Filed Under:Your Practice, Regulatory

Prudential loses appeal, is designated a SIFI by FSOC

Unsurprisingly, minds failed to be changed, and Prudential Insurance lost is appeal before the Financial Stability Oversight Council (FSOC) this week, despite strong opposition from the independent insurance expert on the insurer's ability to cause systemic risk to or within the economy if it failed. 

The Council presumably voted again 7-2, meeting the two-thirds of sitting FSOC voting membership, with the abstention of Securities and Exchange Commissioner (SEC) Mary Jo White to designate Prudential a systemically important financial institution (SIFI) despite Prudential's appeal on July 23 that it was not, even as one of the world's largest life insurers, a SIFI. This would mirror the initial vote June 3. Prudential has over $1 trillion in assets but, unlike AIG, which accepted the mantel of its formal SIFI designation in July, doesn't have half its business outside the life insurance industry. 

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Nichole Morford

Nichole Morford
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