Criminal law and the current regulatory system provide for this.

"In addition, a measured approach to additional disclosure of broker compensation agreements may be appropriate.

"However, the allegations raised in today's hearing do not lead to the conclusion that a new federal bureaucracy is required to regulate the entire insurance industry. After all, past prosecution targets, including the investment banking, pharmaceutical, and mutual fund industries, are all subject to federal law and are regulated by federal agencies.

"This hearing is unrelated to the more than three-year process of deliberation on insurance regulation by the House Financial Services Committee and other relevant committees in which NAMIC and its member companies have participated.

"NAMIC strongly urges policymakers to remain committed to making fundamental reforms to the overall regulatory system, with the goal of creating a more competitive marketplace that benefits consumers."

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