NU Online News Service, Oct. 6, 11:55 p.m. EDT
The property and casualty insurance industry in general supports creating a Federal Office of Insurance, according to testimony yesterday before Congress on the industry's reaction to draft legislation that would create such an office, but some trade groups are at odds on its scope.
Trade groups representing large insurers as well as reinsurers voiced support for a strong agency with broad powers, while smaller insurers and independent agents asked that the scope of the agency be limited beyond that proposed in the legislation.
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