As consideration of financial services reform legislation moves to the Senate floor, the insurance industry is endeavoring to stop any inclusion of property/casualty insurers in a bailout fund for systemically risky companies.
In a letter to Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.), the American Insurance Association, the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America asked that insurers not be made to pay for resolution of unrelated financial services providers as suggested in provisions of the Restoring American Financial Stability Act of 2010.
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