31 October 2014 Insurance

MetLife to fight SIFI designation

MetLife is set to fight its preliminary designation as a systemically important financial institution (SIFI) on November 3, 2014.

A spokesperson for the US life insurer, which had been primarily designated as a SIFI by the Financial Stability Oversight Council (FSOC), confirmed that it plans to plead against its designation at a meeting next week with regulators.

“On Monday, November 3, the Financial Stability Oversight Council will conduct an oral hearing at the request of a nonbank financial company subject to a proposed designation under section 113 of the Dodd-Frank Act,” said a spokesperson for the US Treasury.

The FSOC must make its decision within 60 days after the meeting. If the council does not change its designation, MetLife could challenge the final designation in court.

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