washington

A total of 135 national and regional financial servicesfirms–including a number of property-casualty insurance playersfrom both the company and producer side–sent a letter last week tothe U.S. Senate Banking Committee asking for passage of legislationcreating an optional federal charter.

The letter set off a firestorm of criticism from opponents ofthe OFC initiative, including the Independent Insurance Agents& Brokers of America and the National Association of MutualInsurance Companies. IIABA said a federal charter option is still“not the best or right solution for regulatory reform in theindustry.”

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