US Rep. Reveals Plan For Broad Insurance Reforms

Law360, New York (March 6, 2009, 12:00 AM EST) -- Speaking Wednesday at the Insurance Reform Summit in Washington, D.C., Rep. Melissa Bean, D-Ill., said that she and Rep. Ed Royce, R-Calif., planned to introduce legislation in the next few weeks that would create a federal charter for the insurance industry, after a few last-minute details are worked out.

Legislation similar to the soon-to-be-proposed National Insurance Modernization Act has been pushed during the past two congressional sessions, but those bills failed to gain traction.

The new measure is currently being revised, as key elements — such...
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