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Insurance groups and CEOs are bristling against the global designation of insurers as Global Systemically Important Insurers (G-SIIs) by the Financial Stability Board (FSB), an action expected in or near the first quarter of 2013.

Insurers argue they carry much less systemic risk, even when very large, than any bank, and are different from banks and should not be treated as banks or it could upset the global economy in ways not contemplated by regulators.

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