Prudential's Grier to Speak at Annual Meeting

Mark Grier, vice chairman of Prudential Financial, Inc., will speak at NOLHGA's 24th Annual Meeting, which will be held October 9-10, 2007, at the Ritz-Carlton, Amelia Island in Amelia Island, Fla.

Grier is responsible for Prudential's International Insurance and Investments Division, which includes Prudential's life insurance companies outside of North America, as well as the company's in-country asset management activities, offshore funds, international securities, and futures business. He also leads Prudential's Global Marketing and Communications operations. He is scheduled to speak on Wednesday, October 10.

Information on Grier and other Annual Meeting speakers can be found on the Annual Meeting Web page, which also features a preliminary meeting schedule, hotel information, and online registration for the Annual Meeting and the October 8 MPC meeting. Registration for the Annual Meeting is $550 for members and $725 for non-members. There is a $125 guest registration fee that covers attendance at the Annual Meeting welcome luncheon, reception, and breakfast. There is no registration fee for the MPC meeting.

If you have any trouble accessing the meeting Web page, please contact Dan Hicks at [email protected] or 703.787.4112. If you have any questions about the Annual Meeting, contact Holly Wilding at [email protected] or 703.787.4111.

Bean and Royce Reintroduce National Insurance Act in House

On July 25, 2007, United States Representatives Melissa Bean (D-Ill.) and Ed Royce (R-Calif.) reintroduced the House version of the National Insurance Act. The bipartisan bill parallels the optional federal charter legislation introduced by Tim Johnson (D-S.Dak.) and John Sununu (R-N.H.) on May 24, 2007. The legislation is modeled after the dual-charter system in the banking industry, allowing insurers operating in multiple state jurisdictions to choose whether or not to be regulated at the national level, the goal being to reduce the cost and improve the delivery of insurance products.

In a statement, Royce said, "consumers will benefit most from an optional federal charter. The increased competition among insurance providers will result in the availability of more products--better products--with lower premiums. This is the ultimate win for consumers." Bean commented, "it's time to allow the insurance industry to move into the 21st century so that consumers can benefit from reduced costs and innovative products. The National Insurance Act will promote a more robust and competitive insurance industry domestically and internationally, so their consumers will realize those benefits."

The press release of Representatives Bean and Royce says the following about the provisions in Title VI of the bill on guaranty associations: "Additionally, National Insurers, as a general rule, must belong to the State guaranty associations in each State in which they offer insurance. These associations assume obligations to policyholders, up to certain limits, when an insurer is placed into receivership. If a State guaranty association does not provide policyholders with a level of protection equivalent to NAIC model standards, a National Insurer must join the National Insurance Guaranty Corporation (established under the NIA) which would provide such protections to policyholders. The Corporation would have separate accounts for life insurance and property and casualty insurance, and similar to State guaranty associations, would be post-funded with assessments of its member companies."

For a complete copy of the press release and the text of the proposed bill, please contact Meg Melusen at [email protected].