MetLife Designated As 'systemically Important' By US Regulators

(RTTNews) - MetLife Inc. (MET) issued the statement after the company was notified by the Financial Stability Oversight Council or FSOC that it has been designated a non-bank systemically important financial institution or SIFI.

MetLife said that it is disappointed in the FSOC decision. It continues to believe that the company is not systemically important under the Dodd-Frank Act's criteria, and the company has presented substantial and compelling evidence to FSOC to support this conclusion.

"As we have said many times, singling out two large life insurance companies for SIFI designation will harm competition, lead to higher prices and less choice for consumers, and ultimately could result in less financial protection for middle-class families - who need it the most.," MetLife said.

"FSOC has a superior regulatory tool at its disposal if necessary - an approach based on identifying and regulating activities that pose systemic risk irrespective of the size or type of entity that engages in them. FSOC has already embraced this activities-based approach for the asset management industry but has rejected it for the life insurance industry," the company said.

Under the Dodd-Frank Act, MetLife now has 30 days to seek judicial review of FSOC's decision. The company said it will carefully review the designation rationale as it considers its next steps.