A Short-Lived Victory For MetLife Over SIFI Designation?
Frederick J. Pomerantz and Aaron J. Aisen, attorneys in Goldberg Segalla’s Global Insurance Services Practice Group, analyzed the recent decision that granted MetLife’s motion to remove the non-bank SIFI designation imposed by the Financial Stability Oversight Council (FSOC).
The decision marked the first time a SIFI-designated company challenged the designation, which the court overturned on three grounds all based on principles of administrative law. As Fred and Aaron write in their analysis for Law360, “The implications of this decision for MetLife and the insurance industry as a whole are not entirely clear given the nature of the opinion. The opinion focuses on the process FSOC used in making its decision and processes can be easily adjusted.”