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WASHINGTON-- Insurers have secured key changes in financial services reform legislation easing a proposed financial requirement for large firms and eliminating tighter regulation of financial product sales.
One revision to the bill reported out of the Senate Banking Committee yesterday means only one life and property and casualty insurer will be required to pay into a fund to finance a Resolution Authority for the liquidation or reorganization of huge financial services companies whose bankruptcy would pose a systemic risk to the economy.
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