National Harbor, MD (Sept. 24, 2019) The National Association of Mutual Insurance Companies today recognized Reps. Joyce Beatty, D-Ohio, and Ted Budd, R-N.C., as the association’s federal legislators of the year.
“At a time when Washington is beset with partisan gridlock, NAMIC is proud to recognize lawmakers who are focused on their constituents and the importance of insurance for policyholders and the American economy,” said Jimi Grande, NAMIC’s senior vice president of government affairs.
Representing the 3rd District of Ohio in the U.S. House of Representatives, Beatty serves on the Financial Services Committee and was recognized for her work to preserve the state-based insurance regulatory systems from federal and international encroachment.
“Congresswoman Beatty has been a champion on insurance issues,” Grande said. “She has recognized the importance of having insurance regulators at the state level who understand the risks facing their state and can ensure consumers are protected.”
Beatty was an original co-sponsor of legislation to keep insurance-focused savings and loan holding companies under state jurisdiction and advocated for providing insurers with adequate representation on the Financial Stability Oversight Council.
“Mutual insurers are vital to a strong economy in Ohio and across the country,” Beatty said. “In that spirit, I am honored to be named NAMIC Legislator of the Year and look forward to continuing my work in Congress to make sure hardworking families are prepared when the unexpected happens.”
Budd, who represents the 13th District of North Carolina, was recognized for his efforts to provide greater oversight and transparency in international insurance standard-setting processes and preserving the robust state-based system of insurance regulation. During congressional hearings, Budd pressed top administration officials on why the U.S. is negotiating what will likely be a harmful International Capital Standard for U.S.-based property/casualty insurance companies.
“The state insurance regulatory system has protected Americans for more than 150 years, and they shouldn’t be at risk of being undermined by international trade agreements,” Grande said. “Congressman Budd has been fearless in holding U.S. officials accountable and ensuring that they will not weaken the protections of our state-based insurance regulatory system.”
Budd also sent letters on the issue to senior officials at the Federal Reserve and the Department of Treasury to further commit these officials to not accept any foreign regulatory standards that do not comport with the U.S. state-based system of insurance regulation.
“I’m honored to receive this award from NAMIC and will keep fighting for the state-based system of insurance that has protected North Carolinians and all Americans for more than 150 years,” Budd said.
Each year, NAMIC honors federal lawmakers who have been leaders on the issues of great importance to the insurance industry as Legislators of the Year. The award bears the likeness of Ben Franklin, one of the nation’s founding fathers who in 1752 established a mutual insurance company that continues to serve policyholders. To this day that company remains a NAMIC member along with the other more than 1,400 companies. NAMIC supports regional and local mutual insurance companies on main streets across America and many of the country’s largest national insurers. NAMIC members write $268 billion in annual premiums, accounting for 59 percent of homeowners, 46 percent of the automobile, and 29 percent of the business insurance markets.