Whether or not the recent crisis at American International Groupand the fear of a meltdown in the U.S. financial services systemproves the need for Washington to regulate the insuranceindustry--or exactly the opposite--depends on whether you're for oragainst an optional federal charter, a debate between leaders of aninsurer group and state lawmaker association revealed.
"The recent turmoil in our economy highlights a number of flawsin financial services regulation, including insurance," accordingto American Insurance Association President Marc Racicot, whosegroup strongly supports an OFC.
But George Keiser, a Republican representative in the NorthDakota legislature, and secretary of the National Conference ofInsurance Legislators, begged to differ, suggesting that the recenttroubles on Wall Street--even those involving AIG, aninsurer--demonstrates that Washington shouldn't be trusted toimpose a "one-size-fits-all" regulatory system on the industry.
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