Chicago - Stating that 50 individual sets of individual insurance regulations results in a lack of transparency and a bottleneck to global trade, Frank Keating, president and CEO of the American Council of Life Insurers, called for an optional federal charter yesterday during his address to the International Insurance Society here.
"The life insurance market is worth $50 billion in premium in Japan and $20 billion in Korea," he said. "When you can speak with one language-rather than 50, you open the market even further."
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