(Bloomberg) -- American International Group Inc., the insurerthat received a $182.3 billion bailout, said it would weighreshaping the company to escape the U.S. government risk tag thatbrings greater regulatory oversight.

“The discussion of the off-ramp certainly means that there is astrategic question to be answered at some point down the road,”Chief Executive Officer Peter Hancock said Friday in a conferencecall with analysts.

AIG is one of four companies designated by a TreasuryDepartment-led panel as a non-bank systemically important financialinstitution, or SIFI. General Electric Co. announced a plan lastmonth to exit most lending operations as part of a push to make itsfinance arm the first entity to shed the Federal Reserve’stoo-big-to fail oversight.

The SIFI tag subjects companies to Fed oversight that couldinclude tougher capital, leverage and liquidity requirements. Finalrules haven’t yet been written.

Hancock, who became CEO last year, said some of the measuresthat AIG has already taken to limit risk have been aligned withregulators’ goals. The New York-based insurer repaid its bailout in2012 and has been redeeming high-cost debt while winding downderivative bets.

The CEO said he was encouraged by a Congressional decision thatregulators can treat insurers differently than banks when reviewingcapital and risk.

‘Greater Clarity’

“We are still awaiting greater clarity on exactly how SIFI ruleswill be applied in the future, but so far they’ve been extremelyconstructive,” Hancock said. “As we think about the criteria forSIFI designation, it’s really important that we recognize that it’snot simply size of assets, it’s a multidimensional set ofparameters, most of which we looked very good on.”

AIG has taken a less confrontational tone than MetLife Inc., theinsurer that sued the U.S. to reverse its SIFI designation.Hancock, whose company is regulated by state overseers in the U.S.and watchdogs in jurisdictions throughout the world, said he’d needto be sure about benefits before taking measures specifically toexit the U.S. systemic-risk tag.

“Should you get off this off-ramp there’s 200 other regulatorsthat are also very interested in how we run the company,” Hancocksaid. “So it’s not clear to me that getting off that off-rampchanges management’s flexibility in any material way.”

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