The House Capital Markets Subcommittee is currently conducting the first in what I hope will be a series of hearings to discuss reform of insurance markets. It’s my hope that the idea of Optional Federal Chartering is going to take center stage and the testimony I’ve seen indicates that it will. While OFC isn’t a perfect proposal, it’s a good way to shake up an over-regulated insurance sector. I’ve done a FAQ about it for the House which is found here.
The central fact is this: our current system doesn’t allow innovation and we need radical regulatory reform of one sort or another to open things up.