News that two members of Congress will introduce legislation proposing optional federal chartering of insurers has drawn a split reaction from different insurance agent trade groups.
The National Association of Professional Insurance Agents is charging that the measure is a call for greater deregulation, not reform, and threatens “to dismantle the successful state insurance regulatory system.”
But a spokesman for Agents for Change, which represents both property-casualty and life insurance agents who support federal regulation, is lauding the bill, saying it is forcing opponents of federal regulation to “scramble.”
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