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Industry representatives made their case to a Senate committee that "bank-centric" rules should not apply to federally regulated insurers, but others warned against providing a "wholesale carve-out" for insurers that could lead to systemically risky behavior.

Federal Reserve Board Chairman Ben Bernanke characterized American International Group as part of a shadow banking system that played a key role in the catastrophic economic downturn of 2007-2009.

Federal Reserve Board Chairman Ben Bernanke characterized American International Group as part of a shadow banking system that played a key role in the catastrophic economic downturn of 2007-2009.

ACE's Evan Greenberg on government regulation, the Fed's Ben Bernanke on AIG and the "shadow-banking" system, Willis' Joseph Plumeri with advice for risk managers, and more.