Silver lining amid economic crises?(First Word)(laws on insurance industry)

Byline: Rodd Zolkos

For all the bad business news of the past several months in the United States-the economic downturn, the housing crisis and the subprime mortgage disaster-for proponents of federal regulation of insurance, at least, the dark cloud showed the slightest glimpse of a silver lining late last month.

That break in the clouds came in the Bush administration's formal support of an optional federal charter for insurance companies and producers. That support emerged March 31 as part of a broad financial regulatory modernization plan presented by U.S. Treasury Secretary Henry Paulson.

For OFC supporters, the secretary's announcement was …