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Statement of Tony Nicely - GEICO

Statement of Tony Nicely - GEICO

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Published by mattpauls
Statement of Tony Nicely Chairman, President & Chief Executive Officer GEICO Insurance Companies on behalf of the National Association of Independent Insurers
Statement of Tony Nicely Chairman, President & Chief Executive Officer GEICO Insurance Companies on behalf of the National Association of Independent Insurers

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Published by: mattpauls on Jun 01, 2010
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06/02/2010

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Statement of 
Tony Nicely
Chairman, President & Chief Executive Officer
GEICO Insurance Companies
on behalf of the
National Association of Independent Insurers
before the
House Financial Services Capital Markets, Insurance and
Government Sponsored Enterprises Subcommittee
June 11, 2002
 
The National Association of Independent Insurers appreciates theopportunity to present its views on insurance regulation and competition inthe insurance industry.It is an honor to share my views on several important issues affecting theinsurance industry and the millions of stakeholders whose private or  business life is in some way touched by insurance. The Subcommittee‘sdeliberations and conclusions will have implications for individual insuranceconsumers, insurance investors, the business community, the insuranceindustry and its regulators, and countless other stakeholders. We commendyou for taking the initiative to learn more about these subjects and I offer thesupport of my company and the NAII as the Subcommittee continues itsresearch.I address the Subcommittee in my capacity as Chairman of the Board of Governors of the National Association of Independent Insurers (NAII) andas the chief executive of the GEICO Group of property-casualty insurancecompanies. The views I will share with the Subcommittee are based on myown business experience over 40 years in the industry, and the perspectiveof the NAII, a 700+ member company trade association that was founded in1945 after Congress enacted the McCarran-Ferguson Act. Since that time NAII has supported the McCarran-Ferguson Act, which reserved the role of insurance industry oversight to state government on the principle thatinsurance markets in which competition is the primary regulator of rates bestserves consumers.GEICO is the largest direct marketer of insurance products, the fifth largest private passenger auto insurance company, and the 10
th
largest property-casualty insurer in the United States.GEICO has assets of $10.6 billion, employs 18,000 associates and protectsmore than 4.7 million policyholders and over 7 million automobiles.GEICO‘s commitment to customer service, efficiency and financial stabilitymakes us a major stakeholder in the effort to modernize and enhance thestate regulatory system. I have taken the time to personally visit withinsurance regulators and the National Association of InsuranceCommissioners (NAIC) in recent months to discuss ways to update and
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strengthen the state regulatory system. I am convinced that the states are upto the challenge of improving the regulatory system. NAII is one of the nation‘s largest full-service property-casualty insurancetrade associations, representing the most diverse membership. NAII‘smembership accounts for $98 billion in annual premiums, comprising 31 percent of the industry‘s total property-casualty premium volume and 43.9 percent of the total personal lines market. Member companies range in sizefrom billion-dollar national companies to multi-line regional groups tosingle-state and niche/specialty writers. They include mutuals, stock companies, surplus line carriers, and reciprocals: all the traditional corporateinsurance structures. In fact, NAII represents the broadest cross-section of insurers of any national trade organization. NAII members transact mosttypes of property-casualty insurance, use every type of distribution system,and have experience operating under the regulatory environment in each of the 50 states. The diversity in membership is one of the association‘sgreatest strengths and provides NAII with a unique perspective on insuranceregulation. Since the bulk of our membership consists of smaller personallines oriented companies, NAII is very qualified to speak on behalf of theunique needs and local markets that those insurers serve.The NAII membership is distinguishable by the diversity in business modelsand markets, yet the companies all share the same common vision thatcompetition and market-oriented regulation is in the best interest of theindustry and the customers they serve. NAII‘s express mission is to foster acompetitive insurance marketplace, which not only promotes the successfuloperation of its members, but enhances the welfare of their customers. Nearly 60 years after its founding, the NAII œ more than any other tradegroup in the industry œ still firmly believes in the concept of competitivemarkets, and advocates regulatory principles that make competition thrive.GEICO and NAII support the state regulation of insurance and opposefederal involvement in the regulation of the insurance business. However,we agree with the vast majority of insurers, agents, regulators, statelegislators, and Members of Congress that the insurance regulatory systemmust improve. We recognize that support for state insurance regulation isdependent in large part on the willingness of the states to institutemeaningful reforms to modernize regulation so that it reflects the way our  business is conducted today and so that it will be adaptable to the way we
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