• Optional Federal Charter Legislation in the Senate
  • April 10, 2007 | Author: Robert H. Myers
  • Law Firm: Morris, Manning & Martin, LLP - Washington Office
  • The National Insurance Act of 2006 was introduced in the U.S. Senate on April 4, 2006. Its principal sponsors are Senators John Sununu and Tim Johnson. Both are members of the Senate Banking Committee. The legislation, if passed, would establish dual federal and state regulation of the business of insurance, similar in concept to the dual regulatory structure for banking. The legislation would create the Office of National Insurance within the Department of the Treasury. The National Commissioner of Insurance would be appointed by the President. The National Commissioner would have the authority to charter and regulate both "National Insurers" and "National Agencies."