Winning an exemption for insurers from having to help pay to wind down failed non-insurance firms posing a systemic risk to the economy was the key priority for insurers last week as the U.S. Senate prepared to vote on the most comprehensive financial services reform legislation since the Great Depression.
A key vote on S. 3217, the "Restoring American Financial Stability Act of 2010," was being planned as this edition went to press on a motion by the Senate Democratic leadership to limit further debate. That would pave the way for a final vote on the bill this week. (Follow the latest developments at www.property-casualty.com.)
The biggest issue for insurers involved a bipartisan amendment introduced on May 6 aimed at exempting insurers from paying for the resolution of large non-insurance financial services companies.
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