NEW YORK, May 24 /PRNewswire-FirstCall/ -- AXA Equitable Life Insurance Company strongly endorses legislation introduced today in The U.S. Senate that would modernize insurance regulation and establish the framework for nationwide, state-of-the-art consumer protection. The National Insurance Act of 2007, introduced in the 110th Congress today by Sens. John Sununu (R-NH) and Tim Johnson (D-SD), proposes the establishment of a streamlined regulatory structure for insurance companies and agents choosing federal regulation, with uniform and consistent laws, regulations and consumer protections. In commenting on the introduction of The National Insurance Act of 2007, Christopher "Kip" Condron, Chairman and Chief Executive Officer of AXA Equitable, called the proposal for an optional federal charter critical for both consumers and the insurance industry. "The lack of uniformity in the current regulatory structure creates vast inefficiencies," Mr. Condron said. "Dealing with 50 different state insurance regulators affects every aspect of our business. It slows our ability to introduce new products and services, complicates our policy/contract administration and adds to our cost of doing business - all of which hurt the consumer." In endorsing The National Insurance Act of 2007, Mr. Condron stated how a national regulatory structure would facilitate AXA Equitable's and the industry's ability to develop innovative and competitive products and deliver them to consumers in an effective and efficient manner throughout the country, in the same way that banks, asset management and securities firms can do today. Mr. Condron stressed, however, that the introduction and adoption of legislation authorizing an optional federal charter does not seek to weaken the industry oversight. "As a New York-chartered company," Mr. Condron said, "we recognize the benefits provided by the strong regulation of the New York Insurance Department, widely recognized as being among the most stringent in the country. What we are seeking is nationally uniform regulation so that AXA Equitable and all our competitors are competing under the same rules and consumers are equally protected." Mr. Condron added that "Today, insurance companies are the only major segment of the financial services industry that lack a regulatory voice in Washington. Given the critical role that life insurers play in our national economy in helping to provide financial security to millions of Americans, and the unique role that we are playing in helping to address the looming retirement security crisis in the U.S., both the industry and the consumer need a strong national regulatory presence." "On behalf of AXA Equitable, I thank Senators Sununu and Johnson for their leadership in recognizing the critical need for reform of the insurance regulatory system and for introducing The National Insurance Act of 2007. We urge members of Congress to work together to pass this much-needed legislation," concluded Mr. Condron. About AXA Equitable AXA Equitable Life Insurance Company has been in business since 1859 and is a leading insurer of life insurance and annuity products in all 50 states. The company has over 11,000 employees and sales personnel and approximately 4.8 million policy/contract holders nationwide. AXA Equitable products and services are co-distributed by AXA Advisors, LLC, and AXA Distributors, LLC. All guarantees are based on the claims-paying ability of AXA Equitable Life Insurance Company. AXA Equitable is a sponsor of the Variable Annuities Knowledge Center (http://www.variableannuityfacts.org/), an online resource aimed at helping consumers understand the facts surrounding variable annuities. The Variable Annuities Knowledge Center is operated by a standalone non-profit organization and is overseen by an independent advisory board. DATASOURCE: AXA Equitable CONTACT: Discretion Winter, +1-212-314-2968, , or Lisa Tibbitts, +1-212-314-2811, , both of AXA Equitable Web site: http://www.axa-equitable.com/ http://www.variableannuityfacts.org/

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