A federal appeals court has upheld as lawful the government's bailout of American International Group in the heat of the financial crisis. It overturned a lower-court decision favoring the insurance giant's former CEO.
MetLife Inc., the largest U.S. life insurer, elected David Herzog, the former chief financial officer of American International Group Inc., to its board of directors. The addition brings the total number of directors to 13, with 12 being independent, the New York-based insurer said Friday in a statement.
The chairman of the House Financial Services Committee's call to strip the Financial Stability Oversight Council of the ability to designate insurers and others as systemically important financial institutions leaves unanswered the question of how insurance groups should be regulated. In remarks prepared for an address to the Economic Club of New York last week, Rep. Jeb Hensarling, R-Texas, outlined details of the Financial CHOICE Act, a Republican plan to replace the Dodd-Frank Wall Street Reform and Consumer Protection Act.