WASHINGTON–The National Conference of Insurance Legislators has written Treasury Secretary Tim Geithner telling him that creation of an optional federal charter for insurers would jeopardize jobs and revenues that "vibrant insurance markets" generate for states.
In their Thursday letter, NCOIL leaders said they were "taken aback" by Mr. Geithner's "pro-OFC comments" in his first public appearance as Treasury secretary Tuesday at the Senate Banking Committee.
But, said NCOIL officials, "We are optimistic that as you review OFC proposals, you will recognize that allowing insurers to hand-pick their regulator is not in the best interest of all."
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