NU Online News Service, April 21, 3:00 p.m. EDT

WASHINGTON–The Insurance Information Institute is warning that levying a federal tax on property and casualty insurers to pay for the bailout of failed financial institutions would "constitute a significant policy error."

I.I.I. President Robert Hartwig's statement of concern today is linked to a proposal by congressional Democrats to create a tax on financial institutions with assets of more than $50 billion to support a prefunded resolution authority for troubled mega-asset financial companies.

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