From Insurance Journal:
Rep. Ed Royce (R-Calif.), a senior Member of the House Financial Services Committee, today introduced legislation that would create an optional federal charter regulatory regime for life and property/casualty insurance providers.[...]
Congressman Paul E. Kanjorski (D-Pa.), the most senior Democrat on the House subcommittee overseeing the insurance industry added, “With this bill, Congressman Royce has advanced the legislative debate about creating an optional federal charter. Going forward, I will continue to work with him to modernize the structure of insurance regulation in a way that protects consumers and reflects the realities of today’s financial system. I also encourage all interested parties to offer constructive ideas on how to improve this initial product.”
My goodness, that’s an encouragingly bipartisan tone in Kanjorski’s remarks.
Given that Congress is occupied with the upcoming elections, I doubt anything will happen for the next few weeks. However, perhaps if hearings could be held starting during the lame-duck session, perhaps there could be some movement early next year?