In a riposte to consumer groups challenging the establishment of an optional federal charter for insurers, Frank Keating, president and CEO of the American Council of Life Insurers (ACLI), says the federal government needs to develop a regulatory structure that realizes the interrelation of the insurance, banking and securities industries.

“The federal government must develop an insurance regulatory presence with the capacity to monitor the insurance marketplace and identify risks to consumers, the industry and the broader financial system before they reach the crisis stage,” Keating writes. “Life insurance is a $5 trillion industry which affects the lives of almost all Americans and closely interacts with banks and securities firms. Consumers cannot afford a regulatory structure in which federal financial regulators are effectively walled-off overseeing the insurance marketplace.”

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