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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, under changes to the bill being negotiated by the insurance industry, the National Underwriter has learned. Moreover, the industry also hopes to win clarifying language in the bill ensuring that large insurers would be subject to federal oversight only under extremely limited conditions.

The changes being sought by the industry would be included in legislation being marked up this week by the Senate Banking Committee. The changes are being negotiated with Sen. Chris Dodd, D-Conn., chair of the committee, and Sen. Mark Warner, D-Va.

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