In a letter to Treasury Secretary Timothy Geithner and Director of the National Economic Council Lawrence Summers, Robert Rusbuldt, president & CEO of the Independent Insurance Agents & Brokers of America (IIABA) warned that an optional federal charter (OFC) for insurance would imperil the stability of the state-based system of regulation,
“While the insurance business would unquestionably benefit from greater efficiency and uniformity in certain key areas of regulation, we ask that you be extremely cautious in the consideration of wholesale changes that could have an unnecessarily disruptive effect on the market and consumers,” Rusbuldt wrote.
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