Much ink has been spilled in recent years over the increasing compliance burdens resulting from federal legislation such as HIPAA and Sarbanes-Oxley. But insurers are far from content with the costs of traditional state regulation. That discontent has fueled advocacy for the adoption of an Optional Federal Charter (OFC), which would permit life and other nonhealth insurers to choose to be chartered and regulated federally or elect to remain within the state regulatory structure. Organizations advocating OFC - including the American Council of Life Insurers (ACLI), American Insurance Association (AIA) and American Bankers Insurance Association (ABIA) - have circulated a Draft National Insurance Act that calls for the establishment of an Office of National Insurance and the appointment of a Commissioner to head that office within the U.S. Department of the Treasury.
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