WASHINGTON— The designation of MetLife—the country's largest life insurer—as a systemically important financial institution (SIFI) by the Financial Stability Oversight Council (FSOC) Thursday drew an immediate response from a property and casualty insurance trade group designed to reassure its members that they "aren't on the list."

The statement was also designed to make clear to the FSOC that if it tried to designate a P&C insurer, the politically-powerful P&C industry would likely go to Congress to try and stop such action.

"PCI strongly disagrees with the FSOC preliminary decision, which underscores the need for Congressional action," said Robert Gordon, senior vice president, policy development and research, for the Property Casualty Insurers Association of America (PCI).

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