Spokesmen for insurance-trade groups insist that when all is said and done, officials of the Financial Stability Oversight Council (FSOC) will support insurers' view that insurance activities, by their very nature, do not pose a threat to the stability of the U.S. financial system.
J. Stephen Zielezienski, the American Insurance Association's general counsel, says the AIA believes property & casualty insurers should be screened out of the systemically important financial institutions (SIFI) designation since they do not pose a threat to financial stability.
“AIA hopes that [the FSOC] will use the designation sparingly and apply it only to the companies that pose a systemic threat to U.S. financial stability.”
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