Advocates of major changes in the U.S. insurance regulatory system are about to unveil the House version of legislation that would let carriers choose between state and federal oversight.
Sen. John Sununu, R-N.H., one of the sponsors of the Senate version, today said Reps. Ed Royce, R-Calif., and Paul Kanjorski, D-Pa., are preparing to introduce an optional federal charter bill in the House.
Sununu made his comments in a speech at a meeting of the Property Casualty Insurers Association of America, Des Plaines, Ill.
Representatives for Royce and Kanjorski were not immediately available to comment on Sununu’s comments about the House optional federal charter bill.’
Sununu said he believes House lawmakers should introduce a bill with a broad focus and not try to limit access to the federal regulatory system to life insurers.