Yesterday, a federal judge in the District of Columbia rescinded a regulatory order designating MetLife as a systemically important financial institution (“SIFI”). In December 2014, MetLife joined AIG and Prudential as the only insurance companies designated as SIFIs – a designation that subjected the insurers to additional regulation by the Federal Reserve and additional capital requirements. Unlike AIG and Prudential, MetLife took its challenge to the federal courts. And yesterday the court rewarded MetLife’s persistence.
The court released only a two-page summary order rescinding the SIFI designation and sealed its opinion, which likely contains the reasoning behind the court’s decision. The parties have until April 6 to identify proposed redactions to the opinion, after which the court presumably will release the opinion to the public. Hunton & Williams LLP will update this blog when the opinion is released.