WASHINGTON–An aide to a key House member said his boss is considering drafting optional federal charter legislation for insurers that would mandate they offer consumers an “all perils” policy.
Todd Harper, a legislative assistant to Rep. Paul Kanjorski, D-Penn., said that the concept of an optional federal charter for insurers “is an idea that is increasingly gaining in attractiveness in Washington.”
However, he added that Mr. Kanjorski, one of the senior Democrats on the Financial Services Committee and the senior Democrat on the key Capital Markets Subcommittee, believes that a give and take is necessary in legislating and that he has pondered the idea of “some kind of requirement for an all perils policy” for companies seeking to be federally regulated.
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