As legislators craft reform measures for the financial services industry, insurers are asking to be excluded from funding a bailout mechanism for systemically risky companies.
In testimony before the Senate Finance Committee, Patrick Baird, AEGON USA chairman told Senators that since state laws prohibit insurers from engaging in excess or risky leveraging, they should not be subject to the proposed Financial Crisis Responsibility Fee. “We do not believe that insurers should be identified as an industry that inordinately benefited and therefore needs to be taxed to recoup government funds,” Baird said, testifying on behalf of the American Council of Life Insurers. “Like most of Main Street America, our industry was a victim of the recession, not a perpetrator.”
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