A top U.S. Treasury official made clear that establishing an Office of Insurance Information within his department is merely an interim step, and that the Bush administration's “intermediate” priority remains a federal charter option for insurers.
David Nason, assistant secretary for financial institutions in the Treasury Department, made his comments at a seminar here earlier this month on the future of insurance regulation, sponsored by the American Enterprise Institute.
“We recognize the OII is a limited vehicle,” Mr. Nason said in response to a question. “The authorities we think it should have should be quite limited. It should not be viewed as starting creation of an [optional federal charter] mechanism within Treasury, or dealing with the broader issues that we talked about in an OFC.”
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