Allstate Hails Introduction of Federal Charter for Insurance Bill
April 02 2009 - 4:26PM
Business Wire
Allstate issued the following statement today in support of the
National Insurance Consumer Protection Act introduced in Congress
by Representatives Melissa Bean (D-IL) and Ed Royce (R-CA).
�The American consumer is burdened with a patchwork of insurance
regulatory systems that are cumbersome and ineffective in managing
risks in an era of rapid change and innovation. American families
need better protection from systemic risks and access to products
and services that will help better manage their financial futures,�
said Allstate Chairman, President and CEO Thomas J. Wilson.
�Our regulatory infrastructure has simply not kept pace with the
level of innovation in the financial markets and the growing risks
embedded in 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
sophisticated federal insurance regulator to oversee the financial
stability and innovations of large insurance companies and
pre-empting state-based regulation, just as has been done for the
banking industry for 100 years.
�Allstate applauds Representatives Bean and Royce for their
continued leadership in bringing the insurance regulatory framework
of the United States into the 21st century. In response to the
current financial crisis, they have improved upon the�federal
charter plan introduced in the 110th Congress by giving regulators
the ability to better protect and serve consumers.
�We believe that legislation covering financial system reform
can build on the recent admirable actions of the U.S. Treasury,
Federal Reserve, Congress and the FDIC to lower the threat of
additional burdens on taxpayers. A strong, open and transparent
regulatory framework will support the continued innovation and
competitiveness of U.S. financial institutions while ensuring the
safety and soundness of our financial system. Regulatory reform
should reflect a collaborative approach among industry, the public
sector and consumers. Together, we need to incorporate the lessons
from this crisis and anticipate future challenges to improve the
regulatory system and restore confidence to our economy,� concluded
Wilson.
The Allstate Corporation (NYSE: ALL) is the nation�s largest
publicly held 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 better prepare for tomorrow. Customers can access Allstate
products and services such as auto insurance and homeowners
insurance through approximately 14,700 exclusive Allstate agencies
and financial representatives in the U.S. and Canada, or in select
states at allstate.com and 1-800 Allstate�. Encompass� Insurance
brand property and casualty products are sold exclusively through
independent agents. The Allstate Financial Group provides life
insurance, supplemental accident and health insurance, annuity,
banking and retirement products designed for individual,
institutional and worksite 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.
Allstate (NYSE:ALL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Allstate (NYSE:ALL)
Historical Stock Chart
From Jul 2023 to Jul 2024