By Benjamin Goad - 01/28/14 08:39 AM EST
A coalition of seven major insurance firms has launched a campaign against tightened federal regulations under the Dodd-Frank Wall Street reform law, The Wall Street Journal reports.
The push comes as regulators prepare a new set of rules that were prompted by the 2008 economic crisis and are intended to protect the financial system against damage from the collapse of “systemically important” nonbank institutions.
The companies have banded together “to persuade top lawmakers, Federal Reserve officials and other regulators that insurance companies aren't risky like big banks and shouldn't be subject to the same rules for determining capital levels,” write the Journal's Ryan Tracy, Leslie Scism and Stephanie Armour.
"We have been working on a bipartisan basis with members of Congress and other critical stakeholders to ensure that bank-centric capital standards are not applied to insurance companies," Bridget Hagan, a former Nationwide Insurance lobbyist who leads the coalition, told the newspaper.
Check out the complete Wall Street Journal story here.