For the first time in 150 years, an insurer will be federally regulated.
American International Group Inc. (AIG), one of the first three nonbank financial firms to be designated by the Federal Reserve Board as a systemically important financial institution (SIFI), says it will not challenge the new label.
In a July 2 statement, the insurer says it is "already working closely" with the Federal Reserve Bank of New York "as our regulator."
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