Optional Federal Charter Coalition Launches New Website
Vital new resource for tracking OFC developments
March 28, 2008
The Optional Federal Charter Coalition today launched a new website, www.OFCcoalition.com, that will provide information on how an Optional Federal Charter benefits consumers and enhances the global competitiveness of the American insurance industry. The site serves as a valuable educational resource, providing real-time access to press releases from the OFCC and member trade associations, up-to-date issue briefs, legislative briefs, and a wealth of useful analysis and survey information.
“OFCcoalition.com is a vital new resource for tracking the latest developments regarding an Optional Federal Charter, and it offers easy access to the latest supporting facts, statistics and news stories,” said Kevin McKechnie, executive director of the American Bankers Insurance Association.
Members of the OFCC support the creation of a system that would give insurers and producers the option of obtaining a federal charter in lieu of the current state-by-state system of licensing and regulation.
Today's global insurance industry is governed by 56 separate regulatory regimes and is the only sector of the financial services industry whose regulatory system has not been modernized. An optional federal charter would allow insurers, reinsurers, insurance agencies and insurance producers to take advantage of the regulatory flexibility banks have long enjoyed – the option of doing business under one set of national rules, which ultimately benefits consumers in ways that exceed the current structural abilities of the state regulatory system.
The OFCC represents the largest and most diverse group to push for a modernized insurance regulatory system. Trade group members include Agents for Change, American Bankers Association, American Bankers Insurance Association, American Council of Life Insurers, American Insurance Association, The Council of Insurance Agents and Brokers, The Financial Services Forum, The Financial Services Roundtable, the Life Insurers Council, the National Association of Independent Life Brokerage Agencies and the Reinsurance Association of America