Washington–A large property-casualty insurance agents' trade group said today that a federal charter option is still "not the best or right solution for regulatory reform in the industry."
Officials of the Independent Insurance Agents and Brokers of America were reacting to yesterday's letter to the Senate Banking Committee favoring federal chartering that included insurance companies among 135 national and regional financial services firms that signed it. The letter said a modern insurance regulatory system must include a federal charter option.
"Consumers, and the insurers and insurance agents that serve them, need a modern insurance regulatory system that provides greater product choice and portability," the Optional Federal Charter Coalition (OFCC) said in its letter.
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