Abstract
Perhaps the most controversial area of governmental oversight is whether insurance companies should be regulated as systemically important financial institutions (SIFIs). Because of Congressional legislation of 1945, US insurance companies came under the exclusive regulatory domain of the individual states rather than the federal government. As insurance companies increased in complexity expanding well beyond individual states to global entities, the issue arose whether it was necessary to have federal government oversight in addition to or in place of states’ supervision. Both the US Financial Stability Oversight Council and the Financial Stability Board established by the G20 have determined that such oversight was warranted. We examine the current ongoing litigation bitterly initiated by the MetLife against the Council which imposed SIFI prudential standards upon the company.
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