The two House sponsors of legislation creating an optional federal charter are seeking to win over more lawmakers to their cause by citing a recent finding by Standard & Poor’s that new European Union insurance regulatory reforms will leave non-EU insurers “at a competitive disadvantage.”

Reps. Melissa Bean, D-Ill., and Ed Royce, R-Calif., the original sponsors of the House bill, made their argument in a “Dear Colleague” letter seeking additional sponsors for H.R. 3200–the National Insurance Act. A companion Senate bill was introduced last year by Sens. Tim Johnson, D-S.D., and John Sununu, R-N.H.

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