Willis CEO Plumeri Bernanke Supports the Optional Federal Ch

 

Thursday, Mar 05,2009, 5:24:42 PM   Click:

Willis CEO Plumeri Bernanke Supports the Optional Federal Charter
Business Editors / Financial Editors

NEW YORK - (BUSINESS WIRE) - February 27, 2009 - Joe Plumeri, Chairman and CEO of Willis Group Holdings (NYSE: WSH), the global insurance broker, said today he supports the idea an optional federal charter for insurers, supporting the position of Federal Reserve Chairman Ben Bernanke has called the notion of "useful idea" during his appearance before the House Financial Services Committee on Wednesday.

"I support the position of Federal Reserve Chairman Bernanke, and I am pleased that he has raised the importance of this issue in the middle of the current economic turmoil," said Plumeri. "We see the creation of an optional federal charter as a good thing if it leads to more coherent and unified in the U.S. regulations, we believe that the sector as a whole would benefit from having a set of rules to follow, instead of 50, especially if a new regulatory system adopts an approach based on the principles of rule-making. "

Plumeri has long advocated an industry standard that would bring greater transparency to the issue of broker compensation. Willis has been at the forefront of this issue since 2004, when he became the first broker to the voluntary ban on the practice of accepting commissions and any disclosure to its clients the nature and amount of compensation they receive for placing business with insurers.

Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resources consulting and actuarial services to companies , public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a team of approximately 20,000 associates serving customers in some 190 countries. Additional information on Willis May be found at www.willis.com.

Willis Group Holdings
Investors:
Kerry K. Calaiaro, +1 212 915-8084
kerry.calaiaro @ willis.com
or
Media:
Marisha Chinsky, +1 212 915-8336
marisha.chinsky @ willis.com

State Keywords: New York
Industry Keywords: Public Policy and Government, government agencies, other governments, other policy issues, public policy, White House / Federal Government, professional services, banking, finance, insurance
Source: Willis Group Holdings

Copyright © 2009 Business Wire Business Editors / Financial Editors NEW YORK - - February 27, 2009 - Joe Plumeri, Chairman and ...