AIG Says Oversight Panel Weighing Systemic Risk Label
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American International Group Inc. said a U.S. panel told the insurer it’s under consideration to be labeled a potential risk to the financial system, the first non-bank to report such notification in a process that could lead to tighter capital rules.
The Financial Stability Oversight Council informed AIG of its status, the New York-based insurer said today in a statement. The council said last week that it voted to advance “certain” non-bank financial companies to a third stage of review for possible designation as a systemically important financial institution, without publicly identifying the firms.