WASHINGTON–New York's mayor and senior senator have jumped into the insurance regulation debate on the side of optional federal charter regulation.
In a bi-partisan move, Republican Mayor Michael Bloomberg and Democratic Sen. Charles Schumer released a consultant's report they commissioned that finds an optional federal charter for insurers should be a component of a broad-based program designed to sustain "New York's and the U.S.' global financial leadership."
The report says the "historically local life insurance and property-casualty insurance markets are now internationalizing, although not as fast as the securities industry," and that an OFC "would benefit the competitiveness of both domestic and international insurers doing business in the U.S."
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