WASHINGTON–Sen. Tim Johnson, D-S.D., who will become the second-ranking Democrat on the Senate Banking Committee, said yesterday he will re-introduce bi-partisan legislation to establish an optional federal charter for property-casualty and life insurers.
Sen. Johnson, who will gain his rank with the new Congress, said he is putting the measure forward with Sen. John Sununu, R-N.H. The two introduced the legislation this year but it did not gain passage.
In a statement to National Underwriter, Sen. Johnson said: “The need for insurance industry modernization is not going away. Sen. Sununu and I will reintroduce the National Insurance Act that would move us toward a regulatory system that gives insurance companies, agents, brokers and the customers they serve the benefits that come from a regulatory system that fosters competition, protects consumers, and allows consumers to select from the widest possible variety of insurance products.
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