Rep. Frank Says Agents Will Block OFC Passage

BOSTON–An optional federal charter for property-casualty insurers will never be approved by Congress as long as independent insurance agents so vehemently oppose the concept, an influential congressman told an industry conference here.

“No major change will come in the insurance laws of this country over the objections of insurance agents,” declared Rep. Barney Frank, D-Mass., who chairs the House Financial Services Committee, during a speech here before the annual meeting of the Property Casualty Insurers Association of America.