A sweeping proposal for a new regulatory framework for the nation’s financial markets that includes establishment of an optional federal charter (OFC) for insurers is splitting the insurance along a familiar fault line. Proponents of an OFC are praising the report, while OFC opponents are united in opprobrium.

Unveiled Monday by Treasury Secretary Henry Paulson, the report, dubbed the Blueprint for Financial Regulatory Reform, seeks to streamline the existing, labyrinthine regulatory structure members of the financial services industry face. To do so, the plan would combine existing regulatory agencies and create new ones.

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