Regulation/Legislation

The Financial Stability Oversight Council today approved the final regulation governing the factors it will use to determine whether an insurer is systemically significant.

The Federal Reserve Bank of New York Monday asked a federal court in Manhattan to promptly dismiss a lawsuit alleging that the federal government discriminated against American International Group by taking it over rather than loaning it money when it ran into financial problems in September 2008.

With the inaugural meeting of the Federal Advisory Committee on Insurance now in the record books, it is clear that at least initially, the group's focus will reflect FIO Director Michael McRaiths perspective on broad, global themes.

Brian Duperreault, the president and chief executive officer of Marsh & McLennan Companies, was named chairman of the Federal Advisory Committee on Insurance.

The Financial Stability Oversight Council will vote Tuesday on the factors it will use in determining whether an insurer is systemically significant, a regulatory process that has been underway since the fall of 2010.

U.S. Senate candidate Elizabeth Warren blasted American International Group and the U.S. government for allowing the insurer to get a tax break after receiving a government bailout, calling it a stealth bailout.