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Federal Charter Backers Cite Benefits For Insurers

The desire of insurers to gain equal footing with other financial services sectors in the increasingly competitive marketplace is driving the spate of proposals for optional federal chartering of insurance companies, say the proponents of two of those initiatives.

In April, the American Council of Life Insurers released its draft proposal for optional federal chartering of life insurers and producers, while in July, the American Insurance Association put forth its proposal applicable to property-casualty insurers.

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