Washington--The introduction of federal legislation establishingan optional federal charter for life and property-casualtyinsurance companies is "imminent," according to several industrysources.
It could be introduced as early as late this week, or April 24when Congress returns from its spring recess, according to a numberof insurance industry lobbyists who asked for anonymity out ofconcern their statements could damage relations with committeestaff involved in the drafting process.
The bill is being introduced by Sens. John Sununu, R-N.H., andTim Johnson, D-S.D. No additional co-sponsors have agreed to jointhem, the lobbyists said.
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