MetLife Inc. sued the U.S. government over a panel's decision to label it critical to the economy, arguing that imposing higher regulatory standards will drive up the cost of financial protection for consumers.
The label would subject the company to more oversight, even though insurers already fall under a comprehensive state-level "regime that supervises every aspect of MetLife's U.S. insurance business," its lawyer Eugene Scalia wrote in a complaint filed today in Washington
The U.S. Financial Stability Oversight Council relied on "vague standards and assertions, unsubstantiated speculation and unreasonable assumptions" in tagging MetLife with the SIFI label and denied the company an opportunity for rebuttal in violation of its due process rights, according to the complaint.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
