'Deck stacked against' MetLife appeal on Sifi status
MetLife, the latest US insurer to be designated systemically important, faces an uphill battle to reverse the FSOC decision
US insurer MetLife will struggle to overturn its preliminary designation as a non-bank systemically important financial institution (Sifi), according to lawyers.
On September 4, the Financial Stability Oversight Council (FSOC) voted to make a proposed determination on MetLife as a Sifi. The company now has 30 days to appeal to the FSOC to reverse its decision before a final vote is formally taken to add it to the list of non-bank systemically important firms, which currently includes insurers
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