An optional federal charter will never be approved by Congress as long as independent insurance agents so vehemently oppose the concept, according to Rep. Barney Frank, D-Mass., who chairs the House Financial Services Committee.
"No major change will come in the insurance laws of this country over the objections of insurance agents," Rep. Frank declared during a speech here before the annual meeting of the Property Casualty Insurers Association of America last Monday.
A day later, a subcommittee of the House Financial Services Committee heard testimony from insurance company representatives and others about industry regulation–some favoring an optional federal charter, and others staunchly in support of continued state regulation.
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