NAIC, industry groups support MetLife in federal case
August 25, 2016 by Arthur D. Postal
WASHINGTON — Several industry groups, as well as state regulators, argue, in friends of the court briefs to the U.S. Court of Appeals for the D.C. Circuit, that the lower court was correct in ruling that the Financial Stability Oversight Council (FSOC) inappropriately designated MetLife as a systemically important financial institution (SIFI).
Besides making their own arguments, the briefs on behalf of the U.S. Chamber of Commerce, the Investment Company Institute (ICI), the American Council of Life Insurance (ACLI) and the National Association of Insurance Commissioners (NAIC) all support the basic argument of MetLife in the case.
That argument is that the FSOC failed to “adhere to its own regulatory standards and the basic precepts of reasoned agency decision-making” in inappropriately designating MetLife as a SIFI.
Click HERE to read the full article. LifeHealthPro articles require free registration to view.
