Whether or not the recent crisis at American International Group and the fear of a meltdown in the U.S. financial services system proves the need for Washington to regulate the insurance industry–or exactly the opposite–depends on whether you’re for or against an optional federal charter, a debate between leaders of an insurer group and state lawmaker association revealed.

“The recent turmoil in our economy highlights a number of flaws in financial services regulation, including insurance,” according to American Insurance Association President Marc Racicot, whose group strongly supports an OFC.

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