The National Association of Insurance and Financial Advisors board has endorsed the idea of creating an insurance advisory office within the U.S. Treasury Department.
When members of NAIFA, Falls Church, Va., convene in September in San Diego for NAIFA?s annual meeting, they will make a decision about the idea of letting insurers and producers choose between state and federal regulation, NAIFA officials say.
The NAIFA board voted April 11 to recommend to the national council that NAIFA should support legislation creating an optional federal charter system.
H.R. 5840, the Insurance Information Act of 2008, would create the Treasury Department insurance advisory office.
The bill also would create an advisory group that would include state insurance regulators, consumer group representatives, and others in the insurance industry.