Now that a key member of Congress has introduced a bill creating an interim Office of Insurance Information, does that make an optional federal charter inevitable? Not as long as the industry itself remains so bitterly divided over the issue.
It's hard enough to get anything passed in Congress when there is no serious difference of opinion. But when it comes to federal oversight of insurance, this industry is anything but united. The battle lines have already been drawn, and both sides are gearing up for a furious fight.
First of all, you have differences with the life insurance industry, which is far more supportive of an OFC than their property-casualty colleagues. The p-c side of the business is split, both within the company ranks (OFC-backer AIA against PCI and NAMIC) and the agent/broker constituency (OFC-backer CIAB versus IIABA and PIA).
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