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Fireman's Fund's Beneducci Calls For Federal Charters

In the Sept. 11 edition of National Underwriter, Joseph J. Beneducci, president and chief operating officer of Firemans Fund Insurance Company, argues that optional federal ...

By Staff Writer | Updated on September 12, 2006

BeneducciSmall.jpgIn the Sept. 11 edition of National Underwriter, Joseph J. Beneducci, president and chief operating officer of Firemans Fund Insurance Company, argues that optional federal charters will reinvigorate the property-casualty insurance industry. Click here for the full story, and then come back to my blog to comment.

I, frankly, have not made up my mind, but my inclination is to stick with state regulation, period. After all, the federal government certainly has dropped the ball on regulation in the past. And while there are obvious advantages for national and international carriers to having a federal charter, it also opens the possibility of answering to a crusading federal czar with enormous power over the industry–as I mentioned in my blog entry of Sept. 5.

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