Business Services Industry
Chartering bill introduced; Industry divided on federal proposal.(Brief Article)
Business Insurance, January, 2002 by Hofmann, Mark A.
WASHINGTON-The Senate could begin debating the controversial issue of optional federal chartering for insurers and producers later this year. Sen. Charles Schumer, D-N.Y., introduced a federal chartering proposal, the National Insurance Chartering and Supervision Act, just as Congress recessed for its holiday break in late December.
Industry reaction to the Schumer proposal underscores the ongoing division among insurers on the concept of optional federal chartering. While proponents view the legislation as a breakthrough, opponents of federal chartering stress that Congress instead ought to focus on determining the federal government's role in guaranteeing terrorism insurance coverage, an effort that stalled before the congressional recess. The Schumer...
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