WASHINGTON–Companion legislation to a Senate bill creating an option federal charter for insurers was unveiled in the House today.
Rep. Melissa Bean, D-Ill., and Rep. Ed Royce, R-Calif., introduced the bill. They said they had won a commitment from the Democratic leadership of the House Financial Services Committee to hold hearings on the legislation soon. The bill is titled The National Insurance Act of 2007. The Senate measure was introduced in May.
The OFC legislation has garnered support from 11 financial institution trade groups, including the American Insurance Association, the Council of Insurance Agents and Brokers, and the Reinsurance Association of America.
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