May 15, 2014
Nationwide Expresses Support for The Insurance Capital Standards Clarification Act of 2014
Columbus, Ohio - Nationwide today announced its support for the Insurance Capital Standards Clarification Act of 2014 introduced on April 29 by Sens. Susan Collins, R-Maine; Sherrod Brown, D-Ohio; and Mike Johanns, R-Neb., and by Reps. Gary Miller, R-Calif. and Carolyn McCarthy, D-N.Y.
“Nationwide strongly believes that a one-size-fits-all approach to regulation is not appropriate, and that capital standards requirements for insurance parent companies should reflect the business model of those companies,” said Chief Legal and Governance Officer Patricia Hatler. “Applying bank-centric capital requirements to companies like Nationwide, that are primarily engaged in the business of insurance and own a depository institution, is inappropriate and potentially harmful to insurers and their customers. A blanket, bank-centric capital regime doesn’t reflect our business model and doesn’t adequately account for prudent insurance risk management.”
Nationwide, a privately held mutual insurance company, is a leading provider of auto, life, home, commercial and retirement products in the U.S.
“We are pleased that a large, bipartisan group in Congress has recognized this important issue, and applaud the leadership of Senators Brown, Collins and Johanns, and Representatives Miller and McCarthy,” Hatler said. “Nationwide looks forward to continuing to work with Congress, the Federal Reserve and other stakeholders to ensure that this issue is resolved in a way that protects consumers and the long-term solvency of our companies. Our goal is to continue to provide our members with a broad range of insurance and financial services solutions from a company they know and trust.”
Nationwide Mutual Insurance Company, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor’s. The company provides a full range of insurance and financial services, including auto, commercial, homeowners and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; specialty health; pet, motorcycle, boat and farm insurance. For more information, visit www.nationwide.com.