Opposition to bill that would allow feds to regulate troubled firms
Insurance trade associations are objecting to legislation that would allow federal banking officials to regulate large insurers and other institutions that pose systemic financial risks. PCI spokesman Cliston Brown said property/casualty insurers do not operate like banks and other financial companies. "It is absolutely critical that as lawmakers proceed on any systemic risk or resolution authority legislation, these differences are taken into account," he added.
National Underwriter | 10/28
This story published in PCI SmartBrief on 10/29/2009
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