Rep. Edward Royce, R-Calif., confirmed on Sept. 12 that he plans to introduce a House version of optional federal charter legislation this fall, possibly as early as later this month.
Rep. Royce made his comments at the American Bankers Insurance Association Annual conference here.
Rep. Royce’s optional federal charter bill will be based on the version proposed in the Senate by Sens. John Sununu, R-N.H., and Tim Johnson, D-S.D., and would include both life insurance and property and casualty lines, he said.
Earlier, on Sept. 11, during a panel discussion, an aide to Sen. Sununu discussed the importance of Congress examining the OFC issue.
Jamie Burnett, legislative director for Sen. Sununu, noted the time Congress is spending discussing insurance issues, including terrorism insurance, the National Flood Insurance Program and catastrophic coverage issue.
Citing the fact that Congress will have to deal with the NFIP program this year and whether to extend TRIA when it sunsets Dec. 31, 2007, “will have to be dealt with relatively soon,” Mr. Burnett said. “Congress should be more proactive in looking at insurance.”
He explained that, “while nationally and globally there is no crisis in insurance,” the lack of the need for immediate legislation “gives us a window to look at reform at a more leisurely pace.”