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Five Insurance Trade Groups Sign Statement Supporting Optional Federal Charter

The statement will be presented at the June 16 hearing on Risk and Insurance House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

In anticipation of tomorrow's hearing on Risk and Insurance by the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, five life insurance trade associations have signed on to a statement in support of optional federal regulation. The signatory organizations are the American Council of Life Insurers (ACLI), the National Association of Insurance and Financial Advisors (NAIFA) the National Association of Independent Life Brokerage Agencies (NAILBA), the Life Insurers Council (LIC) and the National Fraternal Congress Association (NCFA).

The statement argues that an insurance regulatory system including optional federal charter could streamline consumer protections for life insurance products sold through a national insurer; streamline inconsistent rules and licensing requirements for nationally licensed agents; establish a federal authority to represent the U.S. insurance and reinsurance industries in international negotiations relating to solvency and trade; reduce regulatory inefficiencies; and establish uniform, national regulation for federally chartered insurers.

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio

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