A group of associations representing the property/casualty industry is asking for revisions to the recently unveiled Financial Stability Improvement Act.
In a letter to House Financial Services Committee Chairman Barney Frank (D. -Mass.), the groups expressed concern about the treatment of their industry in efforts to stop systemic risk. "The discussion draft allows the Financial Services Oversight Council to designate "financial companies" - which expressly include U.S. and foreign non-bank financial institutions such as insurers - for heightened prudential regulation," the letter states. "We are concerned that holding companies of insurers and insurers themselves could be subject to bank-centric regulatory provisions that fundamentally conflict with the insurance regulatory model."
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