WASHINGTON--The American Insurance Association asked the Treasury Department yesterday to consider supporting an optional federal charter for insurers in its study of ways to improve the financial services sector.

AIA President Marc Racicot asked that the OFC issue for all insurers be addressed as part of Treasury's comprehensive review of how the regulatory scheme for financial institutions should be changed, and how they should be altered to improve the competitiveness of the U.S. capital markets.

The American Council of Life Insurers made a similar request last Thursday, a day after Treasury Secretary Henry Paulson announced that he was initiating such a review.

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