National insurance act of 2006

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The National Insurance Act of 2006 is a bill currently before Congress offering an optional federal insurance charter. This bill would give national insurance providers the option of joining a national insurance jurisdiction in place of the current state driven system. Currently there are 52 jurisdictions of insurance, including all fifty states, Washington, D.C. and Puerto Rico. While many of these jurisdictions have merged their rules in the hopes of adding consistency to insurance regulations, the aim of the National Insurance Act of 2006 is to streamline the regulation of insurance by offering, mostly to the largest insurance providers, the option of joining the federal insurance charter and operating under its singular set of regulations. A vote on this bill is not expected at the very least until after the 2006 congressional elections, and most likely not before year's end.