AIG has less of a dependency on other large financial institutions, and has taken steps to buy up securities that more adequately back insurance liabilities to be less risky by FSOC’s standards. (AP Photo)

(Bloomberg) – Friday’s announcement by the Financial Stability Oversight Council that it canceled AIG’s designation as a systemically important financial institution is a milestone in the company’s history.

The New York-based insurer emerges from tight federal oversight as a far leaner operation than it was in 2008, when a tangled web of botched investments led to a $182.3 billion government rescue.

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