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Bank-Wannabe Insurers Switch Strategies to Avoid Oversight

MetLife Inc. Chairman Robert Henrikson stood before an assembly of insurance executives in October and said his push to lobby U.S. financial overseers on the Dodd-Frank regulation law was nearing a close.

Ten months later, MetLife, the biggest U.S. life insurer, still has time. The industry’s American Council of Life Insurers has pressed for a delay on the rules and said its members pose less risk to financial stability than banks. To help the effort, New York-based MetLife is selling its deposit-gathering business, and rival Allstate Corp. is shutting its bank.