Washington — In a letter to Treasury Secretary Henry Paulson, Frank Keating, president and CEO of the American Council of Life Insurers, said recent events illustrate the need for a change in the way financial services companies are regulated.

“As you are well aware, for some time now the ACLI, along with many others, has been pressing Congress for a federal insurance regulatory presence. Without which, such coordination is difficult if not impossible to achieve,” Keating wrote. “Toward that end, we have argued for an optional federal insurance charter and in the shorter term have supported the establishment of an office of insurance information within the Department of the Treasury. With respect to the latter, I am writing to urge you to make such an insurance information office a reality now.”

Source: American Council of Life Insurers

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