Zurich's statement regarding June 10 Congressional hearing about H.R. 5840, the Insurance Information Act of 2008
Schaumburg, Ill., June 9, 2008 – Zurich takes this opportunity to congratulate Chairman Paul Kanjorski (D-Penn.) for introducing H.R. 5840, the Insurance Information Act of 2008. As the third-largest commercial insurer in America and one of the largest insurers in the world, Zurich supports a vibrant and effective regulatory environment that reflects the modern realities of today’s global insurance markets.
Zurich believes that by embedding insurance expertise into Treasury, H.R. 5840 would:
- Significantly enhance the role the federal government can play in today’s complex insurance debates.
These are important advancements, and we urge Congress to move quickly in filling the regulatory void that currently exists and enact H.R. 5840. Insurance consumers deserve as much. We believe that an effective regulatory framework is a prerequisite for sound, competitive insurance markets and that H.R. 5840 represents an initial measure to position the U.S. as a major force in the increasingly global insurance regulatory system.
- Provide a unified platform from which to contribute to the development of international standards for insurance regulation and the negotiation of trade agreements involving the financial service sectors.
About Zurich Financial Services
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 60,000 people serving customers in more than 170 countries. In North America, Zurich (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, small business, specialties and programs sectors.
Editors' note: Any media representatives who would like to speak with Alessandro Iuppa, Zurich's head of Government & Industry Affairs for General Insurance and Chief Government Affairs Officer-North America, should contact Susan Levine or Steve McKay as stated below.
Susan Levine, Zurich
Steve McKay, Zurich