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FSOC finalizes ‘too big to fail’ rules

by R.J. Lehmann on April 3, 2012

The Financial Stability Oversight Council voted April 3 to approve final standards for determining which non-bank financial companies will be subject to heightened scrutiny as systemically important financial institutions, or “SIFIs.”

Deputy Secretary Neil Wolin insists that the Federal Insurance Office will not be a regulator. But as to what it should be, instead, opinion remains very much divided.

Hartford, Conn. long has been viewed as America’s insurance capital. But for a look at the city where insurance is really king, one need only gaze at the Windy City’s skyline.

Moody’s says at least three and perhaps four U.S. insurance groups could meet the FSOC’s initial definitions for systemically important financial institutions.