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WASHINGTON — Insurance companies should have the option of being regulated by one federal entity rather than on a state-by state basis, CUNA Mutual Group Senior Vice President and Chief Underwriter Alistair Shore told a congressional committee recently.

“The current state system represents a regulatory approach rooted in the 19th Century that includes stifling regulatory regimes and has contributed to the outlaw of risk-bearing capital to jurisdictions with more rational and efficient regulatory systems,” he told the House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises on April 16. “Creating an optional federal charter is imperative to meeting the needs of policyholders and insurers alike.”

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