[March 27, 2015] |
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A.M.BestTV: Treasury Secretary Says Firms Can Challenge and Exit Systemically Important Financial Institution Designation
This A.M.BestTV episode examines a recent U.S. Senate hearing
at which U.S. Treasury Secretary Jack Lew told U.S. lawmakers that being
designated a Systemically Important Financial Institution (SIFI) does
not have to be permanent. However, representatives for insurance
companies say the process is too focused on designating companies as
systemic, and argued that the Financial Stability Oversight Council has
yet to outline the activities it views as the most risky.
At the Senate Banking Committee hearing, Lew stated, "Each year the
Treasury Department has an annual review of a designated firm, and if
that firm has changed its business model or structure, which causes its
risk issues to change, it could create a removal of that company's
designation."
However, Gary Hughes (News - Alert), executive vice president & general counsel of
the American Council of Life Insurers, argued that obtaining that change
in designation is unlikely.
Click here to view the entire video program: http://www.ambest.com/v.asp?v=fsoc315.
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Cyber Risk Information Sharing Takes Spotlight in Congress: In
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