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Has the financial meltdown on Wall Street–with AIG derivative trading one of the chief catalysts–guaranteed not only that Congress will move for direct oversight of insurance next year, but that any chance of the new federal charter system being “optional” is out the window?


That possibility was suggested last week–during a RIMS webinar on the state of the market moderated by yours truly–by Steven Weisbart, vice president and chief economist at the Insurance Information Institute.

Steve said that in the rush to compensate for the lack of regulation that resulted in a financial tsunami, Congress “might take the 'O' out of 'OFC,'” meaning federal charters for certain types of carriers could be mandatory.

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