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A bipartisan amendment to the financial services reform legislation in the U.S. Senate is aimed at exempting insurers from paying for the resolution of large non-insurance financial services companies.

Legislation to fund the unwinding of failing companies that threaten the nation's financial system should not put assessments on insurers, three trade groups have written the Senate leadership.

Insurers with assets of more than $50 billion would not be subject to the pre-funding provisions of the resolution authority that would be created in Senate financial services reform legislation to deal with firms posing a systemic risk to the economy.

Ten large property and casualty insurers asked leadership of the Senate Banking Committee to exempt the industry from federal oversight in financial services reform legislation that will be marked up.

Ten large property and casualty insurers today asked leadership of the Senate Banking Committee to exempt the industry from federal oversight in financial services reform legislation that will be marked up starting Monday.

Insurance representatives said they may get a deal for Senate financial services reform legislation with no financial assessments and little regulatory impact for high-asset insurers.

Legislation giving the federal government broad authority to deal with troubled financial institutions--including insurers--passed the House Financial Services Committee last week on a tight 31-27 vote.

Legislation giving the government broad authority to deal with troubled financial institutions, including insurers, passed the House Financial Services Committee.