MetLife is challenging its designation as a nonbank systemically important financial institution (SIFI). Dodd-Frank created the Financial Stability Oversight Council (FSOC) which comprises the heads of federal financial regulators and a voting insurance specialist and is chaired by the Treasury Secretary. So far, three insurance companies, Prudential, AIG and MetLife, have received the nonbank SIFI designation. However, MetLife is the first to take advantage of the judicial review provision in Dodd-Frank.
Dodd-Frank provides that within 30 days of a final determination by the FSOC. A …
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