Much as his recent speech in Cairo was widely deemed to have placated historically warring factions, the Obama administration’s recent release of a blueprint for re-regulating the financial services industry is drawing plaudits from all sides of the insurance industry.
The 85-page document may be seen as something of regulatory Rorschach, as associations firmly ensconced on either side of the debate over an optional federal charter (OFC) for insurers were quick to claim vindications of their individual viewpoints. The framework acknowledges the existing gaps in the regulatory structure for insurers and calls for creation of an Office of National Insurance housed with in the Treasury Department, but stops short of endorsing an OFC.
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