Nationwide reiterates support for Optional Federal Charter
FOR IMMEDIATE RELEASE
July 25, 2007
Eric Hardgrove (614) 677-8516
Columbus, Ohio- Nationwide reiterated its support for an optional federal charter today as it applauded Representatives Melissa Bean and Ed Royce for their introduction of “The National Insurance Act of 2007.” Similar to a recent U.S. Senate introduction, Nationwide views this act as a first step in working toward a more efficient, effective, and uniform regulatory 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.
“Nationwide strongly believes that our customers, associates, and agents will benefit from a revamping of the current system, and we’re glad legislative measures are being considered by both chambers,” said Pat Hatler, Executive Vice President and Chief Legal and Governance Officer at Nationwide. “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.”
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 is very pleased that like the legislation introduced in the Senate, the new House bill has bipartisan support and is being closely examined by Committee and Subcommittee Chairmen and Ranking Members.
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, long-term savings plans and health and productivity services. 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.