Firms push for US Federal insurance regulator
WASHINGTON, DC – US financial institutions have urged Congress to create a national insurance regulator to be based in Washington, DC, and provide an alternative to the century-old, state-based insurance regulatory system.
On June 16, 135 national and regional insurance companies and agencies, banks and trade associations asked the US Senate in a letter to enact optional federal insurance charter legislation.
This charter would not necessarily replace state regulation, but simply provide an alternative to it, and allow insurance companies to enjoy the regulatory flexibility banks have enjoyed for a long time.
"The option of doing business under one set of federal rules would be enforced by a federal regulator, and
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