Momentum is apparently growing in Congress for both property-casualty and life insurers to have an option to operate under a federal charter within the next two years, with one key House Democrat declaring that optional federal charter legislation will be his "top priority" in the next Congress.
Meanwhile, Rep. Paul Kanjorski, D-Pa., who chairs the Capital Markets Subcommittee of the House Financial Services Committee, will hold a hearing on June 10 about 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 U.S. Treasury Department on March 31.
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