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The Obama administration will propose putting large insurance companies under the control of a federal, systemic risk supervisor for the financial system, and probably a U.S. insurance regulator as well, according to a draft document obtained by National Underwriter.

The plan, due for release this week, has been circulating on Capitol Hill, several sources confirmed.

On another front, House Republicans unveiled their own proposal to reform regulation of financial services firms last Thursday, specifically addressing the Federal Reserve Board’s authority to bail out troubled firms without Congressional sanction, but keeping the state insurance regulatory system untouched. (See related article, page 24.)

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