Former Montana governor Marc Racicot, who heads a trade group backing legislation for optional federal chartering of insurers, said such a measure will be good for consumers and won't impact state revenues.
Mr. Racicot, who served two terms in Montana and is now president of the American Insurance Association, made his argument in response to a letter sent by the National Conference of Insurance Legislators urging governors to oppose an optional federal charter.
The message from Troy, N.Y.-based NCOIL was sent last Friday to the National Governors Association criticizing OFC legislation as a measure that would create a costly federal insurance bureaucracy.
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