Optional federal charter legislation proposed in the Senate has the approval of Japanese insurers, but it currently awaits a hearing in the Senate Banking Committee.
Tadashi Kodama, chairman of the General Insurance Association of Japan, said he “welcomes the initiative takes by Sens. John Sununu, R-N.H., and Tim Johnson, D-S.D., introducing federal regulation” last month, according to the American Insurance Association.
Mr. Kodama added that since an agreement was reached on insurance between Japan and the U.S. in 1994, the Japanese property & casualty industry “has called for regulatory uniformity among the different states on as many occasions as possible,” including Japan-U.S. insurance consultation and in World Trade Organization negotiations.
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