Introduction of legislation establishing an optional federal charter for insurance companies–both life and property-casualty–is imminent, according to several industry sources.
A bill could be introduced as early as late this week, or perhaps as late as when Congress returns from its spring recess April 24, according to a number of insurance industry lobbyists.
The bill is being introduced by Sens. John Sununu, R-N.H., and Tim Johnson, D-S.D. No additional co-sponsors have agreed to join them, the lobbyists said. Staff officials in Sen. Sununu's office declined repeated requests for comment on their plans late last week.
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