MetLife to fight SIFI designation
MetLife chief executive officer, Steven Kandarian, plans to fight MetLife’s preliminary designation as a systemically important financial institution (SIFI) by the Financial Stability Oversight Council (FSOC).
On Thursday September 4, 2014, after finding out that MetLife had been primarily designated, Kandarian issued a statement saying that his company “strongly disagrees”.
He added: "MetLife is not systemically important under the Dodd-Frank Act criteria. In fact, MetLife has served as a source of financial strength and stability during times of economic distress, including the 2008 financial crisis.
"The current regulatory system oversees a stable industry that pays out more than $500 billion every year. Imposing bank-centric capital rules on life insurance companies will make it more difficult for Americans to buy products that help protect their financial futures. At a time when government social safety nets are under increasing pressure and corporate pensions are disappearing, the goal of public policy should be to preserve and encourage competitively priced financial protection for consumers.
"MetLife is not ruling out any of the available remedies under Dodd-Frank to contest a SIFI designation."
