The National Association of Independent Life Brokerage Agencies says it supports the creation of an optional federal charter.
NAILBA, Fairfax, Va., has sent a letter endorsing the concept to Sens. John Sununu, R-N.H., and Tim Johnson, D-S.D., members of the Senate Banking Committee who introduced S. 2509, an OFC bill, in April.
The OFC bill would let life insurers choose between keeping their state charters and being regulated by state agencies, or adopting federal charters and being regulated by a new federal agency.
Creating a federal charter option for the life industry “will improve the procedures that enable insurance carriers and agents to provide competitive and efficient products to consumers throughout the U.S. in a timely fashion,” NAILBA officials write in the letter.
A federal charter option “will also provide uniform and equal opportunities to every citizen in all states to access similar products and protections,” NAILBA officials write.