Washington
Insurers, balking at having to help pre-fund a bailout authority for systemically risky companies, have secured a key change in financial services reform legislation that will reportedly limit the assessment to one major insurance carrier.
In the revision to the bill reported out of the Senate Banking Committee last week, only one carrier–MetLife–would likely be required to pay into a fund to finance a Resolution Authority for the liquidation or reorganization of huge financial services companies whose bankruptcy would pose a systemic risk to the economy.
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