Last week, the question of how U.S. insurance companies are governed for systemic-risk purposes came under renewed scrutiny. We expect little concrete action in the near term and few actual policy changes that deter global regulators from continuing their campaign to govern large insurance companies (see Client Reports in the INSURANCE series). The biggest chance for change in the U.S. comes in concert with the new Collins bill to force the FRB’s hand (see FSM Report INSURANCE41), although chances for enactment are, at best, iffy.

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