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.”

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access