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Federal Reserve Board Chairman Ben Bernanke before the Senate Banking Committee in July 2006. (AP Photo/Dennis Cook)

Insurance industry officials fear “Armageddon” will be the result of a proposal by the Federal Reserve Board to use “bank-centric” standards in regulating insurance companies that operate thrifts.

In a letter to the Federal Reserve Board, the National Association of Mutual Insurance Companies says the proposals to provide consolidated regulation of insurance companies represent a “sea change.”

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