Allstate Chairman Calls for Reform of Financial Services

 

Thursday, Mar 12,2009, 1:48:50 PM   Click:

Copyright: Business Wire
Source: Business Wire
Wordcount: 375


Business Editors

NORTHBROOK, Illinois - (BUSINESS WIRE) - March 11 2009 - The following comments were provided by Allstate President Thomas J. Wilson today at the third annual summit of the capital markets held by the U.S. Chamber of Commerce Center for the competitiveness of capital markets.

"The United States has the most sophisticated markets in the world with the most competitive and innovative financial instruments. However, our regulatory system is a Depression-era hodgepodge. We need regulatory reform, better monitoring and greater transparency.

"The financial services sector has the potential to become a true agent of change," says Wilson. "As leaders, we must do more than simply Talkabout restoring confidence. We must reconsider the way that risk is shared between government, business and the American people. We need a comprehensive regulatory framework to ensure that middle-income consumers can create more secure economic future and better manage the financial risks that are part of everyday life. "

In addition to a regulatory framework for financial services, Wilson also called for a federal charter for insurance to cover the insurance sector. This would protect consumers and the high standard regulations in all states would reduce administrative costs and improve access to new and innovative products.


The Allstate Corporation (NYSE: ALL) is the largest public personal lines insurer. Widely known through the "You're in good hands with Allstate ®" slogan, Allstate is reinventing protection and retirement to help individuals in approximately 17 million households protect what they have today and to better prepare for tomorrow. Customers can access Allstate products and services such as auto insurance and insurance through approximately 14,700 exclusive Allstate agencies and financial representatives in the United States and Canada, or in some States and allstate.com 1-800 Allstate ®. Encompass ® Insurance brand property and casualty products are sold exclusively through independent agents. The Allstate Financial Group provides life insurance, accident and supplemental health insurance, pension, retirement, banking and products designed for individuals, institutions and workplaces of customers that are distributed through Allstate agencies, independent agencies, financial institutions and broker-dealers. Customers can also access information about Allstate Financial Group products and services at myallstatefinancial.com.



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