Washington
A provision in financial services reform legislation to be introduced in the Senate this week–which will subject large insurers to federal systemic risk oversight and force them to help bail out even non-insurance firms–is running into heavy fire from various industry groups, including state legislators.
Drawing particularly heavy criticism is a provision of the systemic risk provision that would require insurers with assets of more than $50 billion to contribute to a fund that would be used to pay for winding down troubled large financial services firms.
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