WASHINGTON-Supporters of optional federal charter legislation calling for Senate hearings on the bill as soon as possible may be getting their wish.
The legislation, known as S. 2509 or the National Insurance Act of 2006, introduced by Sens. John Sununu, R-N.H., and Tim Johnson, D-S.D., would establish an alternate federal insurance regulatory system based on the one used for the banking industry.
In a letter to Senate Banking committee chairman Richard Shelby, R.-Ala., American Insurance Association president Marc Racicot and Frank Keating, president and chief executive officer of the American Council of Life Insurers called for the committee to take up the Sununu/Johnson bill as soon as possible.
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