WASHINGTON–The U.S. Chamber of Commerce has issued a statement of principles on insurance reform, opposing rate regulation but taking no stand as to whether future regulation should be state- or federal-based.

Opponents of legislation that would create an optional federal charter system were buoyed by the Chamber's apparent decision not to step into the battle over whether the current state-based system or giving companies and agents the option to have federal regulation was the best approach. But supporters of an OFC also took comfort in the Chamber statement.

The statement said that "protection of insurance consumers must remain paramount." It also said "competition among insurers must remain paramount," adding that "competition among insurers should be encouraged."

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