The National Association of Insurance Commissioners and a consumer group have assailed the Treasury Department's blueprint for overhauling financial services regulation as an attack on the consumer protection initiatives of state regulators.

But the reaction was different from the Risk and Insurance Management Society (RIMS), which gave the plan a glowing endorsement.

The blueprint proposes creation of an optional federal charter for insurance companies and agents--with separate charters required for property-casualty and life-disability.

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