Three insurance trade groups are telling federal regulators that insurance investment activities are far less risky than those of banks and should be left to state regulators to oversee.

Comment letters by the American Insurance Association, the Property Casualty Insurers Association of America and the National Association of Mutual Insurance Companies were written in response to a request for comments by the new Financial Stability Oversight Council (FSOC).

The FSOC was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act to monitor financial services companies and ensure that they don't pose a threat to the stability of the financial system.

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