Nationwide reiterates support for creation of an Optional Federal Charter
Regulatory Reforms Needed at State, Federal Levels
FOR IMMEDIATE RELEASE
April 16, 2008
Joe Case (614)-249-6353
Columbus, Ohio — Nationwide Mutual Insurance Company Chief Legal and Governance Officer Patricia Hatler reiterated the company’s support today for the creation of an Optional Federal Charter of insurance regulation and passage of the National Insurance Act of 2007. Hatler sent a letter to lawmakers as a third round of congressional hearings is being held today examining proposals on insurance regulation.
“In order to provide the best products and services to our customers, Nationwide believes that insurers should have the choice of becoming nationally chartered,” Hatler wrote in a letter to Rep. Paul E. Kanjorski of Pennsylvania and Rep. Deborah Pryce of Ohio, chairman and ranking member, respectively, of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. “If there is one recurring theme that came out of last year’s Subcommittee hearings, it is that there is a great need for reform, and Nationwide continues to be an advocate for reform at both the state and federal levels.”
Hatler wrote that Nationwide is encouraging passage of the National Insurance Act (H.R. 3200 and Senate companion S.40), originally introduced last summer: “Nationwide urges you to support H.R. 3200 and provide leadership in passing this key piece of legislation for both life and property-casualty insurance. As a multi-line insurer, Nationwide ardently believes that the regulatory reforms in H.R. 3200 are every bit as critical for serving the needs of our homeowners and automobile insurance customers as they are for serving the needs of our life insurance customers.”
The letter also stated that Nationwide is reviewing the Treasury
Department’s “Blueprint for a Modernized Financial Regulatory Structure”
which addresses the optional federal charter issue.
“The Blueprint is yet another voice supporting the need for the U.S. insurance market to move into the 21st Century global economy and to establish a world-class federal regulator along side a strong state-based system,” Hatler wrote.
Nationwide, based in Columbus, Ohio, is one of the largest diversified insurance and financial services organizations in the world. The company provides a variety of insurance and financial services.
Nationwide, Nationwide Financial, the Nationwide Framemark and On Your Side are federally registered service marks of Nationwide Mutual Insurance Company.