Springfield, Mass.-based Massachusetts Mutual Life Insurance Co. (MassMutual) is endorsing the National Insurance Consumer Protection Act (NICPA).
The legislation, sponsored by Reps. Melissa Bean (D-Ill.) and Ed Royce (R-Calif.) aims to give insurance companies and agents the option of operating under a federal charter. The bill would also establish an Office of National Insurance (ONI) and take measures to address systemic risk.
Amid unprecedented economic times, this legislation touches on key areas of improvement that will help restore consumer confidence, says Kenneth Cohen, SVP and deputy general counsel for MassMutual, noting the NICPA proposes a national guaranty fund and the establishment of a Division of Consumer Affairs within the ONI. While this bipartisan bill may be helpful to many elements of our business, it remains markedly different than past optional federal charter proposals that we have seen introduced in Congress.
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