Senators Introduce Optional Federal Charter Legislation
National News • April 5, 2006
Citing bipartisan support to revamp the insurance industry regulatory system, two U.S. senators today unveiled legislation that would allow life and property/casualty insurers to choose federal ...
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Subject: RE: federal charter regulation
Posted On: April 6, 2006, 3:40 pm CDT
Posted By: Swede
Comment:
about time:
I wouldn't count your chickens before they hatch. There is nothing that states that if you have an OFC system, that it is indeed going to lead to cost savings in the insurance industry.
If the federal government can't handle federal emergencies, medicare, or social security very efficiently, what makes you think that they would handle insurance efficiently?
Progress is indeed being made in the state systems to unify those parts of the industry that is possible to do so. You can't unify everything, because of the demographics being dealt with in various parts of the country. If you try to unify it under a federal system, more people inherently are going to get screwed, because federal agencies move slower than a snail on glue.
Subject: RE: federal charter regulation
I wouldn't count your chickens before they hatch. There is nothing that states that if you have an OFC system, that it is indeed going to lead to cost savings in the insurance industry.
If the federal government can't handle federal emergencies, medicare, or social security very efficiently, what makes you think that they would handle insurance efficiently?
Progress is indeed being made in the state systems to unify those parts of the industry that is possible to do so. You can't unify everything, because of the demographics being dealt with in various parts of the country. If you try to unify it under a federal system, more people inherently are going to get screwed, because federal agencies move slower than a snail on glue.