Lawmakers to debate insurance charter next year

09/25/2009 | Hill, The

Lawmakers are set to tackle the establishment of an "optional federal charter" for insurance next year, in which the federal government would take the place of state authorities in regulating parts of the industry, said Rep. Barney Frank, D-Mass. The American Council of Life Insurers strongly supports the proposed charter, but other insurance lobbying groups, including the Property Casualty Insurers Association of America, choose to keep regulations in the state level. The lawmaker's statements clearly "bifurcate" the insurance debate and the current broader regulatory reform, PCI Senior Vice President Ben McKay said.

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Hill, The

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