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Willis CEO Plumeri Supports Bernanke?s Position on Optional Federal Charter

^{Published on 2009-02-27 08:08:47, Last Modified on 2009-02-27 08:09:27 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Joe Plumeri, Chairman and CEO of Willis Group Holdings (NYSE: WSH), the global insurance broker, said today he endorses the concept of an optional federal charter for insurers, supporting the position of Federal Reserve Chairman Ben Bernanke who called the concept a "useful idea" during his appearance before the House Financial Services Committee on Wednesday.

"I support the position of Federal Reserve Chairman Bernanke, and I'm pleased he has raised the importance of this issue amid the current economic turmoil," Plumeri said. "We see the creation of an optional federal charter as a good thing if it leads to more consistent and unified regulation in the U.S. We believe the industry as a whole would benefit from having one set of rules to follow, instead of 50, especially if a new regulatory system embraces a principles-based approach to rule-making."

Plumeri has long advocated a consistent industry standard that would bring increased transparency to the issue of broker compensation. Willis has been at the forefront of this issue since 2004, when it became the first broker to voluntarily ban the practice of accepting contingent commissions and to fully disclose to its clients the nature and amount of compensation it receives for placing business with insurers.

Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at [ www.willis.com ].