WASHINGTON--Personal lines property-casualty insurers USAA and State Farm both said this week that they supported the optional federal insurance charter concept embodied in the Treasury Department's new financial services regulation blueprint.

In a statement, State Farm "commended" Treasury Secretary Henry Paulson's call for an OFC.

Ed Rust Jr., chairman and CEO of State Farm, added, "The current regulatory structures make serving insurance customers across the country complicated, costly and cumbersome. Increasingly, insurance challenges are also national and international in scope."

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