Introduction of legislation establishing an optional federal charter for insurance companies–both life and property-casualty–is “imminent,” say several industry sources.
It could be introduced before Congress leaves for its spring recess or when it returns on April 24, according to a number of insurance industry lobbyists.
The bill is being introduced by Sen. John Sununu, R-N.H., and Sen. Tim Johnson, D-S.D. No additional co-sponsors have agreed to join them, the lobbyists said.
Staff officials in Sununu’s office declined repeated requests for comment on their plans late last week.
The bill is in final draft form and is being circulated to stakeholders, i.e., insurance industry trade group officials and lawyers, for their reaction, several lobbyists said.
Staffers for the two senators have been saying for months that they planned to introduce the bill.