WASHINGTON–Momentum is apparently building for both life and property-casualty insurers to have an option to operate under a federal charter within the next two years.

The evidence includes the decision by Rep. Paul Kanjorski, D-Pa., chairman of the Capital Markets Subcommittee of the House Financial Services Committee, to hold a hearing Tuesday on legislation creating an insurance information office within the Treasury Department.

Creating such an office as an interim step toward a federal charter was recommended in the blueprint for financial services modernization unveiled by the Treasury Department in March.

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