San Diego, Calif. —The National Association of Insurance and Financial Advisors’ (NAIFA) National Council has voted to support the concept of an Optional Federal Charter (OFC) for insurance, provided it meets several conditions.

The Falls Church, Va.-based organization says those conditions include true agent choice, enhanced consumer protections, the preservation of state regulation and the establishment of a single federal entity with expertise in insurance matters. NAIFA will endorse legislation that meets these conditions of support.

Speaking at its 2008 Convention and Career Conference, NAIFA President Cliff Wilson said the vote allows NAIFA to pursue a dual state and federal track approach to achieving regulatory reform.

“As insurance regulatory reform discussions are taking place at the state level, the halls of Congress, and the administration, NAIFA must be there to provide the critical insight of our members,” he said.

Source: NAIFA

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