WASHINGTON—Spokesmen for insurance-trade groups insist that when all is said and done, officials of the Financial Stability Oversight Council will support insurers' view that insurance activities by their very nature do not pose a threat to the stability of the U.S. financial system.
J. Stephen Zielezienski, American Insurance Association general counsel, says, "By incorporating risk-related metrics in the process, the final rule reflects improvement over the first proposed rule."
He adds, "AIA hopes that [the FSOC] will use the designation sparingly and apply it only to the companies that pose a systemic threat to U.S. financial stability."
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