Companion legislation to a U.S. Senate bill creating an optional federal charter for insurers has been unveiled in the House.
Rep. Melissa Bean, D-Ill., and Rep. Ed Royce, R-Calif., introduced the National Insurance Act of 2007. 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 Senate's measure was introduced in May.
The OFC legislation is backed by 11 financial institution trade groups, including the American Insurance Association, the Council of Insurance Agents and Brokers, and the Reinsurance Association of America. Corporate buyers represented by the Risk and Insurance Management Society also voiced support.
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