FOR IMMEDIATE RELEASE
Elise Brooks, (202) 589-2427

Roundtable Supports the Nonadmitted and Reinsurance Reform Act of 2009

Washington, D.C.—September 9, 2009— The Financial Services Roundtable applauds the House for passage of H.R. 2571, the Nonadmitted and Reinsurance Reform Act of 2009, which will streamline regulation of surplus lines insurance and reinsurance.

“The Roundtable urges Congress to build on this progress towards uniformity, by moving quickly to pass comprehensive insurance reform for all lines of insurance as part of financial regulatory reform,” said Steve Bartlett, President and CEO for the Roundtable.

The Roundtable looks forward to working with Congress to pass comprehensive insurance reform legislation.  The benefits of insurance regulatory modernization – consistent consumer protection, uniform national standards, and comprehensive and consolidated functional regulation – can only be accomplished through giving insurers, reinsurers, and producers the ability to be chartered and exclusively regulated at the federal level.

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 $84.7 trillion in managed assets, $948 billion in revenue, and 2.3 million jobs.