Washington–A large property-casualty insurance agents' trade group said today that a federal charter option is still "not the best or right solution for regulatory reform in the industry."

Officials of the Independent Insurance Agents and Brokers of America were reacting to yesterday's letter to the Senate Banking Committee favoring federal chartering that included insurance companies among 135 national and regional financial services firms that signed it. The letter said a modern insurance regulatory system must include a federal charter option.

"Consumers, and the insurers and insurance agents that serve them, need a modern insurance regulatory system that provides greater product choice and portability," the Optional Federal Charter Coalition (OFCC) said in its letter.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.