Industry Honors 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.

In presenting Collins with the award, Chuck Chamness, NAMIC’s president/CEO, pointed to Collins’ efforts to extend the government’s terrorism risk backstop program and to reject legislative attempts to weaken state regulation and repeal 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.

He said Collins has also been instrumental in efforts to protect the state regulation 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.