Texas Insurance

New report lists Paulson Treasury Secretary Optional Federal Pact as part of the competitiveness of the capital markets plan

SAN ANTONIO, Texas, March 31 / PRNewswire-USNewswire / - Today, USAA has praised the Department of the Treasury with the recommendation that the modernization of insurance implemented in the context of a larger strategy to strengthen competitiveness America’s global capital markets. This recommendation is part of the Treasury’s efforts to increase efficiency, reduce duplication and improve the ability to adapt to the United States in the financial services sector. As a nation with major financial service providers in enterprises for members of the armed forces and their families, USAA has long argued in favour of an optional federal charter, to a more active role of the State in the Insurance Regulatory and at the end of the current state - By-maze of insurance regulators, wrongly punished, that the men and women in service America’s Armed Forces.

“We welcome the Treasury Secretary Paulson for the recognition that the assurances of modernization is long overdue. Solutions as an option to federal charter is supposed to give consumers greater choice, lower costs and consistent protection Consumers and efficiency, “said Brian Conklin, Vice-President of Federal Government Relations From USAA.

American Military members are disproportionately punished by the current system, because a third of all military members to travel annually, according to federal regulations. As a result, military members often travel a new insurance system.

“This can be confusing, slow and inefficient,” said Conklin. “A single regulatory authority of the insurance is to simplify the process and enable our members to focus on their primary missions to protect and serve our country.”

Insurance, this modernization roadblocks through the creation of common national standards for insurance products. This is of vital importance to the promotion of a competitive market where consumers have a good experience, lower prices, greater capacity to pay protection measures and better services. The current patchwork of regulations binding of State deprives
Choice of Americans, innovation and consistency of consumer protection.

“We call on the implementation of the treasury Congress insurance advice,” said Conklin. “An optional federal charter provides more just for America’s service members, the choice for all consumers, and margin necessary for the competitiveness of the United States. ”

About USAA

USAA, a diversified financial services company, is the market leader of financial planning competitive prices, insurance, investment products and banking services to members of the United States military and their families. Named as Business Week’s top Champ Customer Service in the years 2007 and 2008 and the highest among the financial services companies for customers to Forrester Research Advocacy in polls USAA provides comfortable and easily accessible on the financial products more than 6 million members. For more information About USAA