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.

Like the other initiatives that have been made public in the last year (see sidebar, page 11), the proposals by the Washington-based ACLI and AIA call for the creation of a federal insurance regulatory office and for giving insurers the option of being governed by federal or state regulators.

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