The current selection process by the Financial Stability Oversight Council (FSOC) will be ongoing, not a one-time thing, according to the chief advisor to Deloitte Insurance Group.
After completing its current review of U.S. insurers as non-bank systemically important financial institutions (SIFI), the FSOC is likely to next turn its attention to large international insurers doing business in the U.S., according to Deloitte's Howard Mills, who is a former New York insurance commissioner.
“Although they are not headquartered in the U.S., they do most of their business in the U.S., too much to not to be a U.S. SIFI,” he said. “The FSOC will have to deal with that question.”
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