WASHINGTON – Senator Charles Schumer (D-N.Y.) has introduced a bill to establish optional federal chartering, regulation and supervision of insurance companies and agencies.

The American Bankers Insurance Association helped Schumer draft the National Insurance Chartering and Supervision Act, which was introduced just before Congress adjourned this year and does not have a bill number yet.

Similar to the dual banking system, the bill seeks to create a dual federal state regulatory system for all lines of insurance.

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