Look at the following excerpt including a quote from Fed Chairman Bernake:
WASHINGTON —Federal Reserve Board Chairman Ben Bernanke told House members today it would be a “useful idea” to create a federal charter option for insurance companies, “particularly for large, systemically critical insurance companies.”
Mr. Bernanke made his comments in response to a question from Rep. Ed Royce, R-Calif., before the House Financial Services Committee today. Mr. Royce is a cosponsor of legislation recently introduced in the House of Representatives that would create a federal charter option for insurers.
Currently, Insurance companies are regulated in the State of Domicile. The idea here is to try and have federal regulation of the very large insurance carriers. I hsve never seen the Federal Government do anything well or right that it takes on, why would Insurance be any different?
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