Insurance and banking industry representatives will talk about a possible optional federal charter for insurance companies when they meet Wednesday with a top Treasury Department official.
Treasury Department officials asked for the meeting as the agency considers what approach to take to an OFC bill that may be introduced in February by Sens. John Sununu, R-N.H., and Tim Johnson, D-S.D.
The bill could give life and property-casualty insurers the option of being regulated by a Treasury Department agency.
The Treasury Department scheduled the meeting with industry representatives and Emil Henry, assistant secretary for financial institutions at the Treasury Department, to learn more about the views of OFC supporters in the insurance industry, according to Kevin McKechnie, a lobbyist for the American Bankers Insurance Association, Washington.
Treasury officials are interested “because there has been a lot of talk about the issue,” McKechnie says.