Sen. Christopher Dodd said Tuesday he would support legislation giving life insurers the option of choosing to be regulated by a federal agency.
Dodd, D-Conn., chairman of the Senate Banking Committee, said he does not believe the case for property-casualty insurers is as clear, but he said the committee probably will hold hearings on the idea of creating an optional federal charter for all insurers.
The American Council of Life Insurers, Washington, welcomed Dodd’s remarks about the OFC effort.
“While it’s still early in the process, we are pleased that an OFC is under serious discussion,” the ACLI said in a statement.
The OFC topic came up on the Senate floor, while Dodd was waiting to speak about housing legislation.