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The Senate Banking Committee on May 12 will hear from the industry and members of the Financial Stability Oversight Council on the criteria the agency will use in determining if an insurance company is eligible for federal oversight.

Treasury Undersecretary Neal Wolin lashed out at those seeking to delay or otherwise impede implementation of the Dodd-Frank financial services reform law, vowing that the administration will “move forward…quickly, carefully and responsibly.”

The chairman of the House Financial Services Committee says he is concerned that the designation of non-banks as systemically important may have the unintended effect of making them viewed as “too big to fail.”

The Federal Deposit Insurance Corporation has issued an interim final regulation dealing with the liquidation of a troubled non-bank financial company, including an insurer.

Signs are emerging that the sigh of relief by large insurance companies that they escaped federal oversight in the post-aig-bailout world may have been premature.

The American Insurance Association and a coalition representing seven property and casualty insurance companies are urging the Financial Stability Oversight Council to clarify the criteria it will use to determine its oversight authority.

The Property Casualty Insurers Association of America is urging the Financial Stability Oversight Council to establish precise methodology for evaluating whether an insurer is systemically risky and should be subjected to federal oversight.

Five U.S. senators are asking the Obama administration to move promptly to fill the insurance slot on the Financial Stability Oversight Council as well as to appoint the director of the Federal Insurance Office.