An independent agent group does not foresee a "domino effect" from the AIG situation, while an insurance company association in favor of optional federal charters is calling for more effective regulation to "ensure safety" in the wake of AIG's bailout.

"IIABA does not believe that the AIG situation will have a domino effect on the insurance industry," Robert Rusbuldt, president and chief executive officer of the Independent Insurance Agents and Brokers of America (IIABA), said in a statement regarding the Federal Reserve's announcement of a bridge loan to AIG.

Meanwhile, Marc Racicot, president of the American Insurance Association and former governor of Montana, said AIG's problems show the need to "revisit the regulatory framework of the U.S. financial services sector, and the property-casualty insurance industry in particular."

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