MassMutual Endorses Proposed National Insurance Act of 2007

SPRINGFIELD, Mass., May 24 /PRNewswire/ -- Massachusetts Mutual Life

Insurance Company (MassMutual) announced today that it strongly endorses The

National Insurance Act of 2007, introduced today by Sens. John Sununu (R-NH)

and Tim Johnson (D-SD). The legislation would enact an optional federal

charter which would enable insurance companies and agents to do business under

one set of federal rules, while at the same time, preserve state regulation

for insurance companies and agents who choose it.

    "We applaud Senators Johnson and Sununu for taking steps to reform our

system of insurance regulation and modernize a system of rules that was

developed more than 100 years ago," said Timothy Flanagan Jr., general agent,

Hinrichs Flanagan Financial, a MassMutual general agency based in Charlotte,

NC. "This proposed legislation is a win-win for the insurance industry and

consumers, as it would bring enhanced value, efficiency and choice to the

marketplace."

    Today, the insurance industry is one of the few industries still regulated

by individual states, requiring insurers and agents to submit product

approvals and license requests in every jurisdiction in which they do

business. Under an optional federal charter, insurance companies and

producers could choose between state and federal regulation. Those choosing

federal regulation would be able to offer the same product, to anyone,

anywhere, with a single license across the United States.

    "The optional federal charter proposes streamlined regulation that has

enormous benefits to both the insurance industry and consumers alike," said

Ken Cohen, senior vice president and associate general counsel, MassMutual

Government Relations. "Insurance companies and agents would enjoy streamlined

licensing procedures and save significant costs on related administrative

issues. In turn, consumers would have greater and more timely access to a

wider range of products, and would receive uniform consumer protection

regardless of where they live."

    MassMutual Financial Group is the fleet name for Massachusetts Mutual Life

Insurance Company (MassMutual) and its affiliates, with more than $450 billion

in assets under management at year-end 2006. Assets under management include

assets and certain external investment funds managed by MassMutual's

subsidiaries. Securities and investment advisory services offered through MML

Investors Services, Inc., a broker-dealer and registered investment advisor.

    Founded in 1851, MassMutual is a mutually owned financial protection,

accumulation and income management company headquartered in Springfield, Mass.

MassMutual's major affiliates include: OppenheimerFunds, Inc.; Babson Capital

Management LLC; Baring Asset Management Limited; Cornerstone Real Estate

Advisers LLC; MML Investors Services, Inc., member NASD and SiPC

(http://www.nasd.org and http://www.sipc.org); MassMutual International LLC

and The MassMutual Trust Company, FSB. MassMutual is on the Internet at

http://www.massmutual.com.

Contacts: 

Jim Lacey

413-744-2365

Mark Cybulski