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Optional Federal Charter
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 in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regulatory
Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context. For example: * in biology, gene regulation and metabolic regulation allow living organisms to adapt to their environment and maintain homeostasis; * in government, typically regulation means stipulations of the delegated legislation which is drafted by subject-matter experts to enforce primary legislation; * in business, industry self-regulation occurs through self-regulatory organizations and trade associations which allow industries to set and enforce rules with less government involvement; and, * in psychology, self-regulation theory is the study of how individuals regulate their thoughts and behaviors to reach goals. Social Regulation in the social, political, psychological, and economic domains can take many forms: legal restriction ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of The Treasury
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and the U.S. Mint. These two agencies are responsible for printing all paper currency and coins, while the treasury executes its circulation in the domestic fiscal system. The USDT collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes. The depart ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Paulson
Henry Merritt Paulson Jr. (born March 28, 1946) is an American banker and financier who served as the 74th United States Secretary of the Treasury from 2006 to 2009. Prior to his role in the Department of the Treasury, Paulson was the Chairman and Chief Executive Officer (CEO) of major investment bank Goldman Sachs. He served as Secretary of the Treasury, a key and highly influential Cabinet post, under President George W. Bush. Paulson served through the end of the Bush administration, leaving office on January 20, 2009. He is now the Chairman of the Paulson Institute, which he founded in 2011 to promote sustainable economic growth and a cleaner environment around the world, with an initial focus on the United States and China. He also works as Executive Chairman of the global fund, TPG Rise Climate. Early life and education Paulson was born in Palm Beach, Florida, the son of Marianne (née Gallauer) and Henry Merritt Paulson, a wholesale jeweler. He was raised as a Christia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free-market
In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations. In an idealized free market economy, prices for goods and services are set solely by the bids and offers of the participants. Scholars contrast the concept of a free market with the concept of a coordinated market in fields of study such as political economy, new institutional economics, economic sociology and political science. All of these fields emphasize the importance in currently existing market systems of rule-making institutions external to the simple forces of supply and demand which create space for those fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agents For Change
Founded in 2005, Agents For Change''is a grassroots trade association of over 8,500 insurance agents and brokers from across all lines of insurance working together to enact an optional federal charter to allow producers the option of being regulated at either the federal or state level. Members of Agents for Change participate in policy development and provide lawmakers with expert advice as they move forward to modernize insurance regulation. An optional federal charter could revolutionize the way insurance agents and brokers across America conduct business. In the 111th Congress a bipartisan bill was introduced in the U.S. House of Representatives to create an optional federal charter. Titled, the National Insurance Consumer Protection Act (H.R. 188 the bill's sponsors are Representatives Melissa Bean (D-IL) and Ed Royce (R-CA). There are distinct advantages for agents and brokers within the framework of an optional federal charter. These include: (1) a single national licens ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Insurance Association
The American Insurance Association (AIA) is an insurance industry trade association representing about 300 insurance companies that provide property insurance and/or casualty insurance in the United States. Founded in 1866 as the National Board of Fire Underwriters (NBFU), it consolidated with two other associations, the AIA and the Association of Casualty and Surety Companies, to form the current organization. The AIA is legally incorporated as a tax-exempt organization under Section 501(c)(6) of the US Internal Revenue Code (Title 26 of the United States Code) and has IRS Employer Identification Number 133173374. It is based in Washington, D.C. The organization’s activities include lobbying local, state, and federal policymakers on behalf of its members; republishing and analyzing recent legislation and regulatory agency rulemaking to determine and communicate to members potential impacts on their business operations; engaging in public relations on behalf of the property- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Chamber Of Commerce
The United States Chamber of Commerce (USCC) is the largest lobbying group in the United States, representing over three million businesses and organizations. The group was founded in April 1912 out of local chambers of commerce at the urging of President William Howard Taft and his Secretary of Commerce and Labor Charles Nagel. It was Taft's belief that the "government needed to deal with a group that could speak with authority for the interests of business". The current president and CEO of the Chamber is Suzanne P. Clark. She previously worked in the Chamber from 1997 to 2007, and returned in 2014, holding multiple executive roles before being named the organization's first female CEO in February 2021. History The U.S. Chamber of Commerce was founded at a meeting of delegates on April 22, 1912. An important catalyst for the creation of the U.S. Chamber of Commerce were two prior business engagements between the U.S. and Japan. In 1908, Eiichi Shibusawa invited the first ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competitive Enterprise Institute
The Competitive Enterprise Institute (CEI) is a non-profit libertarian think tank founded by the political writer Fred L. Smith Jr. on March 9, 1984, in Washington, D.C., to advance principles of limited government, free enterprise, and individual liberty. CEI focuses on a number of regulatory policy issues, including business and finance, labor, technology and telecommunications, transportation, food and drug regulation, and energy and environment in which they have promoted climate change denial. Kent Lassman is the current President and CEO. According to the ''2017 Global Go To Think Tank Index Report'' (Think Tanks and Civil Societies Program, University of Pennsylvania), CEI was number 59 (of 90) in the "Top Think Tanks in the United States". Other "Top Think Tank" rankings include #43 (of 65) of Environment Think Tanks and #47 (of 75) for Best Advocacy Campaign. Policy areas Energy and environment Academic research has identified CEI as one of the Conservative think t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FreedomWorks
FreedomWorks is a conservative and libertarian advocacy group based in Washington, D.C. FreedomWorks trains volunteers, assists in campaigns, and encourages them to mobilize, interacting with both fellow citizens and their political representatives. It was widely associated with the Tea Party movement before firmly aligning with Donald Trump. The Koch brothers were once a source of the organization's funding. History FreedomWorks originated from a conservative political group founded by the brothers David H. Koch and Charles Koch, and called Citizens for a Sound Economy (CSE). In 2004 CSE split into Americans for Prosperity, led by President Nancy Pfotenhauer, and a remainder group which merged with Empower America and was renamed FreedomWorks, led by President and CEO Matt Kibbe. Dick Armey, Jack Kemp, and C. Boyden Gray served as co-chairmen of the new organization with Bill Bennett focusing on school choice as a Senior Fellow. Empower America had been founded in 1993 by B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Federation Of America
The Consumer Federation of America (CFA) is a non-profit organization founded in 1968 to advance consumer interests through research, education and advocacy. According to CFA's website, its members are nearly 300 consumer-oriented non-profits, which themselves have a combined membership of 50 million people. CFA members include national organizations such as Consumers Union and U.S. PIRG, state and local consumer organizations, state and local protection agencies, credit unions, rural electric cooperatives and public power groups. Members pay dues ranging from under $100 to $20,000 per year, elect the board of directors and vote on policies. CFA has a wide range of activities and interests, many centered on scrutiny of businesses and their practices, products, and services by citizens, civic groups, the news media, and government regulatory agencies as a method of defending the interests of the public at large. It is generally regarded as liberal in the modern American sense of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Consumer Institute
American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the "United States" or "America" ** Americans, citizens and nationals of the United States of America ** American ancestry, people who self-identify their ancestry as "American" ** American English, the set of varieties of the English language native to the United States ** Native Americans in the United States, indigenous peoples of the United States * American, something of, from, or related to the Americas, also known as "America" ** Indigenous peoples of the Americas * American (word), for analysis and history of the meanings in various contexts Organizations * American Airlines, U.S.-based airline headquartered in Fort Worth, Texas * American Athletic Conference, an American college athletic conference * American Recordings (record label), a record label previously known as Def American * American University, in Washington, D.C. Sports teams Soccer * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
