A group of 16 House Democrats is calling for “modernizing the regulation and oversight of the insurance industry.”

The House “New Democrats” have included the insurance regulatory modernization plank in a broader plan.

The New Democrats say the federal government should have “adequate information” about insurance industry operations and activities, and create a “consolidated U.S. position in international trade discussions.”

The new insurance regulatory system also should provide robust consumer and investor protection, and the government should create a systemic risk regulator with authority to “monitor systemically important institutions and their counterparties to mitigate the risk of systemic collapse,” the New Democrats say.

Reform measures should reduce “redundant regulatory structures in exchange for robust regulatory oversight,” the New Democrats say.

The New Democrats’ proposal was released today by a group that includes Rep. Melissa Bean, D-Ill., a member of the House Financial Services Committee, and other members who are or have served on the House Financial Services Committee.

Bean will be the co-sponsor of a version of a bill calling for creation for an optional federal charter for insurers. Lawmakers expect the bill to be introduced shortly.