WASHINGTON–Advocates of optional federal chartering for insurers are looking for a new champion in the Senate after a prime supporter was given a new committee assignment, insurance industry sources said today.

Yesterday it was announced by the Senate Republican leadership that Sen. John Sununu, R-N.H., was being switched from the Banking Committee to the Finance Committee, which typically does not handle insurance matters.

Sen. Sununu along with Sen. Tim Johnson, D-S.D., is a primary co-sponsor of S. 40, “The National Insurance Act of 2007,” that would provide for an OFC system. The bill was introduced last May. In his new assignment Sen. Sununu would not have the ability to push his legislation.

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