(Bloomberg) -- Prudential Financial Inc., the second-largest U.S. life insurer, abandoned its challenge to a U.S. designation from a Treasury Department panel that subjects the company to increased regulatory oversight.

The insurer opted against filing a lawsuit seeking to overturn its status as a systemically important financial institution, or SIFI, Newark, New Jersey-based Prudential said yesterday in a statement.

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