WASHINGTON--Legislation creating an Office of National Insurance could lead to a dual system of insurance oversight, one critic of the proposed federal measure said today.
"Creating an optional federal charter for insurance would lead to dual regulation for the property-casualty insurance industry," Jimi Grande, vice president, federal and political Affairs for the National Association of Mutual Insurance Companies said today.
He was responding to the announcement by Rep. Melissa Bean, D-Ill., and Ed Royce, R-Calif., yesterday that they would introduce legislation creating an Office of National Insurance after the President's Day recess Feb. 23.
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