Eight industry tradegroups–including the American Insurance Assn., Council of InsuranceAgents and Brokers and the Reinsurance Assn. of America–support anoptional federal insurance charter in a recent letter to keymembers of Congress. The letter, which was sent to the leadershipof the Senate Banking Committee and the House Financial ServicesCommittee, asks members to consider the proposal as the committeesdeal with legislation creating a systemic regulator with authorityto oversee all financial services firms. While stating that “stateinsurance regulation should remain available for those who chooseit,” the letter stated that strong and uniform federal regulationand supervision of insurance companies, producers and holdingcompanies “would reduce costs and risks to consumers and theeconomy.” The letter also called for creation of a federal guarantyagency, and said a systemic regulator should work through thefederal insurance regulator.