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- Optional_federal_charter abstract "Optional Federal Charter (OFC) is a proposal to streamline and simplify US insurance regulation by allowing insurance companies to choose between a current state-based regulatory system and a single federal regulatory agency. This would mean that insurance companies would be regulated something like banks: they could choose either a state charter or a federal one.The proposed new federal regulatory system would be housed within the United States Department of the Treasury. Treasury Secretary Henry Paulson came out in favor of an Optional Federal Charter on March 31, 2008.Groups on both sides of the issue have offered numerous arguments for and against the concept. Proponents promise a freer, more open market for insurance that would benefit consumers, increase product innovation, and help the economy. Opponents, on the other hand, believe that a new federal regulator will impose burdensome bureaucratic rules, squelch competition, and needlessly increase federal power. Larger insurance companies which operate in multiple states favor the proposal, saying it would cut industry-wide costs by billions per year without reducing consumer protections and encourage free-market competition for insurance on the national level. They also say that the current state-run regulatory system makes it more difficult for insurers to bring innovative products to the market, and consumers are the ones who ultimately pay the price for the inefficiencies of the state-run regulatory system through higher prices. Groups that support an OFC include Agents For Change, the American Insurance Association, the United States Chamber of Commerce, and a variety of free-market groups such as the Competitive Enterprise Institute and FreedomWorks. Both the 2007 Bloomberg-Schumer Report and the Financial Services Roundtable’s Blue Ribbon Commission on Mega Catastrophes have called on Congress to enact Optional Federal Charter legislation.Opponents contend that insurers want an OFC because the current federal OFC bills would largely end the state practice of overseeing--and in some cases setting--the particular rates that insurance companies charge. Groups like the Consumer Federation of America argue that this process of government rate setting tends to provide lower prices for consumers. Opponents also argue that the state-based system does a more efficient job responding to local consumer needs and desires.".
- Optional_federal_charter wikiPageExternalLink Eli%20Lehrer%20and%20Michelle%20Minton%20-%20OFC%20FAQ%20Update-FINAL_WEB.pdf.
- Optional_federal_charter wikiPageExternalLink ofcfaq.org.
- Optional_federal_charter wikiPageExternalLink aiapub.
- Optional_federal_charter wikiPageID "17344815".
- Optional_federal_charter wikiPageLength "3684".
- Optional_federal_charter wikiPageOutDegree "19".
- Optional_federal_charter wikiPageRevisionID "446514465".
- Optional_federal_charter wikiPageWikiLink Agents_For_Change.
- Optional_federal_charter wikiPageWikiLink American_Consumer_Institute.
- Optional_federal_charter wikiPageWikiLink American_Insurance_Association.
- Optional_federal_charter wikiPageWikiLink Category:Insurance_in_the_United_States.
- Optional_federal_charter wikiPageWikiLink Competitive_Enterprise_Institute.
- Optional_federal_charter wikiPageWikiLink Consumer_Federation_of_America.
- Optional_federal_charter wikiPageWikiLink Free_market.
- Optional_federal_charter wikiPageWikiLink FreedomWorks.
- Optional_federal_charter wikiPageWikiLink FreedomWorks..
- Optional_federal_charter wikiPageWikiLink Henry_Paulson.
- Optional_federal_charter wikiPageWikiLink Insurance.
- Optional_federal_charter wikiPageWikiLink National_Association_of_Insurance_Commissioners.
- Optional_federal_charter wikiPageWikiLink National_Conference_of_Insurance_Legislators.
- Optional_federal_charter wikiPageWikiLink Regulation.
- Optional_federal_charter wikiPageWikiLink United_States_Chamber_of_Commerce.
- Optional_federal_charter wikiPageWikiLink United_States_Department_of_the_Treasury.
- Optional_federal_charter wikiPageWikiLinkText "Optional federal charter".
- Optional_federal_charter wikiPageWikiLinkText "optional federal charter".
- Optional_federal_charter wikiPageUsesTemplate Template:Reflist.
- Optional_federal_charter subject Category:Insurance_in_the_United_States.
- Optional_federal_charter hypernym Proposal.
- Optional_federal_charter type Aircraft.
- Optional_federal_charter comment "Optional Federal Charter (OFC) is a proposal to streamline and simplify US insurance regulation by allowing insurance companies to choose between a current state-based regulatory system and a single federal regulatory agency. This would mean that insurance companies would be regulated something like banks: they could choose either a state charter or a federal one.The proposed new federal regulatory system would be housed within the United States Department of the Treasury.".
- Optional_federal_charter label "Optional federal charter".
- Optional_federal_charter sameAs Q17143048.
- Optional_federal_charter sameAs m.043lnjm.
- Optional_federal_charter sameAs Q17143048.
- Optional_federal_charter wasDerivedFrom Optional_federal_charter?oldid=446514465.
- Optional_federal_charter isPrimaryTopicOf Optional_federal_charter.