Insurance interests embraced comments by Federal Reserve Gov. Daniel K. Tarullo urging careful consideration when designating insurers as non-bank systemically important financial institutions (SIFIs), even if it was unclear at whom the remarks were aimed.
"It is important to take the time to evaluate carefully the actual systemic risk associated with these (insurance) companies, and to understand the amount of such risk relative to other financial firms, before fixing on a list of firms and surcharges," Tarullo stated in remarks Feb. 22 in New York.
It is unclear if Tarullo was targeting his remarks to the International Association of Insurance Supervisors (IAIS) or the Financial Stability Board (FSB), which makes the final determination on these designations.
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Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
