SPRINGFIELD, Mass. -- Massachusetts Mutual Life Insurance Company (MassMutual) announced today its support of an important legislative proposal -- by House Financial Services Committee Chairman Michael G. Oxley (R-Ohio) and Chairman Richard H. Baker (R-Louisiana) of the Capital Markets, Insurance and Government-Sponsored Enterprises Subcommittee - that would modernize an outdated state-based regulatory system.  The Oxley-Baker proposal calls for enactment of national regulatory standards to make state insurance regulation more uniform and efficient while creating a more dynamic and responsive marketplace for consumers.

While MassMutual will continue to pursue its long-term goal of an optional federal charter for life insurers, Cohen said he believes the Oxley-Baker proposal is a key first step in reform and will make "important strides in modernizing regulation of the life insurance industry."

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