NU Online News Service, July 31, 3:06 p.m. EDT
Two insurance industry trade groups are asking the Financial Stability Oversight Council to allow all nonbank financial companies a full hearing as part of the process for determining whether a company should be designated systemically significant.
The comments by the American Insurance Association and the Financial Services Roundtable are in response to a request from the FSOC for comment on the procedures it should use in determining whether it should grant an "oral hearing" to a non-bank it is considering designating as "SIFI."
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