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NU Online News Service

U.S. Senate Republicans believe that failure to increase federal oversight of large insurance companies is a major deficiency of financial services reform legislation, questioning whether state guaranty funds are adequate enough to deal with large insurance failures.

In a report issued late Friday, Republicans said the need to provide funds to American International Group to keep it from becoming insolvent pointed out the necessity to study the “adequacy of state guaranty funds to handle the failure of large, interconnected, and international insurance companies.”

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