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Life To P&C: Take A Hike?

The following “Editorial” was run by our counterparts in last weeks National Underwriter Life & Health/Financial Services edition. We welcome reaction from the property-casualty side. Send your comments to [email protected].

If the life insurance industry seriously intends to pursue optional federal chartering, then it needs to redefine the debate over insurance regulation. It needs to separate itself, clearly and emphatically, from the property-casualty industry, creating its own unique identity as a provider of financial services. Above all, it needs to re-educate the nations policymakers so they will think of life insurers in a new and distinct light, not just as simply one branch of a massive, amorphous “insurance industry.”

This may seem like a radical notion, but if one thing is clear from recent House and Senate hearings on insurance regulation, it is that this is necessary if optional federal chartering of life insurers is to have any chance of enactment in the foreseeable future.

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