WASHINGTON--Two members of the Troubled Asset Relief Program Oversight Panel today recommended in a minority report that Congress create an optional federal charter for insurers.
"Congress should institute a federal charter that may be utilized by insurance firms to underwrite, market, and sell products on a national basis," the minority report said.
"By allowing insurance firms to choose between a unified national charter or maintaining operations under existing state regulation, Congress can build upon the success of state guarantee pools and maintain state jurisdiction over premium taxes," the report said.
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