Take a deep breath. An optional federal charter for insurers–or any other legislation impinging on state regulation–will not be enacted this year. Beyond that, in this election year, it is unclear even which party will be in power come January.

However, my tea leaves say, the debate over some form of federal involvement in insurance regulation will intensify next year, with some action inevitable.

One reason is that insurance is the only global activity federal regulation doesn't dominate. Energy, communications, drugs, real estate, product safety–all are business sectors where state regulators were formerly in charge, but which have since seen a large and growing federal presence.

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