Elliott Kroll quoted by Business Insurance on SIFI Insurer Designation
New York partner Elliott Kroll was recently quoted in an article by Business Insurance that explores the impact of eliminating or revising certain provisions of the Dodd-Frank Wall Street Reform and Protection Act. The article discusses the significance of the SIFI designation for insurers and whether or not these designations will survive changes to Dodd-Frank.
In regards to the only two insurers with a SIFI designation Mr. Kroll said, “MetLife beat the government so it would only leave AIG and Prudential…It’s kind of hard to argue Prudential is not important to our country because they’re just so much bigger than everybody else and AIG, who knows what AIG is going to be tomorrow. AIG is not the AIG of 10 years ago. I wouldn’t be surprised if AIG comes off the list as it continues to change and spin things off. If it winds up just being Prudential, I don’t see it being much of an issue. And everyone going forward will structure themselves so they won’t be subject to that. That’s what I would do.”
To read the full article, click here.