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PRESS RELEASE

For Immediate Release
Contact: Keosha Burns, (202) 589-2427

Roundtable Applauds Senate Committee for Deeper Dive into Insurance Industry

Washington, D.C. – July 29, 2008 – The Financial Services Roundtable applauds Senate Banking Committee for holding the hearing on the state of the insurance industry.

The hearing explored the overall state of the insurance industry in America, including ways to promote competition and efficiency in the marketplace, and ways to enhance consumer protection.

The Roundtable is strongly committed to the establishment of an optional federal charter for insurance regulation. An optional federal charter would produce a more competitive and efficient insurance marketplace that would lead to innovations and cost savings for consumers. The Roundtable also supports ongoing efforts to create a national insurance office.

Steve Bartlett, President and CEO of The Financial Services Roundtable offered the following comment:
“We commend Senator Dodd, Senator Shelby and the rest of the committee for this effective, wholesale stock-taking of insurance matters. Many of the concerns raised in today’s hearing will be addressed with the passage of the S. 40, legislation authored by Senator Tim Johnson (D-SD) and John Sununu (R-NH) creating an optional federal charter for insurers. S. 40 clearly and effectively addresses the 3 pillars of regulation articulated today by the Chairman: consumer protection, competitiveness, and regulatory efficiency.

“As an interim step, we encourage the committee to move expeditiously to pass legislation to streamline the surplus lines market. Surplus line brings creative solutions to large multi-state commercial risks. The duplication of regulation in this area is a hidden tax on those policy holders.”

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $66.1 trillion in managed assets, $1.1 trillion in revenue, and 2.5 million jobs.

The Roundtable and the Housing Policy Council have partnered with other industry leaders to form HOPE NOW. HOPE NOW is an alliance between counselors, mortgage market participants, and mortgage servicers to create a unified, coordinated plan to reach and help as many homeowners as possible.

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