NU Online News Service, May 5, 10:27 a.m. EST

WASHINGTON – The Senate Banking Committee on May 12 will hear from the industry and members of the Financial Stability Oversight Council on the criteria the agency will use in determining if an insurance company is eligible for federal oversight.

Meanwhile, the Obama administration is expected to nominate an independent member with insurance expertise to the federal Financial Oversight Council, as the administration promised both industry and members of Congress in recent weeks.

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