"The day of reckoning is coming" for an optional federal charter or some other type of federal regulatory arrangement for the insurance industry, according to Ernst Csiszar, president and chief executive officer of the Property Casualty Insurers Association of America (PCI).

Mr. Csiszar addressed 200 insurance executives during Friday's session of the 17th Annual Property-Casualty Insurance Conference in New York.

In his opening remarks, he said, currently, "there is no news about regulatory modernization==at least no good news."

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