Insurance industry officials fear “Armageddon” will be the result of a proposal by the Federal Reserve Board to use “bank-centric” standards in regulating insurance companies that operate thrifts.
In a letter to the Federal Reserve Board, the National Association of Mutual Insurance Companies says the proposals to provide consolidated regulation of insurance companies represent a “sea change.”
In its own letter, Nationwide Mutual Insurance Company says the regulation, if adopted as proposed, “could threaten the existence of the savings and loan holding company industry.”
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