NU Online News Service, Dec.2, 3:18 p.m. EST

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

Passed by the committee on a 31-27 vote, the language of the Financial Stability Improvement Act, H.R. 3996, reflected the impact of the near collapse of American International Group and the government's need to bail out that insurance conglomerate.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.