A group opposed to creation of an optional federal charter for insurers says it opposes legislation creating an OFC introduced this week in the Senate but does support “targeted” federal legislation to “modernize and reform” the current system.

The group, the Coalition Opposed to a Federal Insurance Regulator (COFIR), made its comments in response to the introduction yesterday in the Senate of S. 40, the “National Insurance Act of 2007.”

The bill was introduced by Sen. John Sununu, R-N.H., and Sen. Tim Johnson, D-S.D.

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