Insurance industry interests fighting an optional federal charter for insurers may have a new foe to contend with—a mandatory federal charter for insurers.
Melissa Bean (D-Ill.), co-sponsor of the National Insurance Modernization Act (NIMA), says one of the remaining issues stalling the legislation is whether a federal charter would be optional or mandatory for insurers deemed systemically significant. Rep. Bean, who is co-sponsoring the bill with Rep. Ed Royce (R-Calif), made the announcement in Washington at the 2009 Insurance Reform Summit held by the Networks Financial Institute at Indiana State University.
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