Chicago — When Treasury Secretary Henry Paulson released his blueprint for a financial regulatory overhaul in March, reaction from stakeholders in all parts of the insurance industry was fast, furious and rather predictable. Proponents of an optional federal charter (OFC) for insurers, hailed the report as just the right regulatory, while OFC opponents slammed the report as opportunistic, saying the blueprint was using the mortgage crisis as cover to revive a stalled agenda. Now, as the dust settles, two new reports have taken stock of the report and its implications for the insurance industry.
One report by Needham, Mass,-based TowerGroup, titled “Paulson’s Blueprint for Insurance: A Rallying Cry for the Optional Federal Charter?,” finds that to remain competitive both domestically and abroad, the U.S. insurance industry ultimately needs to move toward a single set of regulations, as called for by the Paulson plan.
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