On July 25, Representatives Melissa Bean (D-IL) and Ed Royce (R-CA) introduced the "National Insurance Act of 2007" (H.R. 3200), which would authorize an Optional Federal Charter for life and property/casualty insurance companies and agents. The 333-page bill is companion legislation to a Senate OFC bill (S. 40), which Senators Tim Johnson (D-SD) and John Sununu (R-NH) introduced on May 24. If you want to see the bill itself, go to 

http://thomas.loc.gov/cgi-bin/bdquery/D?d110:6:./temp/~bdwUaS::|/bss/d110query.html|.

Hearings are possible yet this year in the House, Senate or both.