WASHINGTON--Representatives of two large insurance trade groups asked the National Governors Association yesterday to reconsider opposition to optional federal charters for insurers and support legislation creating a regulatory system similar to the federal/state system that regulates banks.
In their letter, leaders of the American Insurance Association and American Council of Life Insurers cite the competitive advantages of an OFC, while reassuring the governors that the legislation, as introduced this year in both houses of Congress, "will allow states to collect premium taxes on insurance transactions just as they do today."
The letters were signed by Marc Racicot, president of the American Insurance Association, and Frank Keating, president and CEO of the American Council of Life Insurers.
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