Nationwide Applauds Introduction of the Optional Federal Charter Proposal
FOR IMMEDIATE RELEASE
May 25, 2007
Contacts:
Joe Case (614) 249- 6353
casej6@nationwide.com
Eric Hardgrove (614) 677-8516
hardgre@nationwide.com
Columbus, Ohio- Nationwide today applauded U.S. Senators John Sununu and Tim Johnson for their introduction of “The National Insurance Act of 2007.” Nationwide views this act as a first step in working toward a more efficient, effective, and uniform regulatory system.
“As a diversified insurance and financial services organization with operations throughout the United States, Nationwide has long supported an efficient, effective, and uniform system for insurance regulation,” said Pat Hatler, Executive Vice President and Chief Legal and Governance Officer at Nationwide. “We strongly believe that our customers, associates, and agents will benefit from a revamping of the current system.”
The idea of an optional federal charter for insurance regulation is similar to banking laws which permit each entity to decide whether to be state or federally regulated.
“In this 21st Century financial services arena, it is crucial to have the ability to compete in the global marketplace in order to provide consumers with quality products that protect their financial well-being,” added Hatler.
Nationwide supports the creation of an optional federal charter and regulatory framework, while continuing its commitment to an effective and healthy system of state insurance regulation. This dual approach will allow both a federal and state system to operate simultaneously yet independently to the benefit of companies and their customers.
“With insurance providing the underpinning to our economy and having national issues such as terrorism, natural catastrophes, and retirement security at stake, it is vital to have the Congress consider legislation such as “The National Insurance Act of 2007,” said Hatler.
As insurance regulatory reform continues to be debated, Hatler emphasized that Nationwide stands prepared to work with all interested parties to enhance its ability to deliver the On Your Side customer experience.
Nationwide, based in Columbus, Ohio, is one of the largest diversified insurance and financial services organizations in the world, with more than $160 billion in assets. Nationwide ranks #104 on the Fortune 500 list. The company provides a full range of insurance and financial services, including auto, motorcycle, boat, homeowners, life, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions and long-term savings plans. For more information, visit www.nationwide.com.
Nationwide, the Nationwide Framemark and On Your Side are federally registered service marks of Nationwide Mutual Insurance Company.
