washington
A total of 135 national and regional financial services firms–including a number of property-casualty insurance players from both the company and producer side–sent a letter last week to the U.S. Senate Banking Committee asking for passage of legislation creating an optional federal charter.
The letter set off a firestorm of criticism from opponents of the OFC initiative, including the Independent Insurance Agents & Brokers of America and the National Association of Mutual Insurance Companies. IIABA said a federal charter option is still “not the best or right solution for regulatory reform in the industry.”
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