On July 9, it became official: The Federal Stability Oversight Council designated American International Group (AIG) as a systemically important financial institution (or SIFI), pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. Two more firms—GE and Prudential Financial—were also named as SIFIs. GE will accept the designation, while Prudential has appealed and says it plans to fight the SIFI tag.

Any company designated as systemically important could be subject to higher capital levels and regular stress tests to ensure they can absorb losses, though the specific capital rules for insurers remain far from complete.

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