PCI says a bill that would create a National Office of Insurance would hamper efforts to create a mechanism for systemic risk regulation. The bill, introduced by Rep. Melissa Bean, D-Ill., and Ed Royce, R-Calif., would create an optional charter for regulating national insurance firms. "The critical need right now, which is crucial to the future of our economy, is to establish a viable system for systemic risk regulation before refocusing on a decades-old debate over federal insurance regulation," PCI Chief Executive Officer David Sampson said.

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