Senators Reintroduce Optional Federal Charter Bill--Title Language Exclusion Added
May 30, 2007
Senators Tim Johnson (D-SD) and John Sununu (R-NH) reintroduced the "National Insurance Act of 2007" (S. 40). This bill would create a new federal insurance regulator within the Treasury Department and authorize an optional federal insurance charter for life and property/casualty insurers and agencies.
This year, language was added to the bill that would define title insurance (Section 3 (45)) and create a federal monoline limitation for property/casualty insurers (Section 3 (34). Although unlikely to move this Congress, should it happen, title insurance would be protected. ALTA remains opposed to a federal insurance charter at this time and belongs to a coalition of insurers, agents and consumer groups opposed to the creation of a new federal bureaucracy to regulate insurance. To read the bill go to this link:
Contact ALTA at 202-296-3671 or email@example.com.