Insurance Trade Group Honors U.S. Sen. Collins of Maine

The National Association of Mutual Insurance Companies (NAMIC) named Sen. Susan M. Collins, R-Maine, as its Federal Legislator of the Year.

"Senator Collins has a great understanding and appreciation of the property/casualty insurance industry, which she gained while serving as the Maine Commissioner of Professional and Financial Regulation, which oversaw the Bureau of Insurance," said Chuck Chamness, NAMIC's president/CEO. "Senator Collins has taken a leadership role on many insurance issues before Congress."

In presenting Collins with the award, Chamness specifically pointed to Collins' efforts to extend the government's terrorism risk backstop program and to reject legislative attempts to repeal the McCarran-Ferguson Act. "She is committed to promoting competition that results in more choices and lower prices for consumers and continues to fight against efforts to repeal McCarran-Ferguson," he said.

Collins has also been instrumental in efforts to protect the current regulatory system of insurance. "Regarding insurance regulation, Senator Collins understands the importance of the states' role in regulating the property/casualty insurance industry and that reform needs to take place at the state level rather than in the creation of a new federal regulator."

Collins said her commitment to state-based regulation stems from her five-year role overseeing Maine's Insurance Bureau. "I know what a good job most states do in regulating the industry and serving their consumers," she said. "Frankly, I was surprised when Secretary Paulson proposed an optional federal charter," a reference to the Treasury Department's recently released financial regulation "blueprint."

Source: NAMIC