WASHINGTON--Congress should concentrate on drafting legislation to reduce systemic risk to the financial system before tackling solvency and consumer protection in the insurance sector, the chief executive of the Property Casualty Insurers Association of America said.

David Sampson, president and chief executive officer of PCI, made the comments as the trade group unveiled a report it was sending to all members of the House Financial Services Committee illustrating the distinctions between solvency and systemic risk regulation.

Mr. Sampson said the debate on the future of financial services regulatory reform is "an issue of existential importance" that will have a deep impact on both consumers and the industry.

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