Senators Introduce Optional Federal Charter Legislation

Citing bipartisan support to revamp the insurance industry regulatory system, two U.S. senators today unveiled legislation that would allow life and property/casualty insurers to choose federal rather than state regulation under an optional federal charter system. United States Senators John Sununu and Tim Johnson, both members of the Senate Committee on Banking, Housing, and Urban Affairs, introduced the comprehensive legislation the National Insurance Act of 2006 on Wednesday, April 5.