WASHINGTON–The president of the American Council of Life Insurance is taking strong issue with comments by a California-based consumer group that an optional federal insurance charter would “federally deregulate insurance.”
The letter, written by the “Consumer Watchdog” organization, was sent to Treasury Secretary Tim Geithner in an effort to persuade him not to use creation of an Office of Insurance Information within Treasury as a “stalking horse” for an optional federal insurance charter.
The Consumer Watchdog letter was sent in reaction to a Jan. 23 letter by Reps. Melissa Bean, D-Ill., and Ed Royce, R-Calif., asking that the Treasury Department unilaterally establish an OII as an “interim step” to some form of federal insurance regulation.
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