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

David Sampson, president and CEO of PCI, made his pitch as the insurer group unveiled a report sent 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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