Allstate Hails Introduction of the Federal Charter Insurance

 

Tuesday, Apr 21,2009, 4:34:44 PM   Click:

Copyright: Insurance Weekly News via VerticalNews.com
Source: Insurance Weekly News
Wordcount:

Allstate today issued the following statement in support of the National Insurance Act on Consumer Protection has submitted to Congress by Representatives Melissa Bean (D-IL) and Ed Royce (R-CA).

? The U.S. consumer is burdened by a patchwork system of insurance regulation that are cumbersome and ineffective in managing risks in an era of rapid change and innovation. American families need better protection against systemic risk and access to products and services that will help them better manage their financial future? Allstate said the chairman, president and CEO Thomas J. Wilson.

Our regulatory infrastructure has simply not kept pace with the level of innovation in financial markets and the risks of increasingly integrated into financial products. A more comprehensive system of regulatory oversight will increase transparency and ensure the long-term stability of our capital markets. This means creating a federal regulator sophisticated insurance to oversee the financial stability and innovations of large insurance companies and pre-empt state-based regulation, as was done for the banking sector 100 years.

? Allstate welcomes representatives Bean and Royce for their leadership in providing the insurance regulatory framework of the United States in the 21st century. In response to the current financial crisis, they have improved in terms of federal introduced in the 110th Congress, giving the ability of regulators to better protect and serve consumers.

? We believe that the legislation on the reform of the financial system can build on the recent actions of the wonderful United States Treasury, the Federal Reserve, Congress and the FDIC to reduce the threat of additional burdens on taxpayers. A strong, open and transparent regulatory framework will support the continued innovation and the competitiveness of U.S. financial institutions, while ensuring the safety and soundness of our financial system. Regulatory reform should reflect a collaborative approach between industry, public sector and consumers. Together, we need to integrate the lessons from this crisis and anticipate the challenges ahead to improve the regulatory system and restore confidence in our economy? Wilson concluded.


The Allstate Corporation (NYSE: ALL) is the nation? Public largest insurer of insurance. 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 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 individual, institutional clients and the workplace 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.