NU Online News Service, Nov. 5, 3:54 p.m. EDT

Property and casualty insurance companies do not pose a systemic risk to the U.S. financial system and should not be subject to federal supervision, the American Insurance Association said in a comment letter to the Financial Stability Oversight Council.

The AIA letter was in response to a request for comments on an FSOC advanced notice of proposed rulemaking on what criteria should be used in subjecting nonbank financial companies to heightened supervision by the Federal Reserve Board under the new Dodd-Frank law.

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