id sid tid token lemma pos cblr-1764 1 1 microsoft microsoft PROPN cblr-1764 1 2 word word NOUN cblr-1764 1 3 3_2015.3_turk_final3 3_2015.3_turk_final3 NUM cblr-1764 1 4 turk turk NOUN cblr-1764 1 5 – – PUNCT cblr-1764 1 6 final final ADJ cblr-1764 1 7 the the DET cblr-1764 1 8 convergence convergence NOUN cblr-1764 1 9 of of ADP cblr-1764 1 10 insurance insurance NOUN cblr-1764 1 11 with with ADP cblr-1764 1 12 banking banking NOUN cblr-1764 1 13 and and CCONJ cblr-1764 1 14 securities security NOUN cblr-1764 1 15 industries industry NOUN cblr-1764 1 16 , , PUNCT cblr-1764 1 17 and and CCONJ cblr-1764 1 18 the the DET cblr-1764 1 19 limits limit NOUN cblr-1764 1 20 of of ADP cblr-1764 1 21 regulatory regulatory ADJ cblr-1764 1 22 arbitrage arbitrage NOUN cblr-1764 1 23 in in ADP cblr-1764 1 24 finance finance PROPN cblr-1764 1 25 matthew matthew PROPN cblr-1764 1 26 c. c. PROPN cblr-1764 1 27 turk turk ADP cblr-1764 1 28 this this DET cblr-1764 1 29 article article NOUN cblr-1764 1 30 examines examine VERB cblr-1764 1 31 the the DET cblr-1764 1 32 regulatory regulatory ADJ cblr-1764 1 33 challenges challenge NOUN cblr-1764 1 34 raised raise VERB cblr-1764 1 35 by by ADP cblr-1764 1 36 recent recent ADJ cblr-1764 1 37 , , PUNCT cblr-1764 1 38 overlooked overlook VERB cblr-1764 1 39 changes change NOUN cblr-1764 1 40 in in ADP cblr-1764 1 41 insurance insurance NOUN cblr-1764 1 42 markets market NOUN cblr-1764 1 43 that that PRON cblr-1764 1 44 have have AUX cblr-1764 1 45 led lead VERB cblr-1764 1 46 to to ADP cblr-1764 1 47 a a DET cblr-1764 1 48 functional functional ADJ cblr-1764 1 49 convergence convergence NOUN cblr-1764 1 50 between between ADP cblr-1764 1 51 insurance insurance NOUN cblr-1764 1 52 and and CCONJ cblr-1764 1 53 the the DET cblr-1764 1 54 broader broad ADJ cblr-1764 1 55 financial financial ADJ cblr-1764 1 56 sector sector NOUN cblr-1764 1 57 . . PUNCT cblr-1764 2 1 the the DET cblr-1764 2 2 law law NOUN cblr-1764 2 3 literature literature NOUN cblr-1764 2 4 on on ADP cblr-1764 2 5 financial financial ADJ cblr-1764 2 6 regulation regulation NOUN cblr-1764 2 7 last last ADV cblr-1764 2 8 addressed address VERB cblr-1764 2 9 the the DET cblr-1764 2 10 issue issue NOUN cblr-1764 2 11 of of ADP cblr-1764 2 12 convergence convergence NOUN cblr-1764 2 13 over over ADP cblr-1764 2 14 a a DET cblr-1764 2 15 decade decade NOUN cblr-1764 2 16 ago ago ADV cblr-1764 2 17 , , PUNCT cblr-1764 2 18 before before ADP cblr-1764 2 19 the the DET cblr-1764 2 20 latest late ADJ cblr-1764 2 21 generation generation NOUN cblr-1764 2 22 of of ADP cblr-1764 2 23 market market NOUN cblr-1764 2 24 innovation innovation NOUN cblr-1764 2 25 and and CCONJ cblr-1764 2 26 at at ADP cblr-1764 2 27 a a DET cblr-1764 2 28 time time NOUN cblr-1764 2 29 when when SCONJ cblr-1764 2 30 concern concern NOUN cblr-1764 2 31 over over ADP cblr-1764 2 32 systemic systemic ADJ cblr-1764 2 33 stability stability NOUN cblr-1764 2 34 was be AUX cblr-1764 2 35 not not PART cblr-1764 2 36 at at ADP cblr-1764 2 37 the the DET cblr-1764 2 38 forefront forefront NOUN cblr-1764 2 39 . . PUNCT cblr-1764 3 1 this this DET cblr-1764 3 2 article article NOUN cblr-1764 3 3 revisits revisit VERB cblr-1764 3 4 the the DET cblr-1764 3 5 convergence convergence NOUN cblr-1764 3 6 phenomenon phenomenon NOUN cblr-1764 3 7 in in ADP cblr-1764 3 8 the the DET cblr-1764 3 9 context context NOUN cblr-1764 3 10 of of ADP cblr-1764 3 11 insurance insurance NOUN cblr-1764 3 12 , , PUNCT cblr-1764 3 13 and and CCONJ cblr-1764 3 14 does do VERB cblr-1764 3 15 so so ADV cblr-1764 3 16 by by ADP cblr-1764 3 17 applying apply VERB cblr-1764 3 18 an an DET cblr-1764 3 19 analytical analytical ADJ cblr-1764 3 20 framework framework NOUN cblr-1764 3 21 that that PRON cblr-1764 3 22 distinguishes distinguish VERB cblr-1764 3 23 between between ADP cblr-1764 3 24 two two NUM cblr-1764 3 25 “ " PUNCT cblr-1764 3 26 boundary boundary ADJ cblr-1764 3 27 problems problem NOUN cblr-1764 3 28 ” " PUNCT cblr-1764 3 29 that that PRON cblr-1764 3 30 accompany accompany VERB cblr-1764 3 31 all all DET cblr-1764 3 32 financial financial ADJ cblr-1764 3 33 regulation regulation NOUN cblr-1764 3 34 . . PUNCT cblr-1764 4 1 one one NUM cblr-1764 4 2 problem problem NOUN cblr-1764 4 3 concerns concern VERB cblr-1764 4 4 jurisdictional jurisdictional ADJ cblr-1764 4 5 boundaries boundary NOUN cblr-1764 4 6 : : PUNCT cblr-1764 4 7 to to ADP cblr-1764 4 8 what what DET cblr-1764 4 9 degree degree NOUN cblr-1764 4 10 does do AUX cblr-1764 4 11 market market NOUN cblr-1764 4 12 integration integration NOUN cblr-1764 4 13 require require VERB cblr-1764 4 14 that that SCONJ cblr-1764 4 15 diverse diverse ADJ cblr-1764 4 16 regulations regulation NOUN cblr-1764 4 17 be be AUX cblr-1764 4 18 harmonized harmonize VERB cblr-1764 4 19 across across ADP cblr-1764 4 20 jurisdictions jurisdiction NOUN cblr-1764 4 21 ? ? PUNCT cblr-1764 5 1 the the DET cblr-1764 5 2 other other ADJ cblr-1764 5 3 relates relate VERB cblr-1764 5 4 to to ADP cblr-1764 5 5 definitional definitional ADJ cblr-1764 5 6 boundaries boundary NOUN cblr-1764 5 7 : : PUNCT cblr-1764 5 8 within within ADP cblr-1764 5 9 a a DET cblr-1764 5 10 given give VERB cblr-1764 5 11 jurisdiction jurisdiction NOUN cblr-1764 5 12 , , PUNCT cblr-1764 5 13 how how SCONJ cblr-1764 5 14 should should AUX cblr-1764 5 15   PROPN cblr-1764 5 16 associate associate VERB cblr-1764 5 17 , , PUNCT cblr-1764 5 18 sullivan sullivan PROPN cblr-1764 5 19 & & CCONJ cblr-1764 5 20 cromwell cromwell PROPN cblr-1764 5 21 llp llp PROPN cblr-1764 5 22 ; ; PUNCT cblr-1764 5 23 clerk clerk NOUN cblr-1764 5 24 to to ADP cblr-1764 5 25 the the DET cblr-1764 5 26 honorable honorable ADJ cblr-1764 5 27 ferdinand ferdinand PROPN cblr-1764 5 28 f. f. PROPN cblr-1764 5 29 fernandez fernandez PROPN cblr-1764 5 30 , , PUNCT cblr-1764 5 31 united united PROPN cblr-1764 5 32 states states PROPN cblr-1764 5 33 court court PROPN cblr-1764 5 34 of of ADP cblr-1764 5 35 appeals appeal NOUN cblr-1764 5 36 for for ADP cblr-1764 5 37 the the DET cblr-1764 5 38 ninth ninth ADJ cblr-1764 5 39 circuit circuit NOUN cblr-1764 5 40 ; ; PUNCT cblr-1764 5 41 j.d j.d PROPN cblr-1764 5 42 . . PROPN cblr-1764 5 43 , , PUNCT cblr-1764 5 44 2010 2010 NUM cblr-1764 5 45 , , PUNCT cblr-1764 5 46 new new PROPN cblr-1764 5 47 york york PROPN cblr-1764 5 48 university university PROPN cblr-1764 5 49 school school NOUN cblr-1764 5 50 of of ADP cblr-1764 5 51 law law NOUN cblr-1764 5 52 . . PUNCT cblr-1764 6 1 i i PRON cblr-1764 6 2 am be AUX cblr-1764 6 3 grateful grateful ADJ cblr-1764 6 4 for for ADP cblr-1764 6 5 comments comment NOUN cblr-1764 6 6 on on ADP cblr-1764 6 7 earlier early ADJ cblr-1764 6 8 drafts draft NOUN cblr-1764 6 9 from from ADP cblr-1764 6 10 the the DET cblr-1764 6 11 following following NOUN cblr-1764 6 12 : : PUNCT cblr-1764 6 13 geoffrey geoffrey PROPN cblr-1764 6 14 miller miller PROPN cblr-1764 6 15 , , PUNCT cblr-1764 6 16 nyu nyu PROPN cblr-1764 6 17 school school NOUN cblr-1764 6 18 of of ADP cblr-1764 6 19 law law NOUN cblr-1764 6 20 ; ; PUNCT cblr-1764 6 21 emiliano emiliano PROPN cblr-1764 6 22 catan catan PROPN cblr-1764 6 23 , , PUNCT cblr-1764 6 24 nyu nyu PROPN cblr-1764 6 25 school school NOUN cblr-1764 6 26 of of ADP cblr-1764 6 27 law law NOUN cblr-1764 6 28 ; ; PUNCT cblr-1764 6 29 ryan ryan PROPN cblr-1764 6 30 bubb bubb PROPN cblr-1764 6 31 , , PUNCT cblr-1764 6 32 nyu nyu PROPN cblr-1764 6 33 school school NOUN cblr-1764 6 34 of of ADP cblr-1764 6 35 law law NOUN cblr-1764 6 36 ; ; PUNCT cblr-1764 6 37 eric eric PROPN cblr-1764 6 38 posner posner PROPN cblr-1764 6 39 , , PUNCT cblr-1764 6 40 university university PROPN cblr-1764 6 41 of of ADP cblr-1764 6 42 chicago chicago PROPN cblr-1764 6 43 law law NOUN cblr-1764 6 44 school school NOUN cblr-1764 6 45 ; ; PUNCT cblr-1764 6 46 thomas thomas PROPN cblr-1764 6 47 campbell campbell PROPN cblr-1764 6 48 , , PUNCT cblr-1764 6 49 chapman chapman PROPN cblr-1764 6 50 university university PROPN cblr-1764 6 51 school school NOUN cblr-1764 6 52 of of ADP cblr-1764 6 53 law law NOUN cblr-1764 6 54 ; ; PUNCT cblr-1764 6 55 vic vic PROPN cblr-1764 6 56 fleisher fleisher PROPN cblr-1764 6 57 , , PUNCT cblr-1764 6 58 university university PROPN cblr-1764 6 59 of of ADP cblr-1764 6 60 san san PROPN cblr-1764 6 61 diego diego PROPN cblr-1764 6 62 school school PROPN cblr-1764 6 63 of of ADP cblr-1764 6 64 law law NOUN cblr-1764 6 65 ; ; PUNCT cblr-1764 6 66 lissa lissa PROPN cblr-1764 6 67 broome broome PROPN cblr-1764 6 68 , , PUNCT cblr-1764 6 69 university university PROPN cblr-1764 6 70 of of ADP cblr-1764 6 71 north north PROPN cblr-1764 6 72 carolina carolina PROPN cblr-1764 6 73 school school PROPN cblr-1764 6 74 of of ADP cblr-1764 6 75 law law NOUN cblr-1764 6 76 ; ; PUNCT cblr-1764 6 77 michael michael PROPN cblr-1764 6 78 ohlrogge ohlrogge PROPN cblr-1764 6 79 , , PUNCT cblr-1764 6 80 stanford stanford PROPN cblr-1764 6 81 university university PROPN cblr-1764 6 82 , , PUNCT cblr-1764 6 83 department department NOUN cblr-1764 6 84 of of ADP cblr-1764 6 85 economics economic NOUN cblr-1764 6 86 ; ; PUNCT cblr-1764 6 87 participants participant NOUN cblr-1764 6 88 at at ADP cblr-1764 6 89 a a DET cblr-1764 6 90 chapman chapman PROPN cblr-1764 6 91 university university PROPN cblr-1764 6 92 department department PROPN cblr-1764 6 93 of of ADP cblr-1764 6 94 economics economics PROPN cblr-1764 6 95 brown brown PROPN cblr-1764 6 96 bag bag NOUN cblr-1764 6 97 presentation presentation NOUN cblr-1764 6 98 ; ; PUNCT cblr-1764 6 99 participants participant NOUN cblr-1764 6 100 at at ADP cblr-1764 6 101 the the DET cblr-1764 6 102 berkeley berkeley PROPN cblr-1764 6 103 center center PROPN cblr-1764 6 104 for for ADP cblr-1764 6 105 business business NOUN cblr-1764 6 106 , , PUNCT cblr-1764 6 107 law law PROPN cblr-1764 6 108 & & CCONJ cblr-1764 6 109 economics economics PROPN cblr-1764 6 110 brown brown PROPN cblr-1764 6 111 bag bag NOUN cblr-1764 6 112 presentation presentation NOUN cblr-1764 6 113 ; ; PUNCT cblr-1764 6 114 and and CCONJ cblr-1764 6 115 , , PUNCT cblr-1764 6 116 participants participant NOUN cblr-1764 6 117 at at ADP cblr-1764 6 118 the the DET cblr-1764 6 119 nyu nyu PROPN cblr-1764 6 120 school school NOUN cblr-1764 6 121 of of ADP cblr-1764 6 122 law law NOUN cblr-1764 6 123 scholarship scholarship NOUN cblr-1764 6 124 clinic clinic NOUN cblr-1764 6 125 presentation presentation NOUN cblr-1764 6 126 . . PUNCT cblr-1764 7 1 the the DET cblr-1764 7 2 views view NOUN cblr-1764 7 3 contained contain VERB cblr-1764 7 4 in in ADP cblr-1764 7 5 this this DET cblr-1764 7 6 article article NOUN cblr-1764 7 7 are be AUX cblr-1764 7 8 attributable attributable ADJ cblr-1764 7 9 solely solely ADV cblr-1764 7 10 to to ADP cblr-1764 7 11 the the DET cblr-1764 7 12 author author NOUN cblr-1764 7 13 . . PUNCT cblr-1764 8 1 turk turk PROPN cblr-1764 8 2 – – PUNCT cblr-1764 8 3 final final ADJ cblr-1764 8 4 968 968 NUM cblr-1764 8 5 columbia columbia PROPN cblr-1764 8 6 business business NOUN cblr-1764 8 7 law law PROPN cblr-1764 8 8 review review NOUN cblr-1764 8 9 [ [ X cblr-1764 8 10 vol vol NOUN cblr-1764 8 11 . . NOUN cblr-1764 8 12 2015 2015 NUM cblr-1764 8 13 distinctions distinction NOUN cblr-1764 8 14 be be AUX cblr-1764 8 15 drawn draw VERB cblr-1764 8 16 among among ADP cblr-1764 8 17 financial financial ADJ cblr-1764 8 18 products product NOUN cblr-1764 8 19 or or CCONJ cblr-1764 8 20 firms firm NOUN cblr-1764 8 21 that that PRON cblr-1764 8 22 have have AUX cblr-1764 8 23 come come VERB cblr-1764 8 24 to to PART cblr-1764 8 25 perform perform VERB cblr-1764 8 26 similar similar ADJ cblr-1764 8 27 economic economic ADJ cblr-1764 8 28 functions function NOUN cblr-1764 8 29 ? ? PUNCT cblr-1764 9 1 applying apply VERB cblr-1764 9 2 this this DET cblr-1764 9 3 framework framework NOUN cblr-1764 9 4 leads lead VERB cblr-1764 9 5 to to ADP cblr-1764 9 6 two two NUM cblr-1764 9 7 conclusions conclusion NOUN cblr-1764 9 8 that that PRON cblr-1764 9 9 are be AUX cblr-1764 9 10 in in ADP cblr-1764 9 11 tension tension NOUN cblr-1764 9 12 with with ADP cblr-1764 9 13 the the DET cblr-1764 9 14 current current ADJ cblr-1764 9 15 thrust thrust NOUN cblr-1764 9 16 of of ADP cblr-1764 9 17 policy policy NOUN cblr-1764 9 18 as as ADV cblr-1764 9 19 well well ADV cblr-1764 9 20 as as ADP cblr-1764 9 21 the the DET cblr-1764 9 22 literature literature NOUN cblr-1764 9 23 . . PUNCT cblr-1764 10 1 first first ADV cblr-1764 10 2 , , PUNCT cblr-1764 10 3 the the DET cblr-1764 10 4 federal federal ADJ cblr-1764 10 5 insurance insurance NOUN cblr-1764 10 6 office office NOUN cblr-1764 10 7 established establish VERB cblr-1764 10 8 by by ADP cblr-1764 10 9 the the DET cblr-1764 10 10 dodd dodd PROPN cblr-1764 10 11 - - PUNCT cblr-1764 10 12 frank frank PROPN cblr-1764 10 13 wall wall PROPN cblr-1764 10 14 street street PROPN cblr-1764 10 15 reform reform PROPN cblr-1764 10 16 and and CCONJ cblr-1764 10 17 consumer consumer NOUN cblr-1764 10 18 protection protection NOUN cblr-1764 10 19 act act NOUN cblr-1764 10 20 is be AUX cblr-1764 10 21 inappropriately inappropriately ADV cblr-1764 10 22 structured structure VERB cblr-1764 10 23 to to PART cblr-1764 10 24 leverage leverage VERB cblr-1764 10 25 international international ADJ cblr-1764 10 26 harmonization harmonization NOUN cblr-1764 10 27 agreements agreement NOUN cblr-1764 10 28 into into ADP cblr-1764 10 29 domestic domestic ADJ cblr-1764 10 30 reforms reform NOUN cblr-1764 10 31 , , PUNCT cblr-1764 10 32 whereas whereas SCONJ cblr-1764 10 33 the the DET cblr-1764 10 34 reverse reverse ADJ cblr-1764 10 35 orientation orientation NOUN cblr-1764 10 36 would would AUX cblr-1764 10 37 be be AUX cblr-1764 10 38 more more ADV cblr-1764 10 39 effective effective ADJ cblr-1764 10 40 . . PUNCT cblr-1764 11 1 second second ADJ cblr-1764 11 2 , , PUNCT cblr-1764 11 3 frequent frequent ADJ cblr-1764 11 4 calls call NOUN cblr-1764 11 5 for for ADP cblr-1764 11 6 more more ADJ cblr-1764 11 7 “ " PUNCT cblr-1764 11 8 functional functional ADJ cblr-1764 11 9 regulation regulation NOUN cblr-1764 11 10 ” " PUNCT cblr-1764 11 11 fail fail VERB cblr-1764 11 12 to to PART cblr-1764 11 13 appreciate appreciate VERB cblr-1764 11 14 the the DET cblr-1764 11 15 subtle subtle ADJ cblr-1764 11 16 advantages advantage NOUN cblr-1764 11 17 of of ADP cblr-1764 11 18 retaining retain VERB cblr-1764 11 19 formalistic formalistic ADJ cblr-1764 11 20 legal legal ADJ cblr-1764 11 21 definitions definition NOUN cblr-1764 11 22 , , PUNCT cblr-1764 11 23 even even ADV cblr-1764 11 24 in in ADP cblr-1764 11 25 the the DET cblr-1764 11 26 face face NOUN cblr-1764 11 27 of of ADP cblr-1764 11 28 increasing increase VERB cblr-1764 11 29 economic economic ADJ cblr-1764 11 30 convergence convergence NOUN cblr-1764 11 31 . . PUNCT cblr-1764 12 1 although although SCONJ cblr-1764 12 2 this this DET cblr-1764 12 3 article article NOUN cblr-1764 12 4 explains explain VERB cblr-1764 12 5 how how SCONJ cblr-1764 12 6 the the DET cblr-1764 12 7 two two NUM cblr-1764 12 8 boundary boundary ADJ cblr-1764 12 9 problems problem NOUN cblr-1764 12 10 raise raise VERB cblr-1764 12 11 distinct distinct ADJ cblr-1764 12 12 sets set NOUN cblr-1764 12 13 of of ADP cblr-1764 12 14 policy policy NOUN cblr-1764 12 15 tradeoffs tradeoff NOUN cblr-1764 12 16 , , PUNCT cblr-1764 12 17 at at ADP cblr-1764 12 18 bottom bottom NOUN cblr-1764 12 19 both both PRON cblr-1764 12 20 are be AUX cblr-1764 12 21 a a DET cblr-1764 12 22 product product NOUN cblr-1764 12 23 of of ADP cblr-1764 12 24 the the DET cblr-1764 12 25 possibility possibility NOUN cblr-1764 12 26 for for ADP cblr-1764 12 27 regulatory regulatory ADJ cblr-1764 12 28 arbitrage arbitrage NOUN cblr-1764 12 29 across across ADP cblr-1764 12 30 jurisdictions jurisdiction NOUN cblr-1764 12 31 or or CCONJ cblr-1764 12 32 industry industry NOUN cblr-1764 12 33 definitions definition NOUN cblr-1764 12 34 , , PUNCT cblr-1764 12 35 and and CCONJ cblr-1764 12 36 the the DET cblr-1764 12 37 potential potential NOUN cblr-1764 12 38 for for ADP cblr-1764 12 39 a a DET cblr-1764 12 40 loosely loosely ADV cblr-1764 12 41 regulated regulated ADJ cblr-1764 12 42 shadow shadow NOUN cblr-1764 12 43 finance finance NOUN cblr-1764 12 44 sector sector NOUN cblr-1764 12 45 to to PART cblr-1764 12 46 arise arise VERB cblr-1764 12 47 . . PUNCT cblr-1764 13 1 here here ADV cblr-1764 13 2 , , PUNCT cblr-1764 13 3 insurance insurance NOUN cblr-1764 13 4 is be AUX cblr-1764 13 5 used use VERB cblr-1764 13 6 as as ADP cblr-1764 13 7 a a DET cblr-1764 13 8 case case NOUN cblr-1764 13 9 study study NOUN cblr-1764 13 10 for for ADP cblr-1764 13 11 finance finance NOUN cblr-1764 13 12 in in ADP cblr-1764 13 13 general general ADJ cblr-1764 13 14 , , PUNCT cblr-1764 13 15 to to PART cblr-1764 13 16 demonstrate demonstrate VERB cblr-1764 13 17 that that SCONJ cblr-1764 13 18 regulatory regulatory ADJ cblr-1764 13 19 arbitrage arbitrage NOUN cblr-1764 13 20 can can AUX cblr-1764 13 21 occur occur VERB cblr-1764 13 22 along along ADP cblr-1764 13 23 a a DET cblr-1764 13 24 surprising surprising ADJ cblr-1764 13 25 number number NOUN cblr-1764 13 26 of of ADP cblr-1764 13 27 fronts front NOUN cblr-1764 13 28 , , PUNCT cblr-1764 13 29 which which PRON cblr-1764 13 30 compounds compound VERB cblr-1764 13 31 the the DET cblr-1764 13 32 difficulty difficulty NOUN cblr-1764 13 33 of of ADP cblr-1764 13 34 obtaining obtain VERB cblr-1764 13 35 reliable reliable ADJ cblr-1764 13 36 ex ex PRON cblr-1764 13 37 ante ante NOUN cblr-1764 13 38 estimates estimate NOUN cblr-1764 13 39 of of ADP cblr-1764 13 40 a a DET cblr-1764 13 41 proposed propose VERB cblr-1764 13 42 financial financial ADJ cblr-1764 13 43 regulation regulation NOUN cblr-1764 13 44 ’s ’s PART cblr-1764 13 45 effects effect NOUN cblr-1764 13 46 . . PUNCT cblr-1764 14 1 i. i. NOUN cblr-1764 14 2     SPACE cblr-1764 14 3 introduction introduction NOUN cblr-1764 14 4 ................................................................ ................................................................ PUNCT cblr-1764 14 5 969 969 NUM cblr-1764 14 6     SPACE cblr-1764 14 7 ii ii NOUN cblr-1764 14 8 . . PUNCT cblr-1764 14 9     SPACE cblr-1764 15 1 the the DET cblr-1764 15 2 convergence convergence NOUN cblr-1764 15 3 of of ADP cblr-1764 15 4 insurance insurance NOUN cblr-1764 15 5 with with ADP cblr-1764 15 6 other other ADJ cblr-1764 15 7 financial financial ADJ cblr-1764 15 8 services service NOUN cblr-1764 15 9 ...................................................... ...................................................... PUNCT cblr-1764 16 1 980 980 NUM cblr-1764 16 2     SPACE cblr-1764 16 3 a. a. NOUN cblr-1764 16 4     SPACE cblr-1764 16 5 convergence convergence NOUN cblr-1764 16 6 of of ADP cblr-1764 16 7 products product NOUN cblr-1764 16 8 : : PUNCT cblr-1764 16 9 non non ADJ cblr-1764 16 10 - - ADJ cblr-1764 16 11 traditional traditional ADJ cblr-1764 16 12 insurance insurance NOUN cblr-1764 16 13 products product NOUN cblr-1764 16 14 .............................................. .............................................. PUNCT cblr-1764 16 15 982 982 NUM cblr-1764 16 16     SPACE cblr-1764 16 17 b. b. NOUN cblr-1764 16 18     SPACE cblr-1764 16 19 convergence convergence NOUN cblr-1764 16 20 of of ADP cblr-1764 16 21 firms firm NOUN cblr-1764 16 22 : : PUNCT cblr-1764 16 23 insurance insurance NOUN cblr-1764 16 24 and and CCONJ cblr-1764 16 25 systemic systemic ADJ cblr-1764 16 26 risk risk NOUN cblr-1764 16 27 ....................................................................... ....................................................................... PUNCT cblr-1764 16 28 989 989 NUM cblr-1764 16 29     SPACE cblr-1764 16 30 1 1 NUM cblr-1764 16 31 . . PUNCT cblr-1764 16 32     SPACE cblr-1764 16 33 counterparty counterparty NOUN cblr-1764 16 34 risk risk NOUN cblr-1764 16 35 .......................................... .......................................... PUNCT cblr-1764 16 36 989 989 NUM cblr-1764 16 37     SPACE cblr-1764 16 38 2 2 NUM cblr-1764 16 39 . . PUNCT cblr-1764 16 40     SPACE cblr-1764 16 41 spillover spillover VERB cblr-1764 16 42 risk risk NOUN cblr-1764 16 43 .................................................. .................................................. PUNCT cblr-1764 17 1 993 993 NUM cblr-1764 17 2     SPACE cblr-1764 17 3 3 3 NUM cblr-1764 17 4 . . PUNCT cblr-1764 17 5     SPACE cblr-1764 17 6 information information NOUN cblr-1764 17 7 contagion contagion NOUN cblr-1764 17 8 risk risk NOUN cblr-1764 17 9 .......................... .......................... PUNCT cblr-1764 17 10 996 996 NUM cblr-1764 17 11     SPACE cblr-1764 17 12 iii iii NOUN cblr-1764 17 13 . . PUNCT cblr-1764 17 14     SPACE cblr-1764 17 15 the the DET cblr-1764 17 16 two two NUM cblr-1764 17 17 tiers tier NOUN cblr-1764 17 18 of of ADP cblr-1764 17 19 insurance insurance NOUN cblr-1764 17 20 regulation regulation NOUN cblr-1764 17 21 .................... .................... PUNCT cblr-1764 18 1 999 999 NUM cblr-1764 18 2     SPACE cblr-1764 18 3 a. a. NOUN cblr-1764 18 4     SPACE cblr-1764 18 5 domestic domestic ADJ cblr-1764 18 6 ............................................................. ............................................................. PUNCT cblr-1764 18 7 1000 1000 NUM cblr-1764 18 8     SPACE cblr-1764 18 9 1 1 NUM cblr-1764 18 10 . . PUNCT cblr-1764 18 11     SPACE cblr-1764 18 12 pre-2008 pre-2008 NOUN cblr-1764 18 13 ........................................................ ........................................................ PUNCT cblr-1764 19 1 1000 1000 NUM cblr-1764 19 2     SPACE cblr-1764 19 3 2 2 NUM cblr-1764 19 4 . . PUNCT cblr-1764 19 5     SPACE cblr-1764 19 6 post-2008 post-2008 NOUN cblr-1764 19 7 ...................................................... ...................................................... PUNCT cblr-1764 20 1 1005 1005 NUM cblr-1764 20 2     SPACE cblr-1764 20 3 b. b. PROPN cblr-1764 20 4     SPACE cblr-1764 20 5 international international PROPN cblr-1764 20 6 ...................................................... ...................................................... PUNCT cblr-1764 20 7 1009 1009 NUM cblr-1764 20 8     SPACE cblr-1764 20 9 turk turk NOUN cblr-1764 20 10 – – PUNCT cblr-1764 20 11 final final ADJ cblr-1764 20 12 no no NOUN cblr-1764 20 13 . . PUNCT cblr-1764 21 1 3:967 3:967 NUM cblr-1764 21 2 ] ] X cblr-1764 21 3 insurance insurance NOUN cblr-1764 21 4 convergence convergence NOUN cblr-1764 21 5 969 969 NUM cblr-1764 21 6 1 1 NUM cblr-1764 21 7 . . PUNCT cblr-1764 21 8     SPACE cblr-1764 21 9 pre-2008 pre-2008 NOUN cblr-1764 21 10 ........................................................ ........................................................ PUNCT cblr-1764 22 1 1010 1010 NUM cblr-1764 22 2     SPACE cblr-1764 22 3 2 2 NUM cblr-1764 22 4 . . PUNCT cblr-1764 22 5     SPACE cblr-1764 22 6 post-2008 post-2008 NOUN cblr-1764 22 7 ...................................................... ...................................................... PUNCT cblr-1764 22 8 1013 1013 NUM cblr-1764 22 9     SPACE cblr-1764 22 10 iv iv NUM cblr-1764 22 11 . . PUNCT cblr-1764 22 12     SPACE cblr-1764 22 13 boundary boundary ADJ cblr-1764 22 14 problems problem NOUN cblr-1764 22 15 in in ADP cblr-1764 22 16 the the DET cblr-1764 22 17 regulation regulation NOUN cblr-1764 22 18 of of ADP cblr-1764 22 19 insurance1016 insurance1016 PROPN cblr-1764 22 20     SPACE cblr-1764 22 21 a. a. NOUN cblr-1764 22 22     SPACE cblr-1764 22 23 the the DET cblr-1764 22 24 jurisdictional jurisdictional ADJ cblr-1764 22 25 boundary boundary ADJ cblr-1764 22 26 problem problem NOUN cblr-1764 22 27 : : PUNCT cblr-1764 22 28 regulatory regulatory ADJ cblr-1764 22 29 harmonization harmonization NOUN cblr-1764 22 30 versus versus ADP cblr-1764 22 31 regulatory regulatory ADJ cblr-1764 22 32 competition competition NOUN cblr-1764 22 33 ........................................................ ........................................................ PUNCT cblr-1764 22 34 1016 1016 NUM cblr-1764 22 35     SPACE cblr-1764 22 36 1 1 NUM cblr-1764 22 37 . . PUNCT cblr-1764 22 38     SPACE cblr-1764 22 39 domestic domestic ADJ cblr-1764 22 40 harmonization harmonization NOUN cblr-1764 22 41 ............................. ............................. PUNCT cblr-1764 22 42 1020 1020 NUM cblr-1764 22 43     SPACE cblr-1764 22 44 a. a. NOUN cblr-1764 22 45     SPACE cblr-1764 22 46 evaluating evaluate VERB cblr-1764 22 47 possible possible ADJ cblr-1764 22 48 harmonization harmonization NOUN cblr-1764 22 49 models model NOUN cblr-1764 22 50 ..................................................... ..................................................... PUNCT cblr-1764 22 51 1025 1025 NUM cblr-1764 22 52     SPACE cblr-1764 22 53 i. i. NOUN cblr-1764 22 54     SPACE cblr-1764 22 55 market market NOUN cblr-1764 22 56 conduct conduct NOUN cblr-1764 22 57 regulation regulation NOUN cblr-1764 22 58 ............. ............. PUNCT cblr-1764 22 59 1027 1027 NUM cblr-1764 22 60     SPACE cblr-1764 22 61 ii ii NOUN cblr-1764 22 62 . . PUNCT cblr-1764 22 63     SPACE cblr-1764 22 64 solvency solvency NOUN cblr-1764 22 65 regulation regulation NOUN cblr-1764 22 66 .......................... .......................... PUNCT cblr-1764 22 67 1030 1030 NUM cblr-1764 22 68     SPACE cblr-1764 22 69 2 2 NUM cblr-1764 22 70 . . PUNCT cblr-1764 22 71     SPACE cblr-1764 22 72 international international ADJ cblr-1764 22 73 harmonization harmonization NOUN cblr-1764 22 74 ...................... ...................... PUNCT cblr-1764 23 1 1032 1032 NUM cblr-1764 23 2     SPACE cblr-1764 23 3 b. b. PROPN cblr-1764 23 4     SPACE cblr-1764 23 5 the the DET cblr-1764 23 6 definitional definitional ADJ cblr-1764 23 7 boundary boundary ADJ cblr-1764 23 8 problem problem NOUN cblr-1764 23 9 : : PUNCT cblr-1764 23 10 regulation regulation NOUN cblr-1764 23 11 of of ADP cblr-1764 23 12 legal legal ADJ cblr-1764 23 13 form form NOUN cblr-1764 23 14 versus versus ADP cblr-1764 23 15 economic economic ADJ cblr-1764 23 16 function function NOUN cblr-1764 23 17 ............................................................. ............................................................. PUNCT cblr-1764 23 18 1038 1038 NUM cblr-1764 23 19     SPACE cblr-1764 23 20 1 1 NUM cblr-1764 23 21 . . PUNCT cblr-1764 23 22     SPACE cblr-1764 23 23 functional functional ADJ cblr-1764 23 24 regulation regulation NOUN cblr-1764 23 25 of of ADP cblr-1764 23 26 products product NOUN cblr-1764 23 27 .............. .............. PUNCT cblr-1764 23 28 1041 1041 NUM cblr-1764 23 29     SPACE cblr-1764 23 30 a. a. NOUN cblr-1764 23 31     SPACE cblr-1764 23 32 annuities annuity NOUN cblr-1764 23 33 ................................................. ................................................. PUNCT cblr-1764 23 34 1041 1041 NUM cblr-1764 23 35     SPACE cblr-1764 23 36 b. b. PROPN cblr-1764 23 37     SPACE cblr-1764 23 38 credit credit NOUN cblr-1764 23 39 default default NOUN cblr-1764 23 40 swaps swap NOUN cblr-1764 23 41 ............................. ............................. PUNCT cblr-1764 23 42 1046 1046 NUM cblr-1764 23 43     SPACE cblr-1764 23 44 2 2 NUM cblr-1764 23 45 . . PUNCT cblr-1764 23 46     SPACE cblr-1764 23 47 functional functional ADJ cblr-1764 23 48 regulation regulation NOUN cblr-1764 23 49 of of ADP cblr-1764 23 50 institutions institution NOUN cblr-1764 23 51 ......... ......... PUNCT cblr-1764 23 52 1052 1052 NUM cblr-1764 23 53     SPACE cblr-1764 23 54 a. a. NOUN cblr-1764 23 55     SPACE cblr-1764 23 56 solvency solvency NOUN cblr-1764 23 57 rules rule NOUN cblr-1764 23 58 for for ADP cblr-1764 23 59 systemicallyimportant systemicallyimportant PROPN cblr-1764 23 60 insurers insurer NOUN cblr-1764 23 61 ................................. ................................. PUNCT cblr-1764 23 62 1052 1052 NUM cblr-1764 23 63     SPACE cblr-1764 23 64 b. b. NOUN cblr-1764 23 65     SPACE cblr-1764 23 66 solvency solvency NOUN cblr-1764 23 67 rules rule NOUN cblr-1764 23 68 for for ADP cblr-1764 23 69 all all DET cblr-1764 23 70 insurers insurer NOUN cblr-1764 23 71 ............. ............. PUNCT cblr-1764 23 72 1055 1055 NUM cblr-1764 23 73     SPACE cblr-1764 23 74 v. v. NOUN cblr-1764 23 75     SPACE cblr-1764 23 76 regulatory regulatory ADJ cblr-1764 23 77 arbitrage arbitrage NOUN cblr-1764 23 78 and and CCONJ cblr-1764 23 79 cost cost NOUN cblr-1764 23 80 - - PUNCT cblr-1764 23 81 benefit benefit NOUN cblr-1764 23 82 analysis analysis NOUN cblr-1764 23 83 procedures procedure NOUN cblr-1764 23 84 ................................................................ ................................................................ PUNCT cblr-1764 23 85 1061 1061 NUM cblr-1764 23 86     SPACE cblr-1764 23 87 vi vi PROPN cblr-1764 23 88 . . PUNCT cblr-1764 23 89     SPACE cblr-1764 23 90 conclusion conclusion NOUN cblr-1764 23 91 ................................................................ ................................................................ PUNCT cblr-1764 23 92 1070 1070 NUM cblr-1764 23 93     SPACE cblr-1764 23 94 i. i. NOUN cblr-1764 23 95 introduction introduction NOUN cblr-1764 23 96 the the DET cblr-1764 23 97 downfall downfall NOUN cblr-1764 23 98 of of ADP cblr-1764 23 99 insurance insurance NOUN cblr-1764 23 100 giant giant ADJ cblr-1764 23 101 american american PROPN cblr-1764 23 102 international international PROPN cblr-1764 23 103 group group PROPN cblr-1764 23 104 , , PUNCT cblr-1764 23 105 inc inc PROPN cblr-1764 23 106 . . PROPN cblr-1764 23 107 ( ( PUNCT cblr-1764 23 108 “ " PUNCT cblr-1764 23 109 aig aig PROPN cblr-1764 23 110 ” " PUNCT cblr-1764 23 111 ) ) PUNCT cblr-1764 23 112 during during ADP cblr-1764 23 113 the the DET cblr-1764 23 114 height height NOUN cblr-1764 23 115 of of ADP cblr-1764 23 116 the the DET cblr-1764 23 117 global global ADJ cblr-1764 23 118 financial financial ADJ cblr-1764 23 119 crisis crisis NOUN cblr-1764 23 120 in in ADP cblr-1764 23 121 september september PROPN cblr-1764 23 122 of of ADP cblr-1764 23 123 2008 2008 NUM cblr-1764 23 124 has have AUX cblr-1764 23 125 been be AUX cblr-1764 23 126 well well ADV cblr-1764 23 127 documented.1 documented.1 ADP cblr-1764 23 128 the the DET cblr-1764 23 129 proximate proximate NOUN cblr-1764 23 130 cause cause NOUN cblr-1764 23 131 of of ADP cblr-1764 23 132 aig aig PROPN cblr-1764 23 133 ’s ’s PART cblr-1764 23 134 collapse collapse NOUN cblr-1764 23 135 was be AUX cblr-1764 23 136 the the DET cblr-1764 23 137 losses loss NOUN cblr-1764 23 138 taken take VERB cblr-1764 23 139 on on ADP cblr-1764 23 140 by by ADP cblr-1764 23 141 its its PRON cblr-1764 23 142 financial financial ADJ cblr-1764 23 143 products product NOUN cblr-1764 23 144 unit unit NOUN cblr-1764 23 145 , , PUNCT cblr-1764 23 146 known know VERB cblr-1764 23 147 as as ADP cblr-1764 23 148 aigfp aigfp NOUN cblr-1764 23 149 , , PUNCT cblr-1764 23 150 which which PRON cblr-1764 23 151 had have AUX cblr-1764 23 152 insured insure VERB cblr-1764 23 153 the the DET cblr-1764 23 154 potential potential ADJ cblr-1764 23 155 downside downside NOUN cblr-1764 23 156 of of ADP cblr-1764 23 157 various various ADJ cblr-1764 23 158 mortgage mortgage NOUN cblr-1764 23 159 - - PUNCT cblr-1764 23 160 related relate VERB cblr-1764 23 161 securities security NOUN cblr-1764 23 162 by by ADP cblr-1764 23 163 selling sell VERB cblr-1764 23 164 credit credit NOUN cblr-1764 23 165 default default NOUN cblr-1764 23 166 swaps swap NOUN cblr-1764 23 167 with with ADP cblr-1764 23 168 a a DET cblr-1764 23 169 notional notional ADJ cblr-1764 23 170 1 1 NUM cblr-1764 23 171 see see NOUN cblr-1764 23 172 , , PUNCT cblr-1764 23 173 e.g. e.g. ADV cblr-1764 23 174 , , PUNCT cblr-1764 23 175 pam pam PROPN cblr-1764 23 176 selvarajah selvarajah PROPN cblr-1764 23 177 , , PUNCT cblr-1764 23 178 the the DET cblr-1764 23 179 aig aig PROPN cblr-1764 23 180 bailout bailout NOUN cblr-1764 23 181 and and CCONJ cblr-1764 23 182 aig aig PROPN cblr-1764 23 183 ’s ’s PART cblr-1764 23 184 prospects prospect NOUN cblr-1764 23 185 for for ADP cblr-1764 23 186 repaying repay VERB cblr-1764 23 187 government government NOUN cblr-1764 23 188 loans loan NOUN cblr-1764 23 189 , , PUNCT cblr-1764 23 190 29 29 NUM cblr-1764 23 191 rev rev X cblr-1764 23 192 . . PROPN cblr-1764 23 193 banking banking PROPN cblr-1764 23 194 & & CCONJ cblr-1764 23 195 fin fin PROPN cblr-1764 23 196 . . PUNCT cblr-1764 24 1 l. l. PROPN cblr-1764 24 2 363 363 NUM cblr-1764 24 3 ( ( PUNCT cblr-1764 24 4 2010 2010 NUM cblr-1764 24 5 ) ) PUNCT cblr-1764 24 6 . . PUNCT cblr-1764 25 1 turk turk PROPN cblr-1764 25 2 – – PUNCT cblr-1764 25 3 final final ADJ cblr-1764 25 4 970 970 NUM cblr-1764 25 5 columbia columbia PROPN cblr-1764 25 6 business business NOUN cblr-1764 25 7 law law PROPN cblr-1764 25 8 review review NOUN cblr-1764 25 9 [ [ X cblr-1764 25 10 vol vol NOUN cblr-1764 25 11 . . NOUN cblr-1764 25 12 2015 2015 NUM cblr-1764 25 13 value value NOUN cblr-1764 25 14 of of ADP cblr-1764 25 15 roughly roughly ADV cblr-1764 25 16 $ $ SYM cblr-1764 25 17 527 527 NUM cblr-1764 25 18 billion.2 billion.2 NOUN cblr-1764 25 19 although although SCONJ cblr-1764 25 20 aig aig PROPN cblr-1764 25 21 was be AUX cblr-1764 25 22 one one NUM cblr-1764 25 23 of of ADP cblr-1764 25 24 the the DET cblr-1764 25 25 most most ADV cblr-1764 25 26 high high ADJ cblr-1764 25 27 profile profile NOUN cblr-1764 25 28 firms firm NOUN cblr-1764 25 29 to to PART cblr-1764 25 30 resort resort VERB cblr-1764 25 31 to to ADP cblr-1764 25 32 an an DET cblr-1764 25 33 emergency emergency NOUN cblr-1764 25 34 bailout bailout NOUN cblr-1764 25 35 by by ADP cblr-1764 25 36 the the DET cblr-1764 25 37 federal federal ADJ cblr-1764 25 38 government,3 government,3 NOUN cblr-1764 25 39 it it PRON cblr-1764 25 40 is be AUX cblr-1764 25 41 typically typically ADV cblr-1764 25 42 seen see VERB cblr-1764 25 43 as as ADP cblr-1764 25 44 an an DET cblr-1764 25 45 idiosyncratic idiosyncratic ADJ cblr-1764 25 46 example example NOUN cblr-1764 25 47 of of ADP cblr-1764 25 48 a a PRON cblr-1764 25 49 too too ADV cblr-1764 25 50 big big ADJ cblr-1764 25 51 to to PART cblr-1764 25 52 fail fail VERB cblr-1764 25 53 institution institution NOUN cblr-1764 25 54 . . PUNCT cblr-1764 26 1 according accord VERB cblr-1764 26 2 to to ADP cblr-1764 26 3 then then ADV cblr-1764 26 4 - - PUNCT cblr-1764 26 5 federal federal PROPN cblr-1764 26 6 reserve reserve PROPN cblr-1764 26 7 chairman chairman PROPN cblr-1764 26 8 ben ben PROPN cblr-1764 26 9 bernanke bernanke PROPN cblr-1764 26 10 , , PUNCT cblr-1764 26 11 aig aig PROPN cblr-1764 26 12 was be AUX cblr-1764 26 13 a a DET cblr-1764 26 14 wayward wayward ADJ cblr-1764 26 15 insurance insurance NOUN cblr-1764 26 16 company company NOUN cblr-1764 26 17 that that PRON cblr-1764 26 18 was be AUX cblr-1764 26 19 toppled topple VERB cblr-1764 26 20 along along ADV cblr-1764 26 21 with with ADP cblr-1764 26 22 the the DET cblr-1764 26 23 big big ADJ cblr-1764 26 24 banks bank NOUN cblr-1764 26 25 because because SCONJ cblr-1764 26 26 it it PRON cblr-1764 26 27 had have AUX cblr-1764 26 28 somehow somehow ADV cblr-1764 26 29 managed manage VERB cblr-1764 26 30 to to PART cblr-1764 26 31 be be AUX cblr-1764 26 32 infiltrated infiltrate VERB cblr-1764 26 33 by by ADP cblr-1764 26 34 what what PRON cblr-1764 26 35 was be AUX cblr-1764 26 36 essentially essentially ADV cblr-1764 26 37 a a DET cblr-1764 26 38 runaway runaway ADJ cblr-1764 26 39 hedge hedge NOUN cblr-1764 26 40 fund fund NOUN cblr-1764 26 41 in in ADP cblr-1764 26 42 aigfp.4 aigfp.4 PROPN cblr-1764 26 43 this this DET cblr-1764 26 44 article article NOUN cblr-1764 26 45 explains explain VERB cblr-1764 26 46 that that SCONJ cblr-1764 26 47 , , PUNCT cblr-1764 26 48 contrary contrary ADV cblr-1764 26 49 to to ADP cblr-1764 26 50 this this DET cblr-1764 26 51 conventional conventional ADJ cblr-1764 26 52 wisdom wisdom NOUN cblr-1764 26 53 , , PUNCT cblr-1764 26 54 aig aig PROPN cblr-1764 26 55 was be AUX cblr-1764 26 56 not not PART cblr-1764 26 57 in in ADP cblr-1764 26 58 fact fact NOUN cblr-1764 26 59 a a DET cblr-1764 26 60 rogue rogue ADJ cblr-1764 26 61 risk risk NOUN cblr-1764 26 62 - - PUNCT cblr-1764 26 63 taker taker NOUN cblr-1764 26 64 in in ADP cblr-1764 26 65 an an DET cblr-1764 26 66 otherwise otherwise ADV cblr-1764 26 67 staid staid ADJ cblr-1764 26 68 insurance insurance NOUN cblr-1764 26 69 industry industry NOUN cblr-1764 26 70 , , PUNCT cblr-1764 26 71 which which PRON cblr-1764 26 72 was be AUX cblr-1764 26 73 busy busy ADJ cblr-1764 26 74 minding mind VERB cblr-1764 26 75 the the DET cblr-1764 26 76 predictable predictable ADJ cblr-1764 26 77 stream stream NOUN cblr-1764 26 78 of of ADP cblr-1764 26 79 accidents accident NOUN cblr-1764 26 80 to to ADP cblr-1764 26 81 property property NOUN cblr-1764 26 82 , , PUNCT cblr-1764 26 83 life life NOUN cblr-1764 26 84 , , PUNCT cblr-1764 26 85 and and CCONJ cblr-1764 26 86 limb limb NOUN cblr-1764 26 87 . . PUNCT cblr-1764 27 1 instead instead ADV cblr-1764 27 2 , , PUNCT cblr-1764 27 3 aig aig PROPN cblr-1764 27 4 exemplifies exemplify VERB cblr-1764 27 5 the the DET cblr-1764 27 6 far far ADJ cblr-1764 27 7 edge edge NOUN cblr-1764 27 8 of of ADP cblr-1764 27 9 an an DET cblr-1764 27 10 industrywide industrywide ADJ cblr-1764 27 11 transformation transformation NOUN cblr-1764 27 12 that that PRON cblr-1764 27 13 has have AUX cblr-1764 27 14 taken take VERB cblr-1764 27 15 place place NOUN cblr-1764 27 16 in in ADP cblr-1764 27 17 the the DET cblr-1764 27 18 past past ADJ cblr-1764 27 19 decade decade NOUN cblr-1764 27 20 or or CCONJ cblr-1764 27 21 so so ADV cblr-1764 27 22 , , PUNCT cblr-1764 27 23 in in ADP cblr-1764 27 24 which which PRON cblr-1764 27 25 insurance insurance NOUN cblr-1764 27 26 companies company NOUN cblr-1764 27 27 have have AUX cblr-1764 27 28 come come VERB cblr-1764 27 29 to to PART cblr-1764 27 30 serve serve VERB cblr-1764 27 31 a a DET cblr-1764 27 32 role role NOUN cblr-1764 27 33 that that PRON cblr-1764 27 34 is be AUX cblr-1764 27 35 economically economically ADV cblr-1764 27 36 similar similar ADJ cblr-1764 27 37 to to ADP cblr-1764 27 38 that that PRON cblr-1764 27 39 of of ADP cblr-1764 27 40 other other ADJ cblr-1764 27 41 financial financial ADJ cblr-1764 27 42 institutions institution NOUN cblr-1764 27 43 such such ADJ cblr-1764 27 44 as as ADP cblr-1764 27 45 banks bank NOUN cblr-1764 27 46 and and CCONJ cblr-1764 27 47 securities security NOUN cblr-1764 27 48 firms firm NOUN cblr-1764 27 49 . . PUNCT cblr-1764 28 1 this this DET cblr-1764 28 2 trend trend NOUN cblr-1764 28 3 of of ADP cblr-1764 28 4 convergence convergence NOUN cblr-1764 28 5 has have AUX cblr-1764 28 6 proceeded proceed VERB cblr-1764 28 7 first first ADV cblr-1764 28 8 at at ADP cblr-1764 28 9 the the DET cblr-1764 28 10 product product NOUN cblr-1764 28 11 level level NOUN cblr-1764 28 12 where where SCONJ cblr-1764 28 13 , , PUNCT cblr-1764 28 14 along along ADP cblr-1764 28 15 with with ADP cblr-1764 28 16 aig aig PROPN cblr-1764 28 17 , , PUNCT cblr-1764 28 18 many many ADJ cblr-1764 28 19 other other ADJ cblr-1764 28 20 insurers insurer NOUN cblr-1764 28 21 have have AUX cblr-1764 28 22 begun begin VERB cblr-1764 28 23 to to PART cblr-1764 28 24 sell sell VERB cblr-1764 28 25 insurance insurance NOUN cblr-1764 28 26 policies policy NOUN cblr-1764 28 27 that that PRON cblr-1764 28 28 are be AUX cblr-1764 28 29 tied tie VERB cblr-1764 28 30 to to ADP cblr-1764 28 31 the the DET cblr-1764 28 32 value value NOUN cblr-1764 28 33 of of ADP cblr-1764 28 34 the the DET cblr-1764 28 35 stock stock NOUN cblr-1764 28 36 market market NOUN cblr-1764 28 37 , , PUNCT cblr-1764 28 38 mortgages mortgage NOUN cblr-1764 28 39 , , PUNCT cblr-1764 28 40 or or CCONJ cblr-1764 28 41 mortgage mortgage NOUN cblr-1764 28 42 - - PUNCT cblr-1764 28 43 related relate VERB cblr-1764 28 44 derivatives derivative NOUN cblr-1764 28 45 , , PUNCT cblr-1764 28 46 all all PRON cblr-1764 28 47 of of ADP cblr-1764 28 48 2 2 NUM cblr-1764 28 49 am am NOUN cblr-1764 28 50 . . PUNCT cblr-1764 29 1 int’l int’l NUM cblr-1764 29 2 grp grp PROPN cblr-1764 29 3 . . PROPN cblr-1764 29 4 inc inc PROPN cblr-1764 29 5 . . PROPN cblr-1764 29 6 , , PUNCT cblr-1764 29 7 annual annual ADJ cblr-1764 29 8 report report NOUN cblr-1764 29 9 ( ( PUNCT cblr-1764 29 10 form form NOUN cblr-1764 29 11 10 10 NUM cblr-1764 29 12 - - PUNCT cblr-1764 29 13 k k NOUN cblr-1764 29 14 ) ) PUNCT cblr-1764 29 15 ( ( PUNCT cblr-1764 29 16 feb feb PROPN cblr-1764 29 17 . . PROPN cblr-1764 29 18 28 28 NUM cblr-1764 29 19 , , PUNCT cblr-1764 29 20 2008 2008 NUM cblr-1764 29 21 ) ) PUNCT cblr-1764 29 22 , , PUNCT cblr-1764 29 23 at at ADP cblr-1764 29 24 122 122 NUM cblr-1764 29 25 , , PUNCT cblr-1764 29 26 http://www.aig.com/chartis/internet/us/en/2007-10k_tcm3171440886.pdf http://www.aig.com/chartis/internet/us/en/2007-10k_tcm3171440886.pdf X cblr-1764 30 1 [ [ X cblr-1764 30 2 http://perma.cc/vv8f-lyy2 http://perma.cc/vv8f-lyy2 X cblr-1764 30 3 ] ] X cblr-1764 30 4 [ [ X cblr-1764 30 5 hereinafter hereinafter NOUN cblr-1764 30 6 aig aig PROPN cblr-1764 30 7 2007 2007 NUM cblr-1764 30 8 annual annual ADJ cblr-1764 30 9 report report NOUN cblr-1764 30 10 ] ] PUNCT cblr-1764 30 11 . . PUNCT cblr-1764 31 1 3 3 NUM cblr-1764 31 2 see see VERB cblr-1764 31 3 william william PROPN cblr-1764 31 4 k. k. PROPN cblr-1764 31 5 sjostrom sjostrom PROPN cblr-1764 31 6 jr jr PROPN cblr-1764 31 7 . . 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PUNCT cblr-1764 44 100 ” " PUNCT cblr-1764 44 101 ) ) PUNCT cblr-1764 44 102 . . PUNCT cblr-1764 45 1 turk turk PROPN cblr-1764 45 2 – – PUNCT cblr-1764 45 3 final final ADJ cblr-1764 45 4 972 972 NUM cblr-1764 45 5 columbia columbia PROPN cblr-1764 45 6 business business NOUN cblr-1764 45 7 law law PROPN cblr-1764 45 8 review review NOUN cblr-1764 45 9 [ [ X cblr-1764 45 10 vol vol NOUN cblr-1764 45 11 . . NOUN cblr-1764 45 12 2015 2015 NUM cblr-1764 45 13 than than ADP cblr-1764 45 14 current current ADJ cblr-1764 45 15 concerns concern NOUN cblr-1764 45 16 over over ADP cblr-1764 45 17 financial financial ADJ cblr-1764 45 18 stability.8 stability.8 PROPN cblr-1764 45 19 this this DET cblr-1764 45 20 gap gap NOUN cblr-1764 45 21 in in ADP cblr-1764 45 22 the the DET cblr-1764 45 23 law law NOUN cblr-1764 45 24 literature literature NOUN cblr-1764 45 25 is be AUX cblr-1764 45 26 especially especially ADV cblr-1764 45 27 glaring glaring ADJ cblr-1764 45 28 , , PUNCT cblr-1764 45 29 given give VERB cblr-1764 45 30 that that DET cblr-1764 45 31 significant significant ADJ cblr-1764 45 32 portions portion NOUN cblr-1764 45 33 of of ADP cblr-1764 45 34 the the DET cblr-1764 45 35 sweeping sweeping ADJ cblr-1764 45 36 regulatory regulatory ADJ cblr-1764 45 37 reforms reform NOUN cblr-1764 45 38 developed develop VERB cblr-1764 45 39 in in ADP cblr-1764 45 40 response response NOUN cblr-1764 45 41 to to ADP cblr-1764 45 42 the the DET cblr-1764 45 43 2008 2008 NUM cblr-1764 45 44 crisis crisis NOUN cblr-1764 45 45 relate relate VERB cblr-1764 45 46 to to ADP cblr-1764 45 47 insurance insurance NOUN cblr-1764 45 48 . . PUNCT cblr-1764 46 1 domestically domestically ADV cblr-1764 46 2 , , PUNCT cblr-1764 46 3 the the DET cblr-1764 46 4 dodd dodd PROPN cblr-1764 46 5 - - PUNCT cblr-1764 46 6 frank frank PROPN cblr-1764 46 7 wall wall PROPN cblr-1764 46 8 street street PROPN cblr-1764 46 9 reform reform PROPN cblr-1764 46 10 and and CCONJ cblr-1764 46 11 consumer consumer NOUN cblr-1764 46 12 protection protection NOUN cblr-1764 46 13 act act NOUN cblr-1764 46 14 ( ( PUNCT cblr-1764 46 15 “ " PUNCT cblr-1764 46 16 dodd dodd NOUN cblr-1764 46 17 - - PUNCT cblr-1764 46 18 frank”)9 frank”)9 NOUN cblr-1764 46 19 established establish VERB cblr-1764 46 20 the the DET cblr-1764 46 21 federal federal ADJ cblr-1764 46 22 insurance insurance NOUN cblr-1764 46 23 office office NOUN cblr-1764 46 24 ( ( PUNCT cblr-1764 46 25 “ " PUNCT cblr-1764 46 26 fio fio NOUN cblr-1764 46 27 ” " PUNCT cblr-1764 46 28 ) ) PUNCT cblr-1764 46 29 , , PUNCT cblr-1764 46 30 the the DET cblr-1764 46 31 first first ADJ cblr-1764 46 32 federal federal ADJ cblr-1764 46 33 agency agency NOUN cblr-1764 46 34 concerned concern VERB cblr-1764 46 35 specifically specifically ADV cblr-1764 46 36 with with ADP cblr-1764 46 37 insurance.10 insurance.10 NOUN cblr-1764 46 38 in in ADP cblr-1764 46 39 addition addition NOUN cblr-1764 46 40 to to ADP cblr-1764 46 41 dodd dodd PROPN cblr-1764 46 42 - - PUNCT cblr-1764 46 43 frank frank PROPN cblr-1764 46 44 ’s ’s PART cblr-1764 46 45 overhaul overhaul NOUN cblr-1764 46 46 of of ADP cblr-1764 46 47 domestic domestic ADJ cblr-1764 46 48 financial financial ADJ cblr-1764 46 49 regulation regulation NOUN cblr-1764 46 50 , , PUNCT cblr-1764 46 51 an an DET cblr-1764 46 52 international international ADJ cblr-1764 46 53 tier tier NOUN cblr-1764 46 54 of of ADP cblr-1764 46 55 reform reform NOUN cblr-1764 46 56 — — PUNCT cblr-1764 46 57 coordinated coordinate VERB cblr-1764 46 58 by by ADP cblr-1764 46 59 institutions institution NOUN cblr-1764 46 60 such such ADJ cblr-1764 46 61 as as ADP cblr-1764 46 62 the the DET cblr-1764 46 63 g-20 g-20 NOUN cblr-1764 46 64 and and CCONJ cblr-1764 46 65 the the DET cblr-1764 46 66 international international ADJ cblr-1764 46 67 association association NOUN cblr-1764 46 68 of of ADP cblr-1764 46 69 insurance insurance NOUN cblr-1764 46 70 supervisors supervisor NOUN cblr-1764 46 71 ( ( PUNCT cblr-1764 46 72 “ " PUNCT cblr-1764 46 73 iais”)—also iais”)—also X cblr-1764 46 74 grew grow VERB cblr-1764 46 75 out out ADP cblr-1764 46 76 of of ADP cblr-1764 46 77 the the DET cblr-1764 46 78 2008 2008 NUM cblr-1764 46 79 crisis crisis NOUN cblr-1764 46 80 , , PUNCT cblr-1764 46 81 and and CCONJ cblr-1764 46 82 includes include VERB cblr-1764 46 83 a a DET cblr-1764 46 84 number number NOUN cblr-1764 46 85 of of ADP cblr-1764 46 86 initiatives initiative NOUN cblr-1764 46 87 to to PART cblr-1764 46 88 renovate renovate VERB cblr-1764 46 89 the the DET cblr-1764 46 90 cross cross ADJ cblr-1764 46 91 - - ADJ cblr-1764 46 92 border border ADJ cblr-1764 46 93 regulation regulation NOUN cblr-1764 46 94 of of ADP cblr-1764 46 95 insurance.11 insurance.11 NOUN cblr-1764 46 96 importantly importantly ADV cblr-1764 46 97 , , PUNCT cblr-1764 46 98 the the DET cblr-1764 46 99 policy policy NOUN cblr-1764 46 100 responses response NOUN cblr-1764 46 101 at at ADP cblr-1764 46 102 both both DET cblr-1764 46 103 tiers tier NOUN cblr-1764 46 104 represent represent VERB cblr-1764 46 105 first first ADJ cblr-1764 46 106 steps step NOUN cblr-1764 46 107 that that PRON cblr-1764 46 108 leave leave VERB cblr-1764 46 109 the the DET cblr-1764 46 110 regulatory regulatory ADJ cblr-1764 46 111 status status NOUN cblr-1764 46 112 quo quo NOUN cblr-1764 46 113 for for ADP cblr-1764 46 114 insurance insurance NOUN cblr-1764 46 115 largely largely ADV cblr-1764 46 116 intact intact ADJ cblr-1764 46 117 , , PUNCT cblr-1764 46 118 while while SCONJ cblr-1764 46 119 at at ADP cblr-1764 46 120 the the DET cblr-1764 46 121 same same ADJ cblr-1764 46 122 time time NOUN cblr-1764 46 123 creating create VERB cblr-1764 46 124 institutional institutional ADJ cblr-1764 46 125 pathways pathway NOUN cblr-1764 46 126 for for ADP cblr-1764 46 127 more more ADV cblr-1764 46 128 ambitious ambitious ADJ cblr-1764 46 129 reforms reform NOUN cblr-1764 46 130 . . PUNCT cblr-1764 47 1 this this DET cblr-1764 47 2 article article NOUN cblr-1764 47 3 examines examine VERB cblr-1764 47 4 these these DET cblr-1764 47 5 economic economic ADJ cblr-1764 47 6 and and CCONJ cblr-1764 47 7 regulatory regulatory ADJ cblr-1764 47 8 changes change NOUN cblr-1764 47 9 in in ADP cblr-1764 47 10 insurance insurance NOUN cblr-1764 47 11 by by ADP cblr-1764 47 12 applying apply VERB cblr-1764 47 13 an an DET cblr-1764 47 14 analytical analytical ADJ cblr-1764 47 15 framework framework NOUN cblr-1764 47 16 8 8 NUM cblr-1764 47 17 see see VERB cblr-1764 47 18 , , PUNCT cblr-1764 47 19 e.g. e.g. ADV cblr-1764 47 20 , , PUNCT cblr-1764 47 21 jonathan jonathan PROPN cblr-1764 47 22 r. r. PROPN cblr-1764 47 23 macey macey PROPN cblr-1764 47 24 , , PUNCT cblr-1764 47 25 the the DET cblr-1764 47 26 business business NOUN cblr-1764 47 27 of of ADP cblr-1764 47 28 banking banking NOUN cblr-1764 47 29 : : PUNCT cblr-1764 47 30 before before ADP cblr-1764 47 31 and and CCONJ cblr-1764 47 32 after after ADP cblr-1764 47 33 gramm gramm NOUN cblr-1764 47 34 - - PUNCT cblr-1764 47 35 leach leach NOUN cblr-1764 47 36 bliley bliley NOUN cblr-1764 47 37 , , PUNCT cblr-1764 47 38 25 25 NUM cblr-1764 47 39 j. j. PROPN cblr-1764 47 40 corp corp PROPN cblr-1764 47 41 . . PROPN cblr-1764 47 42 l. l. PROPN cblr-1764 47 43 691 691 NUM cblr-1764 47 44 , , PUNCT cblr-1764 47 45 691–95 691–95 NUM cblr-1764 47 46 ( ( PUNCT cblr-1764 47 47 2000 2000 NUM cblr-1764 47 48 ) ) PUNCT cblr-1764 47 49 ( ( PUNCT cblr-1764 47 50 analyzing analyze VERB cblr-1764 47 51 the the DET cblr-1764 47 52 earlier early ADJ cblr-1764 47 53 convergence convergence NOUN cblr-1764 47 54 trend trend NOUN cblr-1764 47 55 against against ADP cblr-1764 47 56 the the DET cblr-1764 47 57 backdrop backdrop NOUN cblr-1764 47 58 of of ADP cblr-1764 47 59 the the DET cblr-1764 47 60 grimm grimm NOUN cblr-1764 47 61 - - PUNCT cblr-1764 47 62 leach leach NOUN cblr-1764 47 63 - - PUNCT cblr-1764 47 64 bliley bliley NOUN cblr-1764 47 65 act act NOUN cblr-1764 47 66 ) ) PUNCT cblr-1764 47 67 ; ; PUNCT cblr-1764 47 68 douglas douglas PROPN cblr-1764 47 69 p. p. PROPN cblr-1764 47 70 faucette faucette PROPN cblr-1764 47 71 , , PUNCT cblr-1764 47 72 the the DET cblr-1764 47 73 impact impact NOUN cblr-1764 47 74 of of ADP cblr-1764 47 75 convergence convergence NOUN cblr-1764 47 76 and and CCONJ cblr-1764 47 77 the the DET cblr-1764 47 78 grammleach grammleach NOUN cblr-1764 47 79 bliley bliley PROPN cblr-1764 47 80 act act NOUN cblr-1764 47 81 on on ADP cblr-1764 47 82 the the DET cblr-1764 47 83 insurance insurance NOUN cblr-1764 47 84 industry industry NOUN cblr-1764 47 85 , , PUNCT cblr-1764 47 86 8 8 NUM cblr-1764 47 87 geo geo PROPN cblr-1764 47 88 . . PROPN cblr-1764 47 89 mason mason PROPN cblr-1764 47 90 l. l. PROPN cblr-1764 47 91 rev rev PROPN cblr-1764 47 92 . . PROPN cblr-1764 47 93 623 623 NUM cblr-1764 47 94 , , PUNCT cblr-1764 47 95 624–25 624–25 PROPN cblr-1764 47 96 ( ( PUNCT cblr-1764 47 97 2000 2000 NUM cblr-1764 47 98 ) ) PUNCT cblr-1764 47 99 ( ( PUNCT cblr-1764 47 100 same same ADJ cblr-1764 47 101 ) ) PUNCT cblr-1764 47 102 ; ; PUNCT cblr-1764 47 103 lissa lissa PROPN cblr-1764 47 104 l. l. PROPN cblr-1764 47 105 broome broome PROPN cblr-1764 47 106 & & CCONJ cblr-1764 47 107 jerry jerry PROPN cblr-1764 47 108 w. w. PROPN cblr-1764 47 109 markham markham PROPN cblr-1764 47 110 , , PUNCT cblr-1764 47 111 banking banking NOUN cblr-1764 47 112 and and CCONJ cblr-1764 47 113 insurance insurance NOUN cblr-1764 47 114 : : PUNCT cblr-1764 47 115 before before ADP cblr-1764 47 116 and and CCONJ cblr-1764 47 117 after after ADP cblr-1764 47 118 the the DET cblr-1764 47 119 gramm gramm NOUN cblr-1764 47 120 - - PUNCT cblr-1764 47 121 leach leach NOUN cblr-1764 47 122 bliley bliley NOUN cblr-1764 47 123 act act NOUN cblr-1764 47 124 , , PUNCT cblr-1764 47 125 25 25 NUM cblr-1764 47 126 j. j. PROPN cblr-1764 47 127 corp corp PROPN cblr-1764 47 128 . . PROPN cblr-1764 47 129 l. l. PROPN cblr-1764 47 130 723 723 NUM cblr-1764 47 131 , , PUNCT cblr-1764 47 132 770–76 770–76 NUM cblr-1764 47 133 ( ( PUNCT cblr-1764 47 134 2000 2000 NUM cblr-1764 47 135 ) ) PUNCT cblr-1764 47 136 ( ( PUNCT cblr-1764 47 137 same same ADJ cblr-1764 47 138 ) ) PUNCT cblr-1764 47 139 ; ; PUNCT cblr-1764 47 140 howell howell PROPN cblr-1764 47 141 jackson jackson PROPN cblr-1764 47 142 , , PUNCT cblr-1764 47 143 regulation regulation NOUN cblr-1764 47 144 in in ADP cblr-1764 47 145 a a DET cblr-1764 47 146 multisectored multisectore VERB cblr-1764 47 147 financial financial ADJ cblr-1764 47 148 services service NOUN cblr-1764 47 149 industry industry NOUN cblr-1764 47 150 : : PUNCT cblr-1764 47 151 an an DET cblr-1764 47 152 exploratory exploratory ADJ cblr-1764 47 153 essay essay NOUN cblr-1764 47 154 , , PUNCT cblr-1764 47 155 77 77 NUM cblr-1764 47 156 wash wash NOUN cblr-1764 47 157 . . PUNCT cblr-1764 48 1 u. u. PROPN cblr-1764 48 2 l.q l.q PROPN cblr-1764 48 3 . . PROPN cblr-1764 48 4 319 319 NUM cblr-1764 48 5 , , PUNCT cblr-1764 48 6 320–22 320–22 NUM cblr-1764 48 7 ( ( PUNCT cblr-1764 48 8 1999 1999 NUM cblr-1764 48 9 ) ) PUNCT cblr-1764 48 10 ( ( PUNCT cblr-1764 48 11 exploring explore VERB cblr-1764 48 12 issues issue NOUN cblr-1764 48 13 raised raise VERB cblr-1764 48 14 by by ADP cblr-1764 48 15 regulations regulation NOUN cblr-1764 48 16 that that PRON cblr-1764 48 17 delineate delineate VERB cblr-1764 48 18 different different ADJ cblr-1764 48 19 financial financial ADJ cblr-1764 48 20 services service NOUN cblr-1764 48 21 sectors sector NOUN cblr-1764 48 22 ) ) PUNCT cblr-1764 48 23 . . PUNCT cblr-1764 49 1 9 9 NUM cblr-1764 49 2 dodd dodd PROPN cblr-1764 49 3 - - PUNCT cblr-1764 49 4 frank frank PROPN cblr-1764 49 5 wall wall PROPN cblr-1764 49 6 street street PROPN cblr-1764 49 7 reform reform PROPN cblr-1764 49 8 and and CCONJ cblr-1764 49 9 consumer consumer NOUN cblr-1764 49 10 protection protection PROPN cblr-1764 49 11 act act PROPN cblr-1764 49 12 , , PUNCT cblr-1764 49 13 pub pub NOUN cblr-1764 49 14 . . PUNCT cblr-1764 50 1 l. l. PROPN cblr-1764 50 2 no no INTJ cblr-1764 50 3 . . PROPN cblr-1764 50 4 111 111 NUM cblr-1764 50 5 - - SYM cblr-1764 50 6 203 203 NUM cblr-1764 50 7 , , PUNCT cblr-1764 50 8 124 124 NUM cblr-1764 50 9 stat stat NOUN cblr-1764 50 10 . . PUNCT cblr-1764 51 1 1376 1376 NUM cblr-1764 51 2 ( ( PUNCT cblr-1764 51 3 2010 2010 NUM cblr-1764 51 4 ) ) PUNCT cblr-1764 52 1 [ [ X cblr-1764 52 2 hereinafter hereinafter NOUN cblr-1764 52 3 dodd dodd PROPN cblr-1764 52 4 - - PUNCT cblr-1764 52 5 frank frank PROPN cblr-1764 52 6 ] ] X cblr-1764 52 7 . . PUNCT cblr-1764 53 1 10 10 NUM cblr-1764 53 2 see see VERB cblr-1764 53 3 fed fed PROPN cblr-1764 53 4 . . PUNCT cblr-1764 54 1 ins ins PROPN cblr-1764 54 2 . . PUNCT cblr-1764 54 3 office office NOUN cblr-1764 54 4 , , PUNCT cblr-1764 54 5 how how SCONJ cblr-1764 54 6 to to PART cblr-1764 54 7 modernize modernize VERB cblr-1764 54 8 and and CCONJ cblr-1764 54 9 improve improve VERB cblr-1764 54 10 the the DET cblr-1764 54 11 system system NOUN cblr-1764 54 12 of of ADP cblr-1764 54 13 insurance insurance NOUN cblr-1764 54 14 regulation regulation NOUN cblr-1764 54 15 in in ADP cblr-1764 54 16 the the DET cblr-1764 54 17 united united PROPN cblr-1764 54 18 states states PROPN cblr-1764 54 19 2–3 2–3 NUM cblr-1764 54 20 ( ( PUNCT cblr-1764 54 21 2013 2013 NUM cblr-1764 54 22 ) ) PUNCT cblr-1764 55 1 [ [ X cblr-1764 55 2 hereinafter hereinafter NOUN cblr-1764 55 3 fio fio PROPN cblr-1764 55 4 modernization modernization NOUN cblr-1764 55 5 report report NOUN cblr-1764 55 6 ] ] PUNCT cblr-1764 55 7 . . PUNCT cblr-1764 56 1 11 11 NUM cblr-1764 56 2 see see VERB cblr-1764 56 3 , , PUNCT cblr-1764 56 4 e.g. e.g. ADV cblr-1764 56 5 , , PUNCT cblr-1764 56 6 int’l int’l PRON cblr-1764 56 7 ass’n ass’n NOUN cblr-1764 56 8 of of ADP cblr-1764 56 9 ins in NOUN cblr-1764 56 10 . . PUNCT cblr-1764 57 1 supervisors supervisor NOUN cblr-1764 57 2 , , PUNCT cblr-1764 57 3 global global ADJ cblr-1764 57 4 systemically systemically ADV cblr-1764 57 5 important important ADJ cblr-1764 57 6 insurers insurer NOUN cblr-1764 57 7 : : PUNCT cblr-1764 57 8 policy policy NOUN cblr-1764 57 9 measures measure NOUN cblr-1764 57 10 ( ( PUNCT cblr-1764 57 11 july july PROPN cblr-1764 57 12 18 18 NUM cblr-1764 57 13 , , PUNCT cblr-1764 57 14 2013 2013 NUM cblr-1764 57 15 ) ) PUNCT cblr-1764 57 16 ; ; PUNCT cblr-1764 57 17 int’l int’l NUM cblr-1764 57 18 ass’n ass’n PRON cblr-1764 57 19 of of ADP cblr-1764 57 20 ins in NOUN cblr-1764 57 21 . . PUNCT cblr-1764 58 1 supervisors supervisor NOUN cblr-1764 58 2 , , PUNCT cblr-1764 58 3 follow follow NOUN cblr-1764 58 4 - - PUNCT cblr-1764 58 5 up up ADP cblr-1764 58 6 response response NOUN cblr-1764 58 7 to to ADP cblr-1764 58 8 the the DET cblr-1764 58 9 g20 g20 PROPN cblr-1764 58 10 washington washington PROPN cblr-1764 58 11 action action NOUN cblr-1764 58 12 plan plan NOUN cblr-1764 58 13 ( ( PUNCT cblr-1764 58 14 feb feb PROPN cblr-1764 58 15 . . PROPN cblr-1764 58 16 13 13 NUM cblr-1764 58 17 , , PUNCT cblr-1764 58 18 2009 2009 NUM cblr-1764 58 19 ) ) PUNCT cblr-1764 58 20 , , PUNCT cblr-1764 58 21 http://iaisweb.org/index.cfm?event=openfile&node http://iaisweb.org/index.cfm?event=openfile&node VERB cblr-1764 58 22 id=34039 id=34039 NOUN cblr-1764 59 1 [ [ X cblr-1764 59 2 http://perma.cc/pb36-hmyg http://perma.cc/pb36-hmyg X cblr-1764 59 3 ] ] X cblr-1764 59 4 [ [ X cblr-1764 59 5 hereinafter hereinafter NOUN cblr-1764 59 6 iais iais NOUN cblr-1764 59 7 , , PUNCT cblr-1764 59 8 g20 g20 NOUN cblr-1764 59 9 response response NOUN cblr-1764 59 10 ] ] PUNCT cblr-1764 59 11 . . PUNCT cblr-1764 60 1 turk turk PROPN cblr-1764 60 2 – – PUNCT cblr-1764 60 3 final final ADJ cblr-1764 60 4 no no NOUN cblr-1764 60 5 . . PUNCT cblr-1764 61 1 3:967 3:967 NUM cblr-1764 61 2 ] ] PUNCT cblr-1764 61 3 insurance insurance NOUN cblr-1764 61 4 convergence convergence NOUN cblr-1764 61 5 973 973 NUM cblr-1764 61 6 organized organize VERB cblr-1764 61 7 around around ADP cblr-1764 61 8 the the DET cblr-1764 61 9 two two NUM cblr-1764 61 10 “ " PUNCT cblr-1764 61 11 boundary boundary ADJ cblr-1764 61 12 problems problem NOUN cblr-1764 61 13 ” " PUNCT cblr-1764 61 14 that that PRON cblr-1764 61 15 raise raise VERB cblr-1764 61 16 “ " PUNCT cblr-1764 61 17 a a DET cblr-1764 61 18 number number NOUN cblr-1764 61 19 of of ADP cblr-1764 61 20 fundamental fundamental ADJ cblr-1764 61 21 , , PUNCT cblr-1764 61 22 generic generic ADJ cblr-1764 61 23 issues issue NOUN cblr-1764 61 24 relating relate VERB cblr-1764 61 25 , , PUNCT cblr-1764 61 26 at at ADP cblr-1764 61 27 all all DET cblr-1764 61 28 times time NOUN cblr-1764 61 29 and and CCONJ cblr-1764 61 30 everywhere everywhere ADV cblr-1764 61 31 ( ( PUNCT cblr-1764 61 32 almost almost ADV cblr-1764 61 33 ) ) PUNCT cblr-1764 61 34 to to ADP cblr-1764 61 35 financial financial ADJ cblr-1764 61 36 regulation regulation NOUN cblr-1764 61 37 . . PUNCT cblr-1764 62 1 ”12 ”12 PROPN cblr-1764 62 2 every every DET cblr-1764 62 3 substantive substantive ADJ cblr-1764 62 4 financial financial ADJ cblr-1764 62 5 regulation regulation NOUN cblr-1764 62 6 entails entail VERB cblr-1764 62 7 underlying underlie VERB cblr-1764 62 8 boundaries boundary NOUN cblr-1764 62 9 that that PRON cblr-1764 62 10 delineate delineate VERB cblr-1764 62 11 how how SCONJ cblr-1764 62 12 widely widely ADV cblr-1764 62 13 it it PRON cblr-1764 62 14 is be AUX cblr-1764 62 15 to to PART cblr-1764 62 16 be be AUX cblr-1764 62 17 applied apply VERB cblr-1764 62 18 , , PUNCT cblr-1764 62 19 which which PRON cblr-1764 62 20 can can AUX cblr-1764 62 21 be be AUX cblr-1764 62 22 broken break VERB cblr-1764 62 23 down down ADP cblr-1764 62 24 along along ADP cblr-1764 62 25 two two NUM cblr-1764 62 26 legal legal ADJ cblr-1764 62 27 dimensions.13 dimensions.13 NOUN cblr-1764 62 28 one one NUM cblr-1764 62 29 dimension dimension NOUN cblr-1764 62 30 is be AUX cblr-1764 62 31 jurisdictional jurisdictional ADJ cblr-1764 62 32 : : PUNCT cblr-1764 62 33 in in ADP cblr-1764 62 34 which which DET cblr-1764 62 35 set set NOUN cblr-1764 62 36 of of ADP cblr-1764 62 37 jurisdictions jurisdiction NOUN cblr-1764 62 38 will will AUX cblr-1764 62 39 the the DET cblr-1764 62 40 legal legal ADJ cblr-1764 62 41 rule rule NOUN cblr-1764 62 42 at at ADP cblr-1764 62 43 issue issue NOUN cblr-1764 62 44 be be AUX cblr-1764 62 45 imposed impose VERB cblr-1764 62 46 ? ? PUNCT cblr-1764 63 1 jurisdictional jurisdictional ADJ cblr-1764 63 2 boundaries boundary NOUN cblr-1764 63 3 raise raise VERB cblr-1764 63 4 the the DET cblr-1764 63 5 question question NOUN cblr-1764 63 6 of of ADP cblr-1764 63 7 determining determine VERB cblr-1764 63 8 the the DET cblr-1764 63 9 proper proper ADJ cblr-1764 63 10 balance balance NOUN cblr-1764 63 11 between between ADP cblr-1764 63 12 regulatory regulatory ADJ cblr-1764 63 13 competition competition NOUN cblr-1764 63 14 , , PUNCT cblr-1764 63 15 which which PRON cblr-1764 63 16 allows allow VERB cblr-1764 63 17 for for ADP cblr-1764 63 18 diverse diverse ADJ cblr-1764 63 19 rules rule NOUN cblr-1764 63 20 among among ADP cblr-1764 63 21 jurisdictions jurisdiction NOUN cblr-1764 63 22 , , PUNCT cblr-1764 63 23 versus versus ADP cblr-1764 63 24 regulatory regulatory ADJ cblr-1764 63 25 harmonization harmonization NOUN cblr-1764 63 26 , , PUNCT cblr-1764 63 27 which which PRON cblr-1764 63 28 ensures ensure VERB cblr-1764 63 29 that that SCONJ cblr-1764 63 30 uniform uniform ADJ cblr-1764 63 31 rules rule NOUN cblr-1764 63 32 apply apply VERB cblr-1764 63 33 across across ADP cblr-1764 63 34 jurisdictions jurisdiction NOUN cblr-1764 63 35 . . PUNCT cblr-1764 64 1 a a DET cblr-1764 64 2 second second ADJ cblr-1764 64 3 dimension dimension NOUN cblr-1764 64 4 is be AUX cblr-1764 64 5 definitional definitional ADJ cblr-1764 64 6 : : PUNCT cblr-1764 64 7 within within ADP cblr-1764 64 8 a a DET cblr-1764 64 9 given give VERB cblr-1764 64 10 jurisdiction jurisdiction NOUN cblr-1764 64 11 , , PUNCT cblr-1764 64 12 which which PRON cblr-1764 64 13 entities entity NOUN cblr-1764 64 14 and and CCONJ cblr-1764 64 15 products product NOUN cblr-1764 64 16 will will AUX cblr-1764 64 17 be be AUX cblr-1764 64 18 subject subject ADJ cblr-1764 64 19 to to ADP cblr-1764 64 20 the the DET cblr-1764 64 21 legal legal ADJ cblr-1764 64 22 rule rule NOUN cblr-1764 64 23 ? ? PUNCT cblr-1764 65 1 here here ADV cblr-1764 65 2 , , PUNCT cblr-1764 65 3 the the DET cblr-1764 65 4 issue issue NOUN cblr-1764 65 5 is be AUX cblr-1764 65 6 identifying identify VERB cblr-1764 65 7 the the DET cblr-1764 65 8 degree degree NOUN cblr-1764 65 9 to to PART cblr-1764 65 10 which which PRON cblr-1764 65 11 regulatory regulatory ADJ cblr-1764 65 12 categories category NOUN cblr-1764 65 13 should should AUX cblr-1764 65 14 be be AUX cblr-1764 65 15 drawn draw VERB cblr-1764 65 16 to to PART cblr-1764 65 17 map map VERB cblr-1764 65 18 onto onto ADP cblr-1764 65 19 a a DET cblr-1764 65 20 firm firm ADJ cblr-1764 65 21 or or CCONJ cblr-1764 65 22 product product NOUN cblr-1764 65 23 ’s ’s PART cblr-1764 65 24 technical technical ADJ cblr-1764 65 25 legal legal ADJ cblr-1764 65 26 form form NOUN cblr-1764 65 27 rather rather ADV cblr-1764 65 28 than than ADP cblr-1764 65 29 its its PRON cblr-1764 65 30 underlying underlying ADJ cblr-1764 65 31 economic economic ADJ cblr-1764 65 32 function function NOUN cblr-1764 65 33 . . PUNCT cblr-1764 66 1 each each DET cblr-1764 66 2 type type NOUN cblr-1764 66 3 of of ADP cblr-1764 66 4 boundary boundary NOUN cblr-1764 66 5 gives give VERB cblr-1764 66 6 rise rise VERB cblr-1764 66 7 to to ADP cblr-1764 66 8 a a DET cblr-1764 66 9 common common ADJ cblr-1764 66 10 regulatory regulatory ADJ cblr-1764 66 11 “ " PUNCT cblr-1764 66 12 problem problem NOUN cblr-1764 66 13 ” " PUNCT cblr-1764 66 14 because because SCONJ cblr-1764 66 15 — — PUNCT cblr-1764 66 16 to to ADP cblr-1764 66 17 the the DET cblr-1764 66 18 extent extent NOUN cblr-1764 66 19 that that SCONJ cblr-1764 66 20 a a DET cblr-1764 66 21 regulation regulation NOUN cblr-1764 66 22 is be AUX cblr-1764 66 23 effective effective ADJ cblr-1764 66 24 — — PUNCT cblr-1764 66 25 financial financial ADJ cblr-1764 66 26 returns return NOUN cblr-1764 66 27 achievable achievable ADJ cblr-1764 66 28 within within ADP cblr-1764 66 29 the the DET cblr-1764 66 30 regulatory regulatory ADJ cblr-1764 66 31 boundary boundary NOUN cblr-1764 66 32 are be AUX cblr-1764 66 33 likely likely ADJ cblr-1764 66 34 to to PART cblr-1764 66 35 fall fall VERB cblr-1764 66 36 relative relative ADJ cblr-1764 66 37 to to ADP cblr-1764 66 38 those those PRON cblr-1764 66 39 available available ADJ cblr-1764 66 40 from from ADP cblr-1764 66 41 similar similar ADJ cblr-1764 66 42 activities activity NOUN cblr-1764 66 43 outside outside ADP cblr-1764 66 44 the the DET cblr-1764 66 45 boundary.14 boundary.14 PROPN cblr-1764 66 46 this this PRON cblr-1764 66 47 will will AUX cblr-1764 66 48 encourage encourage VERB cblr-1764 66 49 financial financial ADJ cblr-1764 66 50 activity activity NOUN cblr-1764 66 51 to to PART cblr-1764 66 52 flow flow VERB cblr-1764 66 53 across across ADP cblr-1764 66 54 the the DET cblr-1764 66 55 boundary boundary NOUN cblr-1764 66 56 from from ADP cblr-1764 66 57 the the DET cblr-1764 66 58 well well ADJ cblr-1764 66 59 12 12 NUM cblr-1764 66 60 markus markus NOUN cblr-1764 66 61 brunnermeier brunnermei ADJ cblr-1764 66 62 et et PROPN cblr-1764 66 63 al al PROPN cblr-1764 66 64 . . PROPN cblr-1764 66 65 , , PUNCT cblr-1764 66 66 ctr ctr PROPN cblr-1764 66 67 . . PROPN cblr-1764 67 1 for for ADP cblr-1764 67 2 econ econ PROPN cblr-1764 67 3 . . PUNCT cblr-1764 68 1 policy policy NOUN cblr-1764 68 2 research research NOUN cblr-1764 68 3 , , PUNCT cblr-1764 68 4 the the DET cblr-1764 68 5 fundamental fundamental ADJ cblr-1764 68 6 principles principle NOUN cblr-1764 68 7 of of ADP cblr-1764 68 8 financial financial ADJ cblr-1764 68 9 regulation regulation NOUN cblr-1764 68 10 67 67 NUM cblr-1764 68 11 ( ( PUNCT cblr-1764 68 12 2009 2009 NUM cblr-1764 68 13 ) ) PUNCT cblr-1764 68 14 ; ; PUNCT cblr-1764 68 15 see see VERB cblr-1764 68 16 also also ADV cblr-1764 68 17 charles charle VERB cblr-1764 68 18 goodhart goodhart PROPN cblr-1764 68 19 , , PUNCT cblr-1764 68 20 the the DET cblr-1764 68 21 boundary boundary ADJ cblr-1764 68 22 problem problem NOUN cblr-1764 68 23 in in ADP cblr-1764 68 24 financial financial ADJ cblr-1764 68 25 regulation regulation NOUN cblr-1764 68 26 , , PUNCT cblr-1764 68 27 nat’l nat’l NOUN cblr-1764 68 28 inst inst PROPN cblr-1764 68 29 . . PUNCT cblr-1764 69 1 econ econ PROPN cblr-1764 69 2 . . PUNCT cblr-1764 70 1 rev rev PROPN cblr-1764 70 2 . . PROPN cblr-1764 70 3 , , PUNCT cblr-1764 70 4 oct oct PROPN cblr-1764 70 5 . . PROPN cblr-1764 70 6 2008 2008 NUM cblr-1764 70 7 , , PUNCT cblr-1764 70 8 at at ADP cblr-1764 70 9 48 48 NUM cblr-1764 70 10 ( ( PUNCT cblr-1764 70 11 providing provide VERB cblr-1764 70 12 an an DET cblr-1764 70 13 earlier early ADJ cblr-1764 70 14 discussion discussion NOUN cblr-1764 70 15 of of ADP cblr-1764 70 16 the the DET cblr-1764 70 17 “ " PUNCT cblr-1764 70 18 boundary boundary ADJ cblr-1764 70 19 problem problem NOUN cblr-1764 70 20 ” " PUNCT cblr-1764 70 21 concept concept NOUN cblr-1764 70 22 ) ) PUNCT cblr-1764 70 23 . . PUNCT cblr-1764 71 1 13 13 NUM cblr-1764 71 2 a a DET cblr-1764 71 3 basic basic ADJ cblr-1764 71 4 contribution contribution NOUN cblr-1764 71 5 of of ADP cblr-1764 71 6 this this DET cblr-1764 71 7 article article NOUN cblr-1764 71 8 is be AUX cblr-1764 71 9 to to PART cblr-1764 71 10 divide divide VERB cblr-1764 71 11 the the DET cblr-1764 71 12 boundary boundary ADJ cblr-1764 71 13 problem problem NOUN cblr-1764 71 14 into into ADP cblr-1764 71 15 distinct distinct ADJ cblr-1764 71 16 legal legal ADJ cblr-1764 71 17 dimensions dimension NOUN cblr-1764 71 18 and and CCONJ cblr-1764 71 19 analyze analyze VERB cblr-1764 71 20 the the DET cblr-1764 71 21 unique unique ADJ cblr-1764 71 22 sets set NOUN cblr-1764 71 23 of of ADP cblr-1764 71 24 policy policy NOUN cblr-1764 71 25 tradeoffs tradeoff NOUN cblr-1764 71 26 that that PRON cblr-1764 71 27 they they PRON cblr-1764 71 28 raise raise VERB cblr-1764 71 29 , , PUNCT cblr-1764 71 30 which which DET cblr-1764 71 31 goodhart goodhart NOUN cblr-1764 71 32 and and CCONJ cblr-1764 71 33 his his PRON cblr-1764 71 34 co co NOUN cblr-1764 71 35 - - NOUN cblr-1764 71 36 authors author NOUN cblr-1764 71 37 do do AUX cblr-1764 71 38 not not PART cblr-1764 71 39 do do VERB cblr-1764 71 40 . . PUNCT cblr-1764 72 1 see see VERB cblr-1764 72 2 goodhart goodhart NOUN cblr-1764 72 3 , , PUNCT cblr-1764 72 4 supra supra PROPN cblr-1764 72 5 note note NOUN cblr-1764 72 6 12 12 NUM cblr-1764 72 7 . . PUNCT cblr-1764 73 1 14 14 NUM cblr-1764 73 2 “ " PUNCT cblr-1764 73 3 effective effective ADJ cblr-1764 73 4 ” " PUNCT cblr-1764 73 5 in in ADP cblr-1764 73 6 the the DET cblr-1764 73 7 sense sense NOUN cblr-1764 73 8 that that SCONJ cblr-1764 73 9 the the DET cblr-1764 73 10 regulation regulation NOUN cblr-1764 73 11 forces force VERB cblr-1764 73 12 market market NOUN cblr-1764 73 13 participants participant NOUN cblr-1764 73 14 to to PART cblr-1764 73 15 internalize internalize VERB cblr-1764 73 16 the the DET cblr-1764 73 17 social social ADJ cblr-1764 73 18 costs cost NOUN cblr-1764 73 19 of of ADP cblr-1764 73 20 their their PRON cblr-1764 73 21 activities activity NOUN cblr-1764 73 22 , , PUNCT cblr-1764 73 23 which which PRON cblr-1764 73 24 were be AUX cblr-1764 73 25 previously previously ADV cblr-1764 73 26 borne bear VERB cblr-1764 73 27 by by ADP cblr-1764 73 28 third third ADJ cblr-1764 73 29 parties party NOUN cblr-1764 73 30 . . PUNCT cblr-1764 74 1 thus thus ADV cblr-1764 74 2 , , PUNCT cblr-1764 74 3 the the DET cblr-1764 74 4 problem problem NOUN cblr-1764 74 5 is be AUX cblr-1764 74 6 fundamental fundamental ADJ cblr-1764 74 7 because because SCONJ cblr-1764 74 8 it it PRON cblr-1764 74 9 reaches reach VERB cblr-1764 74 10 optimally optimally ADV cblr-1764 74 11 designed design VERB cblr-1764 74 12 regulations regulation NOUN cblr-1764 74 13 that that PRON cblr-1764 74 14 are be AUX cblr-1764 74 15 economically economically ADV cblr-1764 74 16 efficient efficient ADJ cblr-1764 74 17 , , PUNCT cblr-1764 74 18 not not PART cblr-1764 74 19 just just ADV cblr-1764 74 20 wasteful wasteful ADJ cblr-1764 74 21 ones one NOUN cblr-1764 74 22 . . PUNCT cblr-1764 75 1 turk turk PROPN cblr-1764 75 2 – – PUNCT cblr-1764 75 3 final final ADJ cblr-1764 75 4 974 974 NUM cblr-1764 75 5 columbia columbia PROPN cblr-1764 75 6 business business NOUN cblr-1764 75 7 law law PROPN cblr-1764 75 8 review review NOUN cblr-1764 75 9 [ [ X cblr-1764 75 10 vol vol NOUN cblr-1764 75 11 . . PUNCT cblr-1764 75 12 2015 2015 NUM cblr-1764 75 13 regulated regulate VERB cblr-1764 75 14 to to ADP cblr-1764 75 15 the the DET cblr-1764 75 16 less less ADV cblr-1764 75 17 - - PUNCT cblr-1764 75 18 regulated regulate VERB cblr-1764 75 19 sector.15 sector.15 NOUN cblr-1764 75 20 although although SCONJ cblr-1764 75 21 the the DET cblr-1764 75 22 two two NUM cblr-1764 75 23 boundary boundary ADJ cblr-1764 75 24 problems problem NOUN cblr-1764 75 25 theoretically theoretically ADV cblr-1764 75 26 apply apply VERB cblr-1764 75 27 to to ADP cblr-1764 75 28 all all DET cblr-1764 75 29 regulation regulation NOUN cblr-1764 75 30 , , PUNCT cblr-1764 75 31 the the DET cblr-1764 75 32 dilemmas dilemma NOUN cblr-1764 75 33 they they PRON cblr-1764 75 34 present present VERB cblr-1764 75 35 are be AUX cblr-1764 75 36 particularly particularly ADV cblr-1764 75 37 acute acute ADJ cblr-1764 75 38 with with ADP cblr-1764 75 39 regard regard NOUN cblr-1764 75 40 to to ADP cblr-1764 75 41 finance finance NOUN cblr-1764 75 42 , , PUNCT cblr-1764 75 43 where where SCONJ cblr-1764 75 44 activity activity NOUN cblr-1764 75 45 can can AUX cblr-1764 75 46 flow flow VERB cblr-1764 75 47 across across ADP cblr-1764 75 48 regulatory regulatory ADJ cblr-1764 75 49 boundaries boundary NOUN cblr-1764 75 50 with with ADP cblr-1764 75 51 impressive impressive ADJ cblr-1764 75 52 ease ease NOUN cblr-1764 75 53 . . PUNCT cblr-1764 76 1 financial financial ADJ cblr-1764 76 2 assets asset NOUN cblr-1764 76 3 can can AUX cblr-1764 76 4 be be AUX cblr-1764 76 5 transferred transfer VERB cblr-1764 76 6 from from ADP cblr-1764 76 7 one one NUM cblr-1764 76 8 jurisdiction jurisdiction NOUN cblr-1764 76 9 to to ADP cblr-1764 76 10 another another PRON cblr-1764 76 11 with with ADP cblr-1764 76 12 a a DET cblr-1764 76 13 keystroke keystroke NOUN cblr-1764 76 14 , , PUNCT cblr-1764 76 15 and and CCONJ cblr-1764 76 16 the the DET cblr-1764 76 17 economic economic ADJ cblr-1764 76 18 functions function NOUN cblr-1764 76 19 that that PRON cblr-1764 76 20 financial financial ADJ cblr-1764 76 21 firms firm NOUN cblr-1764 76 22 or or CCONJ cblr-1764 76 23 products product NOUN cblr-1764 76 24 perform perform VERB cblr-1764 76 25 are be AUX cblr-1764 76 26 highly highly ADV cblr-1764 76 27 malleable malleable ADJ cblr-1764 76 28 and and CCONJ cblr-1764 76 29 can can AUX cblr-1764 76 30 be be AUX cblr-1764 76 31 re re VERB cblr-1764 76 32 - - VERB cblr-1764 76 33 engineered engineer VERB cblr-1764 76 34 to to PART cblr-1764 76 35 evade evade VERB cblr-1764 76 36 the the DET cblr-1764 76 37 legal legal ADJ cblr-1764 76 38 categories category NOUN cblr-1764 76 39 that that PRON cblr-1764 76 40 were be AUX cblr-1764 76 41 intended intend VERB cblr-1764 76 42 to to PART cblr-1764 76 43 apply apply VERB cblr-1764 76 44 to to ADP cblr-1764 76 45 them they PRON cblr-1764 76 46 . . PUNCT cblr-1764 77 1 the the DET cblr-1764 77 2 convergence convergence NOUN cblr-1764 77 3 phenomenon phenomenon NOUN cblr-1764 77 4 further far ADV cblr-1764 77 5 compounds compound VERB cblr-1764 77 6 this this DET cblr-1764 77 7 dilemma dilemma NOUN cblr-1764 77 8 , , PUNCT cblr-1764 77 9 because because SCONJ cblr-1764 77 10 it it PRON cblr-1764 77 11 increases increase VERB cblr-1764 77 12 the the DET cblr-1764 77 13 integration integration NOUN cblr-1764 77 14 of of ADP cblr-1764 77 15 financial financial ADJ cblr-1764 77 16 markets market NOUN cblr-1764 77 17 across across ADP cblr-1764 77 18 jurisdictions jurisdiction NOUN cblr-1764 77 19 and and CCONJ cblr-1764 77 20 blurs blur VERB cblr-1764 77 21 prior prior ADV cblr-1764 77 22 categorical categorical ADJ cblr-1764 77 23 distinctions distinction NOUN cblr-1764 77 24 between between ADP cblr-1764 77 25 financial financial ADJ cblr-1764 77 26 services service NOUN cblr-1764 77 27 . . PUNCT cblr-1764 78 1 insurance insurance NOUN cblr-1764 78 2 poses pose VERB cblr-1764 78 3 an an DET cblr-1764 78 4 intriguing intriguing ADJ cblr-1764 78 5 case case NOUN cblr-1764 78 6 of of ADP cblr-1764 78 7 the the DET cblr-1764 78 8 jurisdictional jurisdictional ADJ cblr-1764 78 9 boundary boundary ADJ cblr-1764 78 10 problem problem NOUN cblr-1764 78 11 . . PUNCT cblr-1764 79 1 the the DET cblr-1764 79 2 jurisdictional jurisdictional ADJ cblr-1764 79 3 boundaries boundary NOUN cblr-1764 79 4 of of ADP cblr-1764 79 5 insurance insurance NOUN cblr-1764 79 6 regulation regulation NOUN cblr-1764 79 7 are be AUX cblr-1764 79 8 now now ADV cblr-1764 79 9 under under ADP cblr-1764 79 10 increasing increase VERB cblr-1764 79 11 pressure pressure NOUN cblr-1764 79 12 , , PUNCT cblr-1764 79 13 because because SCONJ cblr-1764 79 14 they they PRON cblr-1764 79 15 are be AUX cblr-1764 79 16 substantially substantially ADV cblr-1764 79 17 more more ADV cblr-1764 79 18 decentralized decentralized ADJ cblr-1764 79 19 than than ADP cblr-1764 79 20 those those PRON cblr-1764 79 21 governing govern VERB cblr-1764 79 22 other other ADJ cblr-1764 79 23 financial financial ADJ cblr-1764 79 24 industries industry NOUN cblr-1764 79 25 with with ADP cblr-1764 79 26 which which PRON cblr-1764 79 27 insurance insurance NOUN cblr-1764 79 28 has have AUX cblr-1764 79 29 now now ADV cblr-1764 79 30 converged converge VERB cblr-1764 79 31 . . PUNCT cblr-1764 80 1 in in ADP cblr-1764 80 2 the the DET cblr-1764 80 3 united united PROPN cblr-1764 80 4 states states PROPN cblr-1764 80 5 , , PUNCT cblr-1764 80 6 insurance insurance NOUN cblr-1764 80 7 stands stand VERB cblr-1764 80 8 alone alone ADJ cblr-1764 80 9 in in ADP cblr-1764 80 10 being be AUX cblr-1764 80 11 exclusively exclusively ADV cblr-1764 80 12 regulated regulate VERB cblr-1764 80 13 at at ADP cblr-1764 80 14 the the DET cblr-1764 80 15 state state NOUN cblr-1764 80 16 level level NOUN cblr-1764 80 17 , , PUNCT cblr-1764 80 18 whereas whereas SCONJ cblr-1764 80 19 expansive expansive ADJ cblr-1764 80 20 federal federal ADJ cblr-1764 80 21 regulation regulation NOUN cblr-1764 80 22 has have AUX cblr-1764 80 23 been be AUX cblr-1764 80 24 imposed impose VERB cblr-1764 80 25 on on ADP cblr-1764 80 26 essentially essentially ADV cblr-1764 80 27 all all DET cblr-1764 80 28 other other ADJ cblr-1764 80 29 financial financial ADJ cblr-1764 80 30 services service NOUN cblr-1764 80 31 since since SCONJ cblr-1764 80 32 the the DET cblr-1764 80 33 new new ADJ cblr-1764 80 34 deal deal NOUN cblr-1764 80 35 era.16 era.16 PROPN cblr-1764 80 36 at at ADP cblr-1764 80 37 the the DET cblr-1764 80 38 international international ADJ cblr-1764 80 39 level level NOUN cblr-1764 80 40 , , PUNCT cblr-1764 80 41 regulatory regulatory ADJ cblr-1764 80 42 cooperation cooperation NOUN cblr-1764 80 43 relating relate VERB cblr-1764 80 44 to to ADP cblr-1764 80 45 insurance insurance NOUN cblr-1764 80 46 is be AUX cblr-1764 80 47 also also ADV cblr-1764 80 48 markedly markedly ADV cblr-1764 80 49 less less ADV cblr-1764 80 50 developed developed ADJ cblr-1764 80 51 than than SCONJ cblr-1764 80 52 it it PRON cblr-1764 80 53 is be AUX cblr-1764 80 54 for for ADP cblr-1764 80 55 banking banking NOUN cblr-1764 80 56 and and CCONJ cblr-1764 80 57 securities security NOUN cblr-1764 80 58 markets market NOUN cblr-1764 80 59 , , PUNCT cblr-1764 80 60 which which PRON cblr-1764 80 61 have have AUX cblr-1764 80 62 been be AUX cblr-1764 80 63 subject subject ADJ cblr-1764 80 64 to to ADP cblr-1764 80 65 deeper deep ADJ cblr-1764 80 66 and and CCONJ cblr-1764 80 67 longer long ADV cblr-1764 80 68 - - PUNCT cblr-1764 80 69 running run VERB cblr-1764 80 70 agreements agreement NOUN cblr-1764 80 71 that that PRON cblr-1764 80 72 harmonize harmonize VERB cblr-1764 80 73 regulations regulation NOUN cblr-1764 80 74 across across ADP cblr-1764 80 75 countries.17 countries.17 NOUN cblr-1764 80 76 now now ADV cblr-1764 80 77 that that SCONJ cblr-1764 80 78 insurance insurance NOUN cblr-1764 80 79 can can AUX cblr-1764 80 80 generate generate VERB cblr-1764 80 81 systemic systemic ADJ cblr-1764 80 82 risks risk NOUN cblr-1764 80 83 affecting affect VERB cblr-1764 80 84 the the DET cblr-1764 80 85 financial financial ADJ cblr-1764 80 86 sector sector NOUN cblr-1764 80 87 that that PRON cblr-1764 80 88 are be AUX cblr-1764 80 89 national national ADJ cblr-1764 80 90 or or CCONJ cblr-1764 80 91 even even ADV cblr-1764 80 92 global global ADJ cblr-1764 80 93 in in ADP cblr-1764 80 94 scale scale NOUN cblr-1764 80 95 , , PUNCT cblr-1764 80 96 the the DET cblr-1764 80 97 extent extent NOUN cblr-1764 80 98 to to PART cblr-1764 80 99 which which PRON cblr-1764 80 100 its its PRON cblr-1764 80 101 uniquely uniquely ADV cblr-1764 80 102 balkanized balkanized ADJ cblr-1764 80 103 jurisdictional jurisdictional ADJ cblr-1764 80 104 boundaries boundary NOUN cblr-1764 80 105 should should AUX cblr-1764 80 106 be be AUX cblr-1764 80 107 retained retain VERB cblr-1764 80 108 is be AUX cblr-1764 80 109 an an DET cblr-1764 80 110 unavoidable unavoidable ADJ cblr-1764 80 111 question question NOUN cblr-1764 80 112 . . PUNCT cblr-1764 81 1 the the DET cblr-1764 81 2 analysis analysis NOUN cblr-1764 81 3 of of ADP cblr-1764 81 4 jurisdictional jurisdictional ADJ cblr-1764 81 5 boundaries boundary NOUN cblr-1764 81 6 turns turn VERB cblr-1764 81 7 on on ADP cblr-1764 81 8 striking strike VERB cblr-1764 81 9 the the DET cblr-1764 81 10 right right ADJ cblr-1764 81 11 balance balance NOUN cblr-1764 81 12 between between ADP cblr-1764 81 13 regulatory regulatory ADJ cblr-1764 81 14 competition competition NOUN cblr-1764 81 15 and and CCONJ cblr-1764 81 16 harmonization harmonization NOUN cblr-1764 81 17 . . PUNCT cblr-1764 82 1 although although SCONJ cblr-1764 82 2 these these DET cblr-1764 82 3 alternate alternate ADJ cblr-1764 82 4 approaches approach NOUN cblr-1764 82 5 15 15 NUM cblr-1764 82 6 see see NOUN cblr-1764 82 7 goodhart goodhart NOUN cblr-1764 82 8 , , PUNCT cblr-1764 82 9 supra supra PROPN cblr-1764 82 10 note note NOUN cblr-1764 82 11 12 12 NUM cblr-1764 82 12 , , PUNCT cblr-1764 82 13 at at ADP cblr-1764 82 14 48 48 NUM cblr-1764 82 15 . . PUNCT cblr-1764 83 1 16 16 NUM cblr-1764 83 2 see see VERB cblr-1764 83 3 infra infra NOUN cblr-1764 83 4 part part NOUN cblr-1764 83 5 iii.a iii.a PROPN cblr-1764 83 6 . . PROPN cblr-1764 84 1 17 17 NUM cblr-1764 84 2 see see VERB cblr-1764 84 3 infra infra NOUN cblr-1764 84 4 part part NOUN cblr-1764 84 5 iii.b iii.b PROPN cblr-1764 84 6 . . PUNCT cblr-1764 84 7 turk turk PROPN cblr-1764 84 8 – – PUNCT cblr-1764 84 9 final final ADJ cblr-1764 84 10 no no NOUN cblr-1764 84 11 . . PUNCT cblr-1764 85 1 3:967 3:967 NUM cblr-1764 85 2 ] ] X cblr-1764 85 3 insurance insurance NOUN cblr-1764 85 4 convergence convergence NOUN cblr-1764 85 5 975 975 NUM cblr-1764 85 6 present present ADJ cblr-1764 85 7 familiar familiar ADJ cblr-1764 85 8 theoretical theoretical ADJ cblr-1764 85 9 tradeoffs,18 tradeoffs,18 NOUN cblr-1764 85 10 when when SCONJ cblr-1764 85 11 carefully carefully ADV cblr-1764 85 12 applied apply VERB cblr-1764 85 13 to to ADP cblr-1764 85 14 the the DET cblr-1764 85 15 insurance insurance NOUN cblr-1764 85 16 context context NOUN cblr-1764 85 17 they they PRON cblr-1764 85 18 provide provide VERB cblr-1764 85 19 significant significant ADJ cblr-1764 85 20 implications implication NOUN cblr-1764 85 21 for for ADP cblr-1764 85 22 both both DET cblr-1764 85 23 policy policy NOUN cblr-1764 85 24 and and CCONJ cblr-1764 85 25 the the DET cblr-1764 85 26 literature literature NOUN cblr-1764 85 27 . . PUNCT cblr-1764 86 1 at at ADP cblr-1764 86 2 the the DET cblr-1764 86 3 domestic domestic ADJ cblr-1764 86 4 level level NOUN cblr-1764 86 5 , , PUNCT cblr-1764 86 6 it it PRON cblr-1764 86 7 is be AUX cblr-1764 86 8 clear clear ADJ cblr-1764 86 9 that that SCONJ cblr-1764 86 10 the the DET cblr-1764 86 11 current current ADJ cblr-1764 86 12 state state NOUN cblr-1764 86 13 - - PUNCT cblr-1764 86 14 centered center VERB cblr-1764 86 15 jurisdictional jurisdictional ADJ cblr-1764 86 16 boundaries boundary NOUN cblr-1764 86 17 are be AUX cblr-1764 86 18 incompatible incompatible ADJ cblr-1764 86 19 with with ADP cblr-1764 86 20 the the DET cblr-1764 86 21 insurance insurance NOUN cblr-1764 86 22 industry industry NOUN cblr-1764 86 23 ’s ’s PART cblr-1764 86 24 integration integration NOUN cblr-1764 86 25 with with ADP cblr-1764 86 26 national national ADJ cblr-1764 86 27 financial financial ADJ cblr-1764 86 28 markets market NOUN cblr-1764 86 29 . . PUNCT cblr-1764 87 1 there there PRON cblr-1764 87 2 should should AUX cblr-1764 87 3 therefore therefore ADV cblr-1764 87 4 be be AUX cblr-1764 87 5 a a DET cblr-1764 87 6 substantial substantial ADJ cblr-1764 87 7 shift shift NOUN cblr-1764 87 8 towards towards ADP cblr-1764 87 9 harmonization harmonization NOUN cblr-1764 87 10 , , PUNCT cblr-1764 87 11 in in ADP cblr-1764 87 12 particular particular ADJ cblr-1764 87 13 through through ADP cblr-1764 87 14 federalization federalization NOUN cblr-1764 87 15 of of ADP cblr-1764 87 16 solvency solvency NOUN cblr-1764 87 17 regulation regulation NOUN cblr-1764 87 18 for for ADP cblr-1764 87 19 insurers.19 insurers.19 PRON cblr-1764 87 20 in in ADP cblr-1764 87 21 contrast contrast NOUN cblr-1764 87 22 , , PUNCT cblr-1764 87 23 there there PRON cblr-1764 87 24 is be VERB cblr-1764 87 25 a a DET cblr-1764 87 26 strong strong ADJ cblr-1764 87 27 case case NOUN cblr-1764 87 28 for for ADP cblr-1764 87 29 retaining retain VERB cblr-1764 87 30 a a DET cblr-1764 87 31 greater great ADJ cblr-1764 87 32 degree degree NOUN cblr-1764 87 33 of of ADP cblr-1764 87 34 regulatory regulatory ADJ cblr-1764 87 35 competition competition NOUN cblr-1764 87 36 at at ADP cblr-1764 87 37 the the DET cblr-1764 87 38 international international ADJ cblr-1764 87 39 level level NOUN cblr-1764 87 40 , , PUNCT cblr-1764 87 41 where where SCONJ cblr-1764 87 42 enforcement enforcement NOUN cblr-1764 87 43 and and CCONJ cblr-1764 87 44 information information NOUN cblr-1764 87 45 - - PUNCT cblr-1764 87 46 scarcity scarcity NOUN cblr-1764 87 47 issues issue NOUN cblr-1764 87 48 unique unique ADJ cblr-1764 87 49 to to ADP cblr-1764 87 50 international international ADJ cblr-1764 87 51 jurisdictional jurisdictional ADJ cblr-1764 87 52 boundaries boundary NOUN cblr-1764 87 53 mitigate mitigate VERB cblr-1764 87 54 the the DET cblr-1764 87 55 benefits benefit NOUN cblr-1764 87 56 of of ADP cblr-1764 87 57 regulatory regulatory ADJ cblr-1764 87 58 harmonization harmonization NOUN cblr-1764 87 59 and and CCONJ cblr-1764 87 60 exacerbate exacerbate VERB cblr-1764 87 61 its its PRON cblr-1764 87 62 costs.20 costs.20 PROPN cblr-1764 87 63 a a DET cblr-1764 87 64 policy policy NOUN cblr-1764 87 65 implication implication NOUN cblr-1764 87 66 is be AUX cblr-1764 87 67 that that SCONJ cblr-1764 87 68 dodd dodd PROPN cblr-1764 87 69 - - PUNCT cblr-1764 87 70 frank frank PROPN cblr-1764 87 71 ’s ’s PART cblr-1764 87 72 new new ADJ cblr-1764 87 73 fio fio NOUN cblr-1764 87 74 should should AUX cblr-1764 87 75 prioritize prioritize VERB cblr-1764 87 76 domestic domestic ADJ cblr-1764 87 77 harmonization harmonization NOUN cblr-1764 87 78 of of ADP cblr-1764 87 79 solvency solvency NOUN cblr-1764 87 80 rules rule NOUN cblr-1764 87 81 such such ADJ cblr-1764 87 82 as as ADP cblr-1764 87 83 capital capital NOUN cblr-1764 87 84 requirements requirement NOUN cblr-1764 87 85 , , PUNCT cblr-1764 87 86 rather rather ADV cblr-1764 87 87 than than ADP cblr-1764 87 88 use use VERB cblr-1764 87 89 its its PRON cblr-1764 87 90 authority authority NOUN cblr-1764 87 91 to to PART cblr-1764 87 92 negotiate negotiate VERB cblr-1764 87 93 international international ADJ cblr-1764 87 94 agreements agreement NOUN cblr-1764 87 95 as as ADP cblr-1764 87 96 a a DET cblr-1764 87 97 tool tool NOUN cblr-1764 87 98 to to PART cblr-1764 87 99 indirectly indirectly ADV cblr-1764 87 100 bind bind VERB cblr-1764 87 101 states state NOUN cblr-1764 87 102 . . PUNCT cblr-1764 88 1 this this DET cblr-1764 88 2 conclusion conclusion NOUN cblr-1764 88 3 is be AUX cblr-1764 88 4 in in ADP cblr-1764 88 5 conflict conflict NOUN cblr-1764 88 6 with with ADP cblr-1764 88 7 the the DET cblr-1764 88 8 current current ADJ cblr-1764 88 9 design design NOUN cblr-1764 88 10 of of ADP cblr-1764 88 11 the the DET cblr-1764 88 12 fio fio NOUN cblr-1764 88 13 , , PUNCT cblr-1764 88 14 which which PRON cblr-1764 88 15 is be AUX cblr-1764 88 16 structured structure VERB cblr-1764 88 17 to to PART cblr-1764 88 18 take take VERB cblr-1764 88 19 an an DET cblr-1764 88 20 international international ADJ cblr-1764 88 21 - - PUNCT cblr-1764 88 22 first first ADJ cblr-1764 88 23 18 18 NUM cblr-1764 88 24 on on ADP cblr-1764 88 25 one one NUM cblr-1764 88 26 hand hand NOUN cblr-1764 88 27 , , PUNCT cblr-1764 88 28 regulatory regulatory ADJ cblr-1764 88 29 competition competition NOUN cblr-1764 88 30 may may AUX cblr-1764 88 31 encourage encourage VERB cblr-1764 88 32 jurisdictions jurisdiction NOUN cblr-1764 88 33 to to PART cblr-1764 88 34 engage engage VERB cblr-1764 88 35 in in ADP cblr-1764 88 36 policy policy NOUN cblr-1764 88 37 experimentation experimentation NOUN cblr-1764 88 38 and and CCONJ cblr-1764 88 39 provide provide VERB cblr-1764 88 40 opportunities opportunity NOUN cblr-1764 88 41 for for ADP cblr-1764 88 42 exit exit NOUN cblr-1764 88 43 that that PRON cblr-1764 88 44 reduce reduce VERB cblr-1764 88 45 the the DET cblr-1764 88 46 costs cost NOUN cblr-1764 88 47 of of ADP cblr-1764 88 48 regulatory regulatory ADJ cblr-1764 88 49 failure failure NOUN cblr-1764 88 50 . . PUNCT cblr-1764 89 1 on on ADP cblr-1764 89 2 the the DET cblr-1764 89 3 other other ADJ cblr-1764 89 4 hand hand NOUN cblr-1764 89 5 , , PUNCT cblr-1764 89 6 regulatory regulatory ADJ cblr-1764 89 7 competition competition NOUN cblr-1764 89 8 can can AUX cblr-1764 89 9 potentially potentially ADV cblr-1764 89 10 generate generate VERB cblr-1764 89 11 inter inter ADJ cblr-1764 89 12 - - ADJ cblr-1764 89 13 jurisdictional jurisdictional ADJ cblr-1764 89 14 externalities externality NOUN cblr-1764 89 15 or or CCONJ cblr-1764 89 16 spark spark VERB cblr-1764 89 17 a a DET cblr-1764 89 18 race race NOUN cblr-1764 89 19 - - PUNCT cblr-1764 89 20 to to ADP cblr-1764 89 21 - - PUNCT cblr-1764 89 22 the the DET cblr-1764 89 23 - - PUNCT cblr-1764 89 24 bottom bottom NOUN cblr-1764 89 25 dynamic dynamic NOUN cblr-1764 89 26 that that SCONJ cblr-1764 89 27 only only ADV cblr-1764 89 28 harmonized harmonized ADJ cblr-1764 89 29 rules rule NOUN cblr-1764 89 30 across across ADP cblr-1764 89 31 jurisdictions jurisdiction NOUN cblr-1764 89 32 can can AUX cblr-1764 89 33 prevent prevent VERB cblr-1764 89 34 . . PUNCT cblr-1764 90 1 19 19 NUM cblr-1764 90 2 this this DET cblr-1764 90 3 article article NOUN cblr-1764 90 4 considers consider VERB cblr-1764 90 5 a a DET cblr-1764 90 6 range range NOUN cblr-1764 90 7 of of ADP cblr-1764 90 8 harmonization harmonization NOUN cblr-1764 90 9 models model NOUN cblr-1764 90 10 that that PRON cblr-1764 90 11 have have AUX cblr-1764 90 12 been be AUX cblr-1764 90 13 proposed propose VERB cblr-1764 90 14 and and CCONJ cblr-1764 90 15 suggests suggest VERB cblr-1764 90 16 a a DET cblr-1764 90 17 mixed mixed ADJ cblr-1764 90 18 approach approach NOUN cblr-1764 90 19 that that PRON cblr-1764 90 20 carves carve VERB cblr-1764 90 21 out out ADP cblr-1764 90 22 solvency solvency NOUN cblr-1764 90 23 rules rule NOUN cblr-1764 90 24 for for ADP cblr-1764 90 25 federal federal ADJ cblr-1764 90 26 regulation regulation NOUN cblr-1764 90 27 while while SCONJ cblr-1764 90 28 leaving leave VERB cblr-1764 90 29 so so ADV cblr-1764 90 30 - - PUNCT cblr-1764 90 31 called call VERB cblr-1764 90 32 marked mark VERB cblr-1764 90 33 conduct conduct NOUN cblr-1764 90 34 regulation regulation NOUN cblr-1764 90 35 to to ADP cblr-1764 90 36 the the DET cblr-1764 90 37 states state NOUN cblr-1764 90 38 . . PUNCT cblr-1764 91 1 see see VERB cblr-1764 91 2 , , PUNCT cblr-1764 91 3 e.g. e.g. ADV cblr-1764 91 4 , , PUNCT cblr-1764 91 5 sheila sheila PROPN cblr-1764 91 6 bair bair PROPN cblr-1764 91 7 , , PUNCT cblr-1764 91 8 univ univ PROPN cblr-1764 92 1 . . PUNCT cblr-1764 92 2 mass mass PROPN cblr-1764 92 3 . . PUNCT cblr-1764 93 1 isenberg isenberg PROPN cblr-1764 94 1 sch sch PROPN cblr-1764 94 2 . . PROPN cblr-1764 94 3 of of ADP cblr-1764 94 4 mgmt mgmt PROPN cblr-1764 94 5 . . PROPN cblr-1764 94 6 , , PUNCT cblr-1764 94 7 consumer consumer NOUN cblr-1764 94 8 ramifications ramification NOUN cblr-1764 94 9 of of ADP cblr-1764 94 10 an an DET cblr-1764 94 11 optional optional ADJ cblr-1764 94 12 federal federal ADJ cblr-1764 94 13 charter charter NOUN cblr-1764 94 14 for for ADP cblr-1764 94 15 life life NOUN cblr-1764 94 16 insurers insurer NOUN cblr-1764 94 17 ( ( PUNCT cblr-1764 94 18 2004 2004 NUM cblr-1764 94 19 ) ) PUNCT cblr-1764 94 20 ( ( PUNCT cblr-1764 94 21 concluding conclude VERB cblr-1764 94 22 that that SCONJ cblr-1764 94 23 the the DET cblr-1764 94 24 federal federal ADJ cblr-1764 94 25 government government NOUN cblr-1764 94 26 should should AUX cblr-1764 94 27 impose impose VERB cblr-1764 94 28 regulations regulation NOUN cblr-1764 94 29 to to PART cblr-1764 94 30 improve improve VERB cblr-1764 94 31 life life NOUN cblr-1764 94 32 insurance insurance NOUN cblr-1764 94 33 and and CCONJ cblr-1764 94 34 not not PART cblr-1764 94 35 leave leave VERB cblr-1764 94 36 the the DET cblr-1764 94 37 area area NOUN cblr-1764 94 38 up up ADP cblr-1764 94 39 to to ADP cblr-1764 94 40 states state NOUN cblr-1764 94 41 ) ) PUNCT cblr-1764 94 42 ; ; PUNCT cblr-1764 94 43 henry henry PROPN cblr-1764 94 44 n. n. PROPN cblr-1764 94 45 butler butler PROPN cblr-1764 94 46 & & CCONJ cblr-1764 94 47 larry larry PROPN cblr-1764 94 48 e. e. PROPN cblr-1764 94 49 ribstein ribstein PROPN cblr-1764 94 50 , , PUNCT cblr-1764 94 51 a a DET cblr-1764 94 52 single single ADJ cblr-1764 94 53 - - PUNCT cblr-1764 94 54 license license NOUN cblr-1764 94 55 approach approach NOUN cblr-1764 94 56 to to ADP cblr-1764 94 57 regulating regulate VERB cblr-1764 94 58 insurance insurance NOUN cblr-1764 94 59 ( ( PUNCT cblr-1764 94 60 northwestern northwestern PROPN cblr-1764 94 61 univ univ PROPN cblr-1764 94 62 . . PUNCT cblr-1764 95 1 sch sch PROPN cblr-1764 95 2 . . PROPN cblr-1764 96 1 of of ADP cblr-1764 96 2 law law NOUN cblr-1764 96 3 , , PUNCT cblr-1764 96 4 working work VERB cblr-1764 96 5 paper paper NOUN cblr-1764 96 6 no no INTJ cblr-1764 96 7 . . PROPN cblr-1764 96 8 154 154 NUM cblr-1764 96 9 , , PUNCT cblr-1764 96 10 2008 2008 NUM cblr-1764 96 11 ) ) PUNCT cblr-1764 96 12 , , PUNCT cblr-1764 96 13 http://scholarlycommons.law.northwestern.edu/cgi/view http://scholarlycommons.law.northwestern.edu/cgi/view NOUN cblr-1764 96 14 content.cgi?article=1153&context=facultyworkingpapers content.cgi?article=1153&context=facultyworkingpaper VERB cblr-1764 97 1 [ [ X cblr-1764 97 2 http://perma.cc/ http://perma.cc/ PROPN cblr-1764 97 3 6lsc 6lsc PROPN cblr-1764 97 4 - - PUNCT cblr-1764 97 5 yaee yaee NOUN cblr-1764 97 6 ] ] X cblr-1764 97 7 ( ( PUNCT cblr-1764 97 8 promoting promote VERB cblr-1764 97 9 minimal minimal ADJ cblr-1764 97 10 federal federal ADJ cblr-1764 97 11 intrusion intrusion NOUN cblr-1764 97 12 into into ADP cblr-1764 97 13 insurance insurance NOUN cblr-1764 97 14 markets market NOUN cblr-1764 97 15 and and CCONJ cblr-1764 97 16 instead instead ADV cblr-1764 97 17 allowing allow VERB cblr-1764 97 18 states state NOUN cblr-1764 97 19 to to ADP cblr-1764 97 20 charter charter NOUN cblr-1764 97 21 insurers insurer NOUN cblr-1764 97 22 ) ) PUNCT cblr-1764 97 23 . . PUNCT cblr-1764 98 1 20 20 NUM cblr-1764 98 2 see see VERB cblr-1764 98 3 infra infra NOUN cblr-1764 98 4 part part NOUN cblr-1764 98 5 iv.a.2 iv.a.2 PROPN cblr-1764 98 6 . . PUNCT cblr-1764 99 1 turk turk PROPN cblr-1764 99 2 – – PUNCT cblr-1764 99 3 final final ADJ cblr-1764 99 4 976 976 NUM cblr-1764 99 5 columbia columbia PROPN cblr-1764 99 6 business business NOUN cblr-1764 99 7 law law PROPN cblr-1764 99 8 review review NOUN cblr-1764 99 9 [ [ X cblr-1764 99 10 vol vol NOUN cblr-1764 99 11 . . NOUN cblr-1764 99 12 2015 2015 NUM cblr-1764 99 13 approach approach NOUN cblr-1764 99 14 , , PUNCT cblr-1764 99 15 as as ADV cblr-1764 99 16 well well ADV cblr-1764 99 17 as as ADP cblr-1764 99 18 commentary commentary NOUN cblr-1764 99 19 that that PRON cblr-1764 99 20 regards regard VERB cblr-1764 99 21 this this PRON cblr-1764 99 22 as as ADP cblr-1764 99 23 a a DET cblr-1764 99 24 positive positive ADJ cblr-1764 99 25 institutional institutional ADJ cblr-1764 99 26 feature.21 feature.21 NOUN cblr-1764 99 27 the the DET cblr-1764 99 28 definitional definitional ADJ cblr-1764 99 29 boundaries boundary NOUN cblr-1764 99 30 of of ADP cblr-1764 99 31 insurance insurance NOUN cblr-1764 99 32 regulation regulation NOUN cblr-1764 99 33 introduce introduce VERB cblr-1764 99 34 serious serious ADJ cblr-1764 99 35 policy policy NOUN cblr-1764 99 36 dilemmas dilemma NOUN cblr-1764 99 37 as as ADV cblr-1764 99 38 well well ADV cblr-1764 99 39 . . PUNCT cblr-1764 100 1 the the DET cblr-1764 100 2 trend trend NOUN cblr-1764 100 3 towards towards ADP cblr-1764 100 4 convergence convergence NOUN cblr-1764 100 5 creates create VERB cblr-1764 100 6 pressure pressure NOUN cblr-1764 100 7 on on ADP cblr-1764 100 8 traditional traditional ADJ cblr-1764 100 9 regulatory regulatory ADJ cblr-1764 100 10 definitions definition NOUN cblr-1764 100 11 that that PRON cblr-1764 100 12 trigger trigger VERB cblr-1764 100 13 an an DET cblr-1764 100 14 idiosyncratic idiosyncratic ADJ cblr-1764 100 15 set set NOUN cblr-1764 100 16 of of ADP cblr-1764 100 17 rules rule NOUN cblr-1764 100 18 for for ADP cblr-1764 100 19 those those DET cblr-1764 100 20 financial financial ADJ cblr-1764 100 21 firms firm NOUN cblr-1764 100 22 and and CCONJ cblr-1764 100 23 products product NOUN cblr-1764 100 24 that that PRON cblr-1764 100 25 fall fall VERB cblr-1764 100 26 within within ADP cblr-1764 100 27 the the DET cblr-1764 100 28 boundary boundary NOUN cblr-1764 100 29 that that PRON cblr-1764 100 30 demarcates demarcate VERB cblr-1764 100 31 “ " PUNCT cblr-1764 100 32 insurance insurance NOUN cblr-1764 100 33 . . PUNCT cblr-1764 100 34 ” " PUNCT cblr-1764 101 1 in in ADP cblr-1764 101 2 theory theory NOUN cblr-1764 101 3 , , PUNCT cblr-1764 101 4 the the DET cblr-1764 101 5 need need NOUN cblr-1764 101 6 for for ADP cblr-1764 101 7 regulatory regulatory ADJ cblr-1764 101 8 definitions definition NOUN cblr-1764 101 9 to to PART cblr-1764 101 10 track track VERB cblr-1764 101 11 the the DET cblr-1764 101 12 economic economic ADJ cblr-1764 101 13 characteristics characteristic NOUN cblr-1764 101 14 of of ADP cblr-1764 101 15 the the DET cblr-1764 101 16 activities activity NOUN cblr-1764 101 17 to to PART cblr-1764 101 18 which which PRON cblr-1764 101 19 they they PRON cblr-1764 101 20 are be AUX cblr-1764 101 21 applied apply VERB cblr-1764 101 22 appears appear VERB cblr-1764 101 23 self self NOUN cblr-1764 101 24 - - PUNCT cblr-1764 101 25 evident evident ADJ cblr-1764 101 26 , , PUNCT cblr-1764 101 27 and and CCONJ cblr-1764 101 28 is be AUX cblr-1764 101 29 the the DET cblr-1764 101 30 impetus impetus NOUN cblr-1764 101 31 behind behind ADP cblr-1764 101 32 perennial perennial ADJ cblr-1764 101 33 calls call NOUN cblr-1764 101 34 for for ADP cblr-1764 101 35 more more ADJ cblr-1764 101 36 “ " PUNCT cblr-1764 101 37 functional functional ADJ cblr-1764 101 38 regulation regulation NOUN cblr-1764 101 39 . . PUNCT cblr-1764 101 40 ” " PUNCT cblr-1764 102 1 when when SCONJ cblr-1764 102 2 employed employ VERB cblr-1764 102 3 in in ADP cblr-1764 102 4 practice practice NOUN cblr-1764 102 5 , , PUNCT cblr-1764 102 6 however however ADV cblr-1764 102 7 , , PUNCT cblr-1764 102 8 functional functional ADJ cblr-1764 102 9 categories category NOUN cblr-1764 102 10 can can AUX cblr-1764 102 11 be be AUX cblr-1764 102 12 over over ADP cblr-1764 102 13 - - PUNCT cblr-1764 102 14 inclusive inclusive ADJ cblr-1764 102 15 and and CCONJ cblr-1764 102 16 contribute contribute VERB cblr-1764 102 17 to to ADP cblr-1764 102 18 excessive excessive ADJ cblr-1764 102 19 regulatory regulatory ADJ cblr-1764 102 20 complexity complexity NOUN cblr-1764 102 21 . . PUNCT cblr-1764 103 1 they they PRON cblr-1764 103 2 may may AUX cblr-1764 103 3 also also ADV cblr-1764 103 4 spark spark VERB cblr-1764 103 5 an an DET cblr-1764 103 6 unwinnable unwinnable ADJ cblr-1764 103 7 race race NOUN cblr-1764 103 8 between between ADP cblr-1764 103 9 regulators regulator NOUN cblr-1764 103 10 reacting react VERB cblr-1764 103 11 to to ADP cblr-1764 103 12 market market NOUN cblr-1764 103 13 innovations innovation NOUN cblr-1764 103 14 and and CCONJ cblr-1764 103 15 financial financial ADJ cblr-1764 103 16 engineers engineer NOUN cblr-1764 103 17 seeking seek VERB cblr-1764 103 18 to to PART cblr-1764 103 19 evade evade VERB cblr-1764 103 20 the the DET cblr-1764 103 21 latest late ADJ cblr-1764 103 22 generation generation NOUN cblr-1764 103 23 of of ADP cblr-1764 103 24 functional functional ADJ cblr-1764 103 25 definitions.22 definitions.22 PROPN cblr-1764 103 26 thus thus ADV cblr-1764 103 27 , , PUNCT cblr-1764 103 28 this this DET cblr-1764 103 29 article article NOUN cblr-1764 103 30 argues argue VERB cblr-1764 103 31 that that SCONJ cblr-1764 103 32 even even ADV cblr-1764 103 33 in in ADP cblr-1764 103 34 the the DET cblr-1764 103 35 face face NOUN cblr-1764 103 36 of of ADP cblr-1764 103 37 increasing increase VERB cblr-1764 103 38 convergence convergence NOUN cblr-1764 103 39 , , PUNCT cblr-1764 103 40 demonstrating demonstrate VERB cblr-1764 103 41 a a DET cblr-1764 103 42 clear clear ADJ cblr-1764 103 43 economic economic ADJ cblr-1764 103 44 analogy analogy NOUN cblr-1764 103 45 between between ADP cblr-1764 103 46 financial financial ADJ cblr-1764 103 47 services service NOUN cblr-1764 103 48 is be AUX cblr-1764 103 49 insufficient insufficient ADJ cblr-1764 103 50 to to PART cblr-1764 103 51 justify justify VERB cblr-1764 103 52 a a DET cblr-1764 103 53 move move NOUN cblr-1764 103 54 to to ADP cblr-1764 103 55 functional functional ADJ cblr-1764 103 56 definitional definitional ADJ cblr-1764 103 57 boundaries boundary NOUN cblr-1764 103 58 , , PUNCT cblr-1764 103 59 and and CCONJ cblr-1764 103 60 it it PRON cblr-1764 103 61 is be AUX cblr-1764 103 62 often often ADV cblr-1764 103 63 more more ADV cblr-1764 103 64 efficient efficient ADJ cblr-1764 103 65 to to PART cblr-1764 103 66 retain retain VERB cblr-1764 103 67 formal formal ADJ cblr-1764 103 68 legal legal ADJ cblr-1764 103 69 categories category NOUN cblr-1764 103 70 . . PUNCT cblr-1764 104 1 two two NUM cblr-1764 104 2 examples example NOUN cblr-1764 104 3 of of ADP cblr-1764 104 4 the the DET cblr-1764 104 5 virtues virtue NOUN cblr-1764 104 6 of of ADP cblr-1764 104 7 formal formal ADJ cblr-1764 104 8 definitions definition NOUN cblr-1764 104 9 concern concern NOUN cblr-1764 104 10 regulations regulation NOUN cblr-1764 104 11 that that PRON cblr-1764 104 12 distinguish distinguish VERB cblr-1764 104 13 between between ADP cblr-1764 104 14 credit credit NOUN cblr-1764 104 15 default default NOUN cblr-1764 104 16 swaps swap NOUN cblr-1764 104 17 and and CCONJ cblr-1764 104 18 bond bond NOUN cblr-1764 104 19 insurance,23 insurance,23 NOUN cblr-1764 104 20 and and CCONJ cblr-1764 104 21 between between ADP cblr-1764 104 22 certain certain ADJ cblr-1764 104 23 insurance insurance NOUN cblr-1764 104 24 annuities annuity NOUN cblr-1764 104 25 and and CCONJ cblr-1764 104 26 mutual mutual ADJ cblr-1764 104 27 fund fund NOUN cblr-1764 104 28 instruments.24 instruments.24 NOUN cblr-1764 104 29 despite despite SCONJ cblr-1764 104 30 21 21 NUM cblr-1764 104 31 see see NOUN cblr-1764 104 32 , , PUNCT cblr-1764 104 33 e.g. e.g. ADV cblr-1764 104 34 , , PUNCT cblr-1764 104 35 brown brown ADJ cblr-1764 104 36 , , PUNCT cblr-1764 104 37 supra supra PROPN cblr-1764 104 38 note note NOUN cblr-1764 104 39 7 7 NUM cblr-1764 104 40 , , PUNCT cblr-1764 104 41 at at ADP cblr-1764 104 42 583 583 NUM cblr-1764 104 43 . . PUNCT cblr-1764 105 1 the the DET cblr-1764 105 2 conclusion conclusion NOUN cblr-1764 105 3 also also ADV cblr-1764 105 4 runs run VERB cblr-1764 105 5 counter counter ADV cblr-1764 105 6 to to ADP cblr-1764 105 7 a a DET cblr-1764 105 8 common common ADJ cblr-1764 105 9 instinct instinct NOUN cblr-1764 105 10 to to PART cblr-1764 105 11 respond respond VERB cblr-1764 105 12 to to ADP cblr-1764 105 13 market market NOUN cblr-1764 105 14 failures failure NOUN cblr-1764 105 15 , , PUNCT cblr-1764 105 16 such such ADJ cblr-1764 105 17 as as ADP cblr-1764 105 18 those those PRON cblr-1764 105 19 revealed reveal VERB cblr-1764 105 20 by by ADP cblr-1764 105 21 the the DET cblr-1764 105 22 2008 2008 NUM cblr-1764 105 23 crisis crisis NOUN cblr-1764 105 24 , , PUNCT cblr-1764 105 25 by by ADP cblr-1764 105 26 seeking seek VERB cblr-1764 105 27 greater great ADJ cblr-1764 105 28 regulation regulation NOUN cblr-1764 105 29 at at ADP cblr-1764 105 30 each each DET cblr-1764 105 31 level level NOUN cblr-1764 105 32 of of ADP cblr-1764 105 33 the the DET cblr-1764 105 34 jurisdictional jurisdictional ADJ cblr-1764 105 35 hierarchy hierarchy NOUN cblr-1764 105 36 ( ( PUNCT cblr-1764 105 37 state state NOUN cblr-1764 105 38 , , PUNCT cblr-1764 105 39 national national ADJ cblr-1764 105 40 , , PUNCT cblr-1764 105 41 and and CCONJ cblr-1764 105 42 international international ADJ cblr-1764 105 43 ) ) PUNCT cblr-1764 105 44 . . PUNCT cblr-1764 106 1 22 22 NUM cblr-1764 106 2 see see VERB cblr-1764 106 3 infra infra NOUN cblr-1764 106 4 part part NOUN cblr-1764 106 5 iv.b.1 iv.b.1 NOUN cblr-1764 106 6 . . PUNCT cblr-1764 106 7 23 23 NUM cblr-1764 106 8 see see VERB cblr-1764 106 9 m. m. PROPN cblr-1764 106 10 todd todd PROPN cblr-1764 106 11 henderson henderson PROPN cblr-1764 106 12 , , PUNCT cblr-1764 106 13 credit credit NOUN cblr-1764 106 14 derivatives derivative NOUN cblr-1764 106 15 are be AUX cblr-1764 106 16 not not PART cblr-1764 106 17 “ " PUNCT cblr-1764 106 18 insurance insurance NOUN cblr-1764 106 19 ” " PUNCT cblr-1764 106 20 , , PUNCT cblr-1764 106 21 16 16 NUM cblr-1764 106 22 conn conn PROPN cblr-1764 106 23 . . PUNCT cblr-1764 107 1 ins ins PROPN cblr-1764 107 2 . . PUNCT cblr-1764 108 1 l.j l.j PROPN cblr-1764 108 2 . . PROPN cblr-1764 108 3 1 1 NUM cblr-1764 108 4 , , PUNCT cblr-1764 108 5 1–4 1–4 PROPN cblr-1764 108 6 ( ( PUNCT cblr-1764 108 7 2009 2009 NUM cblr-1764 108 8 ) ) PUNCT cblr-1764 108 9 ; ; PUNCT cblr-1764 108 10 arthur arthur PROPN cblr-1764 108 11 kimball kimball PROPN cblr-1764 108 12 - - PUNCT cblr-1764 108 13 stanley stanley PROPN cblr-1764 108 14 , , PUNCT cblr-1764 108 15 insurance insurance NOUN cblr-1764 108 16 and and CCONJ cblr-1764 108 17 credit credit NOUN cblr-1764 108 18 default default NOUN cblr-1764 108 19 swaps swap NOUN cblr-1764 108 20 : : PUNCT cblr-1764 108 21 should should AUX cblr-1764 108 22 like like VERB cblr-1764 108 23 things thing NOUN cblr-1764 108 24 be be AUX cblr-1764 108 25 treated treat VERB cblr-1764 108 26 alike alike ADV cblr-1764 108 27 ? ? PUNCT cblr-1764 108 28 , , PUNCT cblr-1764 108 29 15 15 NUM cblr-1764 108 30 conn conn X cblr-1764 108 31 . . PUNCT cblr-1764 108 32 ins ins PROPN cblr-1764 108 33 . . PUNCT cblr-1764 109 1 l.j l.j PROPN cblr-1764 109 2 . . PROPN cblr-1764 109 3 241 241 NUM cblr-1764 109 4 , , PUNCT cblr-1764 109 5 241–43 241–43 NUM cblr-1764 109 6 ( ( PUNCT cblr-1764 109 7 2008 2008 NUM cblr-1764 109 8 ) ) PUNCT cblr-1764 109 9 . . PUNCT cblr-1764 110 1 24 24 NUM cblr-1764 110 2 see see VERB cblr-1764 110 3 russell russell PROPN cblr-1764 110 4 hasan hasan PROPN cblr-1764 110 5 , , PUNCT cblr-1764 110 6 annuity annuity NOUN cblr-1764 110 7 coeptis coeptis NOUN cblr-1764 110 8 : : PUNCT cblr-1764 110 9 is be AUX cblr-1764 110 10 there there PRON cblr-1764 110 11 a a DET cblr-1764 110 12 way way NOUN cblr-1764 110 13 to to PART cblr-1764 110 14 avoid avoid VERB cblr-1764 110 15 american american ADJ cblr-1764 110 16 equity equity NOUN cblr-1764 110 17 investment investment PROPN cblr-1764 110 18 life life PROPN cblr-1764 110 19 insurance insurance PROPN cblr-1764 110 20 co. co. PROPN cblr-1764 110 21 v. v. ADP cblr-1764 110 22 sec sec PROPN cblr-1764 110 23 becoming become VERB cblr-1764 110 24 a a DET cblr-1764 110 25 herald herald NOUN cblr-1764 110 26 for for SCONJ cblr-1764 110 27 the the DET cblr-1764 110 28 sec sec PROPN cblr-1764 110 29 gaining gain VERB cblr-1764 110 30 regulatory regulatory ADJ cblr-1764 110 31 control control NOUN cblr-1764 110 32 over over ADP cblr-1764 110 33 all all DET cblr-1764 110 34 securitiesrelated securitiesrelate VERB cblr-1764 110 35 insurance insurance NOUN cblr-1764 110 36 products product NOUN cblr-1764 110 37 ? ? PUNCT cblr-1764 110 38 , , PUNCT cblr-1764 110 39 17 17 NUM cblr-1764 110 40 conn conn PROPN cblr-1764 110 41 . . PUNCT cblr-1764 111 1 ins ins PROPN cblr-1764 111 2 . . PUNCT cblr-1764 112 1 l.j l.j PROPN cblr-1764 112 2 . . PROPN cblr-1764 112 3 253 253 NUM cblr-1764 112 4 , , PUNCT cblr-1764 112 5 267–68 267–68 NOUN cblr-1764 112 6 , , PUNCT cblr-1764 112 7 285 285 NUM cblr-1764 112 8 ( ( PUNCT cblr-1764 112 9 2010 2010 NUM cblr-1764 112 10 ) ) PUNCT cblr-1764 112 11 . . PUNCT cblr-1764 113 1 turk turk PROPN cblr-1764 113 2 – – PUNCT cblr-1764 113 3 final final ADJ cblr-1764 113 4 no no NOUN cblr-1764 113 5 . . PUNCT cblr-1764 114 1 3:967 3:967 NUM cblr-1764 114 2 ] ] X cblr-1764 114 3 insurance insurance NOUN cblr-1764 114 4 convergence convergence NOUN cblr-1764 114 5 977 977 NUM cblr-1764 114 6 substantial substantial ADJ cblr-1764 114 7 functional functional ADJ cblr-1764 114 8 similarities similarity NOUN cblr-1764 114 9 in in ADP cblr-1764 114 10 both both DET cblr-1764 114 11 cases case NOUN cblr-1764 114 12 , , PUNCT cblr-1764 114 13 attempts attempt VERB cblr-1764 114 14 to to PART cblr-1764 114 15 redraw redraw VERB cblr-1764 114 16 definitional definitional ADJ cblr-1764 114 17 boundaries boundary NOUN cblr-1764 114 18 to to PART cblr-1764 114 19 provide provide VERB cblr-1764 114 20 the the DET cblr-1764 114 21 same same ADJ cblr-1764 114 22 treatment treatment NOUN cblr-1764 114 23 for for ADP cblr-1764 114 24 each each DET cblr-1764 114 25 pair pair NOUN cblr-1764 114 26 of of ADP cblr-1764 114 27 products product NOUN cblr-1764 114 28 implicate implicate VERB cblr-1764 114 29 many many ADJ cblr-1764 114 30 of of ADP cblr-1764 114 31 the the DET cblr-1764 114 32 weaknesses weakness NOUN cblr-1764 114 33 of of ADP cblr-1764 114 34 the the DET cblr-1764 114 35 functional functional ADJ cblr-1764 114 36 approach approach NOUN cblr-1764 114 37 . . PUNCT cblr-1764 115 1 firm firm ADJ cblr-1764 115 2 - - PUNCT cblr-1764 115 3 level level NOUN cblr-1764 115 4 distinctions distinction NOUN cblr-1764 115 5 that that PRON cblr-1764 115 6 pursue pursue VERB cblr-1764 115 7 a a DET cblr-1764 115 8 functional functional ADJ cblr-1764 115 9 approach approach NOUN cblr-1764 115 10 to to ADP cblr-1764 115 11 categorizing categorize VERB cblr-1764 115 12 “ " PUNCT cblr-1764 115 13 insurers insurer NOUN cblr-1764 115 14 ” " PUNCT cblr-1764 115 15 can can AUX cblr-1764 115 16 also also ADV cblr-1764 115 17 be be AUX cblr-1764 115 18 problematic problematic ADJ cblr-1764 115 19 . . PUNCT cblr-1764 116 1 one one NUM cblr-1764 116 2 illustration illustration NOUN cblr-1764 116 3 is be AUX cblr-1764 116 4 the the DET cblr-1764 116 5 so so ADV cblr-1764 116 6 - - PUNCT cblr-1764 116 7 called call VERB cblr-1764 116 8 collins collins PROPN cblr-1764 116 9 amendment amendment PROPN cblr-1764 116 10 to to ADP cblr-1764 116 11 doddfrank doddfrank PROPN cblr-1764 116 12 , , PUNCT cblr-1764 116 13 which which PRON cblr-1764 116 14 provides provide VERB cblr-1764 116 15 regulators regulator NOUN cblr-1764 116 16 with with ADP cblr-1764 116 17 discretion discretion NOUN cblr-1764 116 18 to to PART cblr-1764 116 19 erase erase VERB cblr-1764 116 20 formal formal ADJ cblr-1764 116 21 boundaries boundary NOUN cblr-1764 116 22 between between ADP cblr-1764 116 23 too too ADV cblr-1764 116 24 big big ADJ cblr-1764 116 25 to to PART cblr-1764 116 26 fail fail VERB cblr-1764 116 27 insurers insurer NOUN cblr-1764 116 28 and and CCONJ cblr-1764 116 29 banks bank NOUN cblr-1764 116 30 for for ADP cblr-1764 116 31 purposes purpose NOUN cblr-1764 116 32 of of ADP cblr-1764 116 33 capital capital NOUN cblr-1764 116 34 requirements.25 requirements.25 VERB cblr-1764 116 35 although although SCONJ cblr-1764 116 36 this this DET cblr-1764 116 37 article article NOUN cblr-1764 116 38 concludes conclude VERB cblr-1764 116 39 that that SCONJ cblr-1764 116 40 exercising exercise VERB cblr-1764 116 41 such such ADJ cblr-1764 116 42 discretion discretion NOUN cblr-1764 116 43 pursuant pursuant ADJ cblr-1764 116 44 to to ADP cblr-1764 116 45 the the DET cblr-1764 116 46 collins collins PROPN cblr-1764 116 47 amendment amendment PROPN cblr-1764 116 48 would would AUX cblr-1764 116 49 push push VERB cblr-1764 116 50 functionalism functionalism NOUN cblr-1764 116 51 too too ADV cblr-1764 116 52 far far ADV cblr-1764 116 53 , , PUNCT cblr-1764 116 54 it it PRON cblr-1764 116 55 also also ADV cblr-1764 116 56 argues argue VERB cblr-1764 116 57 that that SCONJ cblr-1764 116 58 the the DET cblr-1764 116 59 unique unique ADJ cblr-1764 116 60 treatment treatment NOUN cblr-1764 116 61 of of ADP cblr-1764 116 62 insurers insurer NOUN cblr-1764 116 63 relative relative ADJ cblr-1764 116 64 to to ADP cblr-1764 116 65 other other ADJ cblr-1764 116 66 financial financial ADJ cblr-1764 116 67 firms firm NOUN cblr-1764 116 68 should should AUX cblr-1764 116 69 be be AUX cblr-1764 116 70 revisited revisit VERB cblr-1764 116 71 in in ADP cblr-1764 116 72 other other ADJ cblr-1764 116 73 areas area NOUN cblr-1764 116 74 , , PUNCT cblr-1764 116 75 such such ADJ cblr-1764 116 76 as as ADP cblr-1764 116 77 accounting accounting NOUN cblr-1764 116 78 standards standard NOUN cblr-1764 116 79 and and CCONJ cblr-1764 116 80 the the DET cblr-1764 116 81 role role NOUN cblr-1764 116 82 of of ADP cblr-1764 116 83 credit credit NOUN cblr-1764 116 84 ratings rating NOUN cblr-1764 116 85 agencies.26 agencies.26 ADJ cblr-1764 116 86 as as SCONJ cblr-1764 116 87 described describe VERB cblr-1764 116 88 above above ADV cblr-1764 116 89 , , PUNCT cblr-1764 116 90 the the DET cblr-1764 116 91 two two NUM cblr-1764 116 92 boundaries boundary NOUN cblr-1764 116 93 raise raise VERB cblr-1764 116 94 distinct distinct ADJ cblr-1764 116 95 sets set NOUN cblr-1764 116 96 of of ADP cblr-1764 116 97 policy policy NOUN cblr-1764 116 98 tradeoffs tradeoff NOUN cblr-1764 116 99 but but CCONJ cblr-1764 116 100 share share VERB cblr-1764 116 101 the the DET cblr-1764 116 102 common common ADJ cblr-1764 116 103 underlying underlying ADJ cblr-1764 116 104 problem problem NOUN cblr-1764 116 105 of of ADP cblr-1764 116 106 which which PRON cblr-1764 116 107 concerns concern VERB cblr-1764 116 108 the the DET cblr-1764 116 109 potential potential NOUN cblr-1764 116 110 for for ADP cblr-1764 116 111 regulatory regulatory ADJ cblr-1764 116 112 arbitrage:27 arbitrage:27 ADP cblr-1764 116 113 exactly exactly ADV cblr-1764 116 114 how how SCONJ cblr-1764 116 115 easy easy ADJ cblr-1764 116 116 is be AUX cblr-1764 116 117 it it PRON cblr-1764 116 118 for for SCONJ cblr-1764 116 119 financial financial ADJ cblr-1764 116 120 activity activity NOUN cblr-1764 116 121 to to PART cblr-1764 116 122 migrate migrate VERB cblr-1764 116 123 across across ADP cblr-1764 116 124 jurisdictional jurisdictional ADJ cblr-1764 116 125 and and CCONJ cblr-1764 116 126 definitional definitional ADJ cblr-1764 116 127 boundaries boundary NOUN cblr-1764 116 128 to to PART cblr-1764 116 129 enjoy enjoy VERB cblr-1764 116 130 less less ADV cblr-1764 116 131 effective effective ADJ cblr-1764 116 132 regulation regulation NOUN cblr-1764 116 133 ? ? PUNCT cblr-1764 117 1 policy policy NOUN cblr-1764 117 2 evaluation evaluation NOUN cblr-1764 117 3 is be AUX cblr-1764 117 4 simplified simplify VERB cblr-1764 117 5 by by ADP cblr-1764 117 6 adopting adopt VERB cblr-1764 117 7 a a DET cblr-1764 117 8 working work VERB cblr-1764 117 9 assumption assumption NOUN cblr-1764 117 10 that that SCONJ cblr-1764 117 11 the the DET cblr-1764 117 12 scope scope NOUN cblr-1764 117 13 for for ADP cblr-1764 117 14 regulatory regulatory ADJ cblr-1764 117 15 arbitrage arbitrage NOUN cblr-1764 117 16 in in ADP cblr-1764 117 17 finance finance NOUN cblr-1764 117 18 is be AUX cblr-1764 117 19 limited limit VERB cblr-1764 117 20 , , PUNCT cblr-1764 117 21 but but CCONJ cblr-1764 117 22 recent recent ADJ cblr-1764 117 23 experiences experience NOUN cblr-1764 117 24 indicate indicate VERB cblr-1764 117 25 that that SCONJ cblr-1764 117 26 in in ADP cblr-1764 117 27 some some DET cblr-1764 117 28 cases case NOUN cblr-1764 117 29 it it PRON cblr-1764 117 30 can can AUX cblr-1764 117 31 be be AUX cblr-1764 117 32 quite quite ADV cblr-1764 117 33 broad broad ADJ cblr-1764 117 34 . . PUNCT cblr-1764 118 1 one one NUM cblr-1764 118 2 dramatic dramatic ADJ cblr-1764 118 3 episode episode NOUN cblr-1764 118 4 involving involve VERB cblr-1764 118 5 definitional definitional ADJ cblr-1764 118 6 boundaries boundary NOUN cblr-1764 118 7 is be AUX cblr-1764 118 8 the the DET cblr-1764 118 9 rise rise NOUN cblr-1764 118 10 of of ADP cblr-1764 118 11 shadow shadow NOUN cblr-1764 118 12 banking banking NOUN cblr-1764 118 13 in in ADP cblr-1764 118 14 recent recent ADJ cblr-1764 118 15 decades decade NOUN cblr-1764 118 16 , , PUNCT cblr-1764 118 17 during during ADP cblr-1764 118 18 which which DET cblr-1764 118 19 time time NOUN cblr-1764 118 20 a a DET cblr-1764 118 21 substantial substantial ADJ cblr-1764 118 22 portion portion NOUN cblr-1764 118 23 of of ADP cblr-1764 118 24 the the DET cblr-1764 118 25 financial financial ADJ cblr-1764 118 26 sector sector NOUN cblr-1764 118 27 migrated migrate VERB cblr-1764 118 28 from from ADP cblr-1764 118 29 traditional traditional ADJ cblr-1764 118 30 banks bank NOUN cblr-1764 118 31 to to ADP cblr-1764 118 32 entities entity NOUN cblr-1764 118 33 and and CCONJ cblr-1764 118 34 markets market NOUN cblr-1764 118 35 not not PART cblr-1764 118 36 subject subject ADJ cblr-1764 118 37 to to ADP cblr-1764 118 38 25 25 NUM cblr-1764 118 39 dodd dodd PROPN cblr-1764 118 40 - - PUNCT cblr-1764 118 41 frank frank PROPN cblr-1764 118 42 § § PROPN cblr-1764 118 43 171 171 NUM cblr-1764 118 44 , , PUNCT cblr-1764 118 45 12 12 NUM cblr-1764 118 46 u.s.c u.s.c ADJ cblr-1764 118 47 . . PUNCT cblr-1764 119 1 § § PROPN cblr-1764 119 2 5371 5371 NUM cblr-1764 119 3 ( ( PUNCT cblr-1764 119 4 2012 2012 NUM cblr-1764 119 5 ) ) PUNCT cblr-1764 119 6 . . PUNCT cblr-1764 120 1 26 26 NUM cblr-1764 120 2 see see VERB cblr-1764 120 3 john john PROPN cblr-1764 120 4 patrick patrick PROPN cblr-1764 120 5 hunt hunt PROPN cblr-1764 120 6 , , PUNCT cblr-1764 120 7 credit credit NOUN cblr-1764 120 8 ratings rating NOUN cblr-1764 120 9 in in ADP cblr-1764 120 10 insurance insurance NOUN cblr-1764 120 11 regulation regulation NOUN cblr-1764 120 12 : : PUNCT cblr-1764 120 13 the the DET cblr-1764 120 14 missing miss VERB cblr-1764 120 15 piece piece NOUN cblr-1764 120 16 of of ADP cblr-1764 120 17 financial financial ADJ cblr-1764 120 18 reform reform NOUN cblr-1764 120 19 , , PUNCT cblr-1764 120 20 68 68 NUM cblr-1764 120 21 wash wash NOUN cblr-1764 120 22 . . PUNCT cblr-1764 120 23 & & CCONJ cblr-1764 120 24 lee lee PROPN cblr-1764 120 25 l. l. PROPN cblr-1764 120 26 rev rev PROPN cblr-1764 120 27 . . PROPN cblr-1764 120 28 1667 1667 NUM cblr-1764 120 29 , , PUNCT cblr-1764 120 30 1670–71 1670–71 NUM cblr-1764 120 31 ( ( PUNCT cblr-1764 120 32 2011 2011 NUM cblr-1764 120 33 ) ) PUNCT cblr-1764 120 34 ; ; PUNCT cblr-1764 120 35 viral viral ADJ cblr-1764 120 36 v. v. ADP cblr-1764 120 37 acharya acharya PROPN cblr-1764 120 38 et et PROPN cblr-1764 120 39 al al PROPN cblr-1764 120 40 . . PROPN cblr-1764 120 41 , , PUNCT cblr-1764 120 42 on on ADP cblr-1764 120 43 the the DET cblr-1764 120 44 financial financial ADJ cblr-1764 120 45 regulation regulation NOUN cblr-1764 120 46 of of ADP cblr-1764 120 47 insurance insurance NOUN cblr-1764 120 48 companies company NOUN cblr-1764 120 49 ( ( PUNCT cblr-1764 120 50 n.y.u n.y.u NOUN cblr-1764 120 51 . . PUNCT cblr-1764 120 52 stern stern PROPN cblr-1764 120 53 sch sch PROPN cblr-1764 120 54 . . PROPN cblr-1764 120 55 of of ADP cblr-1764 120 56 bus bus NOUN cblr-1764 120 57 . . PUNCT cblr-1764 120 58 , , PUNCT cblr-1764 120 59 working working NOUN cblr-1764 120 60 paper paper NOUN cblr-1764 120 61 , , PUNCT cblr-1764 120 62 2009 2009 NUM cblr-1764 120 63 ) ) PUNCT cblr-1764 120 64 , , PUNCT cblr-1764 120 65 http://web-docs.stern.nyu.edu/salomon/docs/whitepaper.pdf http://web-docs.stern.nyu.edu/salomon/docs/whitepaper.pdf PROPN cblr-1764 121 1 [ [ AUX cblr-1764 121 2 http://perma http://perma NOUN cblr-1764 121 3 . . PUNCT cblr-1764 121 4 cc cc NOUN cblr-1764 121 5 / / SYM cblr-1764 121 6 b5lf b5lf NOUN cblr-1764 121 7 - - PUNCT cblr-1764 121 8 pav4 pav4 NOUN cblr-1764 121 9 ] ] X cblr-1764 121 10 ( ( PUNCT cblr-1764 121 11 analyzing analyze VERB cblr-1764 121 12 accounting accounting NOUN cblr-1764 121 13 standards standard NOUN cblr-1764 121 14 that that PRON cblr-1764 121 15 apply apply VERB cblr-1764 121 16 to to ADP cblr-1764 121 17 insurance insurance NOUN cblr-1764 121 18 companies company NOUN cblr-1764 121 19 ) ) PUNCT cblr-1764 121 20 . . PUNCT cblr-1764 122 1 27 27 NUM cblr-1764 122 2 see see VERB cblr-1764 122 3 victor victor NOUN cblr-1764 122 4 fleischer fleischer PROPN cblr-1764 122 5 , , PUNCT cblr-1764 122 6 regulatory regulatory ADJ cblr-1764 122 7 arbitrage arbitrage NOUN cblr-1764 122 8 , , PUNCT cblr-1764 122 9 89 89 NUM cblr-1764 122 10 tex tex PROPN cblr-1764 122 11 . . PROPN cblr-1764 122 12 l. l. PROPN cblr-1764 122 13 rev rev PROPN cblr-1764 122 14 . . PROPN cblr-1764 122 15 227 227 NUM cblr-1764 122 16 , , PUNCT cblr-1764 122 17 230–31 230–31 NUM cblr-1764 122 18 ( ( PUNCT cblr-1764 122 19 2010 2010 NUM cblr-1764 122 20 ) ) PUNCT cblr-1764 122 21 . . PUNCT cblr-1764 123 1 turk turk PROPN cblr-1764 123 2 – – PUNCT cblr-1764 123 3 final final ADJ cblr-1764 123 4 978 978 NUM cblr-1764 123 5 columbia columbia PROPN cblr-1764 123 6 business business NOUN cblr-1764 123 7 law law PROPN cblr-1764 123 8 review review NOUN cblr-1764 123 9 [ [ X cblr-1764 123 10 vol vol NOUN cblr-1764 123 11 . . NOUN cblr-1764 123 12 2015 2015 NUM cblr-1764 123 13 formal formal ADJ cblr-1764 123 14 banking banking NOUN cblr-1764 123 15 regulation.28 regulation.28 NOUN cblr-1764 123 16 an an DET cblr-1764 123 17 even even ADV cblr-1764 123 18 more more ADV cblr-1764 123 19 recent recent ADJ cblr-1764 123 20 ( ( PUNCT cblr-1764 123 21 and and CCONJ cblr-1764 123 22 largely largely ADV cblr-1764 123 23 unnoticed unnoticed ADJ cblr-1764 123 24 ) ) PUNCT cblr-1764 123 25 illustration illustration NOUN cblr-1764 123 26 of of ADP cblr-1764 123 27 regulatory regulatory ADJ cblr-1764 123 28 arbitrage arbitrage NOUN cblr-1764 123 29 across across ADP cblr-1764 123 30 jurisdictional jurisdictional ADJ cblr-1764 123 31 boundaries boundary NOUN cblr-1764 123 32 is be AUX cblr-1764 123 33 the the DET cblr-1764 123 34 rapid rapid ADJ cblr-1764 123 35 development development NOUN cblr-1764 123 36 of of ADP cblr-1764 123 37 a a DET cblr-1764 123 38 “ " PUNCT cblr-1764 123 39 shadow shadow NOUN cblr-1764 123 40 insurance insurance NOUN cblr-1764 123 41 ” " PUNCT cblr-1764 123 42 sector sector NOUN cblr-1764 123 43 in in ADP cblr-1764 123 44 the the DET cblr-1764 123 45 united united PROPN cblr-1764 123 46 states states PROPN cblr-1764 123 47 , , PUNCT cblr-1764 123 48 wherein wherein SCONJ cblr-1764 123 49 a a DET cblr-1764 123 50 few few ADJ cblr-1764 123 51 states state NOUN cblr-1764 123 52 have have AUX cblr-1764 123 53 attracted attract VERB cblr-1764 123 54 a a DET cblr-1764 123 55 disproportionate disproportionate ADJ cblr-1764 123 56 number number NOUN cblr-1764 123 57 of of ADP cblr-1764 123 58 insurers insurer NOUN cblr-1764 123 59 by by ADP cblr-1764 123 60 aggressively aggressively ADV cblr-1764 123 61 reducing reduce VERB cblr-1764 123 62 solvency solvency NOUN cblr-1764 123 63 requirements.29 requirements.29 NOUN cblr-1764 123 64 these these DET cblr-1764 123 65 observations observation NOUN cblr-1764 123 66 lead lead VERB cblr-1764 123 67 to to ADP cblr-1764 123 68 a a DET cblr-1764 123 69 final final ADJ cblr-1764 123 70 policy policy NOUN cblr-1764 123 71 point point NOUN cblr-1764 123 72 regarding regard VERB cblr-1764 123 73 financial financial ADJ cblr-1764 123 74 regulation regulation NOUN cblr-1764 123 75 as as ADP cblr-1764 123 76 a a DET cblr-1764 123 77 whole whole NOUN cblr-1764 123 78 . . PUNCT cblr-1764 124 1 specifically specifically ADV cblr-1764 124 2 , , PUNCT cblr-1764 124 3 this this DET cblr-1764 124 4 article article NOUN cblr-1764 124 5 suggests suggest VERB cblr-1764 124 6 that that SCONJ cblr-1764 124 7 uncertainty uncertainty NOUN cblr-1764 124 8 over over ADP cblr-1764 124 9 the the DET cblr-1764 124 10 scope scope NOUN cblr-1764 124 11 of of ADP cblr-1764 124 12 regulatory regulatory ADJ cblr-1764 124 13 arbitrage arbitrage NOUN cblr-1764 124 14 is be AUX cblr-1764 124 15 the the DET cblr-1764 124 16 most most ADV cblr-1764 124 17 compelling compelling ADJ cblr-1764 124 18 ground ground NOUN cblr-1764 124 19 for for ADP cblr-1764 124 20 skepticism skepticism NOUN cblr-1764 124 21 that that SCONJ cblr-1764 124 22 mandating mandate VERB cblr-1764 124 23 federal federal ADJ cblr-1764 124 24 agencies agency NOUN cblr-1764 124 25 to to PART cblr-1764 124 26 engage engage VERB cblr-1764 124 27 in in ADP cblr-1764 124 28 rigorously rigorously ADV cblr-1764 124 29 quantitative quantitative ADJ cblr-1764 124 30 cost cost NOUN cblr-1764 124 31 - - PUNCT cblr-1764 124 32 benefit benefit NOUN cblr-1764 124 33 analysis analysis NOUN cblr-1764 124 34 ( ( PUNCT cblr-1764 124 35 “ " PUNCT cblr-1764 124 36 cba cba PROPN cblr-1764 124 37 ” " PUNCT cblr-1764 124 38 ) ) PUNCT cblr-1764 124 39 for for ADP cblr-1764 124 40 financial financial ADJ cblr-1764 124 41 regulation regulation NOUN cblr-1764 124 42 will will AUX cblr-1764 124 43 yield yield VERB cblr-1764 124 44 meaningful meaningful ADJ cblr-1764 124 45 results.30 results.30 NOUN cblr-1764 124 46 to to PART cblr-1764 124 47 be be AUX cblr-1764 124 48 sure sure ADJ cblr-1764 124 49 , , PUNCT cblr-1764 124 50 this this PRON cblr-1764 124 51 is be AUX cblr-1764 124 52 not not PART cblr-1764 124 53 to to PART cblr-1764 124 54 say say VERB cblr-1764 124 55 that that SCONJ cblr-1764 124 56 the the DET cblr-1764 124 57 kaldor kaldor PROPN cblr-1764 124 58 - - PUNCT cblr-1764 124 59 hicks hicks PROPN cblr-1764 124 60 efficiency efficiency NOUN cblr-1764 124 61 standard standard NOUN cblr-1764 124 62 implicit implicit ADJ cblr-1764 124 63 in in ADP cblr-1764 124 64 cba cba PROPN cblr-1764 124 65 is be AUX cblr-1764 124 66 an an DET cblr-1764 124 67 improper improper ADJ cblr-1764 124 68 criterion criterion NOUN cblr-1764 124 69 for for ADP cblr-1764 124 70 evaluating evaluate VERB cblr-1764 124 71 policy.31 policy.31 PRON cblr-1764 124 72 rather rather ADV cblr-1764 124 73 , , PUNCT cblr-1764 124 74 the the DET cblr-1764 124 75 claim claim NOUN cblr-1764 124 76 is be AUX cblr-1764 124 77 that that SCONJ cblr-1764 124 78 in in ADP cblr-1764 124 79 practice practice NOUN cblr-1764 124 80 , , PUNCT cblr-1764 124 81 requiring require VERB cblr-1764 124 82 a a DET cblr-1764 124 83 formal formal ADJ cblr-1764 124 84 cba cba NOUN cblr-1764 124 85 process process NOUN cblr-1764 124 86 for for ADP cblr-1764 124 87 financial financial ADJ cblr-1764 124 88 agencies agency NOUN cblr-1764 124 89 will will AUX cblr-1764 124 90 constitute constitute VERB cblr-1764 124 91 a a DET cblr-1764 124 92 mere mere ADJ cblr-1764 124 93 procedural procedural ADJ cblr-1764 124 94 hurdle hurdle NOUN cblr-1764 124 95 that that PRON cblr-1764 124 96 will will AUX cblr-1764 124 97 not not PART cblr-1764 124 98 materially materially ADV cblr-1764 124 99 improve improve VERB cblr-1764 124 100 the the DET cblr-1764 124 101 precision precision NOUN cblr-1764 124 102 of of ADP cblr-1764 124 103 regulatory regulatory ADJ cblr-1764 124 104 outputs.32 outputs.32 PROPN cblr-1764 124 105 28 28 NUM cblr-1764 124 106 see see VERB cblr-1764 124 107 jonathan jonathan PROPN cblr-1764 124 108 macey macey PROPN cblr-1764 124 109 , , PUNCT cblr-1764 124 110 it it PRON cblr-1764 124 111 ’s ’ VERB cblr-1764 124 112 all all DET cblr-1764 124 113 shadow shadow NOUN cblr-1764 124 114 banking banking NOUN cblr-1764 124 115 , , PUNCT cblr-1764 124 116 actually actually ADV cblr-1764 124 117 , , PUNCT cblr-1764 124 118 31 31 NUM cblr-1764 124 119 rev rev X cblr-1764 124 120 . . PROPN cblr-1764 124 121 banking banking NOUN cblr-1764 124 122 & & CCONJ cblr-1764 124 123 fin fin PROPN cblr-1764 124 124 . . PUNCT cblr-1764 125 1 l. l. PROPN cblr-1764 125 2 593 593 NUM cblr-1764 125 3 , , PUNCT cblr-1764 125 4 593–94 593–94 NUM cblr-1764 125 5 ( ( PUNCT cblr-1764 125 6 2011 2011 NUM cblr-1764 125 7 ) ) PUNCT cblr-1764 125 8 ; ; PUNCT cblr-1764 125 9 zoltan zoltan PROPN cblr-1764 125 10 poszar poszar PROPN cblr-1764 125 11 et et PROPN cblr-1764 125 12 al al PROPN cblr-1764 125 13 . . PROPN cblr-1764 125 14 , , PUNCT cblr-1764 125 15 fed fed PROPN cblr-1764 125 16 . . PROPN cblr-1764 125 17 reserve reserve PROPN cblr-1764 125 18 bank bank PROPN cblr-1764 125 19 of of ADP cblr-1764 125 20 n.y n.y PROPN cblr-1764 125 21 . . PROPN cblr-1764 125 22 , , PUNCT cblr-1764 125 23 staff staff NOUN cblr-1764 125 24 report report VERB cblr-1764 125 25 no no INTJ cblr-1764 125 26 . . PUNCT cblr-1764 126 1 458 458 NUM cblr-1764 126 2 , , PUNCT cblr-1764 127 1 shadow shadow NOUN cblr-1764 127 2 banking banking NOUN cblr-1764 127 3 ( ( PUNCT cblr-1764 127 4 2010 2010 NUM cblr-1764 127 5 ) ) PUNCT cblr-1764 127 6 . . PUNCT cblr-1764 128 1 29 29 NUM cblr-1764 128 2 see see VERB cblr-1764 128 3 ralph ralph PROPN cblr-1764 128 4 s.j s.j PROPN cblr-1764 128 5 . . PROPN cblr-1764 128 6 koijen koijen PROPN cblr-1764 128 7 & & CCONJ cblr-1764 128 8 motohiro motohiro PROPN cblr-1764 128 9 yogo yogo PROPN cblr-1764 128 10 , , PUNCT cblr-1764 128 11 fed fed PROPN cblr-1764 128 12 . . PROPN cblr-1764 128 13 reserve reserve PROPN cblr-1764 128 14 bank bank PROPN cblr-1764 128 15 of of ADP cblr-1764 128 16 minneapolis minneapolis PROPN cblr-1764 128 17 , , PUNCT cblr-1764 128 18 shadow shadow NOUN cblr-1764 128 19 insurance insurance NOUN cblr-1764 128 20 ( ( PUNCT cblr-1764 128 21 2010 2010 NUM cblr-1764 128 22 ) ) PUNCT cblr-1764 128 23 ; ; PUNCT cblr-1764 128 24 benjamin benjamin PROPN cblr-1764 128 25 m. m. PROPN cblr-1764 128 26 lawsky lawsky PROPN cblr-1764 128 27 , , PUNCT cblr-1764 128 28 n.y n.y PROPN cblr-1764 128 29 . . PROPN cblr-1764 128 30 state state PROPN cblr-1764 128 31 dep’t dep’t PROPN cblr-1764 128 32 fin fin NOUN cblr-1764 128 33 . . PUNCT cblr-1764 129 1 servs servs PROPN cblr-1764 129 2 . . PROPN cblr-1764 129 3 , , PUNCT cblr-1764 129 4 shining shine VERB cblr-1764 129 5 a a DET cblr-1764 129 6 light light NOUN cblr-1764 129 7 on on ADP cblr-1764 129 8 shadow shadow NOUN cblr-1764 129 9 insurance insurance PROPN cblr-1764 129 10 ( ( PUNCT cblr-1764 129 11 2013 2013 NUM cblr-1764 129 12 ) ) PUNCT cblr-1764 129 13 . . PUNCT cblr-1764 130 1 30 30 NUM cblr-1764 130 2 see see VERB cblr-1764 130 3 eric eric PROPN cblr-1764 130 4 posner posner PROPN cblr-1764 130 5 & & CCONJ cblr-1764 130 6 e. e. PROPN cblr-1764 130 7 glen glen PROPN cblr-1764 130 8 weyl weyl PROPN cblr-1764 130 9 , , PUNCT cblr-1764 130 10 benefit benefit NOUN cblr-1764 130 11 - - PUNCT cblr-1764 130 12 cost cost NOUN cblr-1764 130 13 paradigms paradigm NOUN cblr-1764 130 14 in in ADP cblr-1764 130 15 financial financial ADJ cblr-1764 130 16 regulation regulation NOUN cblr-1764 130 17 , , PUNCT cblr-1764 130 18 43 43 NUM cblr-1764 130 19 j. j. PROPN cblr-1764 130 20 leg leg PROPN cblr-1764 130 21 . . PUNCT cblr-1764 130 22 stud stud PROPN cblr-1764 130 23 . . PUNCT cblr-1764 131 1 s1 s1 NOUN cblr-1764 131 2 ( ( PUNCT cblr-1764 131 3 2014 2014 NUM cblr-1764 131 4 ) ) PUNCT cblr-1764 131 5 ( ( PUNCT cblr-1764 131 6 defending defend VERB cblr-1764 131 7 the the DET cblr-1764 131 8 proposal proposal NOUN cblr-1764 131 9 ) ) PUNCT cblr-1764 131 10 ; ; PUNCT cblr-1764 131 11 john john PROPN cblr-1764 131 12 c. c. PROPN cblr-1764 131 13 coates coat VERB cblr-1764 131 14 iv iv NUM cblr-1764 131 15 , , PUNCT cblr-1764 131 16 cost cost NOUN cblr-1764 131 17 - - PUNCT cblr-1764 131 18 benefit benefit NOUN cblr-1764 131 19 analysis analysis NOUN cblr-1764 131 20 of of ADP cblr-1764 131 21 financial financial ADJ cblr-1764 131 22 regulation regulation NOUN cblr-1764 131 23 : : PUNCT cblr-1764 131 24 case case NOUN cblr-1764 131 25 studies study NOUN cblr-1764 131 26 and and CCONJ cblr-1764 131 27 implications implication NOUN cblr-1764 131 28 , , PUNCT cblr-1764 131 29 124 124 NUM cblr-1764 131 30 yale yale PROPN cblr-1764 131 31 l.j l.j PROPN cblr-1764 131 32 . . PROPN cblr-1764 131 33 882 882 NUM cblr-1764 131 34 , , PUNCT cblr-1764 131 35 885–89 885–89 X cblr-1764 131 36 ( ( PUNCT cblr-1764 131 37 2015 2015 NUM cblr-1764 131 38 ) ) PUNCT cblr-1764 131 39 ( ( PUNCT cblr-1764 131 40 providing provide VERB cblr-1764 131 41 a a DET cblr-1764 131 42 critique critique NOUN cblr-1764 131 43 ) ) PUNCT cblr-1764 131 44 . . PUNCT cblr-1764 132 1 31 31 NUM cblr-1764 132 2 the the DET cblr-1764 132 3 kaldor kaldor PROPN cblr-1764 132 4 - - PUNCT cblr-1764 132 5 hicks hicks PROPN cblr-1764 132 6 criterion criterion NOUN cblr-1764 132 7 is be AUX cblr-1764 132 8 a a DET cblr-1764 132 9 concept concept NOUN cblr-1764 132 10 from from ADP cblr-1764 132 11 welfare welfare NOUN cblr-1764 132 12 economics economic NOUN cblr-1764 132 13 that that PRON cblr-1764 132 14 calls call VERB cblr-1764 132 15 for for ADP cblr-1764 132 16 a a DET cblr-1764 132 17 ranking ranking NOUN cblr-1764 132 18 of of ADP cblr-1764 132 19 outcomes outcome NOUN cblr-1764 132 20 by by ADP cblr-1764 132 21 the the DET cblr-1764 132 22 degree degree NOUN cblr-1764 132 23 to to PART cblr-1764 132 24 which which PRON cblr-1764 132 25 they they PRON cblr-1764 132 26 maximize maximize VERB cblr-1764 132 27 aggregate aggregate ADJ cblr-1764 132 28 social social ADJ cblr-1764 132 29 welfare welfare NOUN cblr-1764 132 30 . . PUNCT cblr-1764 133 1 kaldor kaldor PROPN cblr-1764 133 2 - - PUNCT cblr-1764 133 3 hicks hicks PROPN cblr-1764 133 4 is be AUX cblr-1764 133 5 less less ADV cblr-1764 133 6 restrictive restrictive ADJ cblr-1764 133 7 than than ADP cblr-1764 133 8 the the DET cblr-1764 133 9 pareto pareto ADJ cblr-1764 133 10 criterion criterion NOUN cblr-1764 133 11 because because SCONJ cblr-1764 133 12 it it PRON cblr-1764 133 13 allows allow VERB cblr-1764 133 14 interpersonal interpersonal ADJ cblr-1764 133 15 losses loss NOUN cblr-1764 133 16 or or CCONJ cblr-1764 133 17 gains gain NOUN cblr-1764 133 18 in in ADP cblr-1764 133 19 welfare welfare NOUN cblr-1764 133 20 to to PART cblr-1764 133 21 offset offset VERB cblr-1764 133 22 one one NUM cblr-1764 133 23 another another DET cblr-1764 133 24 . . PUNCT cblr-1764 134 1 see see VERB cblr-1764 134 2 eric eric PROPN cblr-1764 134 3 posner posner PROPN cblr-1764 134 4 & & CCONJ cblr-1764 134 5 matthew matthew PROPN cblr-1764 134 6 d. d. PROPN cblr-1764 134 7 adler adler PROPN cblr-1764 134 8 , , PUNCT cblr-1764 134 9 rethinking rethink VERB cblr-1764 134 10 cost cost NOUN cblr-1764 134 11 - - PUNCT cblr-1764 134 12 benefit benefit NOUN cblr-1764 134 13 analysis analysis NOUN cblr-1764 134 14 , , PUNCT cblr-1764 134 15 109 109 NUM cblr-1764 134 16 yale yale PROPN cblr-1764 134 17 l.j l.j PROPN cblr-1764 134 18 . . PROPN cblr-1764 134 19 165 165 NUM cblr-1764 134 20 , , PUNCT cblr-1764 134 21 190–91 190–91 NUM cblr-1764 134 22 ( ( PUNCT cblr-1764 134 23 1999 1999 NUM cblr-1764 134 24 ) ) PUNCT cblr-1764 134 25 ( ( PUNCT cblr-1764 134 26 explaining explain VERB cblr-1764 134 27 the the DET cblr-1764 134 28 traditional traditional ADJ cblr-1764 134 29 role role NOUN cblr-1764 134 30 of of ADP cblr-1764 134 31 kaldor kaldor PROPN cblr-1764 134 32 - - PUNCT cblr-1764 134 33 hicks hicks PROPN cblr-1764 134 34 as as ADP cblr-1764 134 35 philosophical philosophical ADJ cblr-1764 134 36 justification justification NOUN cblr-1764 134 37 for for ADP cblr-1764 134 38 cba cba PROPN cblr-1764 134 39 ) ) PUNCT cblr-1764 134 40 . . PUNCT cblr-1764 135 1 32 32 NUM cblr-1764 136 1 some some DET cblr-1764 136 2 support support NOUN cblr-1764 136 3 for for ADP cblr-1764 136 4 this this DET cblr-1764 136 5 point point NOUN cblr-1764 136 6 can can AUX cblr-1764 136 7 be be AUX cblr-1764 136 8 drawn draw VERB cblr-1764 136 9 from from ADP cblr-1764 136 10 a a DET cblr-1764 136 11 recent recent ADJ cblr-1764 136 12 case case NOUN cblr-1764 136 13 concerning concern VERB cblr-1764 136 14 the the DET cblr-1764 136 15 commodity commodity NOUN cblr-1764 136 16 futures futures PROPN cblr-1764 136 17 trading trading PROPN cblr-1764 136 18 commission commission PROPN cblr-1764 136 19 ’s ’s PART cblr-1764 136 20 ( ( PUNCT cblr-1764 136 21 “ " PUNCT cblr-1764 136 22 cftc cftc PROPN cblr-1764 136 23 ” " PUNCT cblr-1764 136 24 ) ) PUNCT cblr-1764 136 25 rulemaking rulemake VERB cblr-1764 136 26 for for ADP cblr-1764 136 27 derivatives derivative NOUN cblr-1764 136 28 . . PUNCT cblr-1764 137 1 there there ADV cblr-1764 137 2 , , PUNCT cblr-1764 137 3 the the DET cblr-1764 137 4 district district NOUN cblr-1764 137 5 court court NOUN cblr-1764 137 6 found find VERB cblr-1764 137 7 that that SCONJ cblr-1764 137 8 the the DET cblr-1764 137 9 cftc cftc PROPN cblr-1764 137 10 turk turk PROPN cblr-1764 137 11 – – PUNCT cblr-1764 137 12 final final ADJ cblr-1764 137 13 no no NOUN cblr-1764 137 14 . . PUNCT cblr-1764 138 1 3:967 3:967 NUM cblr-1764 138 2 ] ] X cblr-1764 138 3 insurance insurance NOUN cblr-1764 138 4 convergence convergence NOUN cblr-1764 138 5 979 979 NUM cblr-1764 138 6 regardless regardless ADV cblr-1764 138 7 of of ADP cblr-1764 138 8 the the DET cblr-1764 138 9 limitations limitation NOUN cblr-1764 138 10 of of ADP cblr-1764 138 11 quantitative quantitative ADJ cblr-1764 138 12 cba cba NOUN cblr-1764 138 13 as as ADP cblr-1764 138 14 an an DET cblr-1764 138 15 administrative administrative ADJ cblr-1764 138 16 procedure procedure NOUN cblr-1764 138 17 , , PUNCT cblr-1764 138 18 however however ADV cblr-1764 138 19 , , PUNCT cblr-1764 138 20 awareness awareness NOUN cblr-1764 138 21 of of ADP cblr-1764 138 22 the the DET cblr-1764 138 23 tradeoffs tradeoff NOUN cblr-1764 138 24 implied imply VERB cblr-1764 138 25 by by ADP cblr-1764 138 26 the the DET cblr-1764 138 27 two two NUM cblr-1764 138 28 boundary boundary ADJ cblr-1764 138 29 problems problem NOUN cblr-1764 138 30 is be AUX cblr-1764 138 31 a a DET cblr-1764 138 32 prerequisite prerequisite NOUN cblr-1764 138 33 for for ADP cblr-1764 138 34 any any DET cblr-1764 138 35 balanced balanced ADJ cblr-1764 138 36 inquiry inquiry NOUN cblr-1764 138 37 into into ADP cblr-1764 138 38 what what DET cblr-1764 138 39 steps step NOUN cblr-1764 138 40 may may AUX cblr-1764 138 41 be be AUX cblr-1764 138 42 taken take VERB cblr-1764 138 43 to to PART cblr-1764 138 44 provide provide VERB cblr-1764 138 45 regulation regulation NOUN cblr-1764 138 46 conducive conducive ADJ cblr-1764 138 47 to to ADP cblr-1764 138 48 a a DET cblr-1764 138 49 more more ADV cblr-1764 138 50 efficient efficient ADJ cblr-1764 138 51 and and CCONJ cblr-1764 138 52 stable stable ADJ cblr-1764 138 53 insurance insurance NOUN cblr-1764 138 54 sector sector NOUN cblr-1764 138 55 and and CCONJ cblr-1764 138 56 financial financial ADJ cblr-1764 138 57 system system NOUN cblr-1764 138 58 . . PUNCT cblr-1764 139 1 sensitivity sensitivity NOUN cblr-1764 139 2 to to ADP cblr-1764 139 3 these these DET cblr-1764 139 4 tradeoffs tradeoff NOUN cblr-1764 139 5 also also ADV cblr-1764 139 6 reveals reveal VERB cblr-1764 139 7 that that SCONJ cblr-1764 139 8 blanket blanket NOUN cblr-1764 139 9 calls call VERB cblr-1764 139 10 for for SCONJ cblr-1764 139 11 more more ADJ cblr-1764 139 12 or or CCONJ cblr-1764 139 13 less less ADJ cblr-1764 139 14 regulation regulation NOUN cblr-1764 139 15 of of ADP cblr-1764 139 16 finance finance NOUN cblr-1764 139 17 are be AUX cblr-1764 139 18 overly overly ADV cblr-1764 139 19 simplistic simplistic ADJ cblr-1764 139 20 and and CCONJ cblr-1764 139 21 can can AUX cblr-1764 139 22 lead lead VERB cblr-1764 139 23 to to ADP cblr-1764 139 24 indeterminate indeterminate ADJ cblr-1764 139 25 results result NOUN cblr-1764 139 26 when when SCONJ cblr-1764 139 27 applied apply VERB cblr-1764 139 28 . . PUNCT cblr-1764 140 1 this this PRON cblr-1764 140 2 is be AUX cblr-1764 140 3 because because SCONJ cblr-1764 140 4 “ " PUNCT cblr-1764 140 5 regulation regulation NOUN cblr-1764 140 6 ” " PUNCT cblr-1764 140 7 is be AUX cblr-1764 140 8 not not PART cblr-1764 140 9 a a DET cblr-1764 140 10 homogenous homogenous ADJ cblr-1764 140 11 variable variable NOUN cblr-1764 140 12 that that PRON cblr-1764 140 13 is be AUX cblr-1764 140 14 either either CCONJ cblr-1764 140 15 dialed dial VERB cblr-1764 140 16 up up ADV cblr-1764 140 17 or or CCONJ cblr-1764 140 18 down down ADV cblr-1764 140 19 . . PUNCT cblr-1764 141 1 its its PRON cblr-1764 141 2 internal internal ADJ cblr-1764 141 3 structure structure NOUN cblr-1764 141 4 matters matter NOUN cblr-1764 141 5 and and CCONJ cblr-1764 141 6 , , PUNCT cblr-1764 141 7 as as SCONJ cblr-1764 141 8 this this DET cblr-1764 141 9 article article NOUN cblr-1764 141 10 shows show VERB cblr-1764 141 11 , , PUNCT cblr-1764 141 12 applying apply VERB cblr-1764 141 13 seemingly seemingly ADV cblr-1764 141 14 more more ADV cblr-1764 141 15 demanding demanding ADJ cblr-1764 141 16 rules rule NOUN cblr-1764 141 17 within within ADP cblr-1764 141 18 one one NUM cblr-1764 141 19 boundary boundary NOUN cblr-1764 141 20 may may AUX cblr-1764 141 21 produce produce VERB cblr-1764 141 22 less less ADV cblr-1764 141 23 stringent stringent ADJ cblr-1764 141 24 regulation regulation NOUN cblr-1764 141 25 overall overall ADJ cblr-1764 141 26 . . PUNCT cblr-1764 142 1 the the DET cblr-1764 142 2 article article NOUN cblr-1764 142 3 proceeds proceed VERB cblr-1764 142 4 as as SCONJ cblr-1764 142 5 follows follow VERB cblr-1764 142 6 . . PUNCT cblr-1764 143 1 part part PROPN cblr-1764 143 2 ii ii PROPN cblr-1764 143 3 examines examine VERB cblr-1764 143 4 in in ADP cblr-1764 143 5 detail detail NOUN cblr-1764 143 6 the the DET cblr-1764 143 7 economic economic ADJ cblr-1764 143 8 convergence convergence NOUN cblr-1764 143 9 of of ADP cblr-1764 143 10 the the DET cblr-1764 143 11 insurance insurance NOUN cblr-1764 143 12 industry industry NOUN cblr-1764 143 13 with with ADP cblr-1764 143 14 the the DET cblr-1764 143 15 broader broad ADJ cblr-1764 143 16 financial financial ADJ cblr-1764 143 17 sector sector NOUN cblr-1764 143 18 . . PUNCT cblr-1764 144 1 part part NOUN cblr-1764 144 2 iii iii PRON cblr-1764 144 3 provides provide VERB cblr-1764 144 4 an an DET cblr-1764 144 5 overview overview NOUN cblr-1764 144 6 of of ADP cblr-1764 144 7 the the DET cblr-1764 144 8 structure structure NOUN cblr-1764 144 9 of of ADP cblr-1764 144 10 insurance insurance NOUN cblr-1764 144 11 regulation regulation NOUN cblr-1764 144 12 , , PUNCT cblr-1764 144 13 both both CCONJ cblr-1764 144 14 domestic domestic ADJ cblr-1764 144 15 and and CCONJ cblr-1764 144 16 international international ADJ cblr-1764 144 17 , , PUNCT cblr-1764 144 18 as as SCONJ cblr-1764 144 19 it it PRON cblr-1764 144 20 has have AUX cblr-1764 144 21 evolved evolve VERB cblr-1764 144 22 since since SCONJ cblr-1764 144 23 the the DET cblr-1764 144 24 2008 2008 NUM cblr-1764 144 25 crisis crisis NOUN cblr-1764 144 26 . . PUNCT cblr-1764 145 1 to to ADP cblr-1764 145 2 the the DET cblr-1764 145 3 extent extent NOUN cblr-1764 145 4 that that SCONJ cblr-1764 145 5 the the DET cblr-1764 145 6 characterizations characterization NOUN cblr-1764 145 7 of of ADP cblr-1764 145 8 these these DET cblr-1764 145 9 economic economic ADJ cblr-1764 145 10 and and CCONJ cblr-1764 145 11 regulatory regulatory ADJ cblr-1764 145 12 developments development NOUN cblr-1764 145 13 are be AUX cblr-1764 145 14 familiar familiar ADJ cblr-1764 145 15 or or CCONJ cblr-1764 145 16 accepted accept VERB cblr-1764 145 17 as as ADP cblr-1764 145 18 a a DET cblr-1764 145 19 premise premise NOUN cblr-1764 145 20 , , PUNCT cblr-1764 145 21 the the DET cblr-1764 145 22 reader reader NOUN cblr-1764 145 23 may may AUX cblr-1764 145 24 proceed proceed VERB cblr-1764 145 25 directly directly ADV cblr-1764 145 26 to to ADP cblr-1764 145 27 the the DET cblr-1764 145 28 subsequent subsequent ADJ cblr-1764 145 29 sections section NOUN cblr-1764 145 30 . . PUNCT cblr-1764 146 1 part part NOUN cblr-1764 146 2 iv.a iv.a PROPN cblr-1764 146 3 presents present VERB cblr-1764 146 4 the the DET cblr-1764 146 5 analysis analysis NOUN cblr-1764 146 6 of of ADP cblr-1764 146 7 the the DET cblr-1764 146 8 jurisdictional jurisdictional ADJ cblr-1764 146 9 boundary boundary ADJ cblr-1764 146 10 problem problem NOUN cblr-1764 146 11 and and CCONJ cblr-1764 146 12 explains explain VERB cblr-1764 146 13 its its PRON cblr-1764 146 14 significance significance NOUN cblr-1764 146 15 for for ADP cblr-1764 146 16 understanding understand VERB cblr-1764 146 17 the the DET cblr-1764 146 18 fio fio NOUN cblr-1764 146 19 ’s ’s PART cblr-1764 146 20 role role NOUN cblr-1764 146 21 in in ADP cblr-1764 146 22 insurance insurance NOUN cblr-1764 146 23 regulation regulation NOUN cblr-1764 146 24 . . PUNCT cblr-1764 147 1 part part NOUN cblr-1764 147 2 iv.b iv.b PROPN cblr-1764 147 3 turns turn VERB cblr-1764 147 4 to to ADP cblr-1764 147 5 the the DET cblr-1764 147 6 definitional definitional ADJ cblr-1764 147 7 boundary boundary ADJ cblr-1764 147 8 problem problem NOUN cblr-1764 147 9 and and CCONJ cblr-1764 147 10 its its PRON cblr-1764 147 11 application application NOUN cblr-1764 147 12 to to ADP cblr-1764 147 13 insurance insurance NOUN cblr-1764 147 14 products product NOUN cblr-1764 147 15 and and CCONJ cblr-1764 147 16 firms firm NOUN cblr-1764 147 17 . . PUNCT cblr-1764 148 1 part part NOUN cblr-1764 148 2 v v NOUN cblr-1764 148 3 discusses discuss VERB cblr-1764 148 4 the the DET cblr-1764 148 5 implications implication NOUN cblr-1764 148 6 of of ADP cblr-1764 148 7 the the DET cblr-1764 148 8 preceding precede VERB cblr-1764 148 9 boundary boundary ADJ cblr-1764 148 10 problem problem NOUN cblr-1764 148 11 analysis analysis NOUN cblr-1764 148 12 for for ADP cblr-1764 148 13 understanding understand VERB cblr-1764 148 14 the the DET cblr-1764 148 15 limits limit NOUN cblr-1764 148 16 of of ADP cblr-1764 148 17 regulatory regulatory ADJ cblr-1764 148 18 arbitrage arbitrage NOUN cblr-1764 148 19 in in ADP cblr-1764 148 20 finance finance NOUN cblr-1764 148 21 and and CCONJ cblr-1764 148 22 for for ADP cblr-1764 148 23 evaluating evaluate VERB cblr-1764 148 24 the the DET cblr-1764 148 25 emerging emerge VERB cblr-1764 148 26 debate debate NOUN cblr-1764 148 27 over over ADP cblr-1764 148 28 proposals proposal NOUN cblr-1764 148 29 to to PART cblr-1764 148 30 require require VERB cblr-1764 148 31 federal federal ADJ cblr-1764 148 32 agencies agency NOUN cblr-1764 148 33 to to PART cblr-1764 148 34 apply apply VERB cblr-1764 148 35 quantitative quantitative ADJ cblr-1764 148 36 cost cost NOUN cblr-1764 148 37 - - PUNCT cblr-1764 148 38 benefit benefit NOUN cblr-1764 148 39 analysis analysis NOUN cblr-1764 148 40 to to ADP cblr-1764 148 41 financial financial ADJ cblr-1764 148 42 regulations regulation NOUN cblr-1764 148 43 . . PUNCT cblr-1764 149 1 part part NOUN cblr-1764 149 2 vi vi PROPN cblr-1764 149 3 briefly briefly NOUN cblr-1764 149 4 concludes conclude VERB cblr-1764 149 5 . . PUNCT cblr-1764 150 1 was be AUX cblr-1764 150 2 required require VERB cblr-1764 150 3 to to PART cblr-1764 150 4 perform perform VERB cblr-1764 150 5 a a DET cblr-1764 150 6 cba cba NOUN cblr-1764 150 7 and and CCONJ cblr-1764 150 8 failed fail VERB cblr-1764 150 9 to to PART cblr-1764 150 10 sufficiently sufficiently ADV cblr-1764 150 11 do do VERB cblr-1764 150 12 so so ADV cblr-1764 150 13 , , PUNCT cblr-1764 150 14 yet yet ADV cblr-1764 150 15 kept keep VERB cblr-1764 150 16 the the DET cblr-1764 150 17 regulation regulation NOUN cblr-1764 150 18 in in ADP cblr-1764 150 19 place place NOUN cblr-1764 150 20 because because SCONJ cblr-1764 150 21 “ " PUNCT cblr-1764 150 22 the the DET cblr-1764 150 23 court court NOUN cblr-1764 150 24 is be AUX cblr-1764 150 25 willing willing ADJ cblr-1764 150 26 to to PART cblr-1764 150 27 assume assume VERB cblr-1764 150 28 for for ADP cblr-1764 150 29 now now ADV cblr-1764 150 30 that that SCONJ cblr-1764 150 31 the the DET cblr-1764 150 32 agency agency NOUN cblr-1764 150 33 ’s ’s PART cblr-1764 150 34 error error NOUN cblr-1764 150 35 was be AUX cblr-1764 150 36 one one NUM cblr-1764 150 37 of of ADP cblr-1764 150 38 form form NOUN cblr-1764 150 39 and and CCONJ cblr-1764 150 40 not not PART cblr-1764 150 41 of of ADP cblr-1764 150 42 substance substance NOUN cblr-1764 150 43 . . PUNCT cblr-1764 150 44 ” " PUNCT cblr-1764 151 1 sec sec PROPN cblr-1764 151 2 . . PROPN cblr-1764 151 3 indus indus PROPN cblr-1764 151 4 . . PUNCT cblr-1764 151 5 & & CCONJ cblr-1764 151 6 fin fin PROPN cblr-1764 151 7 . . PUNCT cblr-1764 152 1 mkts mkts NOUN cblr-1764 152 2 . . PUNCT cblr-1764 153 1 ass’n ass’n PROPN cblr-1764 153 2 v. v. ADP cblr-1764 153 3 cftc cftc PROPN cblr-1764 153 4 , , PUNCT cblr-1764 153 5 67 67 NUM cblr-1764 153 6 f. f. PROPN cblr-1764 153 7 supp supp PROPN cblr-1764 153 8 . . PUNCT cblr-1764 154 1 3d 3d NUM cblr-1764 154 2 373 373 NUM cblr-1764 154 3 , , PUNCT cblr-1764 154 4 435 435 NUM cblr-1764 154 5 ( ( PUNCT cblr-1764 154 6 d.d.c d.d.c PROPN cblr-1764 154 7 . . PROPN cblr-1764 154 8 2014 2014 NUM cblr-1764 154 9 ) ) PUNCT cblr-1764 154 10 . . PUNCT cblr-1764 155 1 turk turk PROPN cblr-1764 155 2 – – PUNCT cblr-1764 155 3 final final ADJ cblr-1764 155 4 980 980 NUM cblr-1764 155 5 columbia columbia PROPN cblr-1764 155 6 business business NOUN cblr-1764 155 7 law law PROPN cblr-1764 155 8 review review NOUN cblr-1764 155 9 [ [ X cblr-1764 155 10 vol vol NOUN cblr-1764 155 11 . . PUNCT cblr-1764 155 12 2015 2015 NUM cblr-1764 155 13 ii ii NOUN cblr-1764 155 14 . . PUNCT cblr-1764 156 1 the the DET cblr-1764 156 2 convergence convergence NOUN cblr-1764 156 3 of of ADP cblr-1764 156 4 insurance insurance NOUN cblr-1764 156 5 with with ADP cblr-1764 156 6 other other ADJ cblr-1764 156 7 financial financial ADJ cblr-1764 156 8 services service NOUN cblr-1764 156 9 recognizably recognizably ADV cblr-1764 156 10 modern modern ADJ cblr-1764 156 11 insurance insurance NOUN cblr-1764 156 12 appeared appear VERB cblr-1764 156 13 in in ADP cblr-1764 156 14 the the DET cblr-1764 156 15 eighteenth eighteenth ADJ cblr-1764 156 16 century century NOUN cblr-1764 156 17 following follow VERB cblr-1764 156 18 bernoulli bernoulli PROPN cblr-1764 156 19 ’s ’s PART cblr-1764 156 20 development development NOUN cblr-1764 156 21 of of ADP cblr-1764 156 22 the the DET cblr-1764 156 23 law law NOUN cblr-1764 156 24 - - PUNCT cblr-1764 156 25 of of ADP cblr-1764 156 26 - - PUNCT cblr-1764 156 27 large large ADJ cblr-1764 156 28 - - PUNCT cblr-1764 156 29 numbers number NOUN cblr-1764 156 30 — — PUNCT cblr-1764 156 31 the the DET cblr-1764 156 32 idea idea NOUN cblr-1764 156 33 that that SCONJ cblr-1764 156 34 the the DET cblr-1764 156 35 incidence incidence NOUN cblr-1764 156 36 of of ADP cblr-1764 156 37 idiosyncratic idiosyncratic ADJ cblr-1764 156 38 , , PUNCT cblr-1764 156 39 individual individual ADJ cblr-1764 156 40 risks risk NOUN cblr-1764 156 41 will will AUX cblr-1764 156 42 tend tend VERB cblr-1764 156 43 toward toward ADP cblr-1764 156 44 a a DET cblr-1764 156 45 predictable predictable ADJ cblr-1764 156 46 average average NOUN cblr-1764 156 47 once once SCONJ cblr-1764 156 48 those those DET cblr-1764 156 49 risks risk NOUN cblr-1764 156 50 are be AUX cblr-1764 156 51 pooled pool VERB cblr-1764 156 52 in in ADP cblr-1764 156 53 sufficiently sufficiently ADV cblr-1764 156 54 large large ADJ cblr-1764 156 55 amounts.33 amounts.33 NOUN cblr-1764 156 56 insurance insurance NOUN cblr-1764 156 57 can can AUX cblr-1764 156 58 therefore therefore ADV cblr-1764 156 59 allow allow VERB cblr-1764 156 60 risk risk NOUN cblr-1764 156 61 - - PUNCT cblr-1764 156 62 averse averse ADJ cblr-1764 156 63 individuals individual NOUN cblr-1764 156 64 to to PART cblr-1764 156 65 transfer transfer VERB cblr-1764 156 66 , , PUNCT cblr-1764 156 67 for for ADP cblr-1764 156 68 a a DET cblr-1764 156 69 price price NOUN cblr-1764 156 70 , , PUNCT cblr-1764 156 71 the the DET cblr-1764 156 72 cost cost NOUN cblr-1764 156 73 of of ADP cblr-1764 156 74 their their PRON cblr-1764 156 75 accidents accident NOUN cblr-1764 156 76 to to ADP cblr-1764 156 77 a a DET cblr-1764 156 78 common common ADJ cblr-1764 156 79 insurer insurer NOUN cblr-1764 156 80 that that PRON cblr-1764 156 81 is be AUX cblr-1764 156 82 effectively effectively ADV cblr-1764 156 83 rendered render VERB cblr-1764 156 84 risk risk NOUN cblr-1764 156 85 - - PUNCT cblr-1764 156 86 neutral neutral ADJ cblr-1764 156 87 through through ADP cblr-1764 156 88 the the DET cblr-1764 156 89 diversification diversification NOUN cblr-1764 156 90 of of ADP cblr-1764 156 91 policies.34 policies.34 NOUN cblr-1764 156 92 insurance insurance NOUN cblr-1764 156 93 policies policy NOUN cblr-1764 156 94 cover cover VERB cblr-1764 156 95 a a DET cblr-1764 156 96 wide wide ADJ cblr-1764 156 97 range range NOUN cblr-1764 156 98 of of ADP cblr-1764 156 99 risks risk NOUN cblr-1764 156 100 but but CCONJ cblr-1764 156 101 share share VERB cblr-1764 156 102 a a DET cblr-1764 156 103 common common ADJ cblr-1764 156 104 legal legal ADJ cblr-1764 156 105 feature feature NOUN cblr-1764 156 106 in in ADP cblr-1764 156 107 that that SCONJ cblr-1764 156 108 they they PRON cblr-1764 156 109 consist consist VERB cblr-1764 156 110 of of ADP cblr-1764 156 111 contracts contract NOUN cblr-1764 156 112 that that PRON cblr-1764 156 113 give give VERB cblr-1764 156 114 rise rise NOUN cblr-1764 156 115 to to ADP cblr-1764 156 116 contingent contingent ADJ cblr-1764 156 117 liabilities liability NOUN cblr-1764 156 118 : : PUNCT cblr-1764 156 119 the the DET cblr-1764 156 120 insurer insurer NOUN cblr-1764 156 121 is be AUX cblr-1764 156 122 liable liable ADJ cblr-1764 156 123 to to ADP cblr-1764 156 124 the the DET cblr-1764 156 125 insured insure VERB cblr-1764 156 126 only only ADV cblr-1764 156 127 if if SCONJ cblr-1764 156 128 the the DET cblr-1764 156 129 relevant relevant ADJ cblr-1764 156 130 accidents accident NOUN cblr-1764 156 131 covered cover VERB cblr-1764 156 132 by by ADP cblr-1764 156 133 the the DET cblr-1764 156 134 policy policy NOUN cblr-1764 156 135 actually actually ADV cblr-1764 156 136 occur.35 occur.35 VERB cblr-1764 156 137 another another DET cblr-1764 156 138 traditional traditional ADJ cblr-1764 156 139 legal legal ADJ cblr-1764 156 140 feature feature NOUN cblr-1764 156 141 of of ADP cblr-1764 156 142 insurance insurance NOUN cblr-1764 156 143 contracts contract NOUN cblr-1764 156 144 is be AUX cblr-1764 156 145 that that SCONJ cblr-1764 156 146 the the DET cblr-1764 156 147 insurer insurer NOUN cblr-1764 156 148 ’s ’s PART cblr-1764 156 149 contingent contingent ADJ cblr-1764 156 150 liability liability NOUN cblr-1764 156 151 relates relate VERB cblr-1764 156 152 to to ADP cblr-1764 156 153 the the DET cblr-1764 156 154 risk risk NOUN cblr-1764 156 155 that that SCONJ cblr-1764 156 156 an an DET cblr-1764 156 157 accident accident NOUN cblr-1764 156 158 affects affect VERB cblr-1764 156 159 an an DET cblr-1764 156 160 “ " PUNCT cblr-1764 156 161 insurable insurable ADJ cblr-1764 156 162 interest interest NOUN cblr-1764 156 163 ” " PUNCT cblr-1764 156 164 of of ADP cblr-1764 156 165 the the DET cblr-1764 156 166 insured insure VERB cblr-1764 156 167 ; ; PUNCT cblr-1764 156 168 in in ADP cblr-1764 156 169 other other ADJ cblr-1764 156 170 words word NOUN cblr-1764 156 171 , , PUNCT cblr-1764 156 172 policies policy NOUN cblr-1764 156 173 are be AUX cblr-1764 156 174 typically typically ADV cblr-1764 156 175 limited limit VERB cblr-1764 156 176 to to ADP cblr-1764 156 177 covering cover VERB cblr-1764 156 178 the the DET cblr-1764 156 179 cost cost NOUN cblr-1764 156 180 of of ADP cblr-1764 156 181 accidents accident NOUN cblr-1764 156 182 that that PRON cblr-1764 156 183 are be AUX cblr-1764 156 184 suffered suffer VERB cblr-1764 156 185 by by ADP cblr-1764 156 186 the the DET cblr-1764 156 187 policyholder policyholder NOUN cblr-1764 156 188 rather rather ADV cblr-1764 156 189 than than ADP cblr-1764 156 190 third third ADJ cblr-1764 156 191 parties.36 parties.36 ADJ cblr-1764 156 192 traditional traditional ADJ cblr-1764 156 193 forms form NOUN cblr-1764 156 194 of of ADP cblr-1764 156 195 insurance insurance NOUN cblr-1764 156 196 are be AUX cblr-1764 156 197 distinguishable distinguishable ADJ cblr-1764 156 198 from from ADP cblr-1764 156 199 the the DET cblr-1764 156 200 services service NOUN cblr-1764 156 201 provided provide VERB cblr-1764 156 202 by by ADP cblr-1764 156 203 banks bank NOUN cblr-1764 156 204 , , PUNCT cblr-1764 156 205 securities security NOUN cblr-1764 156 206 firms firm NOUN cblr-1764 156 207 , , PUNCT cblr-1764 156 208 or or CCONJ cblr-1764 156 209 other other ADJ cblr-1764 156 210 financial financial ADJ cblr-1764 156 211 intermediaries intermediary NOUN cblr-1764 156 212 . . PUNCT cblr-1764 157 1 non non ADJ cblr-1764 157 2 - - ADJ cblr-1764 157 3 insurance insurance ADJ cblr-1764 157 4 financial financial ADJ cblr-1764 157 5 institutions institution NOUN cblr-1764 157 6 typically typically ADV cblr-1764 157 7 provide provide VERB cblr-1764 157 8 risk risk NOUN cblr-1764 157 9 intermediation intermediation NOUN cblr-1764 157 10 by by ADP cblr-1764 157 11 matching match VERB cblr-1764 157 12 the the DET cblr-1764 157 13 assets asset NOUN cblr-1764 157 14 of of ADP cblr-1764 157 15 savers saver NOUN cblr-1764 157 16 with with ADP cblr-1764 157 17 investors.37 investors.37 NOUN cblr-1764 157 18 in in ADP cblr-1764 157 19 contrast contrast NOUN cblr-1764 157 20 to to ADP cblr-1764 157 21 insurance insurance NOUN cblr-1764 157 22 , , PUNCT cblr-1764 157 23 most most ADJ cblr-1764 157 24 financial financial ADJ cblr-1764 157 25 products product NOUN cblr-1764 157 26 provide provide VERB cblr-1764 157 27 a a DET cblr-1764 157 28 return return NOUN cblr-1764 157 29 to to ADP cblr-1764 157 30 the the DET cblr-1764 157 31 33 33 NUM cblr-1764 157 32 see see VERB cblr-1764 157 33 ronen ronen PROPN cblr-1764 157 34 avraham avraham PROPN cblr-1764 157 35 , , PUNCT cblr-1764 157 36 the the DET cblr-1764 157 37 law law NOUN cblr-1764 157 38 and and CCONJ cblr-1764 157 39 economics economic NOUN cblr-1764 157 40 of of ADP cblr-1764 157 41 insurance insurance NOUN cblr-1764 157 42 law law NOUN cblr-1764 157 43 — — PUNCT cblr-1764 157 44 a a DET cblr-1764 157 45 primer primer NOUN cblr-1764 157 46 ( ( PUNCT cblr-1764 157 47 univ univ PROPN cblr-1764 157 48 . . PUNCT cblr-1764 158 1 tex tex PROPN cblr-1764 158 2 . . PUNCT cblr-1764 158 3 sch sch PROPN cblr-1764 158 4 . . PROPN cblr-1764 158 5 of of ADP cblr-1764 158 6 law law NOUN cblr-1764 158 7 , , PUNCT cblr-1764 158 8 law law NOUN cblr-1764 158 9 & & CCONJ cblr-1764 158 10 econ econ PROPN cblr-1764 158 11 . . PUNCT cblr-1764 159 1 research research NOUN cblr-1764 159 2 paper paper NOUN cblr-1764 159 3 no no NOUN cblr-1764 159 4 . . PROPN cblr-1764 159 5 224 224 NUM cblr-1764 159 6 , , PUNCT cblr-1764 159 7 2012 2012 NUM cblr-1764 159 8 ) ) PUNCT cblr-1764 159 9 , , PUNCT cblr-1764 159 10 http://ssrn.com/abstract=1822330 http://ssrn.com/abstract=1822330 PROPN cblr-1764 159 11 [ [ X cblr-1764 159 12 http://perma.cc/533s-l7f5 http://perma.cc/533s-l7f5 PRON cblr-1764 159 13 ] ] PUNCT cblr-1764 159 14 . . PUNCT cblr-1764 160 1 34 34 NUM cblr-1764 160 2 see see VERB cblr-1764 160 3 i i PRON cblr-1764 160 4 d. d. PROPN cblr-1764 160 5 at at ADP cblr-1764 160 6 10–12 10–12 NUM cblr-1764 160 7 ; ; PUNCT cblr-1764 160 8 acharya acharya PROPN cblr-1764 160 9 et et PROPN cblr-1764 160 10 al al PROPN cblr-1764 160 11 . . PROPN cblr-1764 160 12 , , PUNCT cblr-1764 160 13 supra supra PROPN cblr-1764 160 14 note note PROPN cblr-1764 160 15 5 5 NUM cblr-1764 160 16 , , PUNCT cblr-1764 160 17 at at ADP cblr-1764 160 18 241 241 NUM cblr-1764 160 19 . . PROPN cblr-1764 160 20 35 35 NUM cblr-1764 160 21 jackson jackson PROPN cblr-1764 160 22 , , PUNCT cblr-1764 160 23 supra supra PROPN cblr-1764 160 24 note note PROPN cblr-1764 160 25 8 8 NUM cblr-1764 160 26 , , PUNCT cblr-1764 160 27 at at ADP cblr-1764 160 28 330 330 NUM cblr-1764 160 29 . . PUNCT cblr-1764 160 30 36 36 NUM cblr-1764 160 31 see see VERB cblr-1764 160 32 avraham avraham NOUN cblr-1764 160 33 , , PUNCT cblr-1764 160 34 supra supra PROPN cblr-1764 160 35 note note NOUN cblr-1764 160 36 33 33 NUM cblr-1764 160 37 , , PUNCT cblr-1764 160 38 at at ADP cblr-1764 160 39 43 43 NUM cblr-1764 160 40 ; ; PUNCT cblr-1764 160 41 int’l int’l PRON cblr-1764 160 42 ass’n ass’n PUNCT cblr-1764 160 43 ins in NOUN cblr-1764 160 44 . . PUNCT cblr-1764 161 1 supervisors supervisor NOUN cblr-1764 161 2 , , PUNCT cblr-1764 161 3 insurance insurance NOUN cblr-1764 161 4 and and CCONJ cblr-1764 161 5 financial financial ADJ cblr-1764 161 6 stability stability NOUN cblr-1764 161 7 11 11 NUM cblr-1764 161 8 ( ( PUNCT cblr-1764 161 9 2011 2011 NUM cblr-1764 161 10 ) ) PUNCT cblr-1764 161 11 , , PUNCT cblr-1764 161 12 http://iaisweb.org http://iaisweb.org X cblr-1764 161 13 /index.cfm?event /index.cfm?event SYM cblr-1764 161 14 = = SYM cblr-1764 161 15 openfile&nodeid=34379 openfile&nodeid=34379 ADJ cblr-1764 161 16 [ [ X cblr-1764 161 17 http://perma.cc/3dse-27ts http://perma.cc/3dse-27ts X cblr-1764 161 18 ] ] X cblr-1764 162 1 [ [ X cblr-1764 162 2 hereinafter hereinafter NOUN cblr-1764 162 3 iais iais NOUN cblr-1764 162 4 , , PUNCT cblr-1764 162 5 financial financial ADJ cblr-1764 162 6 stability stability NOUN cblr-1764 162 7 ] ] PUNCT cblr-1764 162 8 . . PUNCT cblr-1764 163 1 37 37 NUM cblr-1764 163 2 see see VERB cblr-1764 163 3 frederic frederic PROPN cblr-1764 163 4 mishkin mishkin PROPN cblr-1764 163 5 , , PUNCT cblr-1764 163 6 the the DET cblr-1764 163 7 economics economic NOUN cblr-1764 163 8 of of ADP cblr-1764 163 9 money money NOUN cblr-1764 163 10 , , PUNCT cblr-1764 163 11 banking banking NOUN cblr-1764 163 12 , , PUNCT cblr-1764 163 13 and and CCONJ cblr-1764 163 14 financial financial ADJ cblr-1764 163 15 markets market NOUN cblr-1764 163 16 22–24 22–24 NUM cblr-1764 163 17 ( ( PUNCT cblr-1764 163 18 11th 11th ADJ cblr-1764 163 19 ed ed NOUN cblr-1764 163 20 . . PROPN cblr-1764 163 21 2016 2016 NUM cblr-1764 163 22 ) ) PUNCT cblr-1764 163 23 . . PUNCT cblr-1764 164 1 turk turk PROPN cblr-1764 164 2 – – PUNCT cblr-1764 164 3 final final ADJ cblr-1764 164 4 no no NOUN cblr-1764 164 5 . . PUNCT cblr-1764 165 1 3:967 3:967 NUM cblr-1764 165 2 ] ] X cblr-1764 165 3 insurance insurance NOUN cblr-1764 165 4 convergence convergence NOUN cblr-1764 165 5 981 981 NUM cblr-1764 165 6 saver saver NOUN cblr-1764 165 7 that that PRON cblr-1764 165 8 is be AUX cblr-1764 165 9 related relate VERB cblr-1764 165 10 to to ADP cblr-1764 165 11 the the DET cblr-1764 165 12 investment investment NOUN cblr-1764 165 13 performance performance NOUN cblr-1764 165 14 of of ADP cblr-1764 165 15 the the DET cblr-1764 165 16 underlying underlie VERB cblr-1764 165 17 assets asset NOUN cblr-1764 165 18 rather rather ADV cblr-1764 165 19 than than ADP cblr-1764 165 20 contingent contingent NOUN cblr-1764 165 21 on on ADP cblr-1764 165 22 the the DET cblr-1764 165 23 occurrence occurrence NOUN cblr-1764 165 24 of of ADP cblr-1764 165 25 an an DET cblr-1764 165 26 unrelated unrelated ADJ cblr-1764 165 27 accident.38 accident.38 PROPN cblr-1764 165 28 a a DET cblr-1764 165 29 further further ADJ cblr-1764 165 30 distinction distinction NOUN cblr-1764 165 31 is be AUX cblr-1764 165 32 that that SCONJ cblr-1764 165 33 the the DET cblr-1764 165 34 return return NOUN cblr-1764 165 35 on on ADP cblr-1764 165 36 investments investment NOUN cblr-1764 165 37 usually usually ADV cblr-1764 165 38 involves involve VERB cblr-1764 165 39 risks risk NOUN cblr-1764 165 40 relating relate VERB cblr-1764 165 41 to to ADP cblr-1764 165 42 movements movement NOUN cblr-1764 165 43 in in ADP cblr-1764 165 44 asset asset NOUN cblr-1764 165 45 prices price NOUN cblr-1764 165 46 and and CCONJ cblr-1764 165 47 developments development NOUN cblr-1764 165 48 in in ADP cblr-1764 165 49 the the DET cblr-1764 165 50 macroeconomy macroeconomy NOUN cblr-1764 165 51 that that PRON cblr-1764 165 52 are be AUX cblr-1764 165 53 arguably arguably ADV cblr-1764 165 54 less less ADV cblr-1764 165 55 susceptible susceptible ADJ cblr-1764 165 56 to to ADP cblr-1764 165 57 the the DET cblr-1764 165 58 lawof lawof NOUN cblr-1764 165 59 - - PUNCT cblr-1764 165 60 large large ADJ cblr-1764 165 61 - - PUNCT cblr-1764 165 62 numbers number NOUN cblr-1764 165 63 than than SCONJ cblr-1764 165 64 are be AUX cblr-1764 165 65 risks risk NOUN cblr-1764 165 66 to to ADP cblr-1764 165 67 property property NOUN cblr-1764 165 68 or or CCONJ cblr-1764 165 69 health.39 health.39 VERB cblr-1764 165 70 a a DET cblr-1764 165 71 final final ADJ cblr-1764 165 72 important important ADJ cblr-1764 165 73 difference difference NOUN cblr-1764 165 74 is be AUX cblr-1764 165 75 that that SCONJ cblr-1764 165 76 insurance insurance NOUN cblr-1764 165 77 firms firm NOUN cblr-1764 165 78 have have VERB cblr-1764 165 79 a a DET cblr-1764 165 80 funding funding NOUN cblr-1764 165 81 structure structure NOUN cblr-1764 165 82 that that PRON cblr-1764 165 83 is be AUX cblr-1764 165 84 inverted invert VERB cblr-1764 165 85 relative relative ADJ cblr-1764 165 86 to to ADP cblr-1764 165 87 that that PRON cblr-1764 165 88 of of ADP cblr-1764 165 89 banks bank NOUN cblr-1764 165 90 and and CCONJ cblr-1764 165 91 other other ADJ cblr-1764 165 92 bank bank NOUN cblr-1764 165 93 - - PUNCT cblr-1764 165 94 like like NOUN cblr-1764 165 95 entities.40 entities.40 PROPN cblr-1764 165 96 an an DET cblr-1764 165 97 insurance insurance NOUN cblr-1764 165 98 company company NOUN cblr-1764 165 99 ’s ’s PART cblr-1764 165 100 balance balance NOUN cblr-1764 165 101 sheet sheet NOUN cblr-1764 165 102 consists consist VERB cblr-1764 165 103 of of ADP cblr-1764 165 104 short short ADJ cblr-1764 165 105 - - PUNCT cblr-1764 165 106 term term NOUN cblr-1764 165 107 liquid liquid ADJ cblr-1764 165 108 assets asset NOUN cblr-1764 165 109 , , PUNCT cblr-1764 165 110 derived derive VERB cblr-1764 165 111 from from ADP cblr-1764 165 112 policy policy NOUN cblr-1764 165 113 premiums premium NOUN cblr-1764 165 114 that that PRON cblr-1764 165 115 are be AUX cblr-1764 165 116 paid pay VERB cblr-1764 165 117 upfront upfront NOUN cblr-1764 165 118 , , PUNCT cblr-1764 165 119 while while SCONJ cblr-1764 165 120 its its PRON cblr-1764 165 121 liabilities liability NOUN cblr-1764 165 122 are be AUX cblr-1764 165 123 long long ADJ cblr-1764 165 124 - - PUNCT cblr-1764 165 125 term term NOUN cblr-1764 165 126 and and CCONJ cblr-1764 165 127 relatively relatively ADV cblr-1764 165 128 illiquid illiquid ADJ cblr-1764 165 129 future future ADJ cblr-1764 165 130 claims claim NOUN cblr-1764 165 131 owed owe VERB cblr-1764 165 132 to to ADP cblr-1764 165 133 policyholders.41 policyholders.41 ADJ cblr-1764 165 134 banks bank NOUN cblr-1764 165 135 , , PUNCT cblr-1764 165 136 on on ADP cblr-1764 165 137 the the DET cblr-1764 165 138 other other ADJ cblr-1764 165 139 hand hand NOUN cblr-1764 165 140 , , PUNCT cblr-1764 165 141 have have VERB cblr-1764 165 142 short short ADJ cblr-1764 165 143 - - PUNCT cblr-1764 165 144 term term NOUN cblr-1764 165 145 liquid liquid ADJ cblr-1764 165 146 liabilities liability NOUN cblr-1764 165 147 in in ADP cblr-1764 165 148 the the DET cblr-1764 165 149 form form NOUN cblr-1764 165 150 of of ADP cblr-1764 165 151 deposits deposit NOUN cblr-1764 165 152 that that PRON cblr-1764 165 153 can can AUX cblr-1764 165 154 be be AUX cblr-1764 165 155 withdrawn withdraw VERB cblr-1764 165 156 on on ADP cblr-1764 165 157 demand demand NOUN cblr-1764 165 158 , , PUNCT cblr-1764 165 159 and and CCONJ cblr-1764 165 160 long long ADJ cblr-1764 165 161 - - PUNCT cblr-1764 165 162 term term NOUN cblr-1764 165 163 illiquid illiquid ADJ cblr-1764 165 164 assets asset NOUN cblr-1764 165 165 that that PRON cblr-1764 165 166 take take VERB cblr-1764 165 167 the the DET cblr-1764 165 168 form form NOUN cblr-1764 165 169 of of ADP cblr-1764 165 170 loans loan NOUN cblr-1764 165 171 to to ADP cblr-1764 165 172 consumers consumer NOUN cblr-1764 165 173 and and CCONJ cblr-1764 165 174 businesses.42 businesses.42 VERB cblr-1764 165 175 the the DET cblr-1764 165 176 cumulative cumulative ADJ cblr-1764 165 177 result result NOUN cblr-1764 165 178 of of ADP cblr-1764 165 179 these these DET cblr-1764 165 180 differences difference NOUN cblr-1764 165 181 is be AUX cblr-1764 165 182 that that SCONJ cblr-1764 165 183 banks bank NOUN cblr-1764 165 184 are be AUX cblr-1764 165 185 traditionally traditionally ADV cblr-1764 165 186 affected affect VERB cblr-1764 165 187 by by ADP cblr-1764 165 188 economic economic ADJ cblr-1764 165 189 fluctuations fluctuation NOUN cblr-1764 165 190 associated associate VERB cblr-1764 165 191 with with ADP cblr-1764 165 192 the the DET cblr-1764 165 193 business business NOUN cblr-1764 165 194 cycle cycle NOUN cblr-1764 165 195 to to ADP cblr-1764 165 196 a a DET cblr-1764 165 197 much much ADV cblr-1764 165 198 greater great ADJ cblr-1764 165 199 extent extent NOUN cblr-1764 165 200 than than SCONJ cblr-1764 165 201 are be AUX cblr-1764 165 202 insurers insurer NOUN cblr-1764 165 203 . . PUNCT cblr-1764 166 1 during during ADP cblr-1764 166 2 an an DET cblr-1764 166 3 economic economic ADJ cblr-1764 166 4 downturn downturn NOUN cblr-1764 166 5 , , PUNCT cblr-1764 166 6 the the DET cblr-1764 166 7 value value NOUN cblr-1764 166 8 of of ADP cblr-1764 166 9 banks bank NOUN cblr-1764 166 10 ’ ' PUNCT cblr-1764 166 11 assets asset NOUN cblr-1764 166 12 becomes become VERB cblr-1764 166 13 more more ADV cblr-1764 166 14 uncertain uncertain ADJ cblr-1764 166 15 , , PUNCT cblr-1764 166 16 and and CCONJ cblr-1764 166 17 banks bank NOUN cblr-1764 166 18 ’ ' PUNCT cblr-1764 166 19 transformation transformation NOUN cblr-1764 166 20 of of ADP cblr-1764 166 21 short short ADJ cblr-1764 166 22 - - PUNCT cblr-1764 166 23 term term NOUN cblr-1764 166 24 deposits deposit NOUN cblr-1764 166 25 to to ADP cblr-1764 166 26 long long ADJ cblr-1764 166 27 - - PUNCT cblr-1764 166 28 term term NOUN cblr-1764 166 29 illiquid illiquid ADJ cblr-1764 166 30 loans loan NOUN cblr-1764 166 31 can can AUX cblr-1764 166 32 mean mean VERB cblr-1764 166 33 that that SCONJ cblr-1764 166 34 they they PRON cblr-1764 166 35 are be AUX cblr-1764 166 36 susceptible susceptible ADJ cblr-1764 166 37 to to ADP cblr-1764 166 38 runs run NOUN cblr-1764 166 39 by by ADP cblr-1764 166 40 depositors.43 depositors.43 PROPN cblr-1764 166 41 bank bank NOUN cblr-1764 166 42 failures failure NOUN cblr-1764 166 43 , , PUNCT cblr-1764 166 44 in in ADP cblr-1764 166 45 turn turn NOUN cblr-1764 166 46 , , PUNCT cblr-1764 166 47 restrict restrict VERB cblr-1764 166 48 the the DET cblr-1764 166 49 availability availability NOUN cblr-1764 166 50 of of ADP cblr-1764 166 51 credit credit NOUN cblr-1764 166 52 to to ADP cblr-1764 166 53 businesses business NOUN cblr-1764 166 54 and and CCONJ cblr-1764 166 55 consumers consumer NOUN cblr-1764 166 56 , , PUNCT cblr-1764 166 57 which which PRON cblr-1764 166 58 can can AUX cblr-1764 166 59 further far ADV cblr-1764 166 60 depress depress VERB cblr-1764 166 61 economic economic ADJ cblr-1764 166 62 activity activity NOUN cblr-1764 166 63 and and CCONJ cblr-1764 166 64 38 38 NUM cblr-1764 166 65 see see NOUN cblr-1764 166 66 jackson jackson PROPN cblr-1764 166 67 , , PUNCT cblr-1764 166 68 supra supra PROPN cblr-1764 166 69 note note PROPN cblr-1764 166 70 8 8 NUM cblr-1764 166 71 , , PUNCT cblr-1764 166 72 at at ADP cblr-1764 166 73 325–31 325–31 PROPN cblr-1764 166 74 . . PROPN cblr-1764 166 75 39 39 NUM cblr-1764 166 76 see see VERB cblr-1764 166 77 acharya acharya PROPN cblr-1764 166 78 et et PROPN cblr-1764 166 79 al al PROPN cblr-1764 166 80 . . PROPN cblr-1764 166 81 , , PUNCT cblr-1764 166 82 supra supra PROPN cblr-1764 166 83 note note PROPN cblr-1764 166 84 5 5 NUM cblr-1764 166 85 , , PUNCT cblr-1764 166 86 at at ADP cblr-1764 166 87 252 252 NUM cblr-1764 166 88 ; ; PUNCT cblr-1764 166 89 see see VERB cblr-1764 166 90 also also ADV cblr-1764 166 91 iais iais NOUN cblr-1764 166 92 , , PUNCT cblr-1764 166 93 financial financial ADJ cblr-1764 166 94 stability stability NOUN cblr-1764 166 95 , , PUNCT cblr-1764 166 96 supra supra PROPN cblr-1764 166 97 note note PROPN cblr-1764 166 98 36 36 NUM cblr-1764 166 99 , , PUNCT cblr-1764 166 100 at at ADP cblr-1764 166 101 11 11 NUM cblr-1764 166 102 . . PUNCT cblr-1764 167 1 40 40 NUM cblr-1764 167 2 see see VERB cblr-1764 167 3 macey macey PROPN cblr-1764 167 4 , , PUNCT cblr-1764 167 5 supra supra PROPN cblr-1764 167 6 note note PROPN cblr-1764 167 7 28 28 NUM cblr-1764 167 8 , , PUNCT cblr-1764 167 9 at at ADP cblr-1764 167 10 603–04 603–04 NUM cblr-1764 167 11 ( ( PUNCT cblr-1764 167 12 arguing argue VERB cblr-1764 167 13 that that SCONJ cblr-1764 167 14 many many ADJ cblr-1764 167 15 financial financial ADJ cblr-1764 167 16 entities entity NOUN cblr-1764 167 17 , , PUNCT cblr-1764 167 18 particularly particularly ADV cblr-1764 167 19 those those PRON cblr-1764 167 20 in in ADP cblr-1764 167 21 the the DET cblr-1764 167 22 shadow shadow NOUN cblr-1764 167 23 banking banking NOUN cblr-1764 167 24 sector sector NOUN cblr-1764 167 25 , , PUNCT cblr-1764 167 26 share share VERB cblr-1764 167 27 a a DET cblr-1764 167 28 common common ADJ cblr-1764 167 29 funding funding NOUN cblr-1764 167 30 structure structure NOUN cblr-1764 167 31 with with ADP cblr-1764 167 32 banks bank NOUN cblr-1764 167 33 ) ) PUNCT cblr-1764 167 34 . . PUNCT cblr-1764 168 1 41 41 NUM cblr-1764 168 2 see see VERB cblr-1764 168 3 acharya acharya NOUN cblr-1764 168 4 , , PUNCT cblr-1764 168 5 supra supra PROPN cblr-1764 168 6 note note NOUN cblr-1764 168 7 5 5 NUM cblr-1764 168 8 , , PUNCT cblr-1764 168 9 at at ADP cblr-1764 168 10 251–52 251–52 NUM cblr-1764 168 11 ; ; PUNCT cblr-1764 168 12 iais iai NOUN cblr-1764 168 13 , , PUNCT cblr-1764 168 14 financial financial ADJ cblr-1764 168 15 stability stability NOUN cblr-1764 168 16 , , PUNCT cblr-1764 168 17 supra supra PROPN cblr-1764 168 18 note note PROPN cblr-1764 168 19 36 36 NUM cblr-1764 168 20 , , PUNCT cblr-1764 168 21 at at ADP cblr-1764 168 22 6–10 6–10 NOUN cblr-1764 168 23 . . PUNCT cblr-1764 169 1 42 42 NUM cblr-1764 169 2 see see VERB cblr-1764 169 3 mishkin mishkin NOUN cblr-1764 169 4 , , PUNCT cblr-1764 169 5 supra supra PROPN cblr-1764 169 6 note note PROPN cblr-1764 169 7 37 37 NUM cblr-1764 169 8 , , PUNCT cblr-1764 169 9 at at ADP cblr-1764 169 10 213–17 213–17 NUM cblr-1764 169 11 ; ; PUNCT cblr-1764 169 12 acharya acharya PROPN cblr-1764 169 13 et et PROPN cblr-1764 169 14 al al PROPN cblr-1764 169 15 . . PROPN cblr-1764 169 16 , , PUNCT cblr-1764 169 17 supra supra PROPN cblr-1764 169 18 note note PROPN cblr-1764 169 19 5 5 NUM cblr-1764 169 20 , , PUNCT cblr-1764 169 21 at at ADP cblr-1764 169 22 251–52 251–52 NUM cblr-1764 169 23 ; ; PUNCT cblr-1764 169 24 macey macey PROPN cblr-1764 169 25 , , PUNCT cblr-1764 169 26 supra supra PROPN cblr-1764 169 27 note note PROPN cblr-1764 169 28 28 28 NUM cblr-1764 169 29 , , PUNCT cblr-1764 169 30 at at ADP cblr-1764 169 31 601–03 601–03 NOUN cblr-1764 169 32 . . PUNCT cblr-1764 170 1 43 43 NUM cblr-1764 170 2 see see VERB cblr-1764 170 3 mishkin mishkin NOUN cblr-1764 170 4 , , PUNCT cblr-1764 170 5 supra supra PROPN cblr-1764 170 6 note note PROPN cblr-1764 170 7 37 37 NUM cblr-1764 170 8 , , PUNCT cblr-1764 170 9 at at ADP cblr-1764 170 10 213–17 213–17 PROPN cblr-1764 170 11 ( ( PUNCT cblr-1764 170 12 describing describe VERB cblr-1764 170 13 the the DET cblr-1764 170 14 logic logic NOUN cblr-1764 170 15 of of ADP cblr-1764 170 16 bank bank NOUN cblr-1764 170 17 runs run NOUN cblr-1764 170 18 ) ) PUNCT cblr-1764 170 19 ; ; PUNCT cblr-1764 170 20 acharya acharya PROPN cblr-1764 170 21 et et PROPN cblr-1764 170 22 al al PROPN cblr-1764 170 23 . . PROPN cblr-1764 170 24 , , PUNCT cblr-1764 170 25 supra supra PROPN cblr-1764 170 26 note note PROPN cblr-1764 170 27 5 5 NUM cblr-1764 170 28 , , PUNCT cblr-1764 170 29 at at ADP cblr-1764 170 30 252 252 NUM cblr-1764 170 31 . . PUNCT cblr-1764 171 1 turk turk PROPN cblr-1764 171 2 – – PUNCT cblr-1764 171 3 final final ADJ cblr-1764 171 4 982 982 NUM cblr-1764 171 5 columbia columbia PROPN cblr-1764 171 6 business business NOUN cblr-1764 171 7 law law PROPN cblr-1764 171 8 review review NOUN cblr-1764 171 9 [ [ X cblr-1764 171 10 vol vol NOUN cblr-1764 171 11 . . PUNCT cblr-1764 171 12 2015 2015 NUM cblr-1764 171 13 exacerbate exacerbate VERB cblr-1764 171 14 a a DET cblr-1764 171 15 recession.44 recession.44 NOUN cblr-1764 171 16 for for ADP cblr-1764 171 17 these these DET cblr-1764 171 18 reasons reason NOUN cblr-1764 171 19 , , PUNCT cblr-1764 171 20 the the DET cblr-1764 171 21 history history NOUN cblr-1764 171 22 of of ADP cblr-1764 171 23 financial financial ADJ cblr-1764 171 24 crises crisis NOUN cblr-1764 171 25 has have AUX cblr-1764 171 26 featured feature VERB cblr-1764 171 27 banks bank NOUN cblr-1764 171 28 as as ADP cblr-1764 171 29 protagonists protagonist NOUN cblr-1764 171 30 while while SCONJ cblr-1764 171 31 leaving leave VERB cblr-1764 171 32 insurers insurer NOUN cblr-1764 171 33 more more ADV cblr-1764 171 34 or or CCONJ cblr-1764 171 35 less less ADV cblr-1764 171 36 off off ADP cblr-1764 171 37 stage.45 stage.45 VERB cblr-1764 171 38 this this DET cblr-1764 171 39 part part NOUN cblr-1764 171 40 ii ii PROPN cblr-1764 171 41 will will AUX cblr-1764 171 42 argue argue VERB cblr-1764 171 43 that that SCONJ cblr-1764 171 44 , , PUNCT cblr-1764 171 45 over over ADP cblr-1764 171 46 the the DET cblr-1764 171 47 past past ADJ cblr-1764 171 48 decade decade NOUN cblr-1764 171 49 or or CCONJ cblr-1764 171 50 so so ADV cblr-1764 171 51 , , PUNCT cblr-1764 171 52 these these DET cblr-1764 171 53 distinctions distinction NOUN cblr-1764 171 54 between between ADP cblr-1764 171 55 insurance insurance NOUN cblr-1764 171 56 and and CCONJ cblr-1764 171 57 other other ADJ cblr-1764 171 58 financial financial ADJ cblr-1764 171 59 services service NOUN cblr-1764 171 60 have have AUX cblr-1764 171 61 broken break VERB cblr-1764 171 62 down down ADP cblr-1764 171 63 . . PUNCT cblr-1764 172 1 part part NOUN cblr-1764 172 2 ii.a ii.a PROPN cblr-1764 172 3 explains explain VERB cblr-1764 172 4 how how SCONJ cblr-1764 172 5 the the DET cblr-1764 172 6 products product NOUN cblr-1764 172 7 and and CCONJ cblr-1764 172 8 services service NOUN cblr-1764 172 9 offered offer VERB cblr-1764 172 10 by by ADP cblr-1764 172 11 insurance insurance NOUN cblr-1764 172 12 companies company NOUN cblr-1764 172 13 are be AUX cblr-1764 172 14 converging converge VERB cblr-1764 172 15 with with ADP cblr-1764 172 16 those those PRON cblr-1764 172 17 that that PRON cblr-1764 172 18 have have AUX cblr-1764 172 19 typically typically ADV cblr-1764 172 20 been be AUX cblr-1764 172 21 provided provide VERB cblr-1764 172 22 by by ADP cblr-1764 172 23 banks bank NOUN cblr-1764 172 24 and and CCONJ cblr-1764 172 25 securities security NOUN cblr-1764 172 26 firms firm NOUN cblr-1764 172 27 . . PUNCT cblr-1764 173 1 part part NOUN cblr-1764 173 2 ii.b ii.b NOUN cblr-1764 173 3 describes describe VERB cblr-1764 173 4 how how SCONJ cblr-1764 173 5 the the DET cblr-1764 173 6 insurance insurance NOUN cblr-1764 173 7 firms firm NOUN cblr-1764 173 8 have have AUX cblr-1764 173 9 grown grow VERB cblr-1764 173 10 increasingly increasingly ADV cblr-1764 173 11 interconnected interconnect VERB cblr-1764 173 12 with with ADP cblr-1764 173 13 other other ADJ cblr-1764 173 14 financial financial ADJ cblr-1764 173 15 intermediaries intermediary NOUN cblr-1764 173 16 , , PUNCT cblr-1764 173 17 and and CCONJ cblr-1764 173 18 the the DET cblr-1764 173 19 new new ADJ cblr-1764 173 20 entanglement entanglement NOUN cblr-1764 173 21 of of ADP cblr-1764 173 22 the the DET cblr-1764 173 23 insurance insurance NOUN cblr-1764 173 24 industry industry NOUN cblr-1764 173 25 with with ADP cblr-1764 173 26 systemic systemic ADJ cblr-1764 173 27 risk risk NOUN cblr-1764 173 28 and and CCONJ cblr-1764 173 29 financial financial ADJ cblr-1764 173 30 stability stability NOUN cblr-1764 173 31 that that PRON cblr-1764 173 32 has have AUX cblr-1764 173 33 resulted result VERB cblr-1764 173 34 . . PUNCT cblr-1764 174 1 the the DET cblr-1764 174 2 convergence convergence NOUN cblr-1764 174 3 of of ADP cblr-1764 174 4 insurance insurance NOUN cblr-1764 174 5 products product NOUN cblr-1764 174 6 and and CCONJ cblr-1764 174 7 firms firm NOUN cblr-1764 174 8 with with ADP cblr-1764 174 9 the the DET cblr-1764 174 10 broader broad ADJ cblr-1764 174 11 financial financial ADJ cblr-1764 174 12 system system NOUN cblr-1764 174 13 is be AUX cblr-1764 174 14 important important ADJ cblr-1764 174 15 because because SCONJ cblr-1764 174 16 it it PRON cblr-1764 174 17 puts put VERB cblr-1764 174 18 immense immense ADJ cblr-1764 174 19 pressure pressure NOUN cblr-1764 174 20 on on ADP cblr-1764 174 21 the the DET cblr-1764 174 22 regulatory regulatory ADJ cblr-1764 174 23 regime regime NOUN cblr-1764 174 24 for for ADP cblr-1764 174 25 insurance insurance NOUN cblr-1764 174 26 , , PUNCT cblr-1764 174 27 which which PRON cblr-1764 174 28 has have AUX cblr-1764 174 29 always always ADV cblr-1764 174 30 treated treat VERB cblr-1764 174 31 the the DET cblr-1764 174 32 industry industry NOUN cblr-1764 174 33 as as ADV cblr-1764 174 34 unique unique ADJ cblr-1764 174 35 and and CCONJ cblr-1764 174 36 separate separate ADJ cblr-1764 174 37 from from ADP cblr-1764 174 38 the the DET cblr-1764 174 39 rest rest NOUN cblr-1764 174 40 of of ADP cblr-1764 174 41 finance finance NOUN cblr-1764 174 42 . . PUNCT cblr-1764 175 1 it it PRON cblr-1764 175 2 therefore therefore ADV cblr-1764 175 3 presents present VERB cblr-1764 175 4 a a DET cblr-1764 175 5 case case NOUN cblr-1764 175 6 that that PRON cblr-1764 175 7 puts put VERB cblr-1764 175 8 the the DET cblr-1764 175 9 boundary boundary ADJ cblr-1764 175 10 problems problem NOUN cblr-1764 175 11 embedded embed VERB cblr-1764 175 12 in in ADP cblr-1764 175 13 all all DET cblr-1764 175 14 financial financial ADJ cblr-1764 175 15 regulation regulation NOUN cblr-1764 175 16 in in ADP cblr-1764 175 17 plain plain ADJ cblr-1764 175 18 view view NOUN cblr-1764 175 19 . . PUNCT cblr-1764 176 1 a. a. NOUN cblr-1764 176 2 convergence convergence NOUN cblr-1764 176 3 of of ADP cblr-1764 176 4 products product NOUN cblr-1764 176 5 : : PUNCT cblr-1764 176 6 non non ADJ cblr-1764 176 7 - - ADJ cblr-1764 176 8 traditional traditional ADJ cblr-1764 176 9 insurance insurance NOUN cblr-1764 176 10 products product NOUN cblr-1764 176 11 across across ADP cblr-1764 176 12 all all DET cblr-1764 176 13 lines line NOUN cblr-1764 176 14 of of ADP cblr-1764 176 15 insurance insurance NOUN cblr-1764 176 16 , , PUNCT cblr-1764 176 17 insurance insurance NOUN cblr-1764 176 18 companies company NOUN cblr-1764 176 19 now now ADV cblr-1764 176 20 provide provide VERB cblr-1764 176 21 products product NOUN cblr-1764 176 22 that that PRON cblr-1764 176 23 have have VERB cblr-1764 176 24 economic economic ADJ cblr-1764 176 25 functions function NOUN cblr-1764 176 26 similar similar ADJ cblr-1764 176 27 to to ADP cblr-1764 176 28 those those PRON cblr-1764 176 29 traditionally traditionally ADV cblr-1764 176 30 associated associate VERB cblr-1764 176 31 with with ADP cblr-1764 176 32 other other ADJ cblr-1764 176 33 financial financial ADJ cblr-1764 176 34 industries industry NOUN cblr-1764 176 35 . . PUNCT cblr-1764 177 1 life life NOUN cblr-1764 177 2 insurers insurer NOUN cblr-1764 177 3 , , PUNCT cblr-1764 177 4 for for ADP cblr-1764 177 5 example example NOUN cblr-1764 177 6 , , PUNCT cblr-1764 177 7 sell sell VERB cblr-1764 177 8 guaranteed guarantee VERB cblr-1764 177 9 investment investment NOUN cblr-1764 177 10 contracts contract NOUN cblr-1764 177 11 ( ( PUNCT cblr-1764 177 12 “ " PUNCT cblr-1764 177 13 gics gic NOUN cblr-1764 177 14 ” " PUNCT cblr-1764 177 15 ) ) PUNCT cblr-1764 177 16 , , PUNCT cblr-1764 177 17 pursuant pursuant ADJ cblr-1764 177 18 to to ADP cblr-1764 177 19 which which PRON cblr-1764 177 20 the the DET cblr-1764 177 21 insured insure VERB cblr-1764 177 22 places place NOUN cblr-1764 177 23 funds fund NOUN cblr-1764 177 24 with with ADP cblr-1764 177 25 the the DET cblr-1764 177 26 insurance insurance NOUN cblr-1764 177 27 company company NOUN cblr-1764 177 28 in in ADP cblr-1764 177 29 return return NOUN cblr-1764 177 30 for for ADP cblr-1764 177 31 repayment repayment NOUN cblr-1764 177 32 44 44 NUM cblr-1764 177 33 see see NOUN cblr-1764 177 34 carmen carman NOUN cblr-1764 177 35 m. m. PROPN cblr-1764 177 36 reinhart reinhart PROPN cblr-1764 177 37 & & CCONJ cblr-1764 177 38 kenneth kenneth PROPN cblr-1764 177 39 s. s. PROPN cblr-1764 177 40 rogoff rogoff PROPN cblr-1764 177 41 , , PUNCT cblr-1764 177 42 this this DET cblr-1764 177 43 time time NOUN cblr-1764 177 44 is be AUX cblr-1764 177 45 different different ADJ cblr-1764 177 46 : : PUNCT cblr-1764 177 47 eight eight NUM cblr-1764 177 48 centuries century NOUN cblr-1764 177 49 of of ADP cblr-1764 177 50 financial financial ADJ cblr-1764 177 51 folly folly NOUN cblr-1764 177 52 ( ( PUNCT cblr-1764 177 53 2009 2009 NUM cblr-1764 177 54 ) ) PUNCT cblr-1764 177 55 ( ( PUNCT cblr-1764 177 56 providing provide VERB cblr-1764 177 57 historical historical ADJ cblr-1764 177 58 evidence evidence NOUN cblr-1764 177 59 that that SCONJ cblr-1764 177 60 recessions recession NOUN cblr-1764 177 61 triggered trigger VERB cblr-1764 177 62 by by ADP cblr-1764 177 63 financial financial ADJ cblr-1764 177 64 crises crisis NOUN cblr-1764 177 65 tend tend VERB cblr-1764 177 66 to to PART cblr-1764 177 67 be be AUX cblr-1764 177 68 particularly particularly ADV cblr-1764 177 69 severe severe ADJ cblr-1764 177 70 ) ) PUNCT cblr-1764 177 71 . . PUNCT cblr-1764 178 1 45 45 NUM cblr-1764 178 2 see see VERB cblr-1764 178 3 generally generally ADV cblr-1764 178 4 charles charles PROPN cblr-1764 178 5 p. p. PROPN cblr-1764 178 6 kindleberger kindleberger PROPN cblr-1764 178 7 & & CCONJ cblr-1764 178 8 robert robert PROPN cblr-1764 178 9 aliber aliber PROPN cblr-1764 178 10 , , PUNCT cblr-1764 178 11 manias mania NOUN cblr-1764 178 12 , , PUNCT cblr-1764 178 13 panics panic NOUN cblr-1764 178 14 , , PUNCT cblr-1764 178 15 and and CCONJ cblr-1764 178 16 crashes crash VERB cblr-1764 178 17 : : PUNCT cblr-1764 178 18 a a DET cblr-1764 178 19 history history NOUN cblr-1764 178 20 of of ADP cblr-1764 178 21 financial financial ADJ cblr-1764 178 22 crises crisis NOUN cblr-1764 178 23 ( ( PUNCT cblr-1764 178 24 5th 5th ADJ cblr-1764 178 25 ed ed NOUN cblr-1764 178 26 . . PROPN cblr-1764 178 27 2005 2005 NUM cblr-1764 178 28 ) ) PUNCT cblr-1764 178 29 ( ( PUNCT cblr-1764 178 30 providing provide VERB cblr-1764 178 31 the the DET cblr-1764 178 32 seminal seminal ADJ cblr-1764 178 33 history history NOUN cblr-1764 178 34 of of ADP cblr-1764 178 35 financial financial ADJ cblr-1764 178 36 crises crisis NOUN cblr-1764 178 37 , , PUNCT cblr-1764 178 38 with with ADP cblr-1764 178 39 insurance insurance NOUN cblr-1764 178 40 companies company NOUN cblr-1764 178 41 notably notably ADV cblr-1764 178 42 absent absent ADJ cblr-1764 178 43 ) ) PUNCT cblr-1764 178 44 ; ; PUNCT cblr-1764 178 45 see see VERB cblr-1764 178 46 also also ADV cblr-1764 178 47 faisal faisal PROPN cblr-1764 178 48 baluch baluch PROPN cblr-1764 178 49 , , PUNCT cblr-1764 178 50 stanley stanley PROPN cblr-1764 178 51 mutenga mutenga PROPN cblr-1764 178 52 & & CCONJ cblr-1764 178 53 chris chris PROPN cblr-1764 178 54 parsons parsons PROPN cblr-1764 178 55 , , PUNCT cblr-1764 178 56 insurance insurance NOUN cblr-1764 178 57 systemic systemic ADJ cblr-1764 178 58 risk risk NOUN cblr-1764 178 59 and and CCONJ cblr-1764 178 60 the the DET cblr-1764 178 61 financial financial ADJ cblr-1764 178 62 crisis crisis NOUN cblr-1764 178 63 , , PUNCT cblr-1764 178 64 36 36 NUM cblr-1764 178 65 geneva geneva NOUN cblr-1764 178 66 papers paper NOUN cblr-1764 178 67 on on ADP cblr-1764 178 68 risk risk NOUN cblr-1764 178 69 & & CCONJ cblr-1764 178 70 ins in NOUN cblr-1764 178 71 . . PUNCT cblr-1764 179 1 126–28 126–28 NUM cblr-1764 179 2 ( ( PUNCT cblr-1764 179 3 2011 2011 NUM cblr-1764 179 4 ) ) PUNCT cblr-1764 179 5 . . PUNCT cblr-1764 180 1 turk turk PROPN cblr-1764 180 2 – – PUNCT cblr-1764 180 3 final final ADJ cblr-1764 180 4 no no NOUN cblr-1764 180 5 . . PUNCT cblr-1764 181 1 3:967 3:967 NUM cblr-1764 181 2 ] ] PUNCT cblr-1764 181 3 insurance insurance NOUN cblr-1764 181 4 convergence convergence NOUN cblr-1764 181 5 983 983 NUM cblr-1764 181 6 of of ADP cblr-1764 181 7 interests interest NOUN cblr-1764 181 8 at at ADP cblr-1764 181 9 a a DET cblr-1764 181 10 guaranteed guarantee VERB cblr-1764 181 11 rate.46 rate.46 NOUN cblr-1764 181 12 for for ADP cblr-1764 181 13 some some DET cblr-1764 181 14 varieties variety NOUN cblr-1764 181 15 of of ADP cblr-1764 181 16 gics gic NOUN cblr-1764 181 17 , , PUNCT cblr-1764 181 18 the the DET cblr-1764 181 19 principal principal NOUN cblr-1764 181 20 invested invest VERB cblr-1764 181 21 may may AUX cblr-1764 181 22 be be AUX cblr-1764 181 23 called call VERB cblr-1764 181 24 with with ADP cblr-1764 181 25 very very ADV cblr-1764 181 26 short short ADJ cblr-1764 181 27 notice notice NOUN cblr-1764 181 28 , , PUNCT cblr-1764 181 29 thus thus ADV cblr-1764 181 30 mirroring mirror VERB cblr-1764 181 31 the the DET cblr-1764 181 32 run run NOUN cblr-1764 181 33 - - PUNCT cblr-1764 181 34 prone prone ADJ cblr-1764 181 35 characteristics characteristic NOUN cblr-1764 181 36 of of ADP cblr-1764 181 37 bank bank NOUN cblr-1764 181 38 deposits.47 deposits.47 PROPN cblr-1764 181 39 life life NOUN cblr-1764 181 40 insurance insurance NOUN cblr-1764 181 41 companies company NOUN cblr-1764 181 42 also also ADV cblr-1764 181 43 sell sell VERB cblr-1764 181 44 annuities annuity NOUN cblr-1764 181 45 that that PRON cblr-1764 181 46 can can AUX cblr-1764 181 47 function function VERB cblr-1764 181 48 similarly similarly ADV cblr-1764 181 49 to to ADP cblr-1764 181 50 mutual mutual ADJ cblr-1764 181 51 fund fund NOUN cblr-1764 181 52 products product NOUN cblr-1764 181 53 provided provide VERB cblr-1764 181 54 by by ADP cblr-1764 181 55 investment investment NOUN cblr-1764 181 56 firms firm NOUN cblr-1764 181 57 . . PUNCT cblr-1764 182 1 although although SCONJ cblr-1764 182 2 insurers insurer NOUN cblr-1764 182 3 first first ADV cblr-1764 182 4 began begin VERB cblr-1764 182 5 to to PART cblr-1764 182 6 sell sell VERB cblr-1764 182 7 variable variable ADJ cblr-1764 182 8 annuities annuity NOUN cblr-1764 182 9 decades decade NOUN cblr-1764 182 10 ago ago ADV cblr-1764 182 11 , , PUNCT cblr-1764 182 12 the the DET cblr-1764 182 13 volume volume NOUN cblr-1764 182 14 sold sell VERB cblr-1764 182 15 grew grow VERB cblr-1764 182 16 rapidly rapidly ADV cblr-1764 182 17 during during ADP cblr-1764 182 18 the the DET cblr-1764 182 19 last last ADJ cblr-1764 182 20 business business NOUN cblr-1764 182 21 cycle cycle NOUN cblr-1764 182 22 , , PUNCT cblr-1764 182 23 with with SCONJ cblr-1764 182 24 assets asset NOUN cblr-1764 182 25 under under ADP cblr-1764 182 26 management management NOUN cblr-1764 182 27 for for ADP cblr-1764 182 28 variable variable ADJ cblr-1764 182 29 annuities annuity NOUN cblr-1764 182 30 accounts account VERB cblr-1764 182 31 in in ADP cblr-1764 182 32 the the DET cblr-1764 182 33 united united PROPN cblr-1764 182 34 states states PROPN cblr-1764 182 35 increasing increase VERB cblr-1764 182 36 nearly nearly ADV cblr-1764 182 37 100 100 NUM cblr-1764 182 38 percent percent NOUN cblr-1764 182 39 from from ADP cblr-1764 182 40 2002 2002 NUM cblr-1764 182 41 to to ADP cblr-1764 182 42 their their PRON cblr-1764 182 43 peak peak NOUN cblr-1764 182 44 of of ADP cblr-1764 182 45 $ $ SYM cblr-1764 182 46 1.5 1.5 NUM cblr-1764 182 47 trillion trillion NUM cblr-1764 182 48 in in ADP cblr-1764 182 49 2007.48 2007.48 NUM cblr-1764 182 50 fixed fix VERB cblr-1764 182 51 - - PUNCT cblr-1764 182 52 indexed index VERB cblr-1764 182 53 annuities annuity NOUN cblr-1764 182 54 , , PUNCT cblr-1764 182 55 which which PRON cblr-1764 182 56 provide provide VERB cblr-1764 182 57 policyholders policyholder NOUN cblr-1764 182 58 with with ADP cblr-1764 182 59 a a DET cblr-1764 182 60 guaranteed guarantee VERB cblr-1764 182 61 minimum minimum ADJ cblr-1764 182 62 stream stream NOUN cblr-1764 182 63 of of ADP cblr-1764 182 64 payments payment NOUN cblr-1764 182 65 based base VERB cblr-1764 182 66 on on ADP cblr-1764 182 67 the the DET cblr-1764 182 68 performance performance NOUN cblr-1764 182 69 of of ADP cblr-1764 182 70 a a DET cblr-1764 182 71 reference reference NOUN cblr-1764 182 72 market market NOUN cblr-1764 182 73 index index NOUN cblr-1764 182 74 , , PUNCT cblr-1764 182 75 first first ADV cblr-1764 182 76 appeared appear VERB cblr-1764 182 77 in in ADP cblr-1764 182 78 1995 1995 NUM cblr-1764 182 79 and and CCONJ cblr-1764 182 80 have have AUX cblr-1764 182 81 since since SCONJ cblr-1764 182 82 boomed boom VERB cblr-1764 182 83 in in ADP cblr-1764 182 84 popularity popularity NOUN cblr-1764 182 85 as as SCONJ cblr-1764 182 86 well.49 well.49 PROPN cblr-1764 182 87 the the DET cblr-1764 182 88 minimum minimum ADJ cblr-1764 182 89 guarantees guarantee NOUN cblr-1764 182 90 embedded embed VERB cblr-1764 182 91 in in ADP cblr-1764 182 92 annuity annuity NOUN cblr-1764 182 93 products product NOUN cblr-1764 182 94 expose expose VERB cblr-1764 182 95 life life NOUN cblr-1764 182 96 insurers insurer NOUN cblr-1764 182 97 to to ADP cblr-1764 182 98 substantial substantial ADJ cblr-1764 182 99 financial financial ADJ cblr-1764 182 100 market market NOUN cblr-1764 182 101 risks risk NOUN cblr-1764 182 102 , , PUNCT cblr-1764 182 103 namely namely ADV cblr-1764 182 104 downward downward ADJ cblr-1764 182 105 fluctuations fluctuation NOUN cblr-1764 182 106 in in ADP cblr-1764 182 107 the the DET cblr-1764 182 108 stock stock NOUN cblr-1764 182 109 market market NOUN cblr-1764 182 110 , , PUNCT cblr-1764 182 111 which which PRON cblr-1764 182 112 proved prove VERB cblr-1764 182 113 disastrous disastrous ADJ cblr-1764 182 114 during during ADP cblr-1764 182 115 the the DET cblr-1764 182 116 2008 2008 NUM cblr-1764 182 117 crisis.50 crisis.50 NOUN cblr-1764 182 118 46 46 NUM cblr-1764 182 119 see see VERB cblr-1764 182 120 peter peter PROPN cblr-1764 182 121 j. j. PROPN cblr-1764 182 122 wallison wallison PROPN cblr-1764 182 123 , , PUNCT cblr-1764 182 124 convergence convergence NOUN cblr-1764 182 125 in in ADP cblr-1764 182 126 financial financial ADJ cblr-1764 182 127 services service NOUN cblr-1764 182 128 markets market NOUN cblr-1764 182 129 : : PUNCT cblr-1764 182 130 effects effect NOUN cblr-1764 182 131 on on ADP cblr-1764 182 132 insurance insurance NOUN cblr-1764 182 133 regulation regulation NOUN cblr-1764 182 134 , , PUNCT cblr-1764 182 135 in in ADP cblr-1764 182 136 the the DET cblr-1764 182 137 future future NOUN cblr-1764 182 138 of of ADP cblr-1764 182 139 insurance insurance NOUN cblr-1764 182 140 regulation regulation NOUN cblr-1764 182 141 in in ADP cblr-1764 182 142 the the DET cblr-1764 182 143 united united PROPN cblr-1764 182 144 states states PROPN cblr-1764 182 145 167 167 NUM cblr-1764 182 146 , , PUNCT cblr-1764 182 147 179–85 179–85 NUM cblr-1764 182 148 ( ( PUNCT cblr-1764 182 149 martin martin PROPN cblr-1764 182 150 f. f. 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PUNCT cblr-1764 192 3 trends trend NOUN cblr-1764 192 4 , , PUNCT cblr-1764 192 5 oct oct PROPN cblr-1764 192 6 . . PROPN cblr-1764 192 7 2009 2009 NUM cblr-1764 192 8 , , PUNCT cblr-1764 192 9 at at ADP cblr-1764 192 10 1 1 NUM cblr-1764 192 11 , , PUNCT cblr-1764 192 12 11 11 NUM cblr-1764 192 13 ; ; PUNCT cblr-1764 192 14 junker junker NOUN cblr-1764 192 15 & & CCONJ cblr-1764 192 16 ramezani ramezani PROPN cblr-1764 192 17 , , PUNCT cblr-1764 192 18 supra supra PROPN cblr-1764 192 19 note note NOUN cblr-1764 192 20 48 48 NUM cblr-1764 192 21 , , PUNCT cblr-1764 192 22 at at ADP cblr-1764 192 23 1 1 NUM cblr-1764 192 24 ( ( PUNCT cblr-1764 192 25 finding find VERB cblr-1764 192 26 that that SCONJ cblr-1764 192 27 , , PUNCT cblr-1764 192 28 between between ADP cblr-1764 192 29 october october PROPN cblr-1764 192 30 2007 2007 NUM cblr-1764 192 31 and and CCONJ cblr-1764 192 32 march march PROPN cblr-1764 192 33 2009 2009 NUM cblr-1764 192 34 , , PUNCT cblr-1764 192 35 six six NUM cblr-1764 192 36 of of ADP cblr-1764 192 37 the the DET cblr-1764 192 38 ten ten NUM cblr-1764 192 39 largest large ADJ cblr-1764 192 40 turk turk NOUN cblr-1764 192 41 – – PUNCT cblr-1764 192 42 final final ADJ cblr-1764 192 43 984 984 NUM cblr-1764 192 44 columbia columbia PROPN cblr-1764 192 45 business business NOUN cblr-1764 192 46 law law PROPN cblr-1764 192 47 review review NOUN cblr-1764 193 1 [ [ X cblr-1764 193 2 vol vol NOUN cblr-1764 193 3 . . NOUN cblr-1764 193 4 2015 2015 NUM cblr-1764 193 5 property property NOUN cblr-1764 193 6 and and CCONJ cblr-1764 193 7 casualty casualty NOUN cblr-1764 193 8 insurers insurer NOUN cblr-1764 193 9 also also ADV cblr-1764 193 10 now now ADV cblr-1764 193 11 offer offer VERB cblr-1764 193 12 products product NOUN cblr-1764 193 13 that that PRON cblr-1764 193 14 compete compete VERB cblr-1764 193 15 with with ADP cblr-1764 193 16 those those PRON cblr-1764 193 17 sold sell VERB cblr-1764 193 18 by by ADP cblr-1764 193 19 banks bank NOUN cblr-1764 193 20 and and CCONJ cblr-1764 193 21 securities security NOUN cblr-1764 193 22 firms firm NOUN cblr-1764 193 23 . . PUNCT cblr-1764 194 1 one one NUM cblr-1764 194 2 longstanding longstanding ADJ cblr-1764 194 3 example example NOUN cblr-1764 194 4 is be AUX cblr-1764 194 5 the the DET cblr-1764 194 6 surety surety NOUN cblr-1764 194 7 bond bond NOUN cblr-1764 194 8 , , PUNCT cblr-1764 194 9 which which PRON cblr-1764 194 10 insurance insurance NOUN cblr-1764 194 11 companies company NOUN cblr-1764 194 12 generally generally ADV cblr-1764 194 13 sell sell VERB cblr-1764 194 14 in in ADP cblr-1764 194 15 connection connection NOUN cblr-1764 194 16 with with ADP cblr-1764 194 17 construction construction NOUN cblr-1764 194 18 projects project NOUN cblr-1764 194 19 . . PUNCT cblr-1764 195 1 a a DET cblr-1764 195 2 surety surety NOUN cblr-1764 195 3 bond bond NOUN cblr-1764 195 4 insures insure VERB cblr-1764 195 5 the the DET cblr-1764 195 6 financial financial ADJ cblr-1764 195 7 risk risk NOUN cblr-1764 195 8 that that SCONJ cblr-1764 195 9 a a DET cblr-1764 195 10 particular particular ADJ cblr-1764 195 11 bonded bond VERB cblr-1764 195 12 contractor contractor NOUN cblr-1764 195 13 will will AUX cblr-1764 195 14 fail fail VERB cblr-1764 195 15 to to PART cblr-1764 195 16 satisfy satisfy VERB cblr-1764 195 17 its its PRON cblr-1764 195 18 contractual contractual ADJ cblr-1764 195 19 commitments commitment NOUN cblr-1764 195 20 , , PUNCT cblr-1764 195 21 and and CCONJ cblr-1764 195 22 functions function NOUN cblr-1764 195 23 similarly similarly ADV cblr-1764 195 24 to to ADP cblr-1764 195 25 commercial commercial ADJ cblr-1764 195 26 loans loan NOUN cblr-1764 195 27 offered offer VERB cblr-1764 195 28 by by ADP cblr-1764 195 29 banks bank NOUN cblr-1764 195 30 such such ADJ cblr-1764 195 31 as as ADP cblr-1764 195 32 stand stand NOUN cblr-1764 195 33 - - PUNCT cblr-1764 195 34 by by ADP cblr-1764 195 35 letters letter NOUN cblr-1764 195 36 of of ADP cblr-1764 195 37 credit.51 credit.51 PROPN cblr-1764 195 38 insurance insurance NOUN cblr-1764 195 39 companies company NOUN cblr-1764 195 40 selling sell VERB cblr-1764 195 41 surety surety NOUN cblr-1764 195 42 bonds bond NOUN cblr-1764 195 43 were be AUX cblr-1764 195 44 exposed expose VERB cblr-1764 195 45 to to ADP cblr-1764 195 46 the the DET cblr-1764 195 47 latest late ADJ cblr-1764 195 48 business business NOUN cblr-1764 195 49 cycle cycle NOUN cblr-1764 195 50 , , PUNCT cblr-1764 195 51 which which PRON cblr-1764 195 52 had have VERB cblr-1764 195 53 large large ADJ cblr-1764 195 54 effects effect NOUN cblr-1764 195 55 on on ADP cblr-1764 195 56 the the DET cblr-1764 195 57 markets market NOUN cblr-1764 195 58 for for ADP cblr-1764 195 59 commercial commercial ADJ cblr-1764 195 60 real real ADJ cblr-1764 195 61 estate estate NOUN cblr-1764 195 62 and and CCONJ cblr-1764 195 63 publicly publicly ADV cblr-1764 195 64 funded fund VERB cblr-1764 195 65 construction.52 construction.52 ADJ cblr-1764 195 66 a a DET cblr-1764 195 67 more more ADV cblr-1764 195 68 dramatic dramatic ADJ cblr-1764 195 69 example example NOUN cblr-1764 195 70 of of ADP cblr-1764 195 71 market market NOUN cblr-1764 195 72 convergence convergence NOUN cblr-1764 195 73 is be AUX cblr-1764 195 74 “ " PUNCT cblr-1764 195 75 insurance insurance NOUN cblr-1764 195 76 - - PUNCT cblr-1764 195 77 linked link VERB cblr-1764 195 78 securities security NOUN cblr-1764 195 79 ” " PUNCT cblr-1764 195 80 ( ( PUNCT cblr-1764 195 81 “ " PUNCT cblr-1764 195 82 ils ils INTJ cblr-1764 195 83 ” " PUNCT cblr-1764 195 84 ) ) PUNCT cblr-1764 195 85 , , PUNCT cblr-1764 195 86 originally originally ADV cblr-1764 195 87 developed develop VERB cblr-1764 195 88 in in ADP cblr-1764 195 89 the the DET cblr-1764 195 90 mid-1990s mid-1990 NOUN cblr-1764 195 91 . . PUNCT cblr-1764 196 1 with with ADP cblr-1764 196 2 ils ils PROPN cblr-1764 196 3 , , PUNCT cblr-1764 196 4 an an DET cblr-1764 196 5 insurer insurer NOUN cblr-1764 196 6 creates create VERB cblr-1764 196 7 a a DET cblr-1764 196 8 special special ADJ cblr-1764 196 9 purpose purpose NOUN cblr-1764 196 10 vehicle vehicle NOUN cblr-1764 196 11 to to PART cblr-1764 196 12 issue issue VERB cblr-1764 196 13 securities security NOUN cblr-1764 196 14 that that PRON cblr-1764 196 15 are be AUX cblr-1764 196 16 backed back VERB cblr-1764 196 17 by by ADP cblr-1764 196 18 collateral collateral NOUN cblr-1764 196 19 derived derive VERB cblr-1764 196 20 from from ADP cblr-1764 196 21 premium premium ADJ cblr-1764 196 22 payments payment NOUN cblr-1764 196 23 on on ADP cblr-1764 196 24 a a DET cblr-1764 196 25 pool pool NOUN cblr-1764 196 26 of of ADP cblr-1764 196 27 individual individual ADJ cblr-1764 196 28 insurance insurance NOUN cblr-1764 196 29 policies.53 policies.53 NOUN cblr-1764 196 30 by by ADP cblr-1764 196 31 transforming transform VERB cblr-1764 196 32 individual individual ADJ cblr-1764 196 33 insurance insurance NOUN cblr-1764 196 34 policies policy NOUN cblr-1764 196 35 into into ADP cblr-1764 196 36 securities security NOUN cblr-1764 196 37 , , PUNCT cblr-1764 196 38 ils ils X cblr-1764 196 39 such such ADJ cblr-1764 196 40 as as ADP cblr-1764 196 41 catastrophe catastrophe NOUN cblr-1764 196 42 bonds bond NOUN cblr-1764 196 43 ( ( PUNCT cblr-1764 196 44 or or CCONJ cblr-1764 196 45 “ " PUNCT cblr-1764 196 46 cat cat NOUN cblr-1764 196 47 bonds bond NOUN cblr-1764 196 48 ” " PUNCT cblr-1764 196 49 ) ) PUNCT cblr-1764 196 50 allow allow VERB cblr-1764 196 51 insurance insurance NOUN cblr-1764 196 52 companies company NOUN cblr-1764 196 53 to to PART cblr-1764 196 54 bypass bypass VERB cblr-1764 196 55 traditional traditional ADJ cblr-1764 196 56 reinsurance reinsurance NOUN cblr-1764 196 57 relationships relationship NOUN cblr-1764 196 58 and and CCONJ cblr-1764 196 59 directly directly ADV cblr-1764 196 60 access access NOUN cblr-1764 196 61 capital capital NOUN cblr-1764 196 62 markets.54 markets.54 PROPN cblr-1764 196 63 in in ADP cblr-1764 196 64 the the DET cblr-1764 196 65 process process NOUN cblr-1764 196 66 , , PUNCT cblr-1764 196 67 ils ils X cblr-1764 196 68 make make VERB cblr-1764 196 69 insurers insurer NOUN cblr-1764 196 70 ’ ' PUNCT cblr-1764 196 71 source source NOUN cblr-1764 196 72 of of ADP cblr-1764 196 73 funding funding NOUN cblr-1764 196 74 subject subject ADJ cblr-1764 196 75 to to ADP cblr-1764 196 76 the the DET cblr-1764 196 77 vicissitudes vicissitude NOUN cblr-1764 196 78 of of ADP cblr-1764 196 79 financial financial ADJ cblr-1764 196 80 markets market NOUN cblr-1764 196 81 in in ADP cblr-1764 196 82 a a DET cblr-1764 196 83 way way NOUN cblr-1764 196 84 that that PRON cblr-1764 196 85 traditional traditional ADJ cblr-1764 196 86 reinsurance reinsurance NOUN cblr-1764 196 87 contracts contract NOUN cblr-1764 196 88 do do VERB cblr-1764 196 89 not.55 not.55 NOUN cblr-1764 196 90 publicly publicly ADV cblr-1764 196 91 listed list VERB cblr-1764 196 92 variable variable ADJ cblr-1764 196 93 annuity annuity NOUN cblr-1764 196 94 issuers issuer NOUN cblr-1764 196 95 in in ADP cblr-1764 196 96 the the DET cblr-1764 196 97 united united PROPN cblr-1764 196 98 states states PROPN cblr-1764 196 99 lost lose VERB cblr-1764 196 100 approximately approximately ADV cblr-1764 196 101 ninety ninety NUM cblr-1764 196 102 percent percent NOUN cblr-1764 196 103 of of ADP cblr-1764 196 104 their their PRON cblr-1764 196 105 market market NOUN cblr-1764 196 106 capitalization capitalization NOUN cblr-1764 196 107 ) ) PUNCT cblr-1764 196 108 . . PUNCT cblr-1764 197 1 51 51 NUM cblr-1764 197 2 see see NOUN cblr-1764 197 3 wallison wallison NOUN cblr-1764 197 4 , , PUNCT cblr-1764 197 5 supra supra PROPN cblr-1764 197 6 note note NOUN cblr-1764 197 7 46 46 NUM cblr-1764 197 8 , , PUNCT cblr-1764 197 9 at at ADP cblr-1764 197 10 185 185 NUM cblr-1764 197 11 . . PUNCT cblr-1764 197 12 52 52 NUM cblr-1764 197 13 see see VERB cblr-1764 197 14 aon aon PROPN cblr-1764 197 15 , , PUNCT cblr-1764 197 16 2013 2013 NUM cblr-1764 197 17 surety surety NOUN cblr-1764 197 18 market market NOUN cblr-1764 197 19 update update NOUN cblr-1764 197 20 4 4 NUM cblr-1764 197 21 ( ( PUNCT cblr-1764 197 22 2013 2013 NUM cblr-1764 197 23 ) ) PUNCT cblr-1764 197 24 , , PUNCT cblr-1764 197 25 http://www.aon.com/attachments/risk-services/2014-surety-marketupdate-final.pdf http://www.aon.com/attachments/risk-services/2014-surety-marketupdate-final.pdf NOUN cblr-1764 197 26 [ [ X cblr-1764 197 27 http://perma.cc/23yr-5vhw http://perma.cc/23yr-5vhw X cblr-1764 197 28 ] ] PUNCT cblr-1764 197 29 . . PUNCT cblr-1764 198 1 53 53 NUM cblr-1764 198 2 see see VERB cblr-1764 198 3 pauline pauline PROPN cblr-1764 198 4 barrieu barrieu PROPN cblr-1764 198 5 & & CCONJ cblr-1764 198 6 luca luca PROPN cblr-1764 198 7 albertini albertini PROPN cblr-1764 198 8 , , PUNCT cblr-1764 198 9 the the DET cblr-1764 198 10 handbook handbook NOUN cblr-1764 198 11 of of ADP cblr-1764 198 12 insurance insurance NOUN cblr-1764 198 13 - - PUNCT cblr-1764 198 14 linked link VERB cblr-1764 198 15 securities security NOUN cblr-1764 198 16 1–7 1–7 NUM cblr-1764 198 17 ( ( PUNCT cblr-1764 198 18 2009 2009 NUM cblr-1764 198 19 ) ) PUNCT cblr-1764 198 20 . . PUNCT cblr-1764 199 1 54 54 NUM cblr-1764 199 2 see see VERB cblr-1764 199 3 j. j. PROPN cblr-1764 199 4 david david PROPN cblr-1764 199 5 cummins cummins PROPN cblr-1764 199 6 & & CCONJ cblr-1764 199 7 mary mary PROPN cblr-1764 199 8 a. a. PROPN cblr-1764 199 9 weiss weiss PROPN cblr-1764 199 10 , , PUNCT cblr-1764 199 11 convergence convergence NOUN cblr-1764 199 12 of of ADP cblr-1764 199 13 insurance insurance NOUN cblr-1764 199 14 and and CCONJ cblr-1764 199 15 financial financial ADJ cblr-1764 199 16 markets market NOUN cblr-1764 199 17 : : PUNCT cblr-1764 199 18 hybrid hybrid ADJ cblr-1764 199 19 and and CCONJ cblr-1764 199 20 securitized securitized ADJ cblr-1764 199 21 risk risk NOUN cblr-1764 199 22 - - PUNCT cblr-1764 199 23 transfer transfer NOUN cblr-1764 199 24 solutions solution NOUN cblr-1764 199 25 , , PUNCT cblr-1764 199 26 76 76 NUM cblr-1764 199 27 j. j. PROPN cblr-1764 199 28 risk risk PROPN cblr-1764 199 29 & & CCONJ cblr-1764 199 30 ins ins PROPN cblr-1764 199 31 . . PROPN cblr-1764 199 32 493 493 NUM cblr-1764 199 33 , , PUNCT cblr-1764 199 34 495 495 NUM cblr-1764 199 35 ( ( PUNCT cblr-1764 199 36 2009 2009 NUM cblr-1764 199 37 ) ) PUNCT cblr-1764 199 38 . . PUNCT cblr-1764 200 1 55 55 NUM cblr-1764 200 2 for for ADP cblr-1764 200 3 example example NOUN cblr-1764 200 4 , , PUNCT cblr-1764 200 5 as as ADP cblr-1764 200 6 a a DET cblr-1764 200 7 result result NOUN cblr-1764 200 8 of of ADP cblr-1764 200 9 the the DET cblr-1764 200 10 financial financial ADJ cblr-1764 200 11 crisis crisis NOUN cblr-1764 200 12 , , PUNCT cblr-1764 200 13 the the DET cblr-1764 200 14 amount amount NOUN cblr-1764 200 15 of of ADP cblr-1764 200 16 life life NOUN cblr-1764 200 17 insurance insurance NOUN cblr-1764 200 18 ils ils PROPN cblr-1764 200 19 issued issue VERB cblr-1764 200 20 fell fall VERB cblr-1764 200 21 from from ADP cblr-1764 200 22 $ $ SYM cblr-1764 200 23 6 6 NUM cblr-1764 200 24 billion billion NUM cblr-1764 200 25 in in ADP cblr-1764 200 26 2007 2007 NUM cblr-1764 200 27 to to ADP cblr-1764 200 28 $ $ SYM cblr-1764 200 29 100 100 NUM cblr-1764 200 30 million million NUM cblr-1764 200 31 in in ADP cblr-1764 200 32 2008 2008 NUM cblr-1764 200 33 . . PUNCT cblr-1764 201 1 see see VERB cblr-1764 201 2 faith faith PROPN cblr-1764 201 3 r. r. PROPN cblr-1764 201 4 neal neal PROPN cblr-1764 201 5 et et PROPN cblr-1764 201 6 al al PROPN cblr-1764 201 7 . . PROPN cblr-1764 201 8 , , PUNCT cblr-1764 201 9 insurance insurance NOUN cblr-1764 201 10 and and CCONJ cblr-1764 201 11 interconnectedness interconnectedness NOUN cblr-1764 201 12 in in ADP cblr-1764 201 13 the the DET cblr-1764 201 14 financial financial ADJ cblr-1764 201 15 services service NOUN cblr-1764 201 16 industry industry NOUN cblr-1764 201 17 5 5 NUM cblr-1764 201 18 ( ( PUNCT cblr-1764 201 19 aug aug PROPN cblr-1764 201 20 . . PROPN cblr-1764 201 21 2012 2012 NUM cblr-1764 201 22 ) ) PUNCT cblr-1764 201 23 ( ( PUNCT cblr-1764 201 24 unpublished unpublished ADJ cblr-1764 201 25 annual annual ADJ cblr-1764 201 26 meeting meeting NOUN cblr-1764 201 27 turk turk PROPN cblr-1764 201 28 – – PUNCT cblr-1764 201 29 final final ADJ cblr-1764 201 30 no no NOUN cblr-1764 201 31 . . 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; PUNCT cblr-1764 202 108 instead instead ADV cblr-1764 202 109 , , PUNCT cblr-1764 202 110 mortgage mortgage NOUN cblr-1764 202 111 insurance insurance NOUN cblr-1764 202 112 functions function NOUN cblr-1764 202 113 like like ADP cblr-1764 202 114 a a DET cblr-1764 202 115 put put NOUN cblr-1764 202 116 option option NOUN cblr-1764 202 117 on on ADP cblr-1764 202 118 what what PRON cblr-1764 202 119 turns turn VERB cblr-1764 202 120 out out ADP cblr-1764 202 121 to to PART cblr-1764 202 122 be be AUX cblr-1764 202 123 highly highly ADV cblr-1764 202 124 cyclical cyclical ADJ cblr-1764 202 125 asset.59 asset.59 NOUN cblr-1764 202 126 when when SCONJ cblr-1764 202 127 housing housing NOUN cblr-1764 202 128 prices price NOUN cblr-1764 202 129 began begin VERB cblr-1764 202 130 to to PART cblr-1764 202 131 plummet plummet VERB cblr-1764 202 132 in in ADP cblr-1764 202 133 2006 2006 NUM cblr-1764 202 134 , , PUNCT cblr-1764 202 135 the the DET cblr-1764 202 136 rate rate NOUN cblr-1764 202 137 of of ADP cblr-1764 202 138 mortgage mortgage NOUN cblr-1764 202 139 defaults default NOUN cblr-1764 202 140 soared soar VERB cblr-1764 202 141 and and CCONJ cblr-1764 202 142 caused cause VERB cblr-1764 202 143 leading lead VERB cblr-1764 202 144 private private ADJ cblr-1764 202 145 mortgage mortgage NOUN cblr-1764 202 146 insurers insurer NOUN cblr-1764 202 147 — — PUNCT cblr-1764 202 148 such such ADJ cblr-1764 202 149 as as ADP cblr-1764 202 150 mgic mgic NOUN cblr-1764 202 151 , , PUNCT cblr-1764 202 152 pmi pmi PROPN cblr-1764 202 153 , , PUNCT cblr-1764 202 154 inc inc PROPN cblr-1764 202 155 . . 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PROPN cblr-1764 208 7 13428 13428 NUM cblr-1764 208 8 , , PUNCT cblr-1764 208 9 2007 2007 NUM cblr-1764 208 10 ) ) PUNCT cblr-1764 208 11 , , PUNCT cblr-1764 208 12 https://www.kansascityfed.org/publicat/sympos/2007/pdf/leamer_0415.pdf https://www.kansascityfed.org/publicat/sympos/2007/pdf/leamer_0415.pdf PROPN cblr-1764 209 1 [ [ X cblr-1764 209 2 http://perma.cc/a4u4-m4xq http://perma.cc/a4u4-m4xq X cblr-1764 209 3 ] ] PUNCT cblr-1764 209 4 . . PUNCT cblr-1764 210 1 60 60 NUM cblr-1764 210 2 see see VERB cblr-1764 210 3 acharya acharya PROPN cblr-1764 210 4 et et PROPN cblr-1764 210 5 al al PROPN cblr-1764 210 6 . . 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PROPN cblr-1764 210 36 23 23 NUM cblr-1764 210 37 , , PUNCT cblr-1764 210 38 2011 2011 NUM cblr-1764 210 39 ) ) PUNCT cblr-1764 210 40 , , PUNCT cblr-1764 210 41 http://www.reuters.com/article/ http://www.reuters.com/article/ NOUN cblr-1764 210 42 2011/11/23 2011/11/23 NUM cblr-1764 210 43 / / SYM cblr-1764 210 44 pmigroup pmigroup NOUN cblr-1764 210 45 - - PUNCT cblr-1764 210 46 idusn1e7am19i20111123 idusn1e7am19i20111123 NOUN cblr-1764 210 47 [ [ X cblr-1764 210 48 http://perma.cc/e7cgm8xf http://perma.cc/e7cgm8xf PROPN cblr-1764 210 49 ] ] PUNCT cblr-1764 210 50 ; ; PUNCT cblr-1764 210 51 see see AUX cblr-1764 210 52 also also ADV cblr-1764 210 53 fed fed PROPN cblr-1764 210 54 . . PUNCT cblr-1764 211 1 ins ins PROPN cblr-1764 211 2 . . PUNCT cblr-1764 211 3 office office NOUN cblr-1764 211 4 , , PUNCT cblr-1764 211 5 annual annual ADJ cblr-1764 211 6 report report NOUN cblr-1764 211 7 on on ADP cblr-1764 211 8 the the DET cblr-1764 211 9 insurance insurance NOUN cblr-1764 211 10 industry industry NOUN cblr-1764 211 11 34 34 NUM cblr-1764 211 12 ( ( PUNCT cblr-1764 211 13 2013 2013 NUM cblr-1764 211 14 ) ) PUNCT cblr-1764 211 15 , , PUNCT cblr-1764 212 1 http://www.treasury.gov/initiatives/fio/reports-andnotices/documents/2014_annual_report.pdf http://www.treasury.gov/initiatives/fio/reports-andnotices/documents/2014_annual_report.pdf PROPN cblr-1764 212 2 [ [ X cblr-1764 212 3 http://perma.cc/7ym8-r8gd http://perma.cc/7ym8-r8gd X cblr-1764 212 4 ] ] X cblr-1764 212 5 [ [ X cblr-1764 212 6 hereinafter hereinafter NOUN cblr-1764 212 7 fio fio NOUN cblr-1764 212 8 2013 2013 NUM cblr-1764 212 9 report report NOUN cblr-1764 212 10 ] ] PUNCT cblr-1764 212 11 ( ( PUNCT cblr-1764 212 12 “ " PUNCT cblr-1764 212 13 in in ADP cblr-1764 212 14 2000 2000 NUM cblr-1764 212 15 , , PUNCT cblr-1764 212 16 eight eight NUM cblr-1764 212 17 companies company NOUN cblr-1764 212 18 comprised comprise VERB cblr-1764 212 19 the the DET cblr-1764 212 20 mortgage mortgage NOUN cblr-1764 212 21 guaranty guaranty NOUN cblr-1764 212 22 insurance insurance NOUN cblr-1764 212 23 industry industry NOUN cblr-1764 212 24 . . PUNCT cblr-1764 213 1 of of ADP cblr-1764 213 2 these these PRON cblr-1764 213 3 , , PUNCT cblr-1764 213 4 five five NUM cblr-1764 213 5 companies company NOUN cblr-1764 213 6 continue continue VERB cblr-1764 213 7 to to PART cblr-1764 213 8 write write VERB cblr-1764 213 9 pmi pmi PROPN cblr-1764 213 10 and and CCONJ cblr-1764 213 11 three three NUM cblr-1764 213 12 are be AUX cblr-1764 213 13 in in ADP cblr-1764 213 14 run run NOUN cblr-1764 213 15 - - PUNCT cblr-1764 213 16 off off NOUN cblr-1764 213 17 or or CCONJ cblr-1764 213 18 receivership receivership VERB cblr-1764 213 19 . . PUNCT cblr-1764 213 20 ” " PUNCT cblr-1764 213 21 ) ) PUNCT cblr-1764 213 22 . . PUNCT cblr-1764 214 1 turk turk PROPN cblr-1764 214 2 – – PUNCT cblr-1764 214 3 final final ADJ cblr-1764 214 4 986 986 NUM cblr-1764 214 5 columbia columbia PROPN cblr-1764 214 6 business business NOUN cblr-1764 214 7 law law PROPN cblr-1764 214 8 review review NOUN cblr-1764 214 9 [ [ X cblr-1764 214 10 vol vol NOUN cblr-1764 214 11 . . NOUN cblr-1764 214 12 2015 2015 NUM cblr-1764 214 13 another another DET cblr-1764 214 14 relevant relevant ADJ cblr-1764 214 15 line line NOUN cblr-1764 214 16 of of ADP cblr-1764 214 17 property property NOUN cblr-1764 214 18 and and CCONJ cblr-1764 214 19 casualty casualty NOUN cblr-1764 214 20 policies policy NOUN cblr-1764 214 21 were be AUX cblr-1764 214 22 sold sell VERB cblr-1764 214 23 by by ADP cblr-1764 214 24 “ " PUNCT cblr-1764 214 25 monoline monoline ADJ cblr-1764 214 26 ” " PUNCT cblr-1764 214 27 insurers insurer NOUN cblr-1764 214 28 established establish VERB cblr-1764 214 29 during during ADP cblr-1764 214 30 the the DET cblr-1764 214 31 1970s 1970 NOUN cblr-1764 214 32 and and CCONJ cblr-1764 214 33 1980s 1980 NOUN cblr-1764 214 34 , , PUNCT cblr-1764 214 35 which which PRON cblr-1764 214 36 were be AUX cblr-1764 214 37 so so ADV cblr-1764 214 38 called call VERB cblr-1764 214 39 because because SCONJ cblr-1764 214 40 they they PRON cblr-1764 214 41 exclusively exclusively ADV cblr-1764 214 42 sold sell VERB cblr-1764 214 43 financial financial ADJ cblr-1764 214 44 guarantee guarantee NOUN cblr-1764 214 45 insurance insurance NOUN cblr-1764 214 46 against against ADP cblr-1764 214 47 the the DET cblr-1764 214 48 default default NOUN cblr-1764 214 49 on on ADP cblr-1764 214 50 low low ADJ cblr-1764 214 51 - - PUNCT cblr-1764 214 52 risk risk NOUN cblr-1764 214 53 municipal municipal ADJ cblr-1764 214 54 bonds.61 bonds.61 NOUN cblr-1764 214 55 starting start VERB cblr-1764 214 56 in in ADP cblr-1764 214 57 the the DET cblr-1764 214 58 late late ADJ cblr-1764 214 59 1990s 1990 NOUN cblr-1764 214 60 , , PUNCT cblr-1764 214 61 monolines monoline NOUN cblr-1764 214 62 expanded expand VERB cblr-1764 214 63 their their PRON cblr-1764 214 64 business business NOUN cblr-1764 214 65 to to PART cblr-1764 214 66 provide provide VERB cblr-1764 214 67 guarantees guarantee NOUN cblr-1764 214 68 on on ADP cblr-1764 214 69 bonds bond NOUN cblr-1764 214 70 created create VERB cblr-1764 214 71 from from ADP cblr-1764 214 72 securitized securitized ADJ cblr-1764 214 73 pools pool NOUN cblr-1764 214 74 of of ADP cblr-1764 214 75 mortgages mortgage NOUN cblr-1764 214 76 , , PUNCT cblr-1764 214 77 known know VERB cblr-1764 214 78 as as ADP cblr-1764 214 79 residential residential ADJ cblr-1764 214 80 mortgage mortgage NOUN cblr-1764 214 81 - - PUNCT cblr-1764 214 82 backed back VERB cblr-1764 214 83 securities security NOUN cblr-1764 214 84 ( ( PUNCT cblr-1764 214 85 “ " PUNCT cblr-1764 214 86 rmbs”).62 rmbs”).62 NOUN cblr-1764 214 87 because because SCONJ cblr-1764 214 88 rmbs rmb NOUN cblr-1764 214 89 provide provide VERB cblr-1764 214 90 investors investor NOUN cblr-1764 214 91 with with ADP cblr-1764 214 92 a a DET cblr-1764 214 93 fixed fix VERB cblr-1764 214 94 stream stream NOUN cblr-1764 214 95 of of ADP cblr-1764 214 96 payments payment NOUN cblr-1764 214 97 derived derive VERB cblr-1764 214 98 from from ADP cblr-1764 214 99 interest interest NOUN cblr-1764 214 100 payments payment NOUN cblr-1764 214 101 on on ADP cblr-1764 214 102 the the DET cblr-1764 214 103 underlying underlie VERB cblr-1764 214 104 pool pool NOUN cblr-1764 214 105 of of ADP cblr-1764 214 106 mortgage mortgage NOUN cblr-1764 214 107 loans loan NOUN cblr-1764 214 108 , , PUNCT cblr-1764 214 109 their their PRON cblr-1764 214 110 value value NOUN cblr-1764 214 111 is be AUX cblr-1764 214 112 sensitive sensitive ADJ cblr-1764 214 113 to to PART cblr-1764 214 114 default default VERB cblr-1764 214 115 rates rate NOUN cblr-1764 214 116 on on ADP cblr-1764 214 117 those those DET cblr-1764 214 118 loans loan NOUN cblr-1764 214 119 . . PUNCT cblr-1764 215 1 thus thus ADV cblr-1764 215 2 , , PUNCT cblr-1764 215 3 albeit albeit SCONJ cblr-1764 215 4 indirectly indirectly ADV cblr-1764 215 5 , , PUNCT cblr-1764 215 6 monolines monoline NOUN cblr-1764 215 7 that that PRON cblr-1764 215 8 “ " PUNCT cblr-1764 215 9 wrapped wrap VERB cblr-1764 215 10 ” " PUNCT cblr-1764 215 11 rmbs rmb NOUN cblr-1764 215 12 with with ADP cblr-1764 215 13 bond bond NOUN cblr-1764 215 14 insurance insurance NOUN cblr-1764 215 15 were be AUX cblr-1764 215 16 also also ADV cblr-1764 215 17 writing write VERB cblr-1764 215 18 put put VERB cblr-1764 215 19 options option NOUN cblr-1764 215 20 on on ADP cblr-1764 215 21 the the DET cblr-1764 215 22 housing housing NOUN cblr-1764 215 23 boom boom NOUN cblr-1764 215 24 and and CCONJ cblr-1764 215 25 accompanying accompany VERB cblr-1764 215 26 business business NOUN cblr-1764 215 27 cycle cycle NOUN cblr-1764 215 28 . . PUNCT cblr-1764 216 1 as as SCONJ cblr-1764 216 2 the the DET cblr-1764 216 3 burst burst NOUN cblr-1764 216 4 of of ADP cblr-1764 216 5 the the DET cblr-1764 216 6 housing housing NOUN cblr-1764 216 7 bubble bubble NOUN cblr-1764 216 8 was be AUX cblr-1764 216 9 transmitted transmit VERB cblr-1764 216 10 to to ADP cblr-1764 216 11 rmbs rmb NOUN cblr-1764 216 12 markets market NOUN cblr-1764 216 13 during during ADP cblr-1764 216 14 2007 2007 NUM cblr-1764 216 15 , , PUNCT cblr-1764 216 16 all all PRON cblr-1764 216 17 of of ADP cblr-1764 216 18 the the DET cblr-1764 216 19 major major ADJ cblr-1764 216 20 monoline monoline NOUN cblr-1764 216 21 insurers insurer NOUN cblr-1764 216 22 — — PUNCT cblr-1764 216 23 assured assure VERB cblr-1764 216 24 guaranty guaranty PROPN cblr-1764 216 25 ltd ltd PROPN cblr-1764 216 26 . . PROPN cblr-1764 216 27 , , PUNCT cblr-1764 216 28 mbia mbia PROPN cblr-1764 216 29 , , PUNCT cblr-1764 216 30 inc inc PROPN cblr-1764 216 31 . . PROPN cblr-1764 216 32 , , PUNCT cblr-1764 216 33 ambac ambac PROPN cblr-1764 216 34 financial financial PROPN cblr-1764 216 35 group group PROPN cblr-1764 216 36 inc inc PROPN cblr-1764 216 37 . . PROPN cblr-1764 216 38 , , PUNCT cblr-1764 216 39 syncora syncora PROPN cblr-1764 216 40 guarantee guarantee PROPN cblr-1764 216 41 inc inc PROPN cblr-1764 216 42 . . PROPN cblr-1764 216 43 , , PUNCT cblr-1764 216 44 financial financial ADJ cblr-1764 216 45 guaranty guaranty NOUN cblr-1764 216 46 ins ins PROPN cblr-1764 216 47 . . PUNCT cblr-1764 216 48 co. co. PROPN cblr-1764 216 49 , , PUNCT cblr-1764 216 50 and and CCONJ cblr-1764 216 51 aca aca PROPN cblr-1764 216 52 financial financial ADJ cblr-1764 216 53 guaranty guaranty NOUN cblr-1764 216 54 corp.—suffered corp.—suffere VERB cblr-1764 216 55 massive massive ADJ cblr-1764 216 56 losses loss NOUN cblr-1764 216 57 on on ADP cblr-1764 216 58 their their PRON cblr-1764 216 59 rmbs rmb NOUN cblr-1764 216 60 insurance insurance NOUN cblr-1764 216 61 portfolios portfolio NOUN cblr-1764 216 62 and and CCONJ cblr-1764 216 63 fell fall VERB cblr-1764 216 64 into into ADP cblr-1764 216 65 financial financial ADJ cblr-1764 216 66 disarray.63 disarray.63 NOUN cblr-1764 216 67 early early ADV cblr-1764 216 68 in in ADP cblr-1764 216 69 the the DET cblr-1764 216 70 2000s 2000s NUM cblr-1764 216 71 , , PUNCT cblr-1764 216 72 monoline monoline NOUN cblr-1764 216 73 insurers insurer NOUN cblr-1764 216 74 also also ADV cblr-1764 216 75 began begin VERB cblr-1764 216 76 to to PART cblr-1764 216 77 issue issue VERB cblr-1764 216 78 large large ADJ cblr-1764 216 79 amounts amount NOUN cblr-1764 216 80 of of ADP cblr-1764 216 81 credit credit NOUN cblr-1764 216 82 default default NOUN cblr-1764 216 83 swaps swap NOUN cblr-1764 216 84 ( ( PUNCT cblr-1764 216 85 “ " PUNCT cblr-1764 216 86 cds cd NOUN cblr-1764 216 87 ” " PUNCT cblr-1764 216 88 ) ) PUNCT cblr-1764 216 89 , , PUNCT cblr-1764 216 90 which which PRON cblr-1764 216 91 are be AUX cblr-1764 216 92 financial financial ADJ cblr-1764 216 93 instruments instrument NOUN cblr-1764 216 94 that that PRON cblr-1764 216 95 can can AUX cblr-1764 216 96 serve serve VERB cblr-1764 216 97 a a DET cblr-1764 216 98 similar similar ADJ cblr-1764 216 99 function function NOUN cblr-1764 216 100 to to PART cblr-1764 216 101 bond bond NOUN cblr-1764 216 102 insurance insurance NOUN cblr-1764 216 103 , , PUNCT cblr-1764 216 104 although although SCONJ cblr-1764 216 105 with with ADP cblr-1764 216 106 some some DET cblr-1764 216 107 technical technical ADJ cblr-1764 216 108 differences.64 differences.64 NOUN cblr-1764 216 109 61 61 NUM cblr-1764 216 110 faith faith NOUN cblr-1764 216 111 r. r. 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PROPN cblr-1764 220 5 at at ADP cblr-1764 220 6 10–14 10–14 NUM cblr-1764 220 7 ; ; PUNCT cblr-1764 220 8 see see VERB cblr-1764 220 9 also also ADV cblr-1764 220 10 infra infra VERB cblr-1764 220 11 part part NOUN cblr-1764 220 12 iv.b.1.b iv.b.1.b NOUN cblr-1764 220 13 ( ( PUNCT cblr-1764 220 14 explaining explain VERB cblr-1764 220 15 the the DET cblr-1764 220 16 differences difference NOUN cblr-1764 220 17 between between ADP cblr-1764 220 18 cds cd NOUN cblr-1764 220 19 and and CCONJ cblr-1764 220 20 bond bond NOUN cblr-1764 220 21 insurance insurance NOUN cblr-1764 220 22 ) ) PUNCT cblr-1764 220 23 . . PUNCT cblr-1764 221 1 turk turk PROPN cblr-1764 221 2 – – PUNCT cblr-1764 221 3 final final ADJ cblr-1764 221 4 no no NOUN cblr-1764 221 5 . . PUNCT cblr-1764 222 1 3:967 3:967 NUM cblr-1764 222 2 ] ] PUNCT cblr-1764 222 3 insurance insurance NOUN cblr-1764 222 4 convergence convergence NOUN cblr-1764 222 5 987 987 NUM cblr-1764 222 6 along along ADP cblr-1764 222 7 with with ADP cblr-1764 222 8 banks bank NOUN cblr-1764 222 9 and and CCONJ cblr-1764 222 10 hedge hedge NOUN cblr-1764 222 11 funds fund NOUN cblr-1764 222 12 , , PUNCT cblr-1764 222 13 monoline monoline NOUN cblr-1764 222 14 insurers insurer NOUN cblr-1764 222 15 competed compete VERB cblr-1764 222 16 to to PART cblr-1764 222 17 sell sell VERB cblr-1764 222 18 cds cd NOUN cblr-1764 222 19 that that PRON cblr-1764 222 20 insured insure VERB cblr-1764 222 21 the the DET cblr-1764 222 22 downside downside NOUN cblr-1764 222 23 of of ADP cblr-1764 222 24 rmbs rmb NOUN cblr-1764 222 25 and and CCONJ cblr-1764 222 26 related relate VERB cblr-1764 222 27 securities security NOUN cblr-1764 222 28 called call VERB cblr-1764 222 29 collateralized collateralized ADJ cblr-1764 222 30 debt debt NOUN cblr-1764 222 31 obligations obligation NOUN cblr-1764 222 32 ( ( PUNCT cblr-1764 222 33 “ " PUNCT cblr-1764 222 34 cdos”).65 cdos”).65 X cblr-1764 222 35 cdos cdo NOUN cblr-1764 222 36 are be AUX cblr-1764 222 37 produced produce VERB cblr-1764 222 38 by by ADP cblr-1764 222 39 a a DET cblr-1764 222 40 further further ADJ cblr-1764 222 41 iteration iteration NOUN cblr-1764 222 42 of of ADP cblr-1764 222 43 the the DET cblr-1764 222 44 securitization securitization NOUN cblr-1764 222 45 process process NOUN cblr-1764 222 46 , , PUNCT cblr-1764 222 47 in in ADP cblr-1764 222 48 which which PRON cblr-1764 222 49 rmbs rmb NOUN cblr-1764 222 50 are be AUX cblr-1764 222 51 pooled pool VERB cblr-1764 222 52 to to PART cblr-1764 222 53 serve serve VERB cblr-1764 222 54 as as ADP cblr-1764 222 55 collateral collateral NOUN cblr-1764 222 56 for for ADP cblr-1764 222 57 a a DET cblr-1764 222 58 stream stream NOUN cblr-1764 222 59 of of ADP cblr-1764 222 60 payments payment NOUN cblr-1764 222 61 owed owe VERB cblr-1764 222 62 to to ADP cblr-1764 222 63 holders holder NOUN cblr-1764 222 64 of of ADP cblr-1764 222 65 cdo cdo PROPN cblr-1764 222 66 certificates.66 certificates.66 PROPN cblr-1764 222 67 because because SCONJ cblr-1764 222 68 the the DET cblr-1764 222 69 value value NOUN cblr-1764 222 70 of of ADP cblr-1764 222 71 cdos cdo NOUN cblr-1764 222 72 are be AUX cblr-1764 222 73 a a DET cblr-1764 222 74 function function NOUN cblr-1764 222 75 of of ADP cblr-1764 222 76 the the DET cblr-1764 222 77 rmbs rmb NOUN cblr-1764 222 78 that that PRON cblr-1764 222 79 back back VERB cblr-1764 222 80 them they PRON cblr-1764 222 81 , , PUNCT cblr-1764 222 82 monolines monoline VERB cblr-1764 222 83 incurred incur VERB cblr-1764 222 84 losses loss NOUN cblr-1764 222 85 on on ADP cblr-1764 222 86 their their PRON cblr-1764 222 87 cds cd NOUN cblr-1764 222 88 portfolios portfolio NOUN cblr-1764 222 89 that that PRON cblr-1764 222 90 were be AUX cblr-1764 222 91 just just ADV cblr-1764 222 92 as as ADV cblr-1764 222 93 catastrophic catastrophic ADJ cblr-1764 222 94 as as SCONJ cblr-1764 222 95 those those PRON cblr-1764 222 96 stemming stem VERB cblr-1764 222 97 from from ADP cblr-1764 222 98 their their PRON cblr-1764 222 99 bond bond NOUN cblr-1764 222 100 insurance insurance NOUN cblr-1764 222 101 business.67 business.67 VERB cblr-1764 222 102 a a DET cblr-1764 222 103 final final ADJ cblr-1764 222 104 form form NOUN cblr-1764 222 105 of of ADP cblr-1764 222 106 industry industry NOUN cblr-1764 222 107 convergence convergence NOUN cblr-1764 222 108 at at ADP cblr-1764 222 109 the the DET cblr-1764 222 110 product product NOUN cblr-1764 222 111 level level NOUN cblr-1764 222 112 is be AUX cblr-1764 222 113 reflected reflect VERB cblr-1764 222 114 in in ADP cblr-1764 222 115 the the DET cblr-1764 222 116 increasing increase VERB cblr-1764 222 117 trend trend NOUN cblr-1764 222 118 of of ADP cblr-1764 222 119 insurance insurance NOUN cblr-1764 222 120 companies company NOUN cblr-1764 222 121 entering enter VERB cblr-1764 222 122 into into ADP cblr-1764 222 123 direct direct ADJ cblr-1764 222 124 competition competition NOUN cblr-1764 222 125 with with ADP cblr-1764 222 126 banking banking NOUN cblr-1764 222 127 and and CCONJ cblr-1764 222 128 securities security NOUN cblr-1764 222 129 firms firm NOUN cblr-1764 222 130 by by ADP cblr-1764 222 131 providing provide VERB cblr-1764 222 132 financial financial ADJ cblr-1764 222 133 services service NOUN cblr-1764 222 134 that that PRON cblr-1764 222 135 are be AUX cblr-1764 222 136 not not PART cblr-1764 222 137 even even ADV cblr-1764 222 138 nominally nominally ADV cblr-1764 222 139 packaged package VERB cblr-1764 222 140 as as ADP cblr-1764 222 141 “ " PUNCT cblr-1764 222 142 insurance insurance NOUN cblr-1764 222 143 . . PUNCT cblr-1764 222 144 ” " PUNCT cblr-1764 223 1 for for ADP cblr-1764 223 2 example example NOUN cblr-1764 223 3 , , PUNCT cblr-1764 223 4 many many ADJ cblr-1764 223 5 life life NOUN cblr-1764 223 6 insurance insurance NOUN cblr-1764 223 7 companies company NOUN cblr-1764 223 8 have have AUX cblr-1764 223 9 developed develop VERB cblr-1764 223 10 securities security NOUN cblr-1764 223 11 lending lending NOUN cblr-1764 223 12 programs program NOUN cblr-1764 223 13 that that PRON cblr-1764 223 14 temporarily temporarily ADV cblr-1764 223 15 lend lend VERB cblr-1764 223 16 out out ADP cblr-1764 223 17 the the DET cblr-1764 223 18 insurer insurer NOUN cblr-1764 223 19 ’s ’s PART cblr-1764 223 20 assets asset NOUN cblr-1764 223 21 to to ADP cblr-1764 223 22 over over ADP cblr-1764 223 23 - - PUNCT cblr-1764 223 24 the the DET cblr-1764 223 25 - - PUNCT cblr-1764 223 26 counter counter NOUN cblr-1764 223 27 investors investor NOUN cblr-1764 223 28 for for ADP cblr-1764 223 29 a a DET cblr-1764 223 30 fee.68 fee.68 NOUN cblr-1764 223 31 in in ADP cblr-1764 223 32 addition addition NOUN cblr-1764 223 33 , , PUNCT cblr-1764 223 34 insurance insurance NOUN cblr-1764 223 35 companies company NOUN cblr-1764 223 36 are be AUX cblr-1764 223 37 increasingly increasingly ADV cblr-1764 223 38 competing compete VERB cblr-1764 223 39 with with ADP cblr-1764 223 40 banks bank NOUN cblr-1764 223 41 by by ADP cblr-1764 223 42 engaging engage VERB cblr-1764 223 43 in in ADP cblr-1764 223 44 direct direct ADJ cblr-1764 223 45 corporate corporate ADJ cblr-1764 223 46 lending lending NOUN cblr-1764 223 47 and and CCONJ cblr-1764 223 48 real real ADJ cblr-1764 223 49 estate estate NOUN cblr-1764 223 50 finance.69 finance.69 NOUN cblr-1764 223 51 also also ADV cblr-1764 223 52 notable notable ADJ cblr-1764 223 53 is be AUX cblr-1764 223 54 the the DET cblr-1764 223 55 recent recent ADJ cblr-1764 223 56 entry entry NOUN cblr-1764 223 57 of of ADP cblr-1764 223 58 insurance insurance NOUN cblr-1764 223 59 companies company NOUN cblr-1764 223 60 into into ADP cblr-1764 223 61 the the DET cblr-1764 223 62 project project NOUN cblr-1764 223 63 finance finance NOUN cblr-1764 223 64 market market NOUN cblr-1764 223 65 for for ADP cblr-1764 223 66 infrastructure infrastructure NOUN cblr-1764 223 67 65 65 NUM cblr-1764 223 68 see see VERB cblr-1764 223 69 drake drake PROPN cblr-1764 223 70 & & CCONJ cblr-1764 223 71 neale neale PROPN cblr-1764 223 72 , , PUNCT cblr-1764 223 73 supra supra PROPN cblr-1764 223 74 note note PROPN cblr-1764 223 75 62 62 NUM cblr-1764 223 76 , , PUNCT cblr-1764 223 77 at at ADP cblr-1764 223 78 10–14 10–14 NUM cblr-1764 223 79 ; ; PUNCT cblr-1764 223 80 see see VERB cblr-1764 223 81 also also ADV cblr-1764 223 82 infra infra VERB cblr-1764 223 83 part part NOUN cblr-1764 223 84 iv.b.1.b iv.b.1.b ADJ cblr-1764 223 85 . . PROPN cblr-1764 223 86 66 66 NUM cblr-1764 223 87 and and CCONJ cblr-1764 223 88 , , PUNCT cblr-1764 223 89 when when SCONJ cblr-1764 223 90 financial financial ADJ cblr-1764 223 91 engineers engineer NOUN cblr-1764 223 92 began begin VERB cblr-1764 223 93 to to PART cblr-1764 223 94 develop develop VERB cblr-1764 223 95 “ " PUNCT cblr-1764 223 96 cdo cdo ADJ cblr-1764 223 97 - - PUNCT cblr-1764 223 98 squared square VERB cblr-1764 223 99 ” " PUNCT cblr-1764 223 100 and and CCONJ cblr-1764 223 101 “ " PUNCT cblr-1764 223 102 cdo cdo ADJ cblr-1764 223 103 - - PUNCT cblr-1764 223 104 cubed”—cdos cubed”—cdo NOUN cblr-1764 223 105 collateralized collateralize VERB cblr-1764 223 106 by by ADP cblr-1764 223 107 other other ADJ cblr-1764 223 108 cdos cdo NOUN cblr-1764 223 109 — — PUNCT cblr-1764 223 110 monoline monoline NOUN cblr-1764 223 111 insurers insurer NOUN cblr-1764 223 112 sold sell VERB cblr-1764 223 113 cds cd NOUN cblr-1764 223 114 protection protection NOUN cblr-1764 223 115 on on ADP cblr-1764 223 116 those those DET cblr-1764 223 117 derivatives derivative NOUN cblr-1764 223 118 , , PUNCT cblr-1764 223 119 too too ADV cblr-1764 223 120 . . PUNCT cblr-1764 224 1 see see VERB cblr-1764 224 2 drake drake PROPN cblr-1764 224 3 & & CCONJ cblr-1764 224 4 neale neale PROPN cblr-1764 224 5 , , PUNCT cblr-1764 224 6 supra supra PROPN cblr-1764 224 7 note note PROPN cblr-1764 224 8 62 62 NUM cblr-1764 224 9 , , PUNCT cblr-1764 224 10 at at ADP cblr-1764 224 11 7 7 NUM cblr-1764 224 12 . . SYM cblr-1764 224 13 67 67 NUM cblr-1764 224 14 see see VERB cblr-1764 224 15 i i PRON cblr-1764 224 16 d. d. PROPN cblr-1764 224 17 at at ADP cblr-1764 224 18 28–32 28–32 NUM cblr-1764 224 19 . . PUNCT cblr-1764 225 1 68 68 NUM cblr-1764 225 2 life life NOUN cblr-1764 225 3 insurers insurer NOUN cblr-1764 225 4 ’ ' PUNCT cblr-1764 225 5 securities security NOUN cblr-1764 225 6 lending lending NOUN cblr-1764 225 7 activities activity NOUN cblr-1764 225 8 produced produce VERB cblr-1764 225 9 substantial substantial ADJ cblr-1764 225 10 losses loss NOUN cblr-1764 225 11 during during ADP cblr-1764 225 12 the the DET cblr-1764 225 13 2008 2008 NUM cblr-1764 225 14 crisis crisis NOUN cblr-1764 225 15 . . PUNCT cblr-1764 226 1 see see VERB cblr-1764 226 2 nat’l nat’l NOUN cblr-1764 226 3 ass’n ass’n PROPN cblr-1764 227 1 ins in NOUN cblr-1764 227 2 . . PUNCT cblr-1764 227 3 comm’rs comm’rs PROPN cblr-1764 227 4 , , PUNCT cblr-1764 227 5 capital capital NOUN cblr-1764 227 6 markets market NOUN cblr-1764 227 7 special special ADJ cblr-1764 227 8 report report NOUN cblr-1764 227 9 : : PUNCT cblr-1764 227 10 securities security NOUN cblr-1764 227 11 lending lending NOUN cblr-1764 227 12 in in ADP cblr-1764 227 13 the the DET cblr-1764 227 14 insurance insurance NOUN cblr-1764 227 15 industry industry NOUN cblr-1764 227 16 ( ( PUNCT cblr-1764 227 17 2011 2011 NUM cblr-1764 227 18 ) ) PUNCT cblr-1764 227 19 , , PUNCT cblr-1764 227 20 http://www.naic.org/capital_markets_archive/110708.htm http://www.naic.org/capital_markets_archive/110708.htm PUNCT cblr-1764 228 1 [ [ X cblr-1764 228 2 http://perma.cc/bc59-wbny http://perma.cc/bc59-wbny X cblr-1764 228 3 ] ] X cblr-1764 228 4 ; ; PUNCT cblr-1764 228 5 homa homa PROPN cblr-1764 228 6 zaryouni zaryouni PROPN cblr-1764 228 7 , , PUNCT cblr-1764 228 8 securities security NOUN cblr-1764 228 9 lending lending NOUN cblr-1764 228 10 leads lead VERB cblr-1764 228 11 to to ADP cblr-1764 228 12 losses loss NOUN cblr-1764 228 13 in in ADP cblr-1764 228 14 life life NOUN cblr-1764 228 15 , , PUNCT cblr-1764 228 16 snl snl PROPN cblr-1764 228 17 financial financial PROPN cblr-1764 228 18 ( ( PUNCT cblr-1764 228 19 apr apr PROPN cblr-1764 228 20 . . PROPN cblr-1764 228 21 23 23 NUM cblr-1764 228 22 , , PUNCT cblr-1764 228 23 2008 2008 NUM cblr-1764 228 24 ) ) PUNCT cblr-1764 228 25 , , PUNCT cblr-1764 228 26 http://www.snl.com/ http://www.snl.com/ VERB cblr-1764 228 27 interactivex interactivex ADV cblr-1764 228 28 / / SYM cblr-1764 228 29 article.aspx?id=7659789&klpt=6 article.aspx?id=7659789&klpt=6 PROPN cblr-1764 229 1 [ [ X cblr-1764 229 2 https://perma.cc/7zhklb8v https://perma.cc/7zhklb8v NUM cblr-1764 229 3 ] ] PUNCT cblr-1764 229 4 . . PUNCT cblr-1764 230 1 69 69 NUM cblr-1764 230 2 see see VERB cblr-1764 230 3 allen allen PROPN cblr-1764 230 4 & & CCONJ cblr-1764 230 5 overy overy PROPN cblr-1764 230 6 llp llp PROPN cblr-1764 230 7 , , PUNCT cblr-1764 230 8 the the DET cblr-1764 230 9 future future NOUN cblr-1764 230 10 of of ADP cblr-1764 230 11 credit credit NOUN cblr-1764 230 12 14–17 14–17 NUM cblr-1764 230 13 ( ( PUNCT cblr-1764 230 14 2012 2012 NUM cblr-1764 230 15 ) ) PUNCT cblr-1764 230 16 , , PUNCT cblr-1764 230 17 http://www.allenovery.com/sitecollectiondocuments/future-of-credit2012.pdf http://www.allenovery.com/sitecollectiondocuments/future-of-credit2012.pdf PROPN cblr-1764 231 1 [ [ X cblr-1764 231 2 http://perma.cc/6j9u-w2qw http://perma.cc/6j9u-w2qw X cblr-1764 231 3 ] ] X cblr-1764 231 4 . . PUNCT cblr-1764 232 1 turk turk PROPN cblr-1764 232 2 – – PUNCT cblr-1764 232 3 final final ADJ cblr-1764 232 4 988 988 NUM cblr-1764 232 5 columbia columbia PROPN cblr-1764 232 6 business business NOUN cblr-1764 232 7 law law PROPN cblr-1764 232 8 review review NOUN cblr-1764 232 9 [ [ X cblr-1764 232 10 vol vol NOUN cblr-1764 232 11 . . NOUN cblr-1764 232 12 2015 2015 NUM cblr-1764 232 13 investments.70 investments.70 VERB cblr-1764 232 14 these these DET cblr-1764 232 15 and and CCONJ cblr-1764 232 16 related related ADJ cblr-1764 232 17 developments development NOUN cblr-1764 232 18 have have AUX cblr-1764 232 19 led lead VERB cblr-1764 232 20 commentators commentator NOUN cblr-1764 232 21 to to PART cblr-1764 232 22 conclude conclude VERB cblr-1764 232 23 that that PRON cblr-1764 232 24 , , PUNCT cblr-1764 232 25 “ " PUNCT cblr-1764 232 26 [ [ X cblr-1764 232 27 t]he t]he ADV cblr-1764 232 28 bottom bottom ADJ cblr-1764 232 29 line line NOUN cblr-1764 232 30 of of ADP cblr-1764 232 31 these these DET cblr-1764 232 32 examples example NOUN cblr-1764 232 33 of of ADP cblr-1764 232 34 non non ADJ cblr-1764 232 35 - - ADJ cblr-1764 232 36 insurance insurance ADJ cblr-1764 232 37 underwritings underwriting NOUN cblr-1764 232 38 is be AUX cblr-1764 232 39 that that SCONJ cblr-1764 232 40 investment investment NOUN cblr-1764 232 41 insurance insurance NOUN cblr-1764 232 42 groups group NOUN cblr-1764 232 43 are be AUX cblr-1764 232 44 acting act VERB cblr-1764 232 45 , , PUNCT cblr-1764 232 46 and and CCONJ cblr-1764 232 47 will will AUX cblr-1764 232 48 increasingly increasingly ADV cblr-1764 232 49 act act VERB cblr-1764 232 50 , , PUNCT cblr-1764 232 51 as as ADP cblr-1764 232 52 shadow shadow NOUN cblr-1764 232 53 banks bank NOUN cblr-1764 232 54 , , PUNCT cblr-1764 232 55 since since SCONJ cblr-1764 232 56 they they PRON cblr-1764 232 57 replace replace VERB cblr-1764 232 58 traditional traditional ADJ cblr-1764 232 59 banks bank NOUN cblr-1764 232 60 as as ADP cblr-1764 232 61 lenders lender NOUN cblr-1764 232 62 . . PUNCT cblr-1764 233 1 ”71 ”71 NOUN cblr-1764 233 2 in in ADP cblr-1764 233 3 light light NOUN cblr-1764 233 4 of of ADP cblr-1764 233 5 the the DET cblr-1764 233 6 foregoing foregoing NOUN cblr-1764 233 7 it it PRON cblr-1764 233 8 should should AUX cblr-1764 233 9 be be AUX cblr-1764 233 10 clear clear ADJ cblr-1764 233 11 that that SCONJ cblr-1764 233 12 the the DET cblr-1764 233 13 conventional conventional ADJ cblr-1764 233 14 picture picture NOUN cblr-1764 233 15 of of ADP cblr-1764 233 16 aig aig PROPN cblr-1764 233 17 as as ADP cblr-1764 233 18 a a DET cblr-1764 233 19 rogue rogue ADJ cblr-1764 233 20 insurer insurer NOUN cblr-1764 233 21 unexpectedly unexpectedly ADV cblr-1764 233 22 commandeered commandeer VERB cblr-1764 233 23 by by ADP cblr-1764 233 24 its its PRON cblr-1764 233 25 aigfp aigfp NOUN cblr-1764 233 26 unit unit NOUN cblr-1764 233 27 is be AUX cblr-1764 233 28 incorrect.72 incorrect.72 NOUN cblr-1764 233 29 alongside alongside ADP cblr-1764 233 30 private private ADJ cblr-1764 233 31 mortgage mortgage NOUN cblr-1764 233 32 insurers insurer NOUN cblr-1764 233 33 , , PUNCT cblr-1764 233 34 many many ADJ cblr-1764 233 35 of of ADP cblr-1764 233 36 which which PRON cblr-1764 233 37 are be AUX cblr-1764 233 38 now now ADV cblr-1764 233 39 bankrupt bankrupt ADJ cblr-1764 233 40 , , PUNCT cblr-1764 233 41 aig aig PROPN cblr-1764 233 42 ’s ’s PART cblr-1764 233 43 general general PROPN cblr-1764 233 44 insurance insurance NOUN cblr-1764 233 45 unit unit NOUN cblr-1764 233 46 wrote write VERB cblr-1764 233 47 puts put NOUN cblr-1764 233 48 on on ADP cblr-1764 233 49 the the DET cblr-1764 233 50 housing housing NOUN cblr-1764 233 51 market market NOUN cblr-1764 233 52 by by ADP cblr-1764 233 53 selling sell VERB cblr-1764 233 54 financial financial ADJ cblr-1764 233 55 guarantees guarantee NOUN cblr-1764 233 56 on on ADP cblr-1764 233 57 subprime subprime ADJ cblr-1764 233 58 mortgages.73 mortgages.73 NOUN cblr-1764 233 59 in in ADP cblr-1764 233 60 competition competition NOUN cblr-1764 233 61 with with ADP cblr-1764 233 62 large large ADJ cblr-1764 233 63 life life NOUN cblr-1764 233 64 insurers insurer NOUN cblr-1764 233 65 , , PUNCT cblr-1764 233 66 some some PRON cblr-1764 233 67 of of ADP cblr-1764 233 68 which which PRON cblr-1764 233 69 also also ADV cblr-1764 233 70 resorted resort VERB cblr-1764 233 71 to to ADP cblr-1764 233 72 troubled troubled ADJ cblr-1764 233 73 asset asset NOUN cblr-1764 233 74 relief relief NOUN cblr-1764 233 75 program program NOUN cblr-1764 233 76 ( ( PUNCT cblr-1764 233 77 “ " PUNCT cblr-1764 233 78 tarp tarp NOUN cblr-1764 233 79 ” " PUNCT cblr-1764 233 80 ) ) PUNCT cblr-1764 233 81 funds fund NOUN cblr-1764 233 82 , , PUNCT cblr-1764 233 83 aig aig PROPN cblr-1764 233 84 sold sell VERB cblr-1764 233 85 guaranteed guarantee VERB cblr-1764 233 86 annuities annuity NOUN cblr-1764 233 87 that that PRON cblr-1764 233 88 insured insure VERB cblr-1764 233 89 the the DET cblr-1764 233 90 downside downside NOUN cblr-1764 233 91 of of ADP cblr-1764 233 92 the the DET cblr-1764 233 93 stock stock NOUN cblr-1764 233 94 market market NOUN cblr-1764 233 95 , , PUNCT cblr-1764 233 96 causing cause VERB cblr-1764 233 97 its its PRON cblr-1764 233 98 life life NOUN cblr-1764 233 99 insurance insurance NOUN cblr-1764 233 100 & & CCONJ cblr-1764 233 101 retirement retirement PROPN cblr-1764 233 102 unit unit NOUN cblr-1764 233 103 to to PART cblr-1764 233 104 report report VERB cblr-1764 233 105 a a DET cblr-1764 233 106 $ $ SYM cblr-1764 233 107 19 19 NUM cblr-1764 233 108 billion billion NUM cblr-1764 233 109 loss loss NOUN cblr-1764 233 110 in in ADP cblr-1764 233 111 fall fall NOUN cblr-1764 233 112 of of ADP cblr-1764 233 113 2008.74 2008.74 NUM cblr-1764 233 114 likewise likewise ADV cblr-1764 233 115 , , PUNCT cblr-1764 233 116 aig aig PROPN cblr-1764 233 117 rushed rush VERB cblr-1764 233 118 to to PART cblr-1764 233 119 compete compete VERB cblr-1764 233 120 with with ADP cblr-1764 233 121 other other ADJ cblr-1764 233 122 life life NOUN cblr-1764 233 123 insurers insurer NOUN cblr-1764 233 124 by by ADP cblr-1764 233 125 developing develop VERB cblr-1764 233 126 a a DET cblr-1764 233 127 securities security NOUN cblr-1764 233 128 lending lending NOUN cblr-1764 233 129 program program NOUN cblr-1764 233 130 , , PUNCT cblr-1764 233 131 which which PRON cblr-1764 233 132 was be AUX cblr-1764 233 133 run run VERB cblr-1764 233 134 by by ADP cblr-1764 233 135 its its PRON cblr-1764 233 136 asset asset NOUN cblr-1764 233 137 management management NOUN cblr-1764 233 138 unit unit NOUN cblr-1764 233 139 , , PUNCT cblr-1764 233 140 aig aig PROPN cblr-1764 233 141 investments investment NOUN cblr-1764 233 142 , , PUNCT cblr-1764 233 143 with with ADP cblr-1764 233 144 disastrous disastrous ADJ cblr-1764 233 145 results.75 results.75 NOUN cblr-1764 233 146 and and CCONJ cblr-1764 233 147 of of ADP cblr-1764 233 148 course course NOUN cblr-1764 233 149 , , PUNCT cblr-1764 233 150 the the DET cblr-1764 233 151 “ " PUNCT cblr-1764 233 152 hedge hedge NOUN cblr-1764 233 153 fund fund NOUN cblr-1764 233 154 ” " PUNCT cblr-1764 233 155 : : PUNCT cblr-1764 233 156 70 70 NUM cblr-1764 233 157 standard standard PROPN cblr-1764 233 158 & & CCONJ cblr-1764 233 159 poor poor PROPN cblr-1764 233 160 ’s ’s PART cblr-1764 233 161 , , PUNCT cblr-1764 233 162 out out ADP cblr-1764 233 163 of of ADP cblr-1764 233 164 the the DET cblr-1764 233 165 shadows shadow NOUN cblr-1764 233 166 : : PUNCT cblr-1764 233 167 the the DET cblr-1764 233 168 rise rise NOUN cblr-1764 233 169 of of ADP cblr-1764 233 170 alternative alternative ADJ cblr-1764 233 171 financing financing NOUN cblr-1764 233 172 in in ADP cblr-1764 233 173 infrastructure infrastructure NOUN cblr-1764 233 174 , , PUNCT cblr-1764 233 175 ratings rating NOUN cblr-1764 233 176 direct direct ADJ cblr-1764 233 177 4 4 NUM cblr-1764 233 178 ( ( PUNCT cblr-1764 233 179 2013 2013 NUM cblr-1764 233 180 ) ) PUNCT cblr-1764 233 181 , , PUNCT cblr-1764 233 182 http://www.standardandpoors.com/spf/upload/ratings_emea/outofthesh http://www.standardandpoors.com/spf/upload/ratings_emea/outofthesh ADP cblr-1764 233 183 adows-theriseofalternativefinancingininfrastructure.pdf?elq=793ced94 adows-theriseofalternativefinancingininfrastructure.pdf?elq=793ced94 PROPN cblr-1764 233 184 80bc4db9adaa51e0933d3ed8 80bc4db9adaa51e0933d3ed8 PROPN cblr-1764 234 1 [ [ X cblr-1764 234 2 http://perma.cc/8c7b-rh62 http://perma.cc/8c7b-rh62 X cblr-1764 234 3 ] ] X cblr-1764 234 4 . . 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PUNCT cblr-1764 236 1 72 72 NUM cblr-1764 236 2 see see VERB cblr-1764 236 3 david david PROPN cblr-1764 236 4 j. j. PROPN cblr-1764 236 5 merkel merkel PROPN cblr-1764 236 6 , , PUNCT cblr-1764 236 7 to to ADP cblr-1764 236 8 what what DET cblr-1764 236 9 degree degree NOUN cblr-1764 236 10 were be AUX cblr-1764 236 11 aig aig PROPN cblr-1764 236 12 ’s ’s PART cblr-1764 236 13 operating operate VERB cblr-1764 236 14 insurance insurance NOUN cblr-1764 236 15 subsidiaries subsidiary NOUN cblr-1764 236 16 sound sound VERB cblr-1764 236 17 ? ? PUNCT cblr-1764 236 18 , , PUNCT cblr-1764 236 19 the the DET cblr-1764 236 20 aleph aleph PROPN cblr-1764 236 21 blog blog NOUN cblr-1764 236 22 ( ( PUNCT cblr-1764 236 23 apr apr PROPN cblr-1764 236 24 . . PROPN cblr-1764 236 25 29 29 NUM cblr-1764 236 26 , , PUNCT cblr-1764 236 27 2009 2009 NUM cblr-1764 236 28 ) ) PUNCT cblr-1764 236 29 , , PUNCT cblr-1764 236 30 http://alephblog.com/wp-content/uploads/2009/04/to%20what%20degre http://alephblog.com/wp-content/uploads/2009/04/to%20what%20degre VERB cblr-1764 236 31 e%20were%20aig%e2%80%99s%20operating%20subsidiaries%20sound e%20were%20aig%e2%80%99s%20operating%20subsidiaries%20sound ADV cblr-1764 236 32 .pdf .pdf PUNCT cblr-1764 237 1 [ [ X cblr-1764 237 2 http://perma.cc/2kkg-quyg http://perma.cc/2kkg-quyg X cblr-1764 237 3 ] ] X cblr-1764 237 4 . . 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PROPN cblr-1764 239 7 , , PUNCT cblr-1764 239 8 quarterly quarterly ADJ cblr-1764 239 9 report report NOUN cblr-1764 239 10 ( ( PUNCT cblr-1764 239 11 form form NOUN cblr-1764 239 12 10 10 NUM cblr-1764 239 13 - - PUNCT cblr-1764 239 14 q q NOUN cblr-1764 239 15 ) ) PUNCT cblr-1764 239 16 ( ( PUNCT cblr-1764 239 17 nov nov PROPN cblr-1764 239 18 . . PROPN cblr-1764 239 19 10 10 NUM cblr-1764 239 20 , , PUNCT cblr-1764 239 21 2008 2008 NUM cblr-1764 239 22 ) ) PUNCT cblr-1764 239 23 , , PUNCT cblr-1764 239 24 at at ADP cblr-1764 239 25 12 12 NUM cblr-1764 239 26 , , PUNCT cblr-1764 239 27 http://www.aig.com/chartis/internet/us/en/q308_10q http://www.aig.com/chartis/internet/us/en/q308_10q PROPN cblr-1764 240 1 _ _ PUNCT cblr-1764 240 2 tcm3171-443302.pdf tcm3171-443302.pdf PROPN cblr-1764 241 1 [ [ X cblr-1764 241 2 http://perma.cc/v4zv-xf9 http://perma.cc/v4zv-xf9 PROPN cblr-1764 241 3 m m VERB cblr-1764 241 4 ] ] X cblr-1764 242 1 [ [ X cblr-1764 242 2 hereinafter hereinafter NOUN cblr-1764 242 3 aig aig PROPN cblr-1764 242 4 q3 q3 PROPN cblr-1764 242 5 2008 2008 NUM cblr-1764 242 6 quarterly quarterly ADJ cblr-1764 242 7 report report NOUN cblr-1764 242 8 ] ] PUNCT cblr-1764 242 9 . . PUNCT cblr-1764 243 1 75 75 NUM cblr-1764 243 2 see see VERB cblr-1764 243 3 sjostrom sjostrom PROPN cblr-1764 243 4 , , PUNCT cblr-1764 243 5 supra supra ADJ cblr-1764 243 6 note note NOUN cblr-1764 243 7 3 3 NUM cblr-1764 243 8 , , PUNCT cblr-1764 243 9 at at ADP cblr-1764 243 10 961–62 961–62 NUM cblr-1764 243 11 . . PUNCT cblr-1764 244 1 turk turk PROPN cblr-1764 244 2 – – PUNCT cblr-1764 244 3 final final ADJ cblr-1764 244 4 no no NOUN cblr-1764 244 5 . . PUNCT cblr-1764 245 1 3:967 3:967 NUM cblr-1764 245 2 ] ] X cblr-1764 245 3 insurance insurance NOUN cblr-1764 245 4 convergence convergence NOUN cblr-1764 245 5 989 989 NUM cblr-1764 245 6 from from ADP cblr-1764 245 7 january january PROPN cblr-1764 245 8 of of ADP cblr-1764 245 9 2007 2007 NUM cblr-1764 245 10 to to ADP cblr-1764 245 11 september september PROPN cblr-1764 245 12 of of ADP cblr-1764 245 13 2008 2008 NUM cblr-1764 245 14 , , PUNCT cblr-1764 245 15 aigfp aigfp PROPN cblr-1764 245 16 ’s ’s PART cblr-1764 245 17 portfolio portfolio NOUN cblr-1764 245 18 took take VERB cblr-1764 245 19 on on ADP cblr-1764 245 20 $ $ SYM cblr-1764 245 21 32.4 32.4 NUM cblr-1764 245 22 billion billion NUM cblr-1764 245 23 in in ADP cblr-1764 245 24 losses loss NOUN cblr-1764 245 25 , , PUNCT cblr-1764 245 26 largely largely ADV cblr-1764 245 27 related relate VERB cblr-1764 245 28 to to ADP cblr-1764 245 29 cds cd NOUN cblr-1764 245 30 activity activity NOUN cblr-1764 245 31 , , PUNCT cblr-1764 245 32 and and CCONJ cblr-1764 245 33 met meet VERB cblr-1764 245 34 the the DET cblr-1764 245 35 same same ADJ cblr-1764 245 36 fate fate NOUN cblr-1764 245 37 that that PRON cblr-1764 245 38 was be AUX cblr-1764 245 39 visited visit VERB cblr-1764 245 40 upon upon SCONJ cblr-1764 245 41 the the DET cblr-1764 245 42 monoline monoline NOUN cblr-1764 245 43 insurance insurance PROPN cblr-1764 245 44 companies.76 companies.76 PROPN cblr-1764 245 45 thus thus ADV cblr-1764 245 46 , , PUNCT cblr-1764 245 47 far far ADV cblr-1764 245 48 from from ADP cblr-1764 245 49 being be AUX cblr-1764 245 50 an an DET cblr-1764 245 51 outlier outlier NOUN cblr-1764 245 52 , , PUNCT cblr-1764 245 53 aig aig PROPN cblr-1764 245 54 was be AUX cblr-1764 245 55 an an DET cblr-1764 245 56 exemplar exemplar NOUN cblr-1764 245 57 of of ADP cblr-1764 245 58 the the DET cblr-1764 245 59 transformational transformational ADJ cblr-1764 245 60 changes change NOUN cblr-1764 245 61 that that PRON cblr-1764 245 62 have have AUX cblr-1764 245 63 taken take VERB cblr-1764 245 64 place place NOUN cblr-1764 245 65 throughout throughout ADP cblr-1764 245 66 the the DET cblr-1764 245 67 insurance insurance NOUN cblr-1764 245 68 industry industry NOUN cblr-1764 245 69 over over ADP cblr-1764 245 70 the the DET cblr-1764 245 71 past past ADJ cblr-1764 245 72 two two NUM cblr-1764 245 73 decades decade NOUN cblr-1764 245 74 . . PUNCT cblr-1764 246 1 b. b. PROPN cblr-1764 246 2 convergence convergence NOUN cblr-1764 246 3 of of ADP cblr-1764 246 4 firms firm NOUN cblr-1764 246 5 : : PUNCT cblr-1764 246 6 insurance insurance NOUN cblr-1764 246 7 and and CCONJ cblr-1764 246 8 systemic systemic ADJ cblr-1764 246 9 risk risk NOUN cblr-1764 246 10 the the DET cblr-1764 246 11 financial financial ADJ cblr-1764 246 12 innovation innovation NOUN cblr-1764 246 13 that that PRON cblr-1764 246 14 allowed allow VERB cblr-1764 246 15 insurance insurance NOUN cblr-1764 246 16 companies company NOUN cblr-1764 246 17 to to PART cblr-1764 246 18 enter enter VERB cblr-1764 246 19 banking banking NOUN cblr-1764 246 20 and and CCONJ cblr-1764 246 21 securities security NOUN cblr-1764 246 22 markets market NOUN cblr-1764 246 23 by by ADP cblr-1764 246 24 selling sell VERB cblr-1764 246 25 products product NOUN cblr-1764 246 26 with with ADP cblr-1764 246 27 large large ADJ cblr-1764 246 28 non non ADJ cblr-1764 246 29 - - ADJ cblr-1764 246 30 insurance insurance ADJ cblr-1764 246 31 components component NOUN cblr-1764 246 32 has have AUX cblr-1764 246 33 increased increase VERB cblr-1764 246 34 to to ADP cblr-1764 246 35 a a DET cblr-1764 246 36 great great ADJ cblr-1764 246 37 extent extent NOUN cblr-1764 246 38 both both CCONJ cblr-1764 246 39 the the DET cblr-1764 246 40 interconnection interconnection NOUN cblr-1764 246 41 of of ADP cblr-1764 246 42 insurance insurance NOUN cblr-1764 246 43 firms firm NOUN cblr-1764 246 44 with with ADP cblr-1764 246 45 the the DET cblr-1764 246 46 financial financial ADJ cblr-1764 246 47 sector sector NOUN cblr-1764 246 48 and and CCONJ cblr-1764 246 49 the the DET cblr-1764 246 50 fluctuations fluctuation NOUN cblr-1764 246 51 in in ADP cblr-1764 246 52 the the DET cblr-1764 246 53 business business NOUN cblr-1764 246 54 cycle cycle NOUN cblr-1764 246 55 . . PUNCT cblr-1764 247 1 as as ADP cblr-1764 247 2 a a DET cblr-1764 247 3 result result NOUN cblr-1764 247 4 , , PUNCT cblr-1764 247 5 and and CCONJ cblr-1764 247 6 as as SCONJ cblr-1764 247 7 a a DET cblr-1764 247 8 rapidly rapidly ADV cblr-1764 247 9 growing grow VERB cblr-1764 247 10 body body NOUN cblr-1764 247 11 of of ADP cblr-1764 247 12 econometric econometric ADJ cblr-1764 247 13 research research NOUN cblr-1764 247 14 suggests suggest VERB cblr-1764 247 15 , , PUNCT cblr-1764 247 16 the the DET cblr-1764 247 17 insurance insurance NOUN cblr-1764 247 18 industry industry NOUN cblr-1764 247 19 is be AUX cblr-1764 247 20 now now ADV cblr-1764 247 21 both both CCONJ cblr-1764 247 22 a a DET cblr-1764 247 23 potential potential ADJ cblr-1764 247 24 source source NOUN cblr-1764 247 25 and and CCONJ cblr-1764 247 26 victim victim NOUN cblr-1764 247 27 of of ADP cblr-1764 247 28 systemic systemic ADJ cblr-1764 247 29 risk risk NOUN cblr-1764 247 30 and and CCONJ cblr-1764 247 31 can can AUX cblr-1764 247 32 no no ADV cblr-1764 247 33 longer long ADV cblr-1764 247 34 be be AUX cblr-1764 247 35 ignored ignore VERB cblr-1764 247 36 when when SCONJ cblr-1764 247 37 considering consider VERB cblr-1764 247 38 regulatory regulatory ADJ cblr-1764 247 39 interventions intervention NOUN cblr-1764 247 40 to to PART cblr-1764 247 41 promote promote VERB cblr-1764 247 42 financial financial ADJ cblr-1764 247 43 and and CCONJ cblr-1764 247 44 macroeconomic macroeconomic ADJ cblr-1764 247 45 stability.77 stability.77 NOUN cblr-1764 247 46 this this DET cblr-1764 247 47 part part NOUN cblr-1764 247 48 ii.b ii.b NOUN cblr-1764 247 49 argues argue VERB cblr-1764 247 50 that that SCONJ cblr-1764 247 51 systemic systemic ADJ cblr-1764 247 52 risks risk NOUN cblr-1764 247 53 originating originate VERB cblr-1764 247 54 in in ADP cblr-1764 247 55 the the DET cblr-1764 247 56 insurance insurance NOUN cblr-1764 247 57 industry industry NOUN cblr-1764 247 58 can can AUX cblr-1764 247 59 be be AUX cblr-1764 247 60 transmitted transmit VERB cblr-1764 247 61 to to ADP cblr-1764 247 62 the the DET cblr-1764 247 63 broader broad ADJ cblr-1764 247 64 financial financial ADJ cblr-1764 247 65 sector sector NOUN cblr-1764 247 66 ( ( PUNCT cblr-1764 247 67 and and CCONJ cblr-1764 247 68 vice vice ADV cblr-1764 247 69 versa versa ADV cblr-1764 247 70 ) ) PUNCT cblr-1764 247 71 through through ADP cblr-1764 247 72 three three NUM cblr-1764 247 73 specific specific ADJ cblr-1764 247 74 mechanisms mechanism NOUN cblr-1764 247 75 : : PUNCT cblr-1764 247 76 ( ( PUNCT cblr-1764 247 77 1 1 X cblr-1764 247 78 ) ) PUNCT cblr-1764 247 79 counterparty counterparty NOUN cblr-1764 247 80 risk risk NOUN cblr-1764 247 81 ; ; PUNCT cblr-1764 247 82 ( ( PUNCT cblr-1764 247 83 2 2 X cblr-1764 247 84 ) ) PUNCT cblr-1764 247 85 spillover spillover VERB cblr-1764 247 86 risk risk NOUN cblr-1764 247 87 ; ; PUNCT cblr-1764 247 88 and and CCONJ cblr-1764 247 89 ( ( PUNCT cblr-1764 247 90 3 3 X cblr-1764 247 91 ) ) PUNCT cblr-1764 247 92 information information NOUN cblr-1764 247 93 contagion contagion NOUN cblr-1764 247 94 risk risk NOUN cblr-1764 247 95 . . PUNCT cblr-1764 248 1 1 1 X cblr-1764 248 2 . . X cblr-1764 248 3 counterparty counterparty NOUN cblr-1764 248 4 risk risk NOUN cblr-1764 248 5 the the DET cblr-1764 248 6 most most ADV cblr-1764 248 7 obvious obvious ADJ cblr-1764 248 8 source source NOUN cblr-1764 248 9 of of ADP cblr-1764 248 10 systemic systemic ADJ cblr-1764 248 11 risk risk NOUN cblr-1764 248 12 generated generate VERB cblr-1764 248 13 by by ADP cblr-1764 248 14 insurance insurance NOUN cblr-1764 248 15 , , PUNCT cblr-1764 248 16 particularly particularly ADV cblr-1764 248 17 in in ADP cblr-1764 248 18 light light NOUN cblr-1764 248 19 of of ADP cblr-1764 248 20 the the DET cblr-1764 248 21 2008 2008 NUM cblr-1764 248 22 crisis crisis NOUN cblr-1764 248 23 , , PUNCT cblr-1764 248 24 is be AUX cblr-1764 248 25 the the DET cblr-1764 248 26 counterparty counterparty NOUN cblr-1764 248 27 risk risk NOUN cblr-1764 248 28 presented present VERB cblr-1764 248 29 by by ADP cblr-1764 248 30 the the DET cblr-1764 248 31 liability liability NOUN cblr-1764 248 32 side side NOUN cblr-1764 248 33 of of ADP cblr-1764 248 34 insurance insurance NOUN cblr-1764 248 35 76 76 NUM cblr-1764 248 36 see see VERB cblr-1764 248 37 i i PRON cblr-1764 248 38 d. d. PROPN cblr-1764 248 39 at at ADP cblr-1764 248 40 946–47 946–47 NUM cblr-1764 248 41 ( ( PUNCT cblr-1764 248 42 citing cite VERB cblr-1764 248 43 aig aig PROPN cblr-1764 248 44 2007 2007 NUM cblr-1764 248 45 annual annual ADJ cblr-1764 248 46 report report NOUN cblr-1764 248 47 , , PUNCT cblr-1764 248 48 supra supra PROPN cblr-1764 248 49 note note NOUN cblr-1764 248 50 2 2 NUM cblr-1764 248 51 , , PUNCT cblr-1764 248 52 at at ADP cblr-1764 248 53 36 36 NUM cblr-1764 248 54 ; ; PUNCT cblr-1764 248 55 aig aig PROPN cblr-1764 248 56 q3 q3 PROPN cblr-1764 248 57 2008 2008 NUM cblr-1764 248 58 quarterly quarterly ADJ cblr-1764 248 59 report report NOUN cblr-1764 248 60 , , PUNCT cblr-1764 248 61 supra supra PROPN cblr-1764 248 62 note note NOUN cblr-1764 248 63 74 74 NUM cblr-1764 248 64 , , PUNCT cblr-1764 248 65 at at ADP cblr-1764 248 66 12 12 NUM cblr-1764 248 67 ) ) PUNCT cblr-1764 248 68 . . PUNCT cblr-1764 249 1 77 77 NUM cblr-1764 249 2 the the DET cblr-1764 249 3 somewhat somewhat ADV cblr-1764 249 4 mixed mixed ADJ cblr-1764 249 5 results result NOUN cblr-1764 249 6 of of ADP cblr-1764 249 7 this this DET cblr-1764 249 8 literature literature NOUN cblr-1764 249 9 consistently consistently ADV cblr-1764 249 10 suggest suggest VERB cblr-1764 249 11 that that SCONJ cblr-1764 249 12 at at ADP cblr-1764 249 13 least least ADJ cblr-1764 249 14 portions portion NOUN cblr-1764 249 15 of of ADP cblr-1764 249 16 the the DET cblr-1764 249 17 insurance insurance NOUN cblr-1764 249 18 industry industry NOUN cblr-1764 249 19 have have AUX cblr-1764 249 20 become become VERB cblr-1764 249 21 systemically systemically ADV cblr-1764 249 22 risky risky ADJ cblr-1764 249 23 , , PUNCT cblr-1764 249 24 and and CCONJ cblr-1764 249 25 almost almost ADV cblr-1764 249 26 uniformly uniformly ADV cblr-1764 249 27 conclude conclude VERB cblr-1764 249 28 that that SCONJ cblr-1764 249 29 systemic systemic ADJ cblr-1764 249 30 risk risk NOUN cblr-1764 249 31 in in ADP cblr-1764 249 32 insurance insurance NOUN cblr-1764 249 33 has have AUX cblr-1764 249 34 at at ADV cblr-1764 249 35 least least ADJ cblr-1764 249 36 been be AUX cblr-1764 249 37 increasing increase VERB cblr-1764 249 38 in in ADP cblr-1764 249 39 recent recent ADJ cblr-1764 249 40 years year NOUN cblr-1764 249 41 due due ADP cblr-1764 249 42 to to ADP cblr-1764 249 43 market market NOUN cblr-1764 249 44 convergence convergence NOUN cblr-1764 249 45 . . PUNCT cblr-1764 250 1 see see VERB cblr-1764 250 2 eling eling PROPN cblr-1764 250 3 & & CCONJ cblr-1764 250 4 pankoke pankoke PROPN cblr-1764 250 5 , , PUNCT cblr-1764 250 6 supra supra PROPN cblr-1764 250 7 note note PROPN cblr-1764 250 8 6 6 NUM cblr-1764 250 9 , , PUNCT cblr-1764 250 10 at at ADP cblr-1764 250 11 10–11 10–11 NUM cblr-1764 250 12 , , PUNCT cblr-1764 250 13 23–24 23–24 NUM cblr-1764 250 14 ( ( PUNCT cblr-1764 250 15 providing provide VERB cblr-1764 250 16 a a DET cblr-1764 250 17 review review NOUN cblr-1764 250 18 of of ADP cblr-1764 250 19 the the DET cblr-1764 250 20 literature literature NOUN cblr-1764 250 21 ) ) PUNCT cblr-1764 250 22 . . PUNCT cblr-1764 251 1 turk turk PROPN cblr-1764 251 2 – – PUNCT cblr-1764 251 3 final final ADJ cblr-1764 251 4 990 990 NUM cblr-1764 251 5 columbia columbia PROPN cblr-1764 251 6 business business NOUN cblr-1764 251 7 law law PROPN cblr-1764 251 8 review review NOUN cblr-1764 251 9 [ [ X cblr-1764 251 10 vol vol NOUN cblr-1764 251 11 . . NOUN cblr-1764 251 12 2015 2015 NUM cblr-1764 251 13 companies company NOUN cblr-1764 251 14 ’ ' PUNCT cblr-1764 251 15 balance balance NOUN cblr-1764 251 16 sheets sheet NOUN cblr-1764 251 17 . . PUNCT cblr-1764 252 1 an an DET cblr-1764 252 2 insurance insurance NOUN cblr-1764 252 3 company company NOUN cblr-1764 252 4 and and CCONJ cblr-1764 252 5 its its PRON cblr-1764 252 6 policyholder policyholder NOUN cblr-1764 252 7 stand stand NOUN cblr-1764 252 8 as as ADP cblr-1764 252 9 contractual contractual ADJ cblr-1764 252 10 counterparties counterpartie NOUN cblr-1764 252 11 , , PUNCT cblr-1764 252 12 each each PRON cblr-1764 252 13 bearing bear VERB cblr-1764 252 14 a a DET cblr-1764 252 15 distinct distinct ADJ cblr-1764 252 16 kind kind NOUN cblr-1764 252 17 of of ADP cblr-1764 252 18 risk risk NOUN cblr-1764 252 19 . . PUNCT cblr-1764 253 1 on on ADP cblr-1764 253 2 the the DET cblr-1764 253 3 one one NUM cblr-1764 253 4 hand hand NOUN cblr-1764 253 5 , , PUNCT cblr-1764 253 6 insurance insurance NOUN cblr-1764 253 7 companies company NOUN cblr-1764 253 8 bear bear VERB cblr-1764 253 9 the the DET cblr-1764 253 10 risk risk NOUN cblr-1764 253 11 that that SCONJ cblr-1764 253 12 a a DET cblr-1764 253 13 policyholder policyholder NOUN cblr-1764 253 14 will will AUX cblr-1764 253 15 default default VERB cblr-1764 253 16 on on ADP cblr-1764 253 17 premium premium NOUN cblr-1764 253 18 payments payment NOUN cblr-1764 253 19 or or CCONJ cblr-1764 253 20 that that PRON cblr-1764 253 21 moral moral ADJ cblr-1764 253 22 hazard hazard NOUN cblr-1764 253 23 will will AUX cblr-1764 253 24 induce induce VERB cblr-1764 253 25 the the DET cblr-1764 253 26 insured insured ADJ cblr-1764 253 27 to to PART cblr-1764 253 28 take take VERB cblr-1764 253 29 risks risk NOUN cblr-1764 253 30 not not PART cblr-1764 253 31 contemplated contemplate VERB cblr-1764 253 32 by by ADP cblr-1764 253 33 the the DET cblr-1764 253 34 insurance insurance NOUN cblr-1764 253 35 company company NOUN cblr-1764 253 36 . . PUNCT cblr-1764 254 1 on on ADP cblr-1764 254 2 the the DET cblr-1764 254 3 other other ADJ cblr-1764 254 4 hand hand NOUN cblr-1764 254 5 , , PUNCT cblr-1764 254 6 a a DET cblr-1764 254 7 policyholder policyholder NOUN cblr-1764 254 8 always always ADV cblr-1764 254 9 bears bear VERB cblr-1764 254 10 the the DET cblr-1764 254 11 risk risk NOUN cblr-1764 254 12 that that PRON cblr-1764 254 13 , , PUNCT cblr-1764 254 14 should should AUX cblr-1764 254 15 an an DET cblr-1764 254 16 event event NOUN cblr-1764 254 17 covered cover VERB cblr-1764 254 18 under under ADP cblr-1764 254 19 the the DET cblr-1764 254 20 policy policy NOUN cblr-1764 254 21 materialize materialize NOUN cblr-1764 254 22 , , PUNCT cblr-1764 254 23 its its PRON cblr-1764 254 24 insurance insurance NOUN cblr-1764 254 25 company company NOUN cblr-1764 254 26 counterparty counterparty NOUN cblr-1764 254 27 will will AUX cblr-1764 254 28 not not PART cblr-1764 254 29 have have AUX cblr-1764 254 30 sufficient sufficient ADJ cblr-1764 254 31 resources resource NOUN cblr-1764 254 32 to to PART cblr-1764 254 33 pay pay VERB cblr-1764 254 34 the the DET cblr-1764 254 35 claim claim NOUN cblr-1764 254 36 once once SCONJ cblr-1764 254 37 it it PRON cblr-1764 254 38 becomes become VERB cblr-1764 254 39 due due ADJ cblr-1764 254 40 . . PUNCT cblr-1764 255 1 thus thus ADV cblr-1764 255 2 , , PUNCT cblr-1764 255 3 although although SCONJ cblr-1764 255 4 insurance insurance NOUN cblr-1764 255 5 companies company NOUN cblr-1764 255 6 stand stand VERB cblr-1764 255 7 as as ADP cblr-1764 255 8 intermediaries intermediary NOUN cblr-1764 255 9 to to PART cblr-1764 255 10 backstop backstop VERB cblr-1764 255 11 risks risk NOUN cblr-1764 255 12 , , PUNCT cblr-1764 255 13 there there PRON cblr-1764 255 14 is be VERB cblr-1764 255 15 an an DET cblr-1764 255 16 irremovable irremovable ADJ cblr-1764 255 17 risk risk NOUN cblr-1764 255 18 that that SCONJ cblr-1764 255 19 the the DET cblr-1764 255 20 insurance insurance NOUN cblr-1764 255 21 backstop backstop NOUN cblr-1764 255 22 itself itself PRON cblr-1764 255 23 will will AUX cblr-1764 255 24 fail fail VERB cblr-1764 255 25 . . PUNCT cblr-1764 256 1 when when SCONJ cblr-1764 256 2 insurance insurance NOUN cblr-1764 256 3 firms firm NOUN cblr-1764 256 4 are be AUX cblr-1764 256 5 highly highly ADV cblr-1764 256 6 interconnected interconnected ADJ cblr-1764 256 7 with with ADP cblr-1764 256 8 other other ADJ cblr-1764 256 9 financial financial ADJ cblr-1764 256 10 institutions institution NOUN cblr-1764 256 11 , , PUNCT cblr-1764 256 12 counterparty counterparty NOUN cblr-1764 256 13 risk risk NOUN cblr-1764 256 14 can can AUX cblr-1764 256 15 become become VERB cblr-1764 256 16 systemic systemic ADJ cblr-1764 256 17 through through ADP cblr-1764 256 18 a a DET cblr-1764 256 19 domino domino NOUN cblr-1764 256 20 effect effect NOUN cblr-1764 256 21 , , PUNCT cblr-1764 256 22 in in ADP cblr-1764 256 23 which which PRON cblr-1764 256 24 the the DET cblr-1764 256 25 default default NOUN cblr-1764 256 26 by by ADP cblr-1764 256 27 insurance insurance NOUN cblr-1764 256 28 company company NOUN cblr-1764 256 29 a a PRON cblr-1764 256 30 on on ADP cblr-1764 256 31 financial financial ADJ cblr-1764 256 32 obligations obligation NOUN cblr-1764 256 33 to to PART cblr-1764 256 34 policyholder policyholder VERB cblr-1764 256 35 counterparty counterparty PROPN cblr-1764 256 36 b b PROPN cblr-1764 256 37 makes make VERB cblr-1764 256 38 counterparty counterparty NOUN cblr-1764 256 39 b b NOUN cblr-1764 256 40 less less ADV cblr-1764 256 41 able able ADJ cblr-1764 256 42 to to PART cblr-1764 256 43 perform perform VERB cblr-1764 256 44 on on ADP cblr-1764 256 45 its its PRON cblr-1764 256 46 contractual contractual ADJ cblr-1764 256 47 obligation obligation NOUN cblr-1764 256 48 to to ADP cblr-1764 256 49 third third ADJ cblr-1764 256 50 party party PROPN cblr-1764 256 51 c c NOUN cblr-1764 256 52 , , PUNCT cblr-1764 256 53 and and CCONJ cblr-1764 256 54 so so ADV cblr-1764 256 55 on.78 on.78 PROPN cblr-1764 256 56 traditional traditional ADJ cblr-1764 256 57 insurance insurance NOUN cblr-1764 256 58 does do AUX cblr-1764 256 59 not not PART cblr-1764 256 60 usually usually ADV cblr-1764 256 61 create create VERB cblr-1764 256 62 substantial substantial ADJ cblr-1764 256 63 counterparty counterparty NOUN cblr-1764 256 64 risk risk NOUN cblr-1764 256 65 , , PUNCT cblr-1764 256 66 for for ADP cblr-1764 256 67 two two NUM cblr-1764 256 68 reasons reason NOUN cblr-1764 256 69 already already ADV cblr-1764 256 70 mentioned mention VERB cblr-1764 256 71 above above ADV cblr-1764 256 72 . . PUNCT cblr-1764 257 1 first first ADV cblr-1764 257 2 , , PUNCT cblr-1764 257 3 traditional traditional ADJ cblr-1764 257 4 insurance insurance NOUN cblr-1764 257 5 covers cover VERB cblr-1764 257 6 idiosyncratic idiosyncratic ADJ cblr-1764 257 7 , , PUNCT cblr-1764 257 8 noneconomic noneconomic ADJ cblr-1764 257 9 risks risk NOUN cblr-1764 257 10 made make VERB cblr-1764 257 11 predictable predictable ADJ cblr-1764 257 12 by by ADP cblr-1764 257 13 the the DET cblr-1764 257 14 law law NOUN cblr-1764 257 15 - - PUNCT cblr-1764 257 16 of of ADP cblr-1764 257 17 - - PUNCT cblr-1764 257 18 largenumbers.79 largenumbers.79 NOUN cblr-1764 257 19 second second ADJ cblr-1764 257 20 , , PUNCT cblr-1764 257 21 insurers insurer NOUN cblr-1764 257 22 ’ ’ PART cblr-1764 257 23 traditional traditional ADJ cblr-1764 257 24 funding funding NOUN cblr-1764 257 25 structure structure NOUN cblr-1764 257 26 is be AUX cblr-1764 257 27 more more ADV cblr-1764 257 28 stable stable ADJ cblr-1764 257 29 and and CCONJ cblr-1764 257 30 less less ADV cblr-1764 257 31 susceptible susceptible ADJ cblr-1764 257 32 to to ADP cblr-1764 257 33 runs run NOUN cblr-1764 257 34 than than ADP cblr-1764 257 35 that that PRON cblr-1764 257 36 of of ADP cblr-1764 257 37 banks.80 banks.80 NOUN cblr-1764 257 38 however however ADV cblr-1764 257 39 , , PUNCT cblr-1764 257 40 now now ADV cblr-1764 257 41 that that SCONJ cblr-1764 257 42 some some DET cblr-1764 257 43 insurance insurance NOUN cblr-1764 257 44 companies company NOUN cblr-1764 257 45 write write VERB cblr-1764 257 46 large large ADJ cblr-1764 257 47 amounts amount NOUN cblr-1764 257 48 of of ADP cblr-1764 257 49 policies policy NOUN cblr-1764 257 50 — — PUNCT cblr-1764 257 51 such such ADJ cblr-1764 257 52 as as ADP cblr-1764 257 53 annuities annuity NOUN cblr-1764 257 54 with with ADP cblr-1764 257 55 minimum minimum ADJ cblr-1764 257 56 guarantees guarantee NOUN cblr-1764 257 57 , , PUNCT cblr-1764 257 58 mortgage mortgage NOUN cblr-1764 257 59 insurance insurance NOUN cblr-1764 257 60 , , PUNCT cblr-1764 257 61 and and CCONJ cblr-1764 257 62 bond bond NOUN cblr-1764 257 63 insurance insurance NOUN cblr-1764 257 64 — — PUNCT cblr-1764 257 65 that that PRON cblr-1764 257 66 essentially essentially ADV cblr-1764 257 67 function function VERB cblr-1764 257 68 as as ADP cblr-1764 257 69 put put VERB cblr-1764 257 70 options option NOUN cblr-1764 257 71 on on ADP cblr-1764 257 72 certain certain ADJ cblr-1764 257 73 macroeconomic macroeconomic ADJ cblr-1764 257 74 variables variable NOUN cblr-1764 257 75 , , PUNCT cblr-1764 257 76 they they PRON cblr-1764 257 77 are be AUX cblr-1764 257 78 much much ADV cblr-1764 257 79 more more ADV cblr-1764 257 80 exposed expose VERB cblr-1764 257 81 to to ADP cblr-1764 257 82 downswings downswing NOUN cblr-1764 257 83 in in ADP cblr-1764 257 84 the the DET cblr-1764 257 85 78 78 NUM cblr-1764 257 86 kenneth kenneth PROPN cblr-1764 257 87 french french PROPN cblr-1764 257 88 et et PROPN cblr-1764 257 89 al al PROPN cblr-1764 257 90 . . PROPN cblr-1764 257 91 , , PUNCT cblr-1764 257 92 the the DET cblr-1764 257 93 squam squam PROPN cblr-1764 257 94 lake lake PROPN cblr-1764 257 95 report report PROPN cblr-1764 257 96 : : PUNCT cblr-1764 257 97 fixing fix VERB cblr-1764 257 98 the the DET cblr-1764 257 99 financial financial ADJ cblr-1764 257 100 system system NOUN cblr-1764 257 101 112–13 112–13 NUM cblr-1764 257 102 ( ( PUNCT cblr-1764 257 103 2010 2010 NUM cblr-1764 257 104 ) ) PUNCT cblr-1764 258 1 [ [ X cblr-1764 258 2 hereinafter hereinafter NOUN cblr-1764 258 3 squam squam PROPN cblr-1764 258 4 lake lake PROPN cblr-1764 258 5 report report PROPN cblr-1764 258 6 ] ] PUNCT cblr-1764 258 7 ( ( PUNCT cblr-1764 258 8 describing describe VERB cblr-1764 258 9 counterparty counterparty NOUN cblr-1764 258 10 risk risk NOUN cblr-1764 258 11 in in ADP cblr-1764 258 12 the the DET cblr-1764 258 13 context context NOUN cblr-1764 258 14 of of ADP cblr-1764 258 15 cds cd NOUN cblr-1764 258 16 ) ) PUNCT cblr-1764 258 17 ; ; PUNCT cblr-1764 258 18 acharya acharya PROPN cblr-1764 258 19 et et PROPN cblr-1764 258 20 al al PROPN cblr-1764 258 21 . . PROPN cblr-1764 258 22 , , PUNCT cblr-1764 258 23 supra supra PROPN cblr-1764 258 24 note note PROPN cblr-1764 258 25 5 5 NUM cblr-1764 258 26 , , PUNCT cblr-1764 258 27 at at ADP cblr-1764 258 28 262–63 262–63 NUM cblr-1764 258 29 ; ; PUNCT cblr-1764 258 30 markus markus PROPN cblr-1764 258 31 k. k. PROPN cblr-1764 258 32 brunnermeier brunnermeier PROPN cblr-1764 258 33 , , PUNCT cblr-1764 258 34 deciphering decipher VERB cblr-1764 258 35 the the DET cblr-1764 258 36 liquidity liquidity NOUN cblr-1764 258 37 and and CCONJ cblr-1764 258 38 credit credit NOUN cblr-1764 258 39 crunch crunch NOUN cblr-1764 258 40 2007 2007 NUM cblr-1764 258 41 - - SYM cblr-1764 258 42 2008 2008 NUM cblr-1764 258 43 , , PUNCT cblr-1764 258 44 23 23 NUM cblr-1764 258 45 j. j. PROPN cblr-1764 258 46 econ econ PROPN cblr-1764 258 47 . . PUNCT cblr-1764 259 1 persp persp PROPN cblr-1764 259 2 . . PUNCT cblr-1764 260 1 77 77 NUM cblr-1764 260 2 , , PUNCT cblr-1764 260 3 96–99 96–99 NUM cblr-1764 260 4 ( ( PUNCT cblr-1764 260 5 2009 2009 NUM cblr-1764 260 6 ) ) PUNCT cblr-1764 260 7 . . PUNCT cblr-1764 261 1 79 79 NUM cblr-1764 261 2 see see VERB cblr-1764 261 3 avraham avraham NOUN cblr-1764 261 4 , , PUNCT cblr-1764 261 5 supra supra PROPN cblr-1764 261 6 note note NOUN cblr-1764 261 7 33 33 NUM cblr-1764 261 8 , , PUNCT cblr-1764 261 9 at at ADP cblr-1764 261 10 9 9 NUM cblr-1764 261 11 and and CCONJ cblr-1764 261 12 accompanying accompany VERB cblr-1764 261 13 text text NOUN cblr-1764 261 14 . . PUNCT cblr-1764 262 1 80 80 NUM cblr-1764 262 2 see see VERB cblr-1764 262 3 supra supra PROPN cblr-1764 262 4 notes note VERB cblr-1764 262 5 41–42 41–42 NUM cblr-1764 262 6 and and CCONJ cblr-1764 262 7 accompanying accompany VERB cblr-1764 262 8 text text NOUN cblr-1764 262 9 . . PUNCT cblr-1764 263 1 turk turk PROPN cblr-1764 263 2 – – PUNCT cblr-1764 263 3 final final ADJ cblr-1764 263 4 no no NOUN cblr-1764 263 5 . . PUNCT cblr-1764 264 1 3:967 3:967 NUM cblr-1764 264 2 ] ] X cblr-1764 264 3 insurance insurance NOUN cblr-1764 264 4 convergence convergence NOUN cblr-1764 264 5 991 991 NUM cblr-1764 264 6 business business NOUN cblr-1764 264 7 cycle cycle NOUN cblr-1764 264 8 . . PUNCT cblr-1764 265 1 as as SCONJ cblr-1764 265 2 shown show VERB cblr-1764 265 3 by by ADP cblr-1764 265 4 the the DET cblr-1764 265 5 2008 2008 NUM cblr-1764 265 6 crisis crisis NOUN cblr-1764 265 7 , , PUNCT cblr-1764 265 8 insurance insurance NOUN cblr-1764 265 9 generates generate VERB cblr-1764 265 10 significant significant ADJ cblr-1764 265 11 counterparty counterparty NOUN cblr-1764 265 12 risk risk NOUN cblr-1764 265 13 when when SCONJ cblr-1764 265 14 it it PRON cblr-1764 265 15 evolves evolve VERB cblr-1764 265 16 from from ADP cblr-1764 265 17 a a DET cblr-1764 265 18 backstop backstop NOUN cblr-1764 265 19 for for ADP cblr-1764 265 20 the the DET cblr-1764 265 21 costs cost NOUN cblr-1764 265 22 of of ADP cblr-1764 265 23 car car NOUN cblr-1764 265 24 accidents accident NOUN cblr-1764 265 25 and and CCONJ cblr-1764 265 26 heart heart NOUN cblr-1764 265 27 attacks attack NOUN cblr-1764 265 28 to to ADP cblr-1764 265 29 a a DET cblr-1764 265 30 backstop backstop NOUN cblr-1764 265 31 for for ADP cblr-1764 265 32 losses loss NOUN cblr-1764 265 33 in in ADP cblr-1764 265 34 the the DET cblr-1764 265 35 housing housing NOUN cblr-1764 265 36 market market NOUN cblr-1764 265 37 , , PUNCT cblr-1764 265 38 the the DET cblr-1764 265 39 securitization securitization NOUN cblr-1764 265 40 market market NOUN cblr-1764 265 41 , , PUNCT cblr-1764 265 42 or or CCONJ cblr-1764 265 43 the the DET cblr-1764 265 44 stock stock NOUN cblr-1764 265 45 market market NOUN cblr-1764 265 46 . . PUNCT cblr-1764 266 1 the the DET cblr-1764 266 2 collapse collapse NOUN cblr-1764 266 3 of of ADP cblr-1764 266 4 aig aig PROPN cblr-1764 266 5 presents present VERB cblr-1764 266 6 the the DET cblr-1764 266 7 most most ADV cblr-1764 266 8 infamous infamous ADJ cblr-1764 266 9 example example NOUN cblr-1764 266 10 of of ADP cblr-1764 266 11 systemically systemically ADV cblr-1764 266 12 important important ADJ cblr-1764 266 13 counterparty counterparty NOUN cblr-1764 266 14 risk risk NOUN cblr-1764 266 15 generated generate VERB cblr-1764 266 16 by by ADP cblr-1764 266 17 an an DET cblr-1764 266 18 insurance insurance NOUN cblr-1764 266 19 company company NOUN cblr-1764 266 20 . . PUNCT cblr-1764 267 1 although although SCONJ cblr-1764 267 2 aig aig PROPN cblr-1764 267 3 ’s ’s PART cblr-1764 267 4 failure failure NOUN cblr-1764 267 5 was be AUX cblr-1764 267 6 precipitated precipitate VERB cblr-1764 267 7 by by ADP cblr-1764 267 8 losses loss NOUN cblr-1764 267 9 that that PRON cblr-1764 267 10 accumulated accumulate VERB cblr-1764 267 11 across across ADP cblr-1764 267 12 a a DET cblr-1764 267 13 variety variety NOUN cblr-1764 267 14 of of ADP cblr-1764 267 15 its its PRON cblr-1764 267 16 insurance insurance NOUN cblr-1764 267 17 lines line NOUN cblr-1764 267 18 , , PUNCT cblr-1764 267 19 it it PRON cblr-1764 267 20 was be AUX cblr-1764 267 21 losses loss NOUN cblr-1764 267 22 on on ADP cblr-1764 267 23 cds cd NOUN cblr-1764 267 24 written write VERB cblr-1764 267 25 on on ADP cblr-1764 267 26 cdos cdo NOUN cblr-1764 267 27 by by ADP cblr-1764 267 28 aigfp aigfp NOUN cblr-1764 267 29 that that PRON cblr-1764 267 30 best good ADJ cblr-1764 267 31 illustrates illustrate VERB cblr-1764 267 32 counterparty counterparty NOUN cblr-1764 267 33 risk risk NOUN cblr-1764 267 34 . . PUNCT cblr-1764 268 1 as as SCONJ cblr-1764 268 2 the the DET cblr-1764 268 3 value value NOUN cblr-1764 268 4 of of ADP cblr-1764 268 5 cdos cdo NOUN cblr-1764 268 6 plummeted plummet VERB cblr-1764 268 7 during during ADP cblr-1764 268 8 the the DET cblr-1764 268 9 summer summer NOUN cblr-1764 268 10 of of ADP cblr-1764 268 11 2008 2008 NUM cblr-1764 268 12 , , PUNCT cblr-1764 268 13 aig aig PROPN cblr-1764 268 14 was be AUX cblr-1764 268 15 obligated obligate VERB cblr-1764 268 16 to to PART cblr-1764 268 17 post post VERB cblr-1764 268 18 increasing increase VERB cblr-1764 268 19 amounts amount NOUN cblr-1764 268 20 of of ADP cblr-1764 268 21 liquid liquid ADJ cblr-1764 268 22 collateral collateral NOUN cblr-1764 268 23 on on ADP cblr-1764 268 24 its its PRON cblr-1764 268 25 cds.81 cds.81 NOUN cblr-1764 268 26 when when SCONJ cblr-1764 268 27 aig aig PROPN cblr-1764 268 28 was be AUX cblr-1764 268 29 downgraded downgrade VERB cblr-1764 268 30 by by ADP cblr-1764 268 31 the the DET cblr-1764 268 32 ratings rating NOUN cblr-1764 268 33 agencies agency NOUN cblr-1764 268 34 on on ADP cblr-1764 268 35 september september PROPN cblr-1764 268 36 15 15 NUM cblr-1764 268 37 , , PUNCT cblr-1764 268 38 2008 2008 NUM cblr-1764 268 39 , , PUNCT cblr-1764 268 40 collateral collateral NOUN cblr-1764 268 41 calls call NOUN cblr-1764 268 42 were be AUX cblr-1764 268 43 raised raise VERB cblr-1764 268 44 once once ADV cblr-1764 268 45 again again ADV cblr-1764 268 46 , , PUNCT cblr-1764 268 47 and and CCONJ cblr-1764 268 48 aig aig PROPN cblr-1764 268 49 “ " PUNCT cblr-1764 268 50 had have VERB cblr-1764 268 51 an an DET cblr-1764 268 52 immediate immediate ADJ cblr-1764 268 53 need need NOUN cblr-1764 268 54 for for ADP cblr-1764 268 55 cash cash NOUN cblr-1764 268 56 in in ADP cblr-1764 268 57 excess excess NOUN cblr-1764 268 58 of of ADP cblr-1764 268 59 its its PRON cblr-1764 268 60 available available ADJ cblr-1764 268 61 liquid liquid ADJ cblr-1764 268 62 resources resource NOUN cblr-1764 268 63 . . PUNCT cblr-1764 269 1 ”82 ”82 ADJ cblr-1764 269 2 in in ADP cblr-1764 269 3 other other ADJ cblr-1764 269 4 words word NOUN cblr-1764 269 5 , , PUNCT cblr-1764 269 6 aig aig PROPN cblr-1764 269 7 could could AUX cblr-1764 269 8 not not PART cblr-1764 269 9 meet meet VERB cblr-1764 269 10 its its PRON cblr-1764 269 11 counterparty counterparty NOUN cblr-1764 269 12 obligations obligation NOUN cblr-1764 269 13 . . PUNCT cblr-1764 270 1 in in ADP cblr-1764 270 2 response response NOUN cblr-1764 270 3 , , PUNCT cblr-1764 270 4 the the DET cblr-1764 270 5 federal federal ADJ cblr-1764 270 6 government government NOUN cblr-1764 270 7 rushed rush VERB cblr-1764 270 8 to to PART cblr-1764 270 9 offer offer VERB cblr-1764 270 10 aig aig PROPN cblr-1764 270 11 a a DET cblr-1764 270 12 bailout bailout NOUN cblr-1764 270 13 the the DET cblr-1764 270 14 following following ADJ cblr-1764 270 15 night night NOUN cblr-1764 270 16 , , PUNCT cblr-1764 270 17 september september PROPN cblr-1764 270 18 16 16 NUM cblr-1764 270 19 , , PUNCT cblr-1764 270 20 based base VERB cblr-1764 270 21 on on ADP cblr-1764 270 22 the the DET cblr-1764 270 23 perception perception NOUN cblr-1764 270 24 that that SCONJ cblr-1764 270 25 if if SCONJ cblr-1764 270 26 aig aig PROPN cblr-1764 270 27 defaulted default VERB cblr-1764 270 28 on on ADP cblr-1764 270 29 its its PRON cblr-1764 270 30 cds cd NOUN cblr-1764 270 31 counterparties counterpartie NOUN cblr-1764 270 32 the the DET cblr-1764 270 33 consequences consequence NOUN cblr-1764 270 34 could could AUX cblr-1764 270 35 have have AUX cblr-1764 270 36 been be AUX cblr-1764 270 37 devastating devastating ADJ cblr-1764 270 38 for for ADP cblr-1764 270 39 the the DET cblr-1764 270 40 already already ADV cblr-1764 270 41 fragile fragile ADJ cblr-1764 270 42 and and CCONJ cblr-1764 270 43 destabilized destabilize VERB cblr-1764 271 1 u.s u.s PROPN cblr-1764 271 2 . . PROPN cblr-1764 271 3 and and CCONJ cblr-1764 271 4 global global ADJ cblr-1764 271 5 banking banking NOUN cblr-1764 271 6 systems.83 systems.83 NOUN cblr-1764 271 7 a a DET cblr-1764 271 8 lesser lesser ADV cblr-1764 271 9 known know VERB cblr-1764 271 10 but but CCONJ cblr-1764 271 11 equally equally ADV cblr-1764 271 12 appropriate appropriate ADJ cblr-1764 271 13 example example NOUN cblr-1764 271 14 of of ADP cblr-1764 271 15 counterparty counterparty NOUN cblr-1764 271 16 risk risk NOUN cblr-1764 271 17 is be AUX cblr-1764 271 18 that that PRON cblr-1764 271 19 of of ADP cblr-1764 271 20 mbia mbia PROPN cblr-1764 271 21 , , PUNCT cblr-1764 271 22 inc inc PROPN cblr-1764 271 23 . . PROPN cblr-1764 271 24 ( ( PUNCT cblr-1764 271 25 “ " PUNCT cblr-1764 271 26 mbia mbia PROPN cblr-1764 271 27 ” " PUNCT cblr-1764 271 28 ) ) PUNCT cblr-1764 271 29 , , PUNCT cblr-1764 271 30 a a DET cblr-1764 271 31 financial financial ADJ cblr-1764 271 32 guarantor guarantor NOUN cblr-1764 271 33 and and CCONJ cblr-1764 271 34 the the DET cblr-1764 271 35 world world NOUN cblr-1764 271 36 ’s ’s PART cblr-1764 271 37 largest large ADJ cblr-1764 271 38 monoline monoline ADJ cblr-1764 271 39 insurer insurer NOUN cblr-1764 271 40 as as ADP cblr-1764 271 41 of of ADP cblr-1764 271 42 2007 2007 NUM cblr-1764 271 43 . . PUNCT cblr-1764 272 1 since since SCONJ cblr-1764 272 2 being be AUX cblr-1764 272 3 founded found VERB cblr-1764 272 4 in in ADP cblr-1764 272 5 1973 1973 NUM cblr-1764 272 6 , , PUNCT cblr-1764 272 7 mbia mbia PROPN cblr-1764 272 8 ’s ’s PART cblr-1764 272 9 exclusive exclusive ADJ cblr-1764 272 10 line line NOUN cblr-1764 272 11 of of ADP cblr-1764 272 12 business business NOUN cblr-1764 272 13 was be AUX cblr-1764 272 14 selling sell VERB cblr-1764 272 15 bond bond NOUN cblr-1764 272 16 insurance insurance NOUN cblr-1764 272 17 on on ADP cblr-1764 272 18 municipal municipal ADJ cblr-1764 272 19 bonds bond NOUN cblr-1764 272 20 . . PUNCT cblr-1764 273 1 beginning begin VERB cblr-1764 273 2 in in ADP cblr-1764 273 3 the the DET cblr-1764 273 4 late late ADJ cblr-1764 273 5 1990s 1990 NOUN cblr-1764 273 6 , , PUNCT cblr-1764 273 7 however however ADV cblr-1764 273 8 , , PUNCT cblr-1764 273 9 it it PRON cblr-1764 273 10 also also ADV cblr-1764 273 11 aggressively aggressively ADV cblr-1764 273 12 expanded expand VERB cblr-1764 273 13 into into ADP cblr-1764 273 14 financial financial ADJ cblr-1764 273 15 guarantees guarantee NOUN cblr-1764 273 16 on on ADP cblr-1764 273 17 housing housing NOUN cblr-1764 273 18 - - PUNCT cblr-1764 273 19 related relate VERB cblr-1764 273 20 derivatives derivative NOUN cblr-1764 273 21 by by ADP cblr-1764 273 22 writing write VERB cblr-1764 273 23 billions billion NOUN cblr-1764 273 24 of of ADP cblr-1764 273 25 dollars dollar NOUN cblr-1764 273 26 of of ADP cblr-1764 273 27 bond bond NOUN cblr-1764 273 28 insurance insurance NOUN cblr-1764 273 29 and and CCONJ cblr-1764 273 30 cds cd NOUN cblr-1764 273 31 on on ADP cblr-1764 273 32 rmbs rmb NOUN cblr-1764 273 33 and and CCONJ cblr-1764 273 34 cdos.84 cdos.84 PROPN cblr-1764 273 35 after after ADP cblr-1764 273 36 a a DET cblr-1764 273 37 series series NOUN cblr-1764 273 38 of of ADP cblr-1764 273 39 downgrades downgrade NOUN cblr-1764 273 40 81 81 NUM cblr-1764 273 41 see see NOUN cblr-1764 273 42 sjostrom sjostrom PROPN cblr-1764 273 43 , , PUNCT cblr-1764 273 44 supra supra ADJ cblr-1764 273 45 note note NOUN cblr-1764 273 46 3 3 NUM cblr-1764 273 47 , , PUNCT cblr-1764 273 48 at at ADP cblr-1764 273 49 960–61 960–61 NUM cblr-1764 273 50 . . PUNCT cblr-1764 274 1 82 82 NUM cblr-1764 274 2 aig aig PROPN cblr-1764 274 3 q3 q3 PROPN cblr-1764 274 4 2008 2008 NUM cblr-1764 274 5 quarterly quarterly ADJ cblr-1764 274 6 report report NOUN cblr-1764 274 7 , , PUNCT cblr-1764 274 8 supra supra PROPN cblr-1764 274 9 note note NOUN cblr-1764 274 10 74 74 NUM cblr-1764 274 11 , , PUNCT cblr-1764 274 12 at at ADP cblr-1764 274 13 50 50 NUM cblr-1764 274 14 . . PUNCT cblr-1764 274 15 83 83 NUM cblr-1764 274 16 matthew matthew PROPN cblr-1764 274 17 karnitschning karnitschning PROPN cblr-1764 274 18 , , PUNCT cblr-1764 274 19 u.s u.s PROPN cblr-1764 274 20 . . PROPN cblr-1764 274 21 to to PART cblr-1764 274 22 take take VERB cblr-1764 274 23 over over ADP cblr-1764 274 24 aig aig PROPN cblr-1764 274 25 in in ADP cblr-1764 274 26 $ $ SYM cblr-1764 274 27 85 85 NUM cblr-1764 274 28 billion billion NUM cblr-1764 274 29 bailout bailout NOUN cblr-1764 274 30 , , PUNCT cblr-1764 274 31 wall wall PROPN cblr-1764 274 32 . . PUNCT cblr-1764 274 33 st st PROPN cblr-1764 274 34 . . PROPN cblr-1764 274 35 j. j. PROPN cblr-1764 274 36 ( ( PUNCT cblr-1764 274 37 sept sept PROPN cblr-1764 274 38 . . PROPN cblr-1764 274 39 17 17 NUM cblr-1764 274 40 , , PUNCT cblr-1764 274 41 2008 2008 NUM cblr-1764 274 42 ) ) PUNCT cblr-1764 274 43 , , PUNCT cblr-1764 274 44 http://www.wsj.com/articles/ http://www.wsj.com/articles/ CCONJ cblr-1764 274 45 sb122156561931242905 sb122156561931242905 VERB cblr-1764 274 46 [ [ X cblr-1764 274 47 http://perma.cc/af6l-u5ac http://perma.cc/af6l-u5ac NOUN cblr-1764 274 48 ] ] X cblr-1764 274 49 . . PUNCT cblr-1764 275 1 84 84 NUM cblr-1764 275 2 see see VERB cblr-1764 275 3 drake drake PROPN cblr-1764 275 4 & & CCONJ cblr-1764 275 5 neale neale PROPN cblr-1764 275 6 , , PUNCT cblr-1764 275 7 supra supra PROPN cblr-1764 275 8 note note PROPN cblr-1764 275 9 62 62 NUM cblr-1764 275 10 , , PUNCT cblr-1764 275 11 at at ADP cblr-1764 275 12 16–19 16–19 NUM cblr-1764 275 13 . . PUNCT cblr-1764 276 1 turk turk PROPN cblr-1764 276 2 – – PUNCT cblr-1764 276 3 final final ADJ cblr-1764 276 4 992 992 NUM cblr-1764 276 5 columbia columbia PROPN cblr-1764 276 6 business business NOUN cblr-1764 276 7 law law PROPN cblr-1764 276 8 review review NOUN cblr-1764 276 9 [ [ X cblr-1764 276 10 vol vol NOUN cblr-1764 276 11 . . NOUN cblr-1764 276 12 2015 2015 NUM cblr-1764 276 13 by by ADP cblr-1764 276 14 the the DET cblr-1764 276 15 ratings rating NOUN cblr-1764 276 16 agencies agency NOUN cblr-1764 276 17 in in ADP cblr-1764 276 18 spring spring NOUN cblr-1764 276 19 and and CCONJ cblr-1764 276 20 summer summer NOUN cblr-1764 276 21 of of ADP cblr-1764 276 22 2008 2008 NUM cblr-1764 276 23 , , PUNCT cblr-1764 276 24 mbia mbia PROPN cblr-1764 276 25 ’s ’s PART cblr-1764 276 26 continuing continue VERB cblr-1764 276 27 solvency solvency NOUN cblr-1764 276 28 was be AUX cblr-1764 276 29 cast cast VERB cblr-1764 276 30 in in ADP cblr-1764 276 31 doubt doubt NOUN cblr-1764 276 32 , , PUNCT cblr-1764 276 33 raising raise VERB cblr-1764 276 34 concerns concern NOUN cblr-1764 276 35 over over ADP cblr-1764 276 36 whether whether SCONJ cblr-1764 276 37 a a DET cblr-1764 276 38 potential potential ADJ cblr-1764 276 39 default default NOUN cblr-1764 276 40 on on ADP cblr-1764 276 41 its its PRON cblr-1764 276 42 municipal municipal ADJ cblr-1764 276 43 bond bond NOUN cblr-1764 276 44 insurance insurance NOUN cblr-1764 276 45 policies policy NOUN cblr-1764 276 46 would would AUX cblr-1764 276 47 have have AUX cblr-1764 276 48 systemic systemic ADJ cblr-1764 276 49 ripple ripple ADJ cblr-1764 276 50 effects.85 effects.85 NOUN cblr-1764 276 51 in in ADP cblr-1764 276 52 order order NOUN cblr-1764 276 53 to to ADP cblr-1764 276 54 “ " PUNCT cblr-1764 276 55 [ [ X cblr-1764 276 56 a]ssur[e a]ssur[e X cblr-1764 276 57 ] ] X cblr-1764 276 58 counter counter NOUN cblr-1764 276 59 - - NOUN cblr-1764 276 60 party party NOUN cblr-1764 276 61 certainty certainty NOUN cblr-1764 276 62 [ [ X cblr-1764 276 63 and and CCONJ cblr-1764 276 64 ] ] PUNCT cblr-1764 276 65 introduce introduce VERB cblr-1764 276 66 some some DET cblr-1764 276 67 measure measure NOUN cblr-1764 276 68 of of ADP cblr-1764 276 69 much much ADV cblr-1764 276 70 - - PUNCT cblr-1764 276 71 needed need VERB cblr-1764 276 72 confidence confidence NOUN cblr-1764 276 73 and and CCONJ cblr-1764 276 74 stability stability NOUN cblr-1764 276 75 ” " PUNCT cblr-1764 276 76 in in ADP cblr-1764 276 77 municipal municipal ADJ cblr-1764 276 78 debt debt NOUN cblr-1764 276 79 markets market NOUN cblr-1764 276 80 , , PUNCT cblr-1764 276 81 the the DET cblr-1764 276 82 new new PROPN cblr-1764 276 83 york york PROPN cblr-1764 276 84 insurance insurance PROPN cblr-1764 276 85 department department PROPN cblr-1764 276 86 ( ( PUNCT cblr-1764 276 87 “ " PUNCT cblr-1764 276 88 nyid nyid ADJ cblr-1764 276 89 ” " PUNCT cblr-1764 276 90 ) ) PUNCT cblr-1764 276 91 “ " PUNCT cblr-1764 276 92 facilitated facilitate VERB cblr-1764 276 93 and and CCONJ cblr-1764 276 94 supervised supervise VERB cblr-1764 276 95 ” " PUNCT cblr-1764 276 96 an an DET cblr-1764 276 97 emergency emergency NOUN cblr-1764 276 98 restructuring restructuring NOUN cblr-1764 276 99 of of ADP cblr-1764 276 100 mbia mbia PROPN cblr-1764 276 101 on on ADP cblr-1764 276 102 a a DET cblr-1764 276 103 highly highly ADV cblr-1764 276 104 expedited expedite VERB cblr-1764 276 105 basis.86 basis.86 NOUN cblr-1764 276 106 the the DET cblr-1764 276 107 result result NOUN cblr-1764 276 108 was be AUX cblr-1764 276 109 a a DET cblr-1764 276 110 transformation transformation NOUN cblr-1764 276 111 of of ADP cblr-1764 276 112 the the DET cblr-1764 276 113 company company NOUN cblr-1764 276 114 , , PUNCT cblr-1764 276 115 approved approve VERB cblr-1764 276 116 by by ADP cblr-1764 276 117 the the DET cblr-1764 276 118 nyid nyid NOUN cblr-1764 276 119 in in ADP cblr-1764 276 120 february february PROPN cblr-1764 276 121 of of ADP cblr-1764 276 122 2009 2009 NUM cblr-1764 276 123 , , PUNCT cblr-1764 276 124 which which PRON cblr-1764 276 125 split split VERB cblr-1764 276 126 mbia mbia PROPN cblr-1764 276 127 , , PUNCT cblr-1764 276 128 inc inc PROPN cblr-1764 276 129 . . PROPN cblr-1764 276 130 in in ADP cblr-1764 276 131 two two NUM cblr-1764 276 132 and and CCONJ cblr-1764 276 133 transferred transfer VERB cblr-1764 276 134 $ $ SYM cblr-1764 276 135 5 5 NUM cblr-1764 276 136 billion billion NUM cblr-1764 276 137 of of ADP cblr-1764 276 138 its its PRON cblr-1764 276 139 assets asset NOUN cblr-1764 276 140 to to ADP cblr-1764 276 141 a a DET cblr-1764 276 142 new new ADJ cblr-1764 276 143 entity entity NOUN cblr-1764 276 144 that that PRON cblr-1764 276 145 was be AUX cblr-1764 276 146 dedicated dedicate VERB cblr-1764 276 147 to to ADP cblr-1764 276 148 backstopping backstoppe VERB cblr-1764 276 149 only only ADV cblr-1764 276 150 municipal municipal ADJ cblr-1764 276 151 bond bond NOUN cblr-1764 276 152 obligations.87 obligations.87 VERB cblr-1764 276 153 a a DET cblr-1764 276 154 third third ADJ cblr-1764 276 155 example example NOUN cblr-1764 276 156 of of ADP cblr-1764 276 157 counterparty counterparty NOUN cblr-1764 276 158 risk risk NOUN cblr-1764 276 159 posed pose VERB cblr-1764 276 160 by by ADP cblr-1764 276 161 an an DET cblr-1764 276 162 insurance insurance NOUN cblr-1764 276 163 company company NOUN cblr-1764 276 164 is be AUX cblr-1764 276 165 swiss swiss ADJ cblr-1764 276 166 re re ADP cblr-1764 276 167 , , PUNCT cblr-1764 276 168 an an DET cblr-1764 276 169 international international ADJ cblr-1764 276 170 property property NOUN cblr-1764 276 171 and and CCONJ cblr-1764 276 172 casualty casualty NOUN cblr-1764 276 173 reinsurance reinsurance NOUN cblr-1764 276 174 conglomerate conglomerate NOUN cblr-1764 276 175 based base VERB cblr-1764 276 176 in in ADP cblr-1764 276 177 switzerland switzerland PROPN cblr-1764 276 178 . . PUNCT cblr-1764 277 1 in in ADP cblr-1764 277 2 november november PROPN cblr-1764 277 3 of of ADP cblr-1764 277 4 2007 2007 NUM cblr-1764 277 5 , , PUNCT cblr-1764 277 6 swiss swiss ADJ cblr-1764 277 7 re re VERB cblr-1764 277 8 was be AUX cblr-1764 277 9 forced force VERB cblr-1764 277 10 to to PART cblr-1764 277 11 write write VERB cblr-1764 277 12 down down ADP cblr-1764 277 13 a a DET cblr-1764 277 14 $ $ SYM cblr-1764 277 15 1.1 1.1 NUM cblr-1764 277 16 billion billion NUM cblr-1764 277 17 loss loss NOUN cblr-1764 277 18 as as ADP cblr-1764 277 19 a a DET cblr-1764 277 20 result result NOUN cblr-1764 277 21 of of ADP cblr-1764 277 22 downgrades downgrade NOUN cblr-1764 277 23 on on ADP cblr-1764 277 24 rmbs rmb NOUN cblr-1764 277 25 that that SCONJ cblr-1764 277 26 it it PRON cblr-1764 277 27 had have AUX cblr-1764 277 28 insured insure VERB cblr-1764 277 29 by by ADP cblr-1764 277 30 issuing issue VERB cblr-1764 277 31 cds.88 cds.88 NOUN cblr-1764 277 32 after after ADP cblr-1764 277 33 purportedly purportedly ADV cblr-1764 277 34 seeking seek VERB cblr-1764 277 35 a a DET cblr-1764 277 36 bailout bailout NOUN cblr-1764 277 37 from from ADP cblr-1764 277 38 the the DET cblr-1764 277 39 swiss swiss ADJ cblr-1764 277 40 government government NOUN cblr-1764 277 41 in in ADP cblr-1764 277 42 fall fall NOUN cblr-1764 277 43 of of ADP cblr-1764 277 44 2008 2008 NUM cblr-1764 277 45 , , PUNCT cblr-1764 277 46 swiss swiss ADJ cblr-1764 277 47 re re VERB cblr-1764 277 48 was be AUX cblr-1764 277 49 only only ADV cblr-1764 277 50 able able ADJ cblr-1764 277 51 to to PART cblr-1764 277 52 stay stay VERB cblr-1764 277 53 afloat afloat ADV cblr-1764 277 54 after after ADP cblr-1764 277 55 receiving receive VERB cblr-1764 277 56 an an DET cblr-1764 277 57 emergency emergency NOUN cblr-1764 277 58 $ $ SYM cblr-1764 277 59 2.6 2.6 NUM cblr-1764 277 60 billion billion NUM cblr-1764 277 61 loan loan NOUN cblr-1764 277 62 from from ADP cblr-1764 277 63 warren warren PROPN cblr-1764 277 64 buffett buffett PROPN cblr-1764 277 65 ’s ’s PART cblr-1764 277 66 berkshire berkshire PROPN cblr-1764 277 67 hathaway hathaway PROPN cblr-1764 277 68 , , PUNCT cblr-1764 277 69 which which PRON cblr-1764 277 70 at at ADP cblr-1764 277 71 the the DET cblr-1764 277 72 time time NOUN cblr-1764 277 73 was be AUX cblr-1764 277 74 a a DET cblr-1764 277 75 85 85 NUM cblr-1764 277 76 i i PRON cblr-1764 277 77 d. d. NOUN cblr-1764 277 78 at at ADP cblr-1764 277 79 19 19 NUM cblr-1764 277 80 ( ( PUNCT cblr-1764 277 81 “ " PUNCT cblr-1764 277 82 the the DET cblr-1764 277 83 concern concern NOUN cblr-1764 277 84 remain[ed remain[ed PROPN cblr-1764 277 85 ] ] PUNCT cblr-1764 277 86 that that SCONJ cblr-1764 277 87 mbia mbia PROPN cblr-1764 277 88 ’s ’s PART cblr-1764 277 89 insurance insurance NOUN cblr-1764 277 90 portfolio portfolio NOUN cblr-1764 277 91 , , PUNCT cblr-1764 277 92 combined combine VERB cblr-1764 277 93 with with ADP cblr-1764 277 94 the the DET cblr-1764 277 95 stress stress NOUN cblr-1764 277 96 from from ADP cblr-1764 277 97 its its PRON cblr-1764 277 98 cds cd NOUN cblr-1764 277 99 exposure exposure NOUN cblr-1764 277 100 , , PUNCT cblr-1764 277 101 d[id d[id NOUN cblr-1764 277 102 ] ] PUNCT cblr-1764 277 103 not not PART cblr-1764 277 104 provide provide VERB cblr-1764 277 105 adequate adequate ADJ cblr-1764 277 106 capital capital NOUN cblr-1764 277 107 . . 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PROPN cblr-1764 282 25 19 19 NUM cblr-1764 282 26 , , PUNCT cblr-1764 282 27 2007 2007 NUM cblr-1764 282 28 ) ) PUNCT cblr-1764 282 29 , , PUNCT cblr-1764 282 30 http://www.nytimes.com/2007/11/19/business/worldbusiness/19ihtinsure.4.8395025.html http://www.nytimes.com/2007/11/19/business/worldbusiness/19ihtinsure.4.8395025.html PROPN cblr-1764 282 31 [ [ X cblr-1764 282 32 http://perma.cc/54fp-vnlg http://perma.cc/54fp-vnlg X cblr-1764 282 33 ] ] PUNCT cblr-1764 282 34 . . PUNCT cblr-1764 283 1 turk turk PROPN cblr-1764 283 2 – – PUNCT cblr-1764 283 3 final final ADJ cblr-1764 283 4 no no NOUN cblr-1764 283 5 . . PUNCT cblr-1764 284 1 3:967 3:967 NUM cblr-1764 284 2 ] ] PUNCT cblr-1764 284 3 insurance insurance NOUN cblr-1764 284 4 convergence convergence NOUN cblr-1764 284 5 993 993 NUM cblr-1764 284 6 major major ADJ cblr-1764 284 7 counterparty counterparty NOUN cblr-1764 284 8 of of ADP cblr-1764 284 9 the the DET cblr-1764 284 10 reinsurer.89 reinsurer.89 NOUN cblr-1764 284 11 if if SCONJ cblr-1764 284 12 any any DET cblr-1764 284 13 episode episode NOUN cblr-1764 284 14 can can AUX cblr-1764 284 15 capture capture VERB cblr-1764 284 16 the the DET cblr-1764 284 17 dramatic dramatic ADJ cblr-1764 284 18 entry entry NOUN cblr-1764 284 19 of of ADP cblr-1764 284 20 insurance insurance NOUN cblr-1764 284 21 into into ADP cblr-1764 284 22 the the DET cblr-1764 284 23 global global ADJ cblr-1764 284 24 financial financial ADJ cblr-1764 284 25 system system NOUN cblr-1764 284 26 , , PUNCT cblr-1764 284 27 surely surely ADV cblr-1764 284 28 it it PRON cblr-1764 284 29 is be AUX cblr-1764 284 30 warren warren PROPN cblr-1764 284 31 buffett buffett PROPN cblr-1764 284 32 stepping step VERB cblr-1764 284 33 in in ADP cblr-1764 284 34 for for SCONJ cblr-1764 284 35 the the DET cblr-1764 284 36 government government NOUN cblr-1764 284 37 of of ADP cblr-1764 284 38 switzerland switzerland PROPN cblr-1764 284 39 to to PART cblr-1764 284 40 bailout bailout VERB cblr-1764 284 41 a a DET cblr-1764 284 42 swiss swiss ADJ cblr-1764 284 43 property property NOUN cblr-1764 284 44 and and CCONJ cblr-1764 284 45 casualty casualty NOUN cblr-1764 284 46 reinsurer reinsurer NOUN cblr-1764 284 47 that that PRON cblr-1764 284 48 has have AUX cblr-1764 284 49 been be AUX cblr-1764 284 50 rendered render VERB cblr-1764 284 51 insolvent insolvent ADJ cblr-1764 284 52 by by ADP cblr-1764 284 53 adverse adverse ADJ cblr-1764 284 54 developments development NOUN cblr-1764 284 55 in in ADP cblr-1764 284 56 u.s u.s PROPN cblr-1764 284 57 . . PROPN cblr-1764 284 58 mortgage mortgage NOUN cblr-1764 284 59 markets market NOUN cblr-1764 284 60 . . PUNCT cblr-1764 285 1 2 2 X cblr-1764 285 2 . . X cblr-1764 285 3 spillover spillover VERB cblr-1764 285 4 risk risk NOUN cblr-1764 285 5 a a DET cblr-1764 285 6 second second ADJ cblr-1764 285 7 form form NOUN cblr-1764 285 8 of of ADP cblr-1764 285 9 systemic systemic ADJ cblr-1764 285 10 risk risk NOUN cblr-1764 285 11 is be AUX cblr-1764 285 12 a a DET cblr-1764 285 13 vicious vicious ADJ cblr-1764 285 14 - - PUNCT cblr-1764 285 15 spiral spiral ADJ cblr-1764 285 16 dynamic dynamic NOUN cblr-1764 285 17 referred refer VERB cblr-1764 285 18 to to ADP cblr-1764 285 19 as as SCONJ cblr-1764 285 20 “ " PUNCT cblr-1764 285 21 spillover spillover VERB cblr-1764 285 22 risk risk NOUN cblr-1764 285 23 . . PUNCT cblr-1764 285 24 ” " PUNCT cblr-1764 286 1 spillover spillover VERB cblr-1764 286 2 risk risk NOUN cblr-1764 286 3 is be AUX cblr-1764 286 4 initiated initiate VERB cblr-1764 286 5 when when SCONJ cblr-1764 286 6 a a DET cblr-1764 286 7 one one NUM cblr-1764 286 8 - - PUNCT cblr-1764 286 9 time time NOUN cblr-1764 286 10 loss loss NOUN cblr-1764 286 11 forces force NOUN cblr-1764 286 12 an an DET cblr-1764 286 13 institution institution NOUN cblr-1764 286 14 to to PART cblr-1764 286 15 sell sell VERB cblr-1764 286 16 large large ADJ cblr-1764 286 17 amounts amount NOUN cblr-1764 286 18 of of ADP cblr-1764 286 19 a a DET cblr-1764 286 20 particular particular ADJ cblr-1764 286 21 asset asset NOUN cblr-1764 286 22 . . PUNCT cblr-1764 287 1 those those DET cblr-1764 287 2 sales sale NOUN cblr-1764 287 3 temporarily temporarily ADV cblr-1764 287 4 depress depress VERB cblr-1764 287 5 that that DET cblr-1764 287 6 asset asset NOUN cblr-1764 287 7 ’s ’s PART cblr-1764 287 8 market market NOUN cblr-1764 287 9 price price NOUN cblr-1764 287 10 , , PUNCT cblr-1764 287 11 creating create VERB cblr-1764 287 12 liquidity liquidity NOUN cblr-1764 287 13 or or CCONJ cblr-1764 287 14 funding funding NOUN cblr-1764 287 15 constraints constraint NOUN cblr-1764 287 16 on on ADP cblr-1764 287 17 firms firm NOUN cblr-1764 287 18 holding hold VERB cblr-1764 287 19 the the DET cblr-1764 287 20 same same ADJ cblr-1764 287 21 asset asset NOUN cblr-1764 287 22 , , PUNCT cblr-1764 287 23 which which PRON cblr-1764 287 24 in in ADP cblr-1764 287 25 turn turn NOUN cblr-1764 287 26 induces induce VERB cblr-1764 287 27 them they PRON cblr-1764 287 28 to to PART cblr-1764 287 29 rush rush VERB cblr-1764 287 30 to to PART cblr-1764 287 31 sell sell VERB cblr-1764 287 32 other other ADJ cblr-1764 287 33 assets asset NOUN cblr-1764 287 34 at at ADP cblr-1764 287 35 below below ADP cblr-1764 287 36 - - PUNCT cblr-1764 287 37 market market NOUN cblr-1764 287 38 “ " PUNCT cblr-1764 287 39 fire fire NOUN cblr-1764 287 40 sale sale NOUN cblr-1764 287 41 ” " PUNCT cblr-1764 287 42 prices.90 prices.90 NOUN cblr-1764 287 43 if if SCONJ cblr-1764 287 44 this this DET cblr-1764 287 45 process process NOUN cblr-1764 287 46 gains gain VERB cblr-1764 287 47 enough enough ADJ cblr-1764 287 48 momentum momentum NOUN cblr-1764 287 49 , , PUNCT cblr-1764 287 50 it it PRON cblr-1764 287 51 can can AUX cblr-1764 287 52 lead lead VERB cblr-1764 287 53 to to ADP cblr-1764 287 54 a a DET cblr-1764 287 55 widespread widespread ADJ cblr-1764 287 56 hoarding hoarding NOUN cblr-1764 287 57 of of ADP cblr-1764 287 58 liquidity liquidity NOUN cblr-1764 287 59 and and CCONJ cblr-1764 287 60 a a DET cblr-1764 287 61 systemic systemic ADJ cblr-1764 287 62 disruption disruption NOUN cblr-1764 287 63 of of ADP cblr-1764 287 64 credit credit NOUN cblr-1764 287 65 markets market NOUN cblr-1764 287 66 . . PUNCT cblr-1764 288 1 insurance insurance NOUN cblr-1764 288 2 companies company NOUN cblr-1764 288 3 may may AUX cblr-1764 288 4 now now ADV cblr-1764 288 5 contribute contribute VERB cblr-1764 288 6 and and CCONJ cblr-1764 288 7 be be AUX cblr-1764 288 8 susceptible susceptible ADJ cblr-1764 288 9 to to PART cblr-1764 288 10 spillover spillover VERB cblr-1764 288 11 risk risk NOUN cblr-1764 288 12 due due ADP cblr-1764 288 13 to to ADP cblr-1764 288 14 the the DET cblr-1764 288 15 asset asset NOUN cblr-1764 288 16 side side NOUN cblr-1764 288 17 of of ADP cblr-1764 288 18 their their PRON cblr-1764 288 19 balance balance NOUN cblr-1764 288 20 sheets sheet NOUN cblr-1764 288 21 , , PUNCT cblr-1764 288 22 which which PRON cblr-1764 288 23 have have AUX cblr-1764 288 24 grown grow VERB cblr-1764 288 25 to to PART cblr-1764 288 26 resemble resemble VERB cblr-1764 288 27 and and CCONJ cblr-1764 288 28 become become VERB cblr-1764 288 29 interconnected interconnected ADJ cblr-1764 288 30 with with ADP cblr-1764 288 31 those those PRON cblr-1764 288 32 of of ADP cblr-1764 288 33 other other ADJ cblr-1764 288 34 financial financial ADJ cblr-1764 288 35 firms firm NOUN cblr-1764 288 36 . . PUNCT cblr-1764 289 1 the the DET cblr-1764 289 2 magnitude magnitude NOUN cblr-1764 289 3 of of ADP cblr-1764 289 4 insurance insurance NOUN cblr-1764 289 5 companies company NOUN cblr-1764 289 6 as as SCONJ cblr-1764 289 7 investment investment NOUN cblr-1764 289 8 vehicles vehicle NOUN cblr-1764 289 9 may may AUX cblr-1764 289 10 be be AUX cblr-1764 289 11 surprising surprising ADJ cblr-1764 289 12 . . PUNCT cblr-1764 290 1 the the DET cblr-1764 290 2 proximate proximate NOUN cblr-1764 290 3 sources source NOUN cblr-1764 290 4 of of ADP cblr-1764 290 5 insurers insurer NOUN cblr-1764 290 6 ’ ' PUNCT cblr-1764 290 7 assets asset NOUN cblr-1764 290 8 are be AUX cblr-1764 290 9 the the DET cblr-1764 290 10 massive massive ADJ cblr-1764 290 11 streams stream NOUN cblr-1764 290 12 of of ADP cblr-1764 290 13 premiums premium NOUN cblr-1764 290 14 paid pay VERB cblr-1764 290 15 by by ADP cblr-1764 290 16 policyholders policyholder NOUN cblr-1764 290 17 , , PUNCT cblr-1764 290 18 estimated estimate VERB cblr-1764 290 19 at at ADP cblr-1764 290 20 $ $ SYM cblr-1764 290 21 4.1 4.1 NUM cblr-1764 290 22 trillion trillion NUM cblr-1764 290 23 globally globally ADV cblr-1764 290 24 for for ADP cblr-1764 290 25 2009.91 2009.91 NUM cblr-1764 290 26 as as ADP cblr-1764 290 27 a a DET cblr-1764 290 28 result result NOUN cblr-1764 290 29 , , PUNCT cblr-1764 290 30 the the DET cblr-1764 290 31 insurance insurance NOUN cblr-1764 290 32 industry industry NOUN cblr-1764 290 33 ’s ’s PART cblr-1764 290 34 assets asset NOUN cblr-1764 290 35 account account VERB cblr-1764 290 36 for for ADP cblr-1764 290 37 twelve twelve NUM cblr-1764 290 38 percent percent NOUN cblr-1764 290 39 of of ADP cblr-1764 290 40 all all DET cblr-1764 290 41 global global ADJ cblr-1764 290 42 financial financial ADJ cblr-1764 290 43 assets asset NOUN cblr-1764 290 44 , , PUNCT cblr-1764 290 45 with with ADP cblr-1764 290 46 the the DET cblr-1764 290 47 twenty twenty NUM cblr-1764 290 48 - - PUNCT cblr-1764 290 49 five five NUM cblr-1764 290 50 largest large ADJ cblr-1764 290 51 insurers insurer NOUN cblr-1764 290 52 in in ADP cblr-1764 290 53 the the DET cblr-1764 290 54 world world NOUN cblr-1764 290 55 holding hold VERB cblr-1764 290 56 a a DET cblr-1764 290 57 combined combine VERB cblr-1764 290 58 $ $ SYM cblr-1764 290 59 10.7 10.7 NUM cblr-1764 290 60 trillion trillion NUM cblr-1764 290 61 as as ADP cblr-1764 290 62 of of ADP cblr-1764 290 63 2010.92 2010.92 NUM cblr-1764 290 64 at at ADP cblr-1764 290 65 the the DET cblr-1764 290 66 end end NOUN cblr-1764 290 67 of of ADP cblr-1764 290 68 2007 2007 NUM cblr-1764 290 69 , , PUNCT cblr-1764 290 70 life life NOUN cblr-1764 290 71 insurers insurer NOUN cblr-1764 290 72 89 89 NUM cblr-1764 290 73 see see VERB cblr-1764 290 74 david david PROPN cblr-1764 290 75 jolly jolly PROPN cblr-1764 290 76 , , PUNCT cblr-1764 290 77 swiss swiss X cblr-1764 290 78 re re VERB cblr-1764 290 79 gets get VERB cblr-1764 290 80 $ $ SYM cblr-1764 290 81 2.6 2.6 NUM cblr-1764 290 82 billion billion NUM cblr-1764 290 83 from from ADP cblr-1764 290 84 berkshire berkshire PROPN cblr-1764 290 85 hathaway hathaway PROPN cblr-1764 290 86 , , PUNCT cblr-1764 290 87 n.y n.y PROPN cblr-1764 290 88 . . PROPN cblr-1764 290 89 times times PROPN cblr-1764 290 90 ( ( PUNCT cblr-1764 290 91 feb feb PROPN cblr-1764 290 92 . . PROPN cblr-1764 290 93 5 5 NUM cblr-1764 290 94 , , PUNCT cblr-1764 290 95 2009 2009 NUM cblr-1764 290 96 ) ) PUNCT cblr-1764 290 97 , , PUNCT cblr-1764 290 98 http://www.nytimes.com/2009/ http://www.nytimes.com/2009/ PROPN cblr-1764 290 99 02/06 02/06 NUM cblr-1764 290 100 / / SYM cblr-1764 290 101 business business NOUN cblr-1764 290 102 / / SYM cblr-1764 290 103 worldbusiness/06swiss.html worldbusiness/06swiss.html PROPN cblr-1764 291 1 [ [ X cblr-1764 291 2 http://perma.cc/d75d-anke http://perma.cc/d75d-anke PROPN cblr-1764 291 3 ] ] PUNCT cblr-1764 291 4 . . PUNCT cblr-1764 292 1 90 90 NUM cblr-1764 292 2 see see VERB cblr-1764 292 3 squam squam PROPN cblr-1764 292 4 lake lake NOUN cblr-1764 292 5 report report PROPN cblr-1764 292 6 , , PUNCT cblr-1764 292 7 supra supra PROPN cblr-1764 292 8 note note NOUN cblr-1764 292 9 78 78 NUM cblr-1764 292 10 , , PUNCT cblr-1764 292 11 at at ADP cblr-1764 292 12 45–47 45–47 NUM cblr-1764 292 13 , , PUNCT cblr-1764 292 14 67 67 NUM cblr-1764 292 15 ; ; PUNCT cblr-1764 292 16 acharya acharya PROPN cblr-1764 292 17 et et PROPN cblr-1764 292 18 al al PROPN cblr-1764 292 19 . . PROPN cblr-1764 292 20 , , PUNCT cblr-1764 292 21 supra supra PROPN cblr-1764 292 22 note note PROPN cblr-1764 292 23 5 5 NUM cblr-1764 292 24 , , PUNCT cblr-1764 292 25 at at ADP cblr-1764 292 26 263 263 NUM cblr-1764 292 27 ; ; PUNCT cblr-1764 292 28 andrei andrei NOUN cblr-1764 292 29 shleifer shleifer PROPN cblr-1764 292 30 & & CCONJ cblr-1764 292 31 robert robert PROPN cblr-1764 292 32 vishny vishny PROPN cblr-1764 292 33 , , PUNCT cblr-1764 292 34 fire fire NOUN cblr-1764 292 35 sales sale NOUN cblr-1764 292 36 in in ADP cblr-1764 292 37 finance finance NOUN cblr-1764 292 38 and and CCONJ cblr-1764 292 39 macroeconomics macroeconomic NOUN cblr-1764 292 40 , , PUNCT cblr-1764 292 41 25 25 NUM cblr-1764 292 42 j. j. PROPN cblr-1764 292 43 econ econ PROPN cblr-1764 292 44 . . PUNCT cblr-1764 293 1 persp persp PROPN cblr-1764 293 2 . . PUNCT cblr-1764 294 1 29 29 NUM cblr-1764 294 2 , , PUNCT cblr-1764 294 3 37 37 NUM cblr-1764 294 4 ( ( PUNCT cblr-1764 294 5 2011 2011 NUM cblr-1764 294 6 ) ) PUNCT cblr-1764 294 7 . . PUNCT cblr-1764 295 1 91 91 NUM cblr-1764 295 2 see see NOUN cblr-1764 295 3 iais iais NOUN cblr-1764 295 4 , , PUNCT cblr-1764 295 5 financial financial ADJ cblr-1764 295 6 stability stability NOUN cblr-1764 295 7 , , PUNCT cblr-1764 295 8 supra supra PROPN cblr-1764 295 9 note note PROPN cblr-1764 295 10 36 36 NUM cblr-1764 295 11 , , PUNCT cblr-1764 295 12 at at ADP cblr-1764 295 13 17 17 NUM cblr-1764 295 14 . . PUNCT cblr-1764 296 1 92 92 NUM cblr-1764 297 1 i i PRON cblr-1764 297 2 d. d. PROPN cblr-1764 297 3 at at ADP cblr-1764 297 4 21 21 NUM cblr-1764 297 5 ; ; PUNCT cblr-1764 297 6 acharya acharya PROPN cblr-1764 297 7 et et PROPN cblr-1764 297 8 al al PROPN cblr-1764 297 9 . . PROPN cblr-1764 297 10 , , PUNCT cblr-1764 297 11 supra supra PROPN cblr-1764 297 12 note note PROPN cblr-1764 297 13 5 5 NUM cblr-1764 297 14 , , PUNCT cblr-1764 297 15 at at ADP cblr-1764 297 16 263 263 NUM cblr-1764 297 17 . . PUNCT cblr-1764 298 1 turk turk PROPN cblr-1764 298 2 – – PUNCT cblr-1764 298 3 final final ADJ cblr-1764 298 4 994 994 NUM cblr-1764 298 5 columbia columbia PROPN cblr-1764 298 6 business business NOUN cblr-1764 298 7 law law PROPN cblr-1764 298 8 review review NOUN cblr-1764 298 9 [ [ X cblr-1764 298 10 vol vol NOUN cblr-1764 298 11 . . NOUN cblr-1764 298 12 2015 2015 NUM cblr-1764 298 13 were be AUX cblr-1764 298 14 the the DET cblr-1764 298 15 largest large ADJ cblr-1764 298 16 source source NOUN cblr-1764 298 17 of of ADP cblr-1764 298 18 corporate corporate ADJ cblr-1764 298 19 bond bond NOUN cblr-1764 298 20 financing financing NOUN cblr-1764 298 21 , , PUNCT cblr-1764 298 22 and and CCONJ cblr-1764 298 23 a a DET cblr-1764 298 24 more more ADV cblr-1764 298 25 recent recent ADJ cblr-1764 298 26 estimate estimate NOUN cblr-1764 298 27 finds find VERB cblr-1764 298 28 that that SCONJ cblr-1764 298 29 insurance insurance NOUN cblr-1764 298 30 companies company NOUN cblr-1764 298 31 currently currently ADV cblr-1764 298 32 hold hold VERB cblr-1764 298 33 7.8 7.8 NUM cblr-1764 298 34 percent percent NOUN cblr-1764 298 35 of of ADP cblr-1764 298 36 all all DET cblr-1764 298 37 credit credit NOUN cblr-1764 298 38 market market NOUN cblr-1764 298 39 debt debt NOUN cblr-1764 298 40 outstanding.93 outstanding.93 NOUN cblr-1764 298 41 although although SCONJ cblr-1764 298 42 historically historically ADV cblr-1764 298 43 insurance insurance NOUN cblr-1764 298 44 companies company NOUN cblr-1764 298 45 may may AUX cblr-1764 298 46 have have AUX cblr-1764 298 47 reinvested reinveste VERB cblr-1764 298 48 premiums premium NOUN cblr-1764 298 49 in in ADP cblr-1764 298 50 low low ADJ cblr-1764 298 51 - - PUNCT cblr-1764 298 52 risk risk NOUN cblr-1764 298 53 assets asset NOUN cblr-1764 298 54 , , PUNCT cblr-1764 298 55 the the DET cblr-1764 298 56 insurance insurance NOUN cblr-1764 298 57 sector sector NOUN cblr-1764 298 58 now now ADV cblr-1764 298 59 invests invest VERB cblr-1764 298 60 in in ADP cblr-1764 298 61 largely largely ADV cblr-1764 298 62 the the DET cblr-1764 298 63 same same ADJ cblr-1764 298 64 assets asset NOUN cblr-1764 298 65 as as ADP cblr-1764 298 66 banks bank NOUN cblr-1764 298 67 , , PUNCT cblr-1764 298 68 securities security NOUN cblr-1764 298 69 firms firm NOUN cblr-1764 298 70 , , PUNCT cblr-1764 298 71 and and CCONJ cblr-1764 298 72 hedge hedge VERB cblr-1764 298 73 funds.94 funds.94 PROPN cblr-1764 298 74 for for ADP cblr-1764 298 75 example example NOUN cblr-1764 298 76 , , PUNCT cblr-1764 298 77 it it PRON cblr-1764 298 78 is be AUX cblr-1764 298 79 estimated estimate VERB cblr-1764 298 80 that that SCONJ cblr-1764 298 81 total total ADJ cblr-1764 298 82 asset asset NOUN cblr-1764 298 83 - - PUNCT cblr-1764 298 84 side side NOUN cblr-1764 298 85 exposure exposure NOUN cblr-1764 298 86 of of ADP cblr-1764 298 87 the the DET cblr-1764 298 88 insurance insurance NOUN cblr-1764 298 89 industry industry NOUN cblr-1764 298 90 to to ADP cblr-1764 298 91 the the DET cblr-1764 298 92 housing housing NOUN cblr-1764 298 93 sector sector NOUN cblr-1764 298 94 and and CCONJ cblr-1764 298 95 related relate VERB cblr-1764 298 96 derivatives derivative NOUN cblr-1764 298 97 at at ADP cblr-1764 298 98 the the DET cblr-1764 298 99 time time NOUN cblr-1764 298 100 of of ADP cblr-1764 298 101 the the DET cblr-1764 298 102 2008 2008 NUM cblr-1764 298 103 crisis crisis NOUN cblr-1764 298 104 was be AUX cblr-1764 298 105 slightly slightly ADV cblr-1764 298 106 more more ADJ cblr-1764 298 107 than than ADP cblr-1764 298 108 $ $ SYM cblr-1764 298 109 1 1 NUM cblr-1764 298 110 trillion trillion NUM cblr-1764 298 111 , , PUNCT cblr-1764 298 112 a a DET cblr-1764 298 113 number number NOUN cblr-1764 298 114 comparable comparable ADJ cblr-1764 298 115 to to ADP cblr-1764 298 116 that that PRON cblr-1764 298 117 of of ADP cblr-1764 298 118 government government NOUN cblr-1764 298 119 - - PUNCT cblr-1764 298 120 sponsored sponsor VERB cblr-1764 298 121 enterprises enterprise NOUN cblr-1764 298 122 fannie fannie PROPN cblr-1764 298 123 mae mae PROPN cblr-1764 298 124 and and CCONJ cblr-1764 298 125 freddie freddie PROPN cblr-1764 298 126 mac mac PROPN cblr-1764 298 127 , , PUNCT cblr-1764 298 128 and and CCONJ cblr-1764 298 129 about about ADV cblr-1764 298 130 a a DET cblr-1764 298 131 fourth fourth ADJ cblr-1764 298 132 of of ADP cblr-1764 298 133 that that PRON cblr-1764 298 134 of of ADP cblr-1764 298 135 the the DET cblr-1764 298 136 entire entire ADJ cblr-1764 298 137 banking banking NOUN cblr-1764 298 138 industry.95 industry.95 NOUN cblr-1764 298 139 the the DET cblr-1764 298 140 interconnectedness interconnectedness NOUN cblr-1764 298 141 of of ADP cblr-1764 298 142 insurance insurance NOUN cblr-1764 298 143 with with ADP cblr-1764 298 144 banking banking NOUN cblr-1764 298 145 was be AUX cblr-1764 298 146 compounded compound VERB cblr-1764 298 147 by by ADP cblr-1764 298 148 the the DET cblr-1764 298 149 fact fact NOUN cblr-1764 298 150 that that SCONJ cblr-1764 298 151 a a DET cblr-1764 298 152 significant significant ADJ cblr-1764 298 153 amount amount NOUN cblr-1764 298 154 of of ADP cblr-1764 298 155 insurance insurance NOUN cblr-1764 298 156 assets asset NOUN cblr-1764 298 157 were be AUX cblr-1764 298 158 held hold VERB cblr-1764 298 159 specifically specifically ADV cblr-1764 298 160 in in ADP cblr-1764 298 161 the the DET cblr-1764 298 162 form form NOUN cblr-1764 298 163 of of ADP cblr-1764 298 164 debt debt NOUN cblr-1764 298 165 issued issue VERB cblr-1764 298 166 by by ADP cblr-1764 298 167 the the DET cblr-1764 298 168 same same ADJ cblr-1764 298 169 fragile fragile ADJ cblr-1764 298 170 financial financial ADJ cblr-1764 298 171 institutions institution NOUN cblr-1764 298 172 that that PRON cblr-1764 298 173 were be AUX cblr-1764 298 174 at at ADP cblr-1764 298 175 the the DET cblr-1764 298 176 center center NOUN cblr-1764 298 177 of of ADP cblr-1764 298 178 the the DET cblr-1764 298 179 2008 2008 NUM cblr-1764 298 180 meltdown.96 meltdown.96 NOUN cblr-1764 298 181 the the DET cblr-1764 298 182 role role NOUN cblr-1764 298 183 of of ADP cblr-1764 298 184 insurers insurer NOUN cblr-1764 298 185 as as ADP cblr-1764 298 186 creditors creditor NOUN cblr-1764 298 187 to to ADP cblr-1764 298 188 the the DET cblr-1764 298 189 banking banking NOUN cblr-1764 298 190 sector sector NOUN cblr-1764 298 191 has have AUX cblr-1764 298 192 only only ADV cblr-1764 298 193 slightly slightly ADV cblr-1764 298 194 lessened lessen VERB cblr-1764 298 195 since.97 since.97 NOUN cblr-1764 298 196 93 93 NUM cblr-1764 298 197 acharya acharya NOUN cblr-1764 298 198 et et PROPN cblr-1764 298 199 al al PROPN cblr-1764 298 200 . . 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PROPN cblr-1764 298 229 weiss weiss PROPN cblr-1764 298 230 , , PUNCT cblr-1764 298 231 systemic systemic ADJ cblr-1764 298 232 risk risk NOUN cblr-1764 298 233 and and CCONJ cblr-1764 298 234 regulation regulation NOUN cblr-1764 298 235 of of ADP cblr-1764 298 236 the the DET cblr-1764 298 237 u.s u.s PROPN cblr-1764 298 238 . . PROPN cblr-1764 298 239 insurance insurance NOUN cblr-1764 298 240 industry industry NOUN cblr-1764 298 241 , , PUNCT cblr-1764 298 242 in in ADP cblr-1764 298 243 modernizing modernize VERB cblr-1764 298 244 insurance insurance NOUN cblr-1764 298 245 regulation regulation NOUN cblr-1764 298 246 85 85 NUM cblr-1764 298 247 , , PUNCT cblr-1764 298 248 95 95 NUM cblr-1764 298 249 ( ( PUNCT cblr-1764 298 250 john john PROPN cblr-1764 298 251 h. h. PROPN cblr-1764 298 252 biggs biggs PROPN cblr-1764 298 253 & & CCONJ cblr-1764 298 254 matthew matthew PROPN cblr-1764 298 255 p. p. PROPN cblr-1764 298 256 richardson richardson PROPN cblr-1764 298 257 eds eds PROPN cblr-1764 298 258 . . PROPN cblr-1764 298 259 , , PUNCT cblr-1764 298 260 2014 2014 NUM cblr-1764 298 261 ) ) PUNCT cblr-1764 298 262 . . PUNCT cblr-1764 299 1 94 94 NUM cblr-1764 299 2 see see VERB cblr-1764 299 3 generally generally ADV cblr-1764 299 4 nat’l nat’l VERB cblr-1764 299 5 ass’n ass’n PROPN cblr-1764 300 1 ins in NOUN cblr-1764 300 2 . . 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PUNCT cblr-1764 303 1 the the DET cblr-1764 303 2 causes cause NOUN cblr-1764 303 3 of of ADP cblr-1764 303 4 the the DET cblr-1764 303 5 foreclosure foreclosure NOUN cblr-1764 303 6 crisis crisis NOUN cblr-1764 303 7 19 19 NUM cblr-1764 303 8 , , PUNCT cblr-1764 303 9 61 61 NUM cblr-1764 303 10 tbl.5 tbl.5 NOUN cblr-1764 303 11 ( ( PUNCT cblr-1764 303 12 fed fed PROPN cblr-1764 303 13 . . PROPN cblr-1764 303 14 reserve reserve PROPN cblr-1764 303 15 boston boston PROPN cblr-1764 303 16 , , PUNCT cblr-1764 303 17 public public ADJ cblr-1764 303 18 policy policy NOUN cblr-1764 303 19 discussion discussion NOUN cblr-1764 303 20 paper paper NOUN cblr-1764 303 21 no no INTJ cblr-1764 303 22 . . PROPN cblr-1764 303 23 12 12 NUM cblr-1764 303 24 - - SYM cblr-1764 303 25 2 2 NUM cblr-1764 303 26 , , PUNCT cblr-1764 303 27 2012 2012 NUM cblr-1764 303 28 ) ) PUNCT cblr-1764 303 29 , , PUNCT cblr-1764 303 30 http://www.bostonfed.org/economic/ppdp/2012/ppdp1202.htm http://www.bostonfed.org/economic/ppdp/2012/ppdp1202.htm X cblr-1764 304 1 [ [ X cblr-1764 304 2 http:// http:// PROPN cblr-1764 304 3 perma.cc/mc2v-5cks perma.cc/mc2v-5ck NOUN cblr-1764 304 4 ] ] PUNCT cblr-1764 304 5 . . PUNCT cblr-1764 305 1 96 96 NUM cblr-1764 305 2 see see VERB cblr-1764 305 3 martin martin PROPN cblr-1764 305 4 eling eling PROPN cblr-1764 305 5 & & CCONJ cblr-1764 305 6 hato hato PROPN cblr-1764 305 7 schmeiser schmeiser NOUN cblr-1764 305 8 , , PUNCT cblr-1764 305 9 insurance insurance NOUN cblr-1764 305 10 and and CCONJ cblr-1764 305 11 the the DET cblr-1764 305 12 credit credit NOUN cblr-1764 305 13 crisis crisis NOUN cblr-1764 305 14 : : PUNCT cblr-1764 305 15 impact impact NOUN cblr-1764 305 16 and and CCONJ cblr-1764 305 17 ten ten NUM cblr-1764 305 18 consequences consequence NOUN cblr-1764 305 19 for for ADP cblr-1764 305 20 risk risk NOUN cblr-1764 305 21 management management NOUN cblr-1764 305 22 and and CCONJ cblr-1764 305 23 supervision supervision NOUN cblr-1764 305 24 , , PUNCT cblr-1764 305 25 35 35 NUM cblr-1764 305 26 geneva geneva NOUN cblr-1764 305 27 papers paper NOUN cblr-1764 305 28 9 9 NUM cblr-1764 305 29 , , PUNCT cblr-1764 305 30 12 12 NUM cblr-1764 305 31 ( ( PUNCT cblr-1764 305 32 2010 2010 NUM cblr-1764 305 33 ) ) PUNCT cblr-1764 305 34 . . PUNCT cblr-1764 306 1 97 97 NUM cblr-1764 306 2 nat’l nat’l NOUN cblr-1764 306 3 ass’n ass’n NOUN cblr-1764 306 4 ins in NOUN cblr-1764 306 5 . . PUNCT cblr-1764 306 6 comm’rs comm’rs PROPN cblr-1764 306 7 , , PUNCT cblr-1764 306 8 naic naic PROPN cblr-1764 306 9 capital capital PROPN cblr-1764 306 10 markets market VERB cblr-1764 306 11 special special ADJ cblr-1764 306 12 report report NOUN cblr-1764 306 13 : : PUNCT cblr-1764 306 14 u.s u.s PROPN cblr-1764 306 15 . . PROPN cblr-1764 306 16 insurance insurance NOUN cblr-1764 306 17 industry industry NOUN cblr-1764 306 18 ’s ’s PART cblr-1764 306 19 investment investment NOUN cblr-1764 306 20 exposure exposure NOUN cblr-1764 306 21 to to ADP cblr-1764 306 22 the the DET cblr-1764 306 23 financial financial ADJ cblr-1764 306 24 turk turk NOUN cblr-1764 306 25 – – PUNCT cblr-1764 306 26 final final ADJ cblr-1764 306 27 no no NOUN cblr-1764 306 28 . . PUNCT cblr-1764 307 1 3:967 3:967 NUM cblr-1764 307 2 ] ] PUNCT cblr-1764 307 3 insurance insurance NOUN cblr-1764 307 4 convergence convergence NOUN cblr-1764 307 5 995 995 NUM cblr-1764 307 6 not not PART cblr-1764 307 7 surprisingly surprisingly ADV cblr-1764 307 8 , , PUNCT cblr-1764 307 9 then then ADV cblr-1764 307 10 , , PUNCT cblr-1764 307 11 insurance insurance NOUN cblr-1764 307 12 company company NOUN cblr-1764 307 13 assets asset NOUN cblr-1764 307 14 proved prove VERB cblr-1764 307 15 vulnerable vulnerable ADJ cblr-1764 307 16 to to ADP cblr-1764 307 17 strains strain NOUN cblr-1764 307 18 in in ADP cblr-1764 307 19 the the DET cblr-1764 307 20 financial financial ADJ cblr-1764 307 21 system system NOUN cblr-1764 307 22 during during ADP cblr-1764 307 23 the the DET cblr-1764 307 24 2008 2008 NUM cblr-1764 307 25 crisis crisis NOUN cblr-1764 307 26 . . PUNCT cblr-1764 308 1 one one NUM cblr-1764 308 2 study study NOUN cblr-1764 308 3 finds find VERB cblr-1764 308 4 that that SCONJ cblr-1764 308 5 , , PUNCT cblr-1764 308 6 in in ADP cblr-1764 308 7 january january PROPN cblr-1764 308 8 of of ADP cblr-1764 308 9 2009 2009 NUM cblr-1764 308 10 , , PUNCT cblr-1764 308 11 the the DET cblr-1764 308 12 investment investment NOUN cblr-1764 308 13 losses loss NOUN cblr-1764 308 14 of of ADP cblr-1764 308 15 u.s u.s PROPN cblr-1764 308 16 . . PROPN cblr-1764 308 17 life life NOUN cblr-1764 308 18 insurers insurer NOUN cblr-1764 308 19 triggered trigger VERB cblr-1764 308 20 regulatory regulatory ADJ cblr-1764 308 21 capital capital NOUN cblr-1764 308 22 requirements requirement NOUN cblr-1764 308 23 that that PRON cblr-1764 308 24 required require VERB cblr-1764 308 25 the the DET cblr-1764 308 26 insurers insurer NOUN cblr-1764 308 27 to to PART cblr-1764 308 28 sell sell VERB cblr-1764 308 29 annuities annuity NOUN cblr-1764 308 30 and and CCONJ cblr-1764 308 31 universal universal ADJ cblr-1764 308 32 life life NOUN cblr-1764 308 33 insurance insurance NOUN cblr-1764 308 34 policies policy NOUN cblr-1764 308 35 at at ADP cblr-1764 308 36 fire fire NOUN cblr-1764 308 37 sale sale NOUN cblr-1764 308 38 prices price NOUN cblr-1764 308 39 , , PUNCT cblr-1764 308 40 with with SCONJ cblr-1764 308 41 average average ADJ cblr-1764 308 42 markdowns markdown NOUN cblr-1764 308 43 of of ADP cblr-1764 308 44 twenty twenty NUM cblr-1764 308 45 - - PUNCT cblr-1764 308 46 five five NUM cblr-1764 308 47 to to PART cblr-1764 308 48 fifty fifty NUM cblr-1764 308 49 - - PUNCT cblr-1764 308 50 two two NUM cblr-1764 308 51 percent percent NOUN cblr-1764 308 52 relative relative ADJ cblr-1764 308 53 to to ADP cblr-1764 308 54 the the DET cblr-1764 308 55 policies policy NOUN cblr-1764 308 56 ’ ' PUNCT cblr-1764 308 57 actuarial actuarial ADJ cblr-1764 308 58 values.98 values.98 NOUN cblr-1764 308 59 japanese japanese ADJ cblr-1764 308 60 life life NOUN cblr-1764 308 61 insurer insurer NOUN cblr-1764 308 62 yamato yamato PROPN cblr-1764 308 63 life life NOUN cblr-1764 308 64 fared fare VERB cblr-1764 308 65 even even ADV cblr-1764 308 66 worse bad ADJ cblr-1764 308 67 , , PUNCT cblr-1764 308 68 failing fail VERB cblr-1764 308 69 outright outright ADV cblr-1764 308 70 in in ADP cblr-1764 308 71 october october PROPN cblr-1764 308 72 of of ADP cblr-1764 308 73 2008 2008 NUM cblr-1764 308 74 as as ADP cblr-1764 308 75 a a DET cblr-1764 308 76 result result NOUN cblr-1764 308 77 of of ADP cblr-1764 308 78 its its PRON cblr-1764 308 79 large large ADJ cblr-1764 308 80 investments investment NOUN cblr-1764 308 81 in in ADP cblr-1764 308 82 securitized securitized ADJ cblr-1764 308 83 financial financial ADJ cblr-1764 308 84 products product NOUN cblr-1764 308 85 that that PRON cblr-1764 308 86 had have AUX cblr-1764 308 87 collapsed collapse VERB cblr-1764 308 88 in in ADP cblr-1764 308 89 value.99 value.99 NOUN cblr-1764 308 90 another another DET cblr-1764 308 91 noteworthy noteworthy ADJ cblr-1764 308 92 victim victim NOUN cblr-1764 308 93 of of ADP cblr-1764 308 94 the the DET cblr-1764 308 95 market market NOUN cblr-1764 308 96 turbulence turbulence NOUN cblr-1764 308 97 was be AUX cblr-1764 308 98 german german ADJ cblr-1764 308 99 health health NOUN cblr-1764 308 100 insurer insurer NOUN cblr-1764 308 101 landeskrankenhilfe landeskrankenhilfe PROPN cblr-1764 308 102 , , PUNCT cblr-1764 308 103 which which PRON cblr-1764 308 104 had have VERB cblr-1764 308 105 € € SYM cblr-1764 308 106 200 200 NUM cblr-1764 308 107 million million NUM cblr-1764 308 108 of of ADP cblr-1764 308 109 its its PRON cblr-1764 308 110 € € SYM cblr-1764 308 111 4 4 NUM cblr-1764 308 112 billion billion NUM cblr-1764 308 113 assets asset NOUN cblr-1764 308 114 invested invest VERB cblr-1764 308 115 in in ADP cblr-1764 308 116 lehman lehman PROPN cblr-1764 308 117 brothers brother NOUN cblr-1764 308 118 at at ADP cblr-1764 308 119 the the DET cblr-1764 308 120 time time NOUN cblr-1764 308 121 of of ADP cblr-1764 308 122 the the DET cblr-1764 308 123 investment investment NOUN cblr-1764 308 124 bank bank NOUN cblr-1764 308 125 ’s ’s PART cblr-1764 308 126 collapse.100 collapse.100 NOUN cblr-1764 308 127 the the DET cblr-1764 308 128 spillover spillover NOUN cblr-1764 308 129 risks risk NOUN cblr-1764 308 130 posed pose VERB cblr-1764 308 131 by by ADP cblr-1764 308 132 insurance insurance NOUN cblr-1764 308 133 are be AUX cblr-1764 308 134 exacerbated exacerbate VERB cblr-1764 308 135 by by ADP cblr-1764 308 136 the the DET cblr-1764 308 137 fact fact NOUN cblr-1764 308 138 that that SCONJ cblr-1764 308 139 the the DET cblr-1764 308 140 industry industry NOUN cblr-1764 308 141 ’s ’s PART cblr-1764 308 142 assets asset NOUN cblr-1764 308 143 are be AUX cblr-1764 308 144 concentrated concentrate VERB cblr-1764 308 145 in in ADP cblr-1764 308 146 a a DET cblr-1764 308 147 relatively relatively ADV cblr-1764 308 148 small small ADJ cblr-1764 308 149 number number NOUN cblr-1764 308 150 of of ADP cblr-1764 308 151 large large ADJ cblr-1764 308 152 firms firm NOUN cblr-1764 308 153 . . PUNCT cblr-1764 309 1 nearly nearly ADV cblr-1764 309 2 twenty twenty NUM cblr-1764 309 3 - - PUNCT cblr-1764 309 4 four four NUM cblr-1764 309 5 percent percent NOUN cblr-1764 309 6 of of ADP cblr-1764 309 7 life life NOUN cblr-1764 309 8 insurance insurance NOUN cblr-1764 309 9 assets asset NOUN cblr-1764 309 10 are be AUX cblr-1764 309 11 held hold VERB cblr-1764 309 12 by by ADP cblr-1764 309 13 three three NUM cblr-1764 309 14 firms firm NOUN cblr-1764 309 15 — — PUNCT cblr-1764 309 16 metropolitan metropolitan ADJ cblr-1764 309 17 life life NOUN cblr-1764 309 18 , , PUNCT cblr-1764 309 19 prudential prudential NOUN cblr-1764 309 20 , , PUNCT cblr-1764 309 21 and and CCONJ cblr-1764 309 22 aig aig PROPN cblr-1764 309 23 — — PUNCT cblr-1764 309 24 while while SCONJ cblr-1764 309 25 the the DET cblr-1764 309 26 largest large ADJ cblr-1764 309 27 twenty twenty NUM cblr-1764 309 28 - - PUNCT cblr-1764 309 29 five five NUM cblr-1764 309 30 life life NOUN cblr-1764 309 31 insurance insurance NOUN cblr-1764 309 32 companies company NOUN cblr-1764 309 33 hold hold VERB cblr-1764 309 34 almost almost ADV cblr-1764 309 35 eighty eighty NUM cblr-1764 309 36 percent percent NOUN cblr-1764 309 37 of of ADP cblr-1764 309 38 the the DET cblr-1764 309 39 industry industry NOUN cblr-1764 309 40 ’s ’s PART cblr-1764 309 41 assets.101 assets.101 PROPN cblr-1764 309 42 as as ADP cblr-1764 309 43 a a DET cblr-1764 309 44 result result NOUN cblr-1764 309 45 , , PUNCT cblr-1764 309 46 econometric econometric ADJ cblr-1764 309 47 research research NOUN cblr-1764 309 48 attempting attempt VERB cblr-1764 309 49 to to PART cblr-1764 309 50 measure measure VERB cblr-1764 309 51 the the DET cblr-1764 309 52 vulnerability vulnerability NOUN cblr-1764 309 53 of of ADP cblr-1764 309 54 particular particular ADJ cblr-1764 309 55 financial financial ADJ cblr-1764 309 56 institutions institution NOUN cblr-1764 309 57 to to ADP cblr-1764 309 58 systemic systemic ADJ cblr-1764 309 59 risk risk NOUN cblr-1764 309 60 finds find VERB cblr-1764 309 61 a a DET cblr-1764 309 62 prominent prominent ADJ cblr-1764 309 63 place place NOUN cblr-1764 309 64 for for ADP cblr-1764 309 65 insurers insurer NOUN cblr-1764 309 66 . . PUNCT cblr-1764 310 1 a a DET cblr-1764 310 2 study study NOUN cblr-1764 310 3 by by ADP cblr-1764 310 4 acharya acharya PROPN cblr-1764 310 5 and and CCONJ cblr-1764 310 6 coauthors coauthor NOUN cblr-1764 310 7 , , PUNCT cblr-1764 310 8 which which PRON cblr-1764 310 9 estimates estimate VERB cblr-1764 310 10 the the DET cblr-1764 310 11 “ " PUNCT cblr-1764 310 12 marginal marginal ADJ cblr-1764 310 13 expected expect VERB cblr-1764 310 14 shortfall shortfall NOUN cblr-1764 310 15 ” " PUNCT cblr-1764 310 16 ( ( PUNCT cblr-1764 310 17 “ " PUNCT cblr-1764 310 18 mes me NOUN cblr-1764 310 19 ” " PUNCT cblr-1764 310 20 ) ) PUNCT cblr-1764 310 21 that that SCONJ cblr-1764 310 22 a a DET cblr-1764 310 23 firm firm NOUN cblr-1764 310 24 would would AUX cblr-1764 310 25 suffer suffer VERB cblr-1764 310 26 from from ADP cblr-1764 310 27 a a DET cblr-1764 310 28 significant significant ADJ cblr-1764 310 29 one one NUM cblr-1764 310 30 - - PUNCT cblr-1764 310 31 time time NOUN cblr-1764 310 32 sector sector NOUN cblr-1764 310 33 ( ( PUNCT cblr-1764 310 34 2013 2013 NUM cblr-1764 310 35 ) ) PUNCT cblr-1764 310 36 , , PUNCT cblr-1764 310 37 http://www.naic.org/capital_markets_archive/130405.htm http://www.naic.org/capital_markets_archive/130405.htm PROPN cblr-1764 311 1 [ [ X cblr-1764 311 2 http://perma.cc/l9un-5acz http://perma.cc/l9un-5acz PROPN cblr-1764 311 3 ] ] PUNCT cblr-1764 311 4 . . PROPN cblr-1764 312 1 98 98 NUM cblr-1764 312 2 ralph ralph PROPN cblr-1764 312 3 s.j s.j PROPN cblr-1764 312 4 . . PROPN cblr-1764 312 5 koijen koijen PROPN cblr-1764 312 6 & & CCONJ cblr-1764 312 7 motohiro motohiro PROPN cblr-1764 312 8 yogo yogo PROPN cblr-1764 312 9 , , PUNCT cblr-1764 312 10 insurance insurance NOUN cblr-1764 312 11 regulation regulation NOUN cblr-1764 312 12 and and CCONJ cblr-1764 312 13 policy policy NOUN cblr-1764 312 14 firesales firesale NOUN cblr-1764 312 15 2 2 NUM cblr-1764 312 16 ( ( PUNCT cblr-1764 312 17 mar mar PROPN cblr-1764 312 18 . . PROPN cblr-1764 312 19 2012 2012 NUM cblr-1764 312 20 ) ) PUNCT cblr-1764 312 21 ( ( PUNCT cblr-1764 312 22 unpublished unpublished ADJ cblr-1764 312 23 manuscript manuscript NOUN cblr-1764 312 24 ) ) PUNCT cblr-1764 312 25 , , PUNCT cblr-1764 312 26 https://www.bauer.uh.edu/departments/finance/documents/seminars/yogo https://www.bauer.uh.edu/departments/finance/documents/seminars/yogo X cblr-1764 312 27 _ _ DET cblr-1764 312 28 040612.pdf 040612.pdf NOUN cblr-1764 313 1 [ [ X cblr-1764 313 2 https://perma.cc/kte6-8vm3 https://perma.cc/kte6-8vm3 NOUN cblr-1764 313 3 ] ] PUNCT cblr-1764 313 4 . . PUNCT cblr-1764 314 1 99 99 NUM cblr-1764 314 2 see see VERB cblr-1764 314 3 michiyo michiyo NOUN cblr-1764 314 4 nakamoto nakamoto NOUN cblr-1764 314 5 , , PUNCT cblr-1764 314 6 japanese japanese ADJ cblr-1764 314 7 insurer insurer NOUN cblr-1764 314 8 yamato yamato PROPN cblr-1764 314 9 life life NOUN cblr-1764 314 10 collapses collapse VERB cblr-1764 314 11 , , PUNCT cblr-1764 314 12 fin fin PROPN cblr-1764 314 13 . . PUNCT cblr-1764 315 1 times times PROPN cblr-1764 315 2 ( ( PUNCT cblr-1764 315 3 oct oct PROPN cblr-1764 315 4 . . PROPN cblr-1764 315 5 10 10 NUM cblr-1764 315 6 , , PUNCT cblr-1764 315 7 2008 2008 NUM cblr-1764 315 8 ) ) PUNCT cblr-1764 315 9 , , PUNCT cblr-1764 316 1 http://www.ft.com/intl/cms/s/0/5e003a08-967b11dd-9dce-000077b07658.html#axzz3mnnxxc3w http://www.ft.com/intl/cms/s/0/5e003a08-967b11dd-9dce-000077b07658.html#axzz3mnnxxc3w X cblr-1764 317 1 [ [ X cblr-1764 317 2 http://perma.cc/679amrx7 http://perma.cc/679amrx7 X cblr-1764 317 3 ] ] X cblr-1764 317 4 . . PUNCT cblr-1764 318 1 100 100 NUM cblr-1764 318 2 eling eling PROPN cblr-1764 318 3 & & CCONJ cblr-1764 318 4 schmeiser schmeiser PROPN cblr-1764 318 5 , , PUNCT cblr-1764 318 6 supra supra PROPN cblr-1764 318 7 note note NOUN cblr-1764 318 8 96 96 NUM cblr-1764 318 9 , , PUNCT cblr-1764 318 10 at at ADP cblr-1764 318 11 12 12 NUM cblr-1764 318 12 . . PUNCT cblr-1764 319 1 101 101 NUM cblr-1764 319 2 acharya acharya PROPN cblr-1764 319 3 et et PROPN cblr-1764 319 4 al al PROPN cblr-1764 319 5 . . PROPN cblr-1764 319 6 , , PUNCT cblr-1764 319 7 supra supra PROPN cblr-1764 319 8 note note PROPN cblr-1764 319 9 5 5 NUM cblr-1764 319 10 , , PUNCT cblr-1764 319 11 at at ADP cblr-1764 319 12 263–64 263–64 PROPN cblr-1764 319 13 tbl.9.4 tbl.9.4 PROPN cblr-1764 319 14 . . PUNCT cblr-1764 320 1 turk turk PROPN cblr-1764 320 2 – – PUNCT cblr-1764 320 3 final final ADJ cblr-1764 320 4 996 996 NUM cblr-1764 320 5 columbia columbia PROPN cblr-1764 320 6 business business NOUN cblr-1764 320 7 law law PROPN cblr-1764 320 8 review review NOUN cblr-1764 320 9 [ [ X cblr-1764 320 10 vol vol NOUN cblr-1764 320 11 . . NOUN cblr-1764 320 12 2015 2015 NUM cblr-1764 320 13 shock shock NOUN cblr-1764 320 14 to to ADP cblr-1764 320 15 the the DET cblr-1764 320 16 financial financial ADJ cblr-1764 320 17 system system NOUN cblr-1764 320 18 , , PUNCT cblr-1764 320 19 finds find VERB cblr-1764 320 20 that that SCONJ cblr-1764 320 21 up up ADP cblr-1764 320 22 to to PART cblr-1764 320 23 seven seven NUM cblr-1764 320 24 of of ADP cblr-1764 320 25 the the DET cblr-1764 320 26 twenty twenty NUM cblr-1764 320 27 highest high ADJ cblr-1764 320 28 mes me NOUN cblr-1764 320 29 figures figure NOUN cblr-1764 320 30 for for ADP cblr-1764 320 31 the the DET cblr-1764 320 32 period period NOUN cblr-1764 320 33 of of ADP cblr-1764 320 34 2005 2005 NUM cblr-1764 320 35 to to ADP cblr-1764 320 36 2007 2007 NUM cblr-1764 320 37 belonged belong VERB cblr-1764 320 38 to to PART cblr-1764 320 39 insurance insurance VERB cblr-1764 320 40 companies.102 companies.102 PRON cblr-1764 320 41 moreover moreover ADV cblr-1764 320 42 , , PUNCT cblr-1764 320 43 the the DET cblr-1764 320 44 growing grow VERB cblr-1764 320 45 exposure exposure NOUN cblr-1764 320 46 of of ADP cblr-1764 320 47 insurance insurance NOUN cblr-1764 320 48 companies company NOUN cblr-1764 320 49 to to ADP cblr-1764 320 50 macroeconomic macroeconomic ADJ cblr-1764 320 51 variables variable NOUN cblr-1764 320 52 , , PUNCT cblr-1764 320 53 as as SCONJ cblr-1764 320 54 opposed oppose VERB cblr-1764 320 55 to to ADP cblr-1764 320 56 actuarial actuarial ADJ cblr-1764 320 57 risks risk NOUN cblr-1764 320 58 relating relate VERB cblr-1764 320 59 to to ADP cblr-1764 320 60 underwriting underwriting NOUN cblr-1764 320 61 accidents accident NOUN cblr-1764 320 62 , , PUNCT cblr-1764 320 63 has have AUX cblr-1764 320 64 not not PART cblr-1764 320 65 abated abate VERB cblr-1764 320 66 since since SCONJ cblr-1764 320 67 2008 2008 NUM cblr-1764 320 68 . . PUNCT cblr-1764 321 1 the the DET cblr-1764 321 2 fio fio NOUN cblr-1764 321 3 has have AUX cblr-1764 321 4 warned warn VERB cblr-1764 321 5 that that SCONJ cblr-1764 321 6 the the DET cblr-1764 321 7 “ " PUNCT cblr-1764 321 8 sustained sustained ADJ cblr-1764 321 9 low low ADJ cblr-1764 321 10 interest interest NOUN cblr-1764 321 11 rate rate NOUN cblr-1764 321 12 environment environment NOUN cblr-1764 321 13 ” " PUNCT cblr-1764 321 14 that that PRON cblr-1764 321 15 has have AUX cblr-1764 321 16 followed follow VERB cblr-1764 321 17 the the DET cblr-1764 321 18 global global ADJ cblr-1764 321 19 recession recession NOUN cblr-1764 321 20 “ " PUNCT cblr-1764 321 21 might might AUX cblr-1764 321 22 require require VERB cblr-1764 321 23 insurers insurer NOUN cblr-1764 321 24 to to PART cblr-1764 321 25 liquidate liquidate VERB cblr-1764 321 26 some some DET cblr-1764 321 27 assets asset NOUN cblr-1764 321 28 unexpectedly unexpectedly ADV cblr-1764 321 29 , , PUNCT cblr-1764 321 30 which which PRON cblr-1764 321 31 could could AUX cblr-1764 321 32 place place VERB cblr-1764 321 33 price price NOUN cblr-1764 321 34 pressure pressure NOUN cblr-1764 321 35 on on ADP cblr-1764 321 36 certain certain ADJ cblr-1764 321 37 classes class NOUN cblr-1764 321 38 of of ADP cblr-1764 321 39 financial financial ADJ cblr-1764 321 40 assets asset NOUN cblr-1764 321 41 . . PUNCT cblr-1764 321 42 ”103 ”103 PUNCT cblr-1764 322 1 in in ADP cblr-1764 322 2 germany germany PROPN cblr-1764 322 3 , , PUNCT cblr-1764 322 4 low low ADJ cblr-1764 322 5 interest interest NOUN cblr-1764 322 6 rates rate NOUN cblr-1764 322 7 have have AUX cblr-1764 322 8 already already ADV cblr-1764 322 9 forced force VERB cblr-1764 322 10 financial financial ADJ cblr-1764 322 11 regulators regulator NOUN cblr-1764 322 12 to to PART cblr-1764 322 13 intervene intervene VERB cblr-1764 322 14 in in ADP cblr-1764 322 15 life life NOUN cblr-1764 322 16 insurance insurance NOUN cblr-1764 322 17 markets market NOUN cblr-1764 322 18 , , PUNCT cblr-1764 322 19 where where SCONJ cblr-1764 322 20 insurers insurer NOUN cblr-1764 322 21 have have AUX cblr-1764 322 22 issued issue VERB cblr-1764 322 23 policies policy NOUN cblr-1764 322 24 with with ADP cblr-1764 322 25 high high ADJ cblr-1764 322 26 minimum minimum ADJ cblr-1764 322 27 guarantees.104 guarantees.104 NOUN cblr-1764 322 28 3 3 X cblr-1764 322 29 . . X cblr-1764 322 30 information information NOUN cblr-1764 322 31 contagion contagion NOUN cblr-1764 322 32 risk risk VERB cblr-1764 322 33 a a DET cblr-1764 322 34 final final ADJ cblr-1764 322 35 form form NOUN cblr-1764 322 36 of of ADP cblr-1764 322 37 systemic systemic ADJ cblr-1764 322 38 risk risk NOUN cblr-1764 322 39 is be AUX cblr-1764 322 40 referred refer VERB cblr-1764 322 41 to to ADP cblr-1764 322 42 as as ADP cblr-1764 322 43 “ " PUNCT cblr-1764 322 44 information information NOUN cblr-1764 322 45 contagion contagion NOUN cblr-1764 322 46 risk risk NOUN cblr-1764 322 47 . . PUNCT cblr-1764 322 48 ” " PUNCT cblr-1764 323 1 information information NOUN cblr-1764 323 2 contagion contagion NOUN cblr-1764 323 3 takes take VERB cblr-1764 323 4 place place NOUN cblr-1764 323 5 when when SCONJ cblr-1764 323 6 a a DET cblr-1764 323 7 particular particular ADJ cblr-1764 323 8 firm firm NOUN cblr-1764 323 9 unexpectedly unexpectedly ADV cblr-1764 323 10 fails fail VERB cblr-1764 323 11 or or CCONJ cblr-1764 323 12 an an DET cblr-1764 323 13 asset asset NOUN cblr-1764 323 14 price price NOUN cblr-1764 323 15 surprisingly surprisingly ADV cblr-1764 323 16 plummets plummet VERB cblr-1764 323 17 and and CCONJ cblr-1764 323 18 causes cause VERB cblr-1764 323 19 financial financial ADJ cblr-1764 323 20 actors actor NOUN cblr-1764 323 21 to to PART cblr-1764 323 22 downgrade downgrade VERB cblr-1764 323 23 their their PRON cblr-1764 323 24 confidence confidence NOUN cblr-1764 323 25 in in ADP cblr-1764 323 26 the the DET cblr-1764 323 27 quality quality NOUN cblr-1764 323 28 of of ADP cblr-1764 323 29 information information NOUN cblr-1764 323 30 they they PRON cblr-1764 323 31 have have VERB cblr-1764 323 32 in in ADP cblr-1764 323 33 general general ADJ cblr-1764 323 34 concerning concern VERB cblr-1764 323 35 the the DET cblr-1764 323 36 common common ADJ cblr-1764 323 37 fundamentals fundamental NOUN cblr-1764 323 38 of of ADP cblr-1764 323 39 entire entire ADJ cblr-1764 323 40 industries industry NOUN cblr-1764 323 41 or or CCONJ cblr-1764 323 42 markets.105 markets.105 PROPN cblr-1764 323 43 after after SCONJ cblr-1764 323 44 investors investor NOUN cblr-1764 323 45 update update VERB cblr-1764 323 46 their their PRON cblr-1764 323 47 beliefs belief NOUN cblr-1764 323 48 to to PART cblr-1764 323 49 incorporate incorporate VERB cblr-1764 323 50 the the DET cblr-1764 323 51 new new ADJ cblr-1764 323 52 information information NOUN cblr-1764 323 53 , , PUNCT cblr-1764 323 54 a a DET cblr-1764 323 55 newfound newfound ADJ cblr-1764 323 56 risk risk NOUN cblr-1764 323 57 aversion aversion NOUN cblr-1764 323 58 spreads spread VERB cblr-1764 323 59 , , PUNCT cblr-1764 323 60 leading lead VERB cblr-1764 323 61 to to ADP cblr-1764 323 62 increased increase VERB cblr-1764 323 63 collateral collateral NOUN cblr-1764 323 64 calls call NOUN cblr-1764 323 65 and and CCONJ cblr-1764 323 66 sell sell NOUN cblr-1764 323 67 - - PUNCT cblr-1764 323 68 offs off NOUN cblr-1764 323 69 across across ADP cblr-1764 323 70 the the DET cblr-1764 323 71 financial financial ADJ cblr-1764 323 72 system system NOUN cblr-1764 323 73 . . PUNCT cblr-1764 324 1 while while SCONJ cblr-1764 324 2 conceptually conceptually ADV cblr-1764 324 3 distinct distinct ADJ cblr-1764 324 4 from from ADP cblr-1764 324 5 counterparty counterparty NOUN cblr-1764 324 6 or or CCONJ cblr-1764 324 7 spillover spillover VERB cblr-1764 324 8 risks risk NOUN cblr-1764 324 9 , , PUNCT cblr-1764 324 10 information information NOUN cblr-1764 324 11 contagion contagion NOUN cblr-1764 324 12 is be AUX cblr-1764 324 13 closely closely ADV cblr-1764 324 14 related relate VERB cblr-1764 324 15 to to ADP cblr-1764 324 16 both both PRON cblr-1764 324 17 in in ADP cblr-1764 324 18 that that SCONJ cblr-1764 324 19 it it PRON cblr-1764 324 20 can can AUX cblr-1764 324 21 reinforce reinforce VERB cblr-1764 324 22 102 102 NUM cblr-1764 324 23 i i PROPN cblr-1764 324 24 d. d. PROPN cblr-1764 324 25 at at ADP cblr-1764 324 26 286 286 NUM cblr-1764 324 27 , , PUNCT cblr-1764 324 28 289 289 NUM cblr-1764 324 29 tbl.9.7 tbl.9.7 X cblr-1764 324 30 . . PROPN cblr-1764 324 31 103 103 NUM cblr-1764 324 32 fio fio NOUN cblr-1764 324 33 2013 2013 NUM cblr-1764 324 34 report report NOUN cblr-1764 324 35 , , PUNCT cblr-1764 325 1 supra supra PROPN cblr-1764 325 2 note note NOUN cblr-1764 325 3 60 60 NUM cblr-1764 325 4 , , PUNCT cblr-1764 325 5 at at ADP cblr-1764 325 6 47 47 NUM cblr-1764 325 7 . . PUNCT cblr-1764 326 1 104 104 NUM cblr-1764 326 2 jonathan jonathan PROPN cblr-1764 326 3 gould gould PROPN cblr-1764 326 4 , , PUNCT cblr-1764 326 5 germany germany PROPN cblr-1764 326 6 to to PART cblr-1764 326 7 help help VERB cblr-1764 326 8 insurers insurer NOUN cblr-1764 326 9 facing face VERB cblr-1764 326 10 low low ADJ cblr-1764 326 11 interest interest NOUN cblr-1764 326 12 rate rate NOUN cblr-1764 326 13 trap trap NOUN cblr-1764 326 14 , , PUNCT cblr-1764 326 15 reuters reuter NOUN cblr-1764 326 16 ( ( PUNCT cblr-1764 326 17 nov nov PROPN cblr-1764 326 18 . . PROPN cblr-1764 326 19 20 20 NUM cblr-1764 326 20 , , PUNCT cblr-1764 326 21 2013 2013 NUM cblr-1764 326 22 ) ) PUNCT cblr-1764 326 23 , , PUNCT cblr-1764 326 24 http://uk.reuters.com/article/ http://uk.reuters.com/article/ NOUN cblr-1764 326 25 2013/11/20 2013/11/20 NUM cblr-1764 326 26 / / SYM cblr-1764 326 27 uk uk PROPN cblr-1764 326 28 - - PUNCT cblr-1764 326 29 insurance insurance NOUN cblr-1764 326 30 - - PUNCT cblr-1764 326 31 regulation regulation NOUN cblr-1764 326 32 - - PUNCT cblr-1764 326 33 idukbre9aj0ts20131120 idukbre9aj0ts20131120 PROPN cblr-1764 327 1 [ [ X cblr-1764 327 2 http:// http:// PROPN cblr-1764 327 3 perma.cc/6mn6-aywl perma.cc/6mn6-aywl PROPN cblr-1764 327 4 ] ] PUNCT cblr-1764 327 5 . . PUNCT cblr-1764 328 1 105 105 NUM cblr-1764 328 2 see see VERB cblr-1764 328 3 viral viral ADJ cblr-1764 328 4 v. v. ADP cblr-1764 328 5 acharya acharya PROPN cblr-1764 328 6 & & CCONJ cblr-1764 328 7 tanju tanju PROPN cblr-1764 328 8 yorulmazer yorulmazer PROPN cblr-1764 328 9 , , PUNCT cblr-1764 328 10 information information NOUN cblr-1764 328 11 contagion contagion NOUN cblr-1764 328 12 and and CCONJ cblr-1764 328 13 bank bank NOUN cblr-1764 328 14 herding herding NOUN cblr-1764 328 15 , , PUNCT cblr-1764 328 16 40 40 NUM cblr-1764 328 17 j. j. PROPN cblr-1764 328 18 money money PROPN cblr-1764 328 19 credit credit PROPN cblr-1764 328 20 & & CCONJ cblr-1764 328 21 banking banking NOUN cblr-1764 328 22 215 215 NUM cblr-1764 328 23 , , PUNCT cblr-1764 328 24 215 215 NUM cblr-1764 328 25 ( ( PUNCT cblr-1764 328 26 2008 2008 NUM cblr-1764 328 27 ) ) PUNCT cblr-1764 328 28 . . PUNCT cblr-1764 329 1 turk turk PROPN cblr-1764 329 2 – – PUNCT cblr-1764 329 3 final final ADJ cblr-1764 329 4 no no NOUN cblr-1764 329 5 . . PUNCT cblr-1764 330 1 3:967 3:967 NUM cblr-1764 330 2 ] ] X cblr-1764 330 3 insurance insurance NOUN cblr-1764 330 4 convergence convergence NOUN cblr-1764 330 5 997 997 NUM cblr-1764 330 6 either either CCONJ cblr-1764 330 7 dynamic dynamic ADJ cblr-1764 330 8 and and CCONJ cblr-1764 330 9 magnify magnify VERB cblr-1764 330 10 local local ADJ cblr-1764 330 11 market market NOUN cblr-1764 330 12 disruptions disruption NOUN cblr-1764 330 13 into into ADP cblr-1764 330 14 systemic systemic ADJ cblr-1764 330 15 ones.106 ones.106 PROPN cblr-1764 330 16 conventional conventional ADJ cblr-1764 330 17 wisdom wisdom NOUN cblr-1764 330 18 holds hold VERB cblr-1764 330 19 that that SCONJ cblr-1764 330 20 it it PRON cblr-1764 330 21 was be AUX cblr-1764 330 22 the the DET cblr-1764 330 23 collapse collapse NOUN cblr-1764 330 24 of of ADP cblr-1764 330 25 lehman lehman PROPN cblr-1764 330 26 brothers brother NOUN cblr-1764 330 27 that that PRON cblr-1764 330 28 triggered trigger VERB cblr-1764 330 29 the the DET cblr-1764 330 30 2008 2008 NUM cblr-1764 330 31 crisis crisis NOUN cblr-1764 330 32 and and CCONJ cblr-1764 330 33 led lead VERB cblr-1764 330 34 to to ADP cblr-1764 330 35 a a DET cblr-1764 330 36 generalized generalized ADJ cblr-1764 330 37 panic panic NOUN cblr-1764 330 38 in in ADP cblr-1764 330 39 global global ADJ cblr-1764 330 40 credit credit NOUN cblr-1764 330 41 markets market NOUN cblr-1764 330 42 . . PUNCT cblr-1764 331 1 although although SCONJ cblr-1764 331 2 the the DET cblr-1764 331 3 “ " PUNCT cblr-1764 331 4 trigger trigger NOUN cblr-1764 331 5 ” " PUNCT cblr-1764 331 6 metaphor metaphor NOUN cblr-1764 331 7 aptly aptly ADV cblr-1764 331 8 captures capture VERB cblr-1764 331 9 the the DET cblr-1764 331 10 information information NOUN cblr-1764 331 11 contagion contagion NOUN cblr-1764 331 12 concept concept NOUN cblr-1764 331 13 , , PUNCT cblr-1764 331 14 lehman lehman PROPN cblr-1764 331 15 ’s ’s PART cblr-1764 331 16 role role NOUN cblr-1764 331 17 as as SCONJ cblr-1764 331 18 the the DET cblr-1764 331 19 trigger trigger NOUN cblr-1764 331 20 is be AUX cblr-1764 331 21 overstated overstate VERB cblr-1764 331 22 relative relative ADJ cblr-1764 331 23 to to ADP cblr-1764 331 24 that that PRON cblr-1764 331 25 of of ADP cblr-1764 331 26 aig aig PROPN cblr-1764 331 27 . . PUNCT cblr-1764 332 1 as as SCONJ cblr-1764 332 2 frederic frederic PROPN cblr-1764 332 3 mishkin mishkin PROPN cblr-1764 332 4 has have AUX cblr-1764 332 5 argued argue VERB cblr-1764 332 6 , , PUNCT cblr-1764 332 7 what what PRON cblr-1764 332 8 really really ADV cblr-1764 332 9 pushed push VERB cblr-1764 332 10 the the DET cblr-1764 332 11 economy economy NOUN cblr-1764 332 12 “ " PUNCT cblr-1764 332 13 over over ADP cblr-1764 332 14 the the DET cblr-1764 332 15 cliff cliff NOUN cblr-1764 332 16 ” " PUNCT cblr-1764 332 17 in in ADP cblr-1764 332 18 2008 2008 NUM cblr-1764 332 19 was be AUX cblr-1764 332 20 a a DET cblr-1764 332 21 trio trio NOUN cblr-1764 332 22 of of ADP cblr-1764 332 23 events event NOUN cblr-1764 332 24 following follow VERB cblr-1764 332 25 lehman lehman PROPN cblr-1764 332 26 ’s ’s PART cblr-1764 332 27 bankruptcy bankruptcy NOUN cblr-1764 332 28 filing filing NOUN cblr-1764 332 29 on on ADP cblr-1764 332 30 september september PROPN cblr-1764 332 31 15 15 NUM cblr-1764 332 32 , , PUNCT cblr-1764 332 33 including include VERB cblr-1764 332 34 aig aig PROPN cblr-1764 332 35 ’s ’s PART cblr-1764 332 36 resort resort NOUN cblr-1764 332 37 to to ADP cblr-1764 332 38 $ $ SYM cblr-1764 332 39 75 75 NUM cblr-1764 332 40 billion billion NUM cblr-1764 332 41 in in ADP cblr-1764 332 42 federal federal ADJ cblr-1764 332 43 aid aid NOUN cblr-1764 332 44 on on ADP cblr-1764 332 45 september september PROPN cblr-1764 332 46 16.107 16.107 NUM cblr-1764 332 47 the the DET cblr-1764 332 48 failure failure NOUN cblr-1764 332 49 of of ADP cblr-1764 332 50 lehman lehman PROPN cblr-1764 332 51 brothers brother NOUN cblr-1764 332 52 was be AUX cblr-1764 332 53 not not PART cblr-1764 332 54 the the DET cblr-1764 332 55 predominant predominant ADJ cblr-1764 332 56 source source NOUN cblr-1764 332 57 of of ADP cblr-1764 332 58 information information NOUN cblr-1764 332 59 contagion contagion NOUN cblr-1764 332 60 , , PUNCT cblr-1764 332 61 because because SCONJ cblr-1764 332 62 it it PRON cblr-1764 332 63 was be AUX cblr-1764 332 64 widely widely ADV cblr-1764 332 65 regarded regard VERB cblr-1764 332 66 as as ADP cblr-1764 332 67 highly highly ADV cblr-1764 332 68 fragile fragile ADJ cblr-1764 332 69 at at ADP cblr-1764 332 70 the the DET cblr-1764 332 71 time time NOUN cblr-1764 332 72 of of ADP cblr-1764 332 73 its its PRON cblr-1764 332 74 collapse collapse NOUN cblr-1764 332 75 , , PUNCT cblr-1764 332 76 whereas whereas SCONJ cblr-1764 332 77 the the DET cblr-1764 332 78 demise demise NOUN cblr-1764 332 79 of of ADP cblr-1764 332 80 aig aig PROPN cblr-1764 332 81 and and CCONJ cblr-1764 332 82 the the DET cblr-1764 332 83 scope scope NOUN cblr-1764 332 84 of of ADP cblr-1764 332 85 its its PRON cblr-1764 332 86 entanglements entanglement NOUN cblr-1764 332 87 with with ADP cblr-1764 332 88 the the DET cblr-1764 332 89 global global ADJ cblr-1764 332 90 financial financial ADJ cblr-1764 332 91 system system NOUN cblr-1764 332 92 came come VERB cblr-1764 332 93 as as ADP cblr-1764 332 94 a a DET cblr-1764 332 95 greater great ADJ cblr-1764 332 96 shock.108 shock.108 NOUN cblr-1764 332 97 some some DET cblr-1764 332 98 suggestive suggestive ADJ cblr-1764 332 99 evidence evidence NOUN cblr-1764 332 100 on on ADP cblr-1764 332 101 this this DET cblr-1764 332 102 point point NOUN cblr-1764 332 103 is be AUX cblr-1764 332 104 that that SCONJ cblr-1764 332 105 interest interest NOUN cblr-1764 332 106 rates rate NOUN cblr-1764 332 107 for for ADP cblr-1764 332 108 short short ADJ cblr-1764 332 109 - - PUNCT cblr-1764 332 110 term term NOUN cblr-1764 332 111 interbank interbank NOUN cblr-1764 332 112 lending lending NOUN cblr-1764 332 113 ( ( PUNCT cblr-1764 332 114 reflected reflect VERB cblr-1764 332 115 in in ADP cblr-1764 332 116 the the DET cblr-1764 332 117 “ " PUNCT cblr-1764 332 118 ted te VERB cblr-1764 332 119 spread spread NOUN cblr-1764 332 120 ” " PUNCT cblr-1764 332 121 ) ) PUNCT cblr-1764 332 122 did do AUX cblr-1764 332 123 not not PART cblr-1764 332 124 spike spike VERB cblr-1764 332 125 upwards upwards ADV cblr-1764 332 126 until until ADP cblr-1764 332 127 the the DET cblr-1764 332 128 day day NOUN cblr-1764 332 129 after after SCONJ cblr-1764 332 130 aig aig PROPN cblr-1764 332 131 was be AUX cblr-1764 332 132 bailed bail VERB cblr-1764 332 133 out.109 out.109 ADV cblr-1764 332 134 106 106 NUM cblr-1764 332 135 a a DET cblr-1764 332 136 theoretical theoretical ADJ cblr-1764 332 137 distinction distinction NOUN cblr-1764 332 138 is be AUX cblr-1764 332 139 possible possible ADJ cblr-1764 332 140 because because SCONJ cblr-1764 332 141 firesales firesale NOUN cblr-1764 332 142 or or CCONJ cblr-1764 332 143 counterparty counterparty NOUN cblr-1764 332 144 defaults default NOUN cblr-1764 332 145 can can AUX cblr-1764 332 146 take take VERB cblr-1764 332 147 place place NOUN cblr-1764 332 148 in in ADP cblr-1764 332 149 an an DET cblr-1764 332 150 information information NOUN cblr-1764 332 151 - - PUNCT cblr-1764 332 152 neutral neutral ADJ cblr-1764 332 153 environment environment NOUN cblr-1764 332 154 , , PUNCT cblr-1764 332 155 when when SCONJ cblr-1764 332 156 wealth wealth NOUN cblr-1764 332 157 actually actually ADV cblr-1764 332 158 lost lose VERB cblr-1764 332 159 by by ADP cblr-1764 332 160 financial financial ADJ cblr-1764 332 161 actors actor NOUN cblr-1764 332 162 forces force VERB cblr-1764 332 163 sales sale NOUN cblr-1764 332 164 to to PART cblr-1764 332 165 meet meet VERB cblr-1764 332 166 liquidity liquidity NOUN cblr-1764 332 167 needs need NOUN cblr-1764 332 168 . . PUNCT cblr-1764 333 1 by by ADP cblr-1764 333 2 contrast contrast NOUN cblr-1764 333 3 , , PUNCT cblr-1764 333 4 information information NOUN cblr-1764 333 5 contagion contagion NOUN cblr-1764 333 6 can can AUX cblr-1764 333 7 occur occur VERB cblr-1764 333 8 absent absent ADJ cblr-1764 333 9 any any DET cblr-1764 333 10 wealth wealth NOUN cblr-1764 333 11 effect effect NOUN cblr-1764 333 12 , , PUNCT cblr-1764 333 13 simply simply ADV cblr-1764 333 14 through through ADP cblr-1764 333 15 increased increase VERB cblr-1764 333 16 uncertainty uncertainty NOUN cblr-1764 333 17 and and CCONJ cblr-1764 333 18 risk risk NOUN cblr-1764 333 19 premia premia NOUN cblr-1764 333 20 . . PUNCT cblr-1764 334 1 markus markus PROPN cblr-1764 334 2 k. k. PROPN cblr-1764 334 3 brunnermeier brunnermeier PROPN cblr-1764 334 4 & & CCONJ cblr-1764 334 5 martin martin PROPN cblr-1764 334 6 oehmke oehmke PROPN cblr-1764 334 7 , , PUNCT cblr-1764 334 8 bubbles bubble NOUN cblr-1764 334 9 , , PUNCT cblr-1764 334 10 financial financial ADJ cblr-1764 334 11 crises crisis NOUN cblr-1764 334 12 , , PUNCT cblr-1764 334 13 and and CCONJ cblr-1764 334 14 systemic systemic ADJ cblr-1764 334 15 risk risk NOUN cblr-1764 334 16 35–39 35–39 NUM cblr-1764 334 17 , , PUNCT cblr-1764 334 18 48–49 48–49 NUM cblr-1764 334 19 ( ( PUNCT cblr-1764 334 20 nat’l nat’l NUM cblr-1764 334 21 bureau bureau PROPN cblr-1764 334 22 econ econ PROPN cblr-1764 334 23 . . PUNCT cblr-1764 335 1 research research PROPN cblr-1764 335 2 , , PUNCT cblr-1764 335 3 working work VERB cblr-1764 335 4 paper paper NOUN cblr-1764 335 5 no no NOUN cblr-1764 335 6 . . PROPN cblr-1764 335 7 18398 18398 NUM cblr-1764 335 8 , , PUNCT cblr-1764 335 9 2012 2012 NUM cblr-1764 335 10 ) ) PUNCT cblr-1764 335 11 , , PUNCT cblr-1764 335 12 http://www.nber.org/papers/w18398.pdf http://www.nber.org/papers/w18398.pdf X cblr-1764 336 1 [ [ X cblr-1764 336 2 http://perma.cc/m234-kbw8 http://perma.cc/m234-kbw8 X cblr-1764 336 3 ] ] X cblr-1764 336 4 . . PUNCT cblr-1764 337 1 107 107 NUM cblr-1764 337 2 frederic frederic PROPN cblr-1764 337 3 s. s. PROPN cblr-1764 337 4 mishkin mishkin PROPN cblr-1764 337 5 , , PUNCT cblr-1764 337 6 over over ADP cblr-1764 337 7 the the DET cblr-1764 337 8 cliff cliff NOUN cblr-1764 337 9 : : PUNCT cblr-1764 337 10 from from ADP cblr-1764 337 11 the the DET cblr-1764 337 12 subprime subprime NOUN cblr-1764 337 13 to to ADP cblr-1764 337 14 the the DET cblr-1764 337 15 global global ADJ cblr-1764 337 16 financial financial ADJ cblr-1764 337 17 crisis crisis NOUN cblr-1764 337 18 4 4 NUM cblr-1764 337 19 ( ( PUNCT cblr-1764 337 20 nat’l nat’l NUM cblr-1764 337 21 bureau bureau PROPN cblr-1764 337 22 econ econ PROPN cblr-1764 337 23 . . PUNCT cblr-1764 338 1 research research PROPN cblr-1764 338 2 , , PUNCT cblr-1764 338 3 working work VERB cblr-1764 338 4 paper paper NOUN cblr-1764 338 5 no no NOUN cblr-1764 338 6 . . PROPN cblr-1764 338 7 16609 16609 NUM cblr-1764 338 8 , , PUNCT cblr-1764 338 9 2010 2010 NUM cblr-1764 338 10 ) ) PUNCT cblr-1764 338 11 , , PUNCT cblr-1764 338 12 http://www.nber.org/papers/w16609.pdf http://www.nber.org/papers/w16609.pdf PROPN cblr-1764 339 1 [ [ X cblr-1764 339 2 http:// http:// PROPN cblr-1764 339 3 perma.cc/uef4-h7pm perma.cc/uef4-h7pm PROPN cblr-1764 339 4 ] ] PUNCT cblr-1764 339 5 . . PUNCT cblr-1764 340 1 108 108 NUM cblr-1764 341 1 i i PRON cblr-1764 341 2 d. d. NOUN cblr-1764 341 3 at at ADP cblr-1764 341 4 6 6 NUM cblr-1764 341 5 ( ( PUNCT cblr-1764 341 6 “ " PUNCT cblr-1764 341 7 [ [ X cblr-1764 341 8 i]n i]n NOUN cblr-1764 341 9 discussions discussion NOUN cblr-1764 341 10 at at ADP cblr-1764 341 11 that that DET cblr-1764 341 12 time time NOUN cblr-1764 341 13 among among ADP cblr-1764 341 14 regulators regulator NOUN cblr-1764 341 15 and and CCONJ cblr-1764 341 16 academics academic NOUN cblr-1764 341 17 about about ADP cblr-1764 341 18 the the DET cblr-1764 341 19 need need NOUN cblr-1764 341 20 to to PART cblr-1764 341 21 regulate regulate VERB cblr-1764 341 22 a a DET cblr-1764 341 23 wider wide ADJ cblr-1764 341 24 group group NOUN cblr-1764 341 25 of of ADP cblr-1764 341 26 financial financial ADJ cblr-1764 341 27 institutions institution NOUN cblr-1764 341 28 ( ( PUNCT cblr-1764 341 29 in in ADP cblr-1764 341 30 which which PRON cblr-1764 341 31 i i PRON cblr-1764 341 32 participated participate VERB cblr-1764 341 33 ) ) PUNCT cblr-1764 341 34 , , PUNCT cblr-1764 341 35 aig aig PROPN cblr-1764 341 36 was be AUX cblr-1764 341 37 not not PART cblr-1764 341 38 mentioned mention VERB cblr-1764 341 39 in in ADP cblr-1764 341 40 the the DET cblr-1764 341 41 category category NOUN cblr-1764 341 42 of of ADP cblr-1764 341 43 firms firm NOUN cblr-1764 341 44 that that PRON cblr-1764 341 45 would would AUX cblr-1764 341 46 require require VERB cblr-1764 341 47 special special ADJ cblr-1764 341 48 supervisory supervisory ADJ cblr-1764 341 49 attention attention NOUN cblr-1764 341 50 . . PUNCT cblr-1764 341 51 . . PUNCT cblr-1764 341 52 . . PUNCT cblr-1764 341 53 . . PUNCT cblr-1764 342 1 [ [ X cblr-1764 342 2 t]he t]he X cblr-1764 342 3 aig aig PROPN cblr-1764 342 4 blow blow NOUN cblr-1764 342 5 - - PUNCT cblr-1764 342 6 up up NOUN cblr-1764 342 7 was be AUX cblr-1764 342 8 a a DET cblr-1764 342 9 surprise surprise NOUN cblr-1764 342 10 . . PUNCT cblr-1764 342 11 ” " PUNCT cblr-1764 342 12 ) ) PUNCT cblr-1764 342 13 . . PUNCT cblr-1764 343 1 109 109 NUM cblr-1764 343 2 i i PRON cblr-1764 343 3 d. d. PROPN cblr-1764 343 4 at at ADP cblr-1764 343 5 9 9 NUM cblr-1764 343 6 . . PUNCT cblr-1764 344 1 turk turk PROPN cblr-1764 344 2 – – PUNCT cblr-1764 344 3 final final ADJ cblr-1764 344 4 998 998 NUM cblr-1764 344 5 columbia columbia PROPN cblr-1764 344 6 business business NOUN cblr-1764 344 7 law law PROPN cblr-1764 344 8 review review NOUN cblr-1764 344 9 [ [ X cblr-1764 344 10 vol vol NOUN cblr-1764 344 11 . . NOUN cblr-1764 344 12 2015 2015 NUM cblr-1764 344 13 aig aig PROPN cblr-1764 344 14 provides provide VERB cblr-1764 344 15 a a DET cblr-1764 344 16 textbook textbook NOUN cblr-1764 344 17 example example NOUN cblr-1764 344 18 of of ADP cblr-1764 344 19 contagion contagion NOUN cblr-1764 344 20 risk risk NOUN cblr-1764 344 21 produced produce VERB cblr-1764 344 22 by by ADP cblr-1764 344 23 the the DET cblr-1764 344 24 unexpected unexpected ADJ cblr-1764 344 25 insolvency insolvency NOUN cblr-1764 344 26 of of ADP cblr-1764 344 27 a a PRON cblr-1764 344 28 too too ADV cblr-1764 344 29 big big ADJ cblr-1764 344 30 to to PART cblr-1764 344 31 fail fail VERB cblr-1764 344 32 institution institution NOUN cblr-1764 344 33 , , PUNCT cblr-1764 344 34 but but CCONJ cblr-1764 344 35 the the DET cblr-1764 344 36 concurrent concurrent ADJ cblr-1764 344 37 failure failure NOUN cblr-1764 344 38 of of ADP cblr-1764 344 39 multiple multiple ADJ cblr-1764 344 40 mediumsized mediumsized ADJ cblr-1764 344 41 firms firm NOUN cblr-1764 344 42 can can AUX cblr-1764 344 43 have have VERB cblr-1764 344 44 an an DET cblr-1764 344 45 equivalent equivalent ADJ cblr-1764 344 46 effect.110 effect.110 NOUN cblr-1764 344 47 the the DET cblr-1764 344 48 latter latter ADJ cblr-1764 344 49 form form NOUN cblr-1764 344 50 of of ADP cblr-1764 344 51 information information NOUN cblr-1764 344 52 contagion contagion NOUN cblr-1764 344 53 emanating emanate VERB cblr-1764 344 54 from from ADP cblr-1764 344 55 the the DET cblr-1764 344 56 insurance insurance NOUN cblr-1764 344 57 industry industry NOUN cblr-1764 344 58 involved involve VERB cblr-1764 344 59 the the DET cblr-1764 344 60 credit credit NOUN cblr-1764 344 61 rating rating NOUN cblr-1764 344 62 agencies agency NOUN cblr-1764 344 63 ’ ’ PART cblr-1764 344 64 rapid rapid ADJ cblr-1764 344 65 series series NOUN cblr-1764 344 66 of of ADP cblr-1764 344 67 downgrades downgrade NOUN cblr-1764 344 68 on on ADP cblr-1764 344 69 nearly nearly ADV cblr-1764 344 70 all all PRON cblr-1764 344 71 of of ADP cblr-1764 344 72 the the DET cblr-1764 344 73 major major ADJ cblr-1764 344 74 monoline monoline NOUN cblr-1764 344 75 insurers insurer NOUN cblr-1764 344 76 during during ADP cblr-1764 344 77 spring spring NOUN cblr-1764 344 78 of of ADP cblr-1764 344 79 2008.111 2008.111 NUM cblr-1764 344 80 the the DET cblr-1764 344 81 monolines monoline NOUN cblr-1764 344 82 ’ ' PUNCT cblr-1764 344 83 business business NOUN cblr-1764 344 84 model model NOUN cblr-1764 344 85 hinged hinge VERB cblr-1764 344 86 on on ADP cblr-1764 344 87 maintaining maintain VERB cblr-1764 344 88 aaa aaa NOUN cblr-1764 344 89 ratings rating NOUN cblr-1764 344 90 above above ADP cblr-1764 344 91 all all DET cblr-1764 344 92 else else ADV cblr-1764 344 93 ; ; PUNCT cblr-1764 344 94 when when SCONJ cblr-1764 344 95 those those DET cblr-1764 344 96 ratings rating NOUN cblr-1764 344 97 were be AUX cblr-1764 344 98 lost lose VERB cblr-1764 344 99 , , PUNCT cblr-1764 344 100 markets market NOUN cblr-1764 344 101 were be AUX cblr-1764 344 102 forced force VERB cblr-1764 344 103 to to PART cblr-1764 344 104 reevaluate reevaluate VERB cblr-1764 344 105 a a DET cblr-1764 344 106 wide wide ADJ cblr-1764 344 107 range range NOUN cblr-1764 344 108 of of ADP cblr-1764 344 109 assets asset NOUN cblr-1764 344 110 in in ADP cblr-1764 344 111 a a DET cblr-1764 344 112 new new ADJ cblr-1764 344 113 , , PUNCT cblr-1764 344 114 information information NOUN cblr-1764 344 115 - - PUNCT cblr-1764 344 116 scarce scarce NOUN cblr-1764 344 117 environment.112 environment.112 NOUN cblr-1764 344 118 the the DET cblr-1764 344 119 downgrades downgrade NOUN cblr-1764 344 120 spurred spur VERB cblr-1764 344 121 sell sell NOUN cblr-1764 344 122 - - PUNCT cblr-1764 344 123 offs off NOUN cblr-1764 344 124 across across ADP cblr-1764 344 125 numerous numerous ADJ cblr-1764 344 126 global global ADJ cblr-1764 344 127 markets market NOUN cblr-1764 344 128 and,113 and,113 PROPN cblr-1764 344 129 after after ADP cblr-1764 344 130 fitch fitch PROPN cblr-1764 344 131 ’s ’s PART cblr-1764 344 132 downgrade downgrade NOUN cblr-1764 344 133 of of ADP cblr-1764 344 134 ambac ambac NOUN cblr-1764 344 135 on on ADP cblr-1764 344 136 january january PROPN cblr-1764 344 137 19 19 NUM cblr-1764 344 138 , , PUNCT cblr-1764 344 139 2008 2008 NUM cblr-1764 344 140 , , PUNCT cblr-1764 344 141 were be AUX cblr-1764 344 142 the the DET cblr-1764 344 143 impetus impetus NOUN cblr-1764 344 144 for for ADP cblr-1764 344 145 the the DET cblr-1764 344 146 first first ADJ cblr-1764 344 147 “ " PUNCT cblr-1764 344 148 emergency emergency NOUN cblr-1764 344 149 cut cut NOUN cblr-1764 344 150 ” " PUNCT cblr-1764 344 151 of of ADP cblr-1764 344 152 the the DET cblr-1764 344 153 federal federal ADJ cblr-1764 344 154 funds fund NOUN cblr-1764 344 155 rate rate NOUN cblr-1764 344 156 since since SCONJ cblr-1764 344 157 1982.114 1982.114 NUM cblr-1764 344 158 one one NUM cblr-1764 344 159 clear clear ADJ cblr-1764 344 160 reflection reflection NOUN cblr-1764 344 161 of of ADP cblr-1764 344 162 the the DET cblr-1764 344 163 uncertainty uncertainty NOUN cblr-1764 344 164 caused cause VERB cblr-1764 344 165 by by ADP cblr-1764 344 166 the the DET cblr-1764 344 167 monoline monoline NOUN cblr-1764 344 168 downgrades downgrade NOUN cblr-1764 344 169 was be AUX cblr-1764 344 170 that that SCONJ cblr-1764 344 171 , , PUNCT cblr-1764 344 172 “ " PUNCT cblr-1764 344 173 [ [ X cblr-1764 344 174 a]t a]t ADJ cblr-1764 344 175 times time NOUN cblr-1764 344 176 during during ADP cblr-1764 344 177 2008 2008 NUM cblr-1764 344 178 , , PUNCT cblr-1764 344 179 municipal municipal ADJ cblr-1764 344 180 bonds bond NOUN cblr-1764 344 181 backed back VERB cblr-1764 344 182 by by ADP cblr-1764 344 183 [ [ X cblr-1764 344 184 downgraded downgrade VERB cblr-1764 344 185 ] ] PUNCT cblr-1764 344 186 monolines monoline NOUN cblr-1764 344 187 traded trade VERB cblr-1764 344 188 at at ADP cblr-1764 344 189 levels level NOUN cblr-1764 344 190 worse bad ADJ cblr-1764 344 191 than than SCONJ cblr-1764 344 192 if if SCONJ cblr-1764 344 193 they they PRON cblr-1764 344 194 had have VERB cblr-1764 344 195 no no DET cblr-1764 344 196 insurance insurance NOUN cblr-1764 344 197 at at ADV cblr-1764 344 198 all all ADV cblr-1764 344 199 . . PUNCT cblr-1764 344 200 ”115 ”115 PROPN cblr-1764 345 1 quantitative quantitative ADJ cblr-1764 345 2 studies study NOUN cblr-1764 345 3 have have AUX cblr-1764 345 4 emphasized emphasize VERB cblr-1764 345 5 rating rating NOUN cblr-1764 345 6 downgrades downgrade NOUN cblr-1764 345 7 as as ADP cblr-1764 345 8 the the DET cblr-1764 345 9 mechanism mechanism NOUN cblr-1764 345 10 through through ADP cblr-1764 345 11 which which PRON cblr-1764 345 12 monolines monoline NOUN cblr-1764 345 13 contributed contribute VERB cblr-1764 345 14 to to ADP cblr-1764 345 15 systemic systemic ADJ cblr-1764 345 16 risk risk NOUN cblr-1764 345 17 as as ADP cblr-1764 345 18 well.116 well.116 NOUN cblr-1764 345 19 110 110 NUM cblr-1764 345 20 cf cf NOUN cblr-1764 345 21 . . PUNCT cblr-1764 346 1 viral viral ADJ cblr-1764 346 2 acharya acharya NOUN cblr-1764 346 3 , , PUNCT cblr-1764 346 4 demos demos NOUN cblr-1764 346 5 gromb gromb PROPN cblr-1764 346 6 & & CCONJ cblr-1764 346 7 tanju tanju PROPN cblr-1764 346 8 yorulmazer yorulmazer PROPN cblr-1764 346 9 , , PUNCT cblr-1764 346 10 too too ADV cblr-1764 346 11 many many ADJ cblr-1764 346 12 to to PART cblr-1764 346 13 fail fail VERB cblr-1764 346 14 — — PUNCT cblr-1764 346 15 an an DET cblr-1764 346 16 analysis analysis NOUN cblr-1764 346 17 of of ADP cblr-1764 346 18 time time NOUN cblr-1764 346 19 - - PUNCT cblr-1764 346 20 inconsistency inconsistency NOUN cblr-1764 346 21 in in ADP cblr-1764 346 22 bank bank NOUN cblr-1764 346 23 closure closure NOUN cblr-1764 346 24 policies policy NOUN cblr-1764 346 25 , , PUNCT cblr-1764 346 26 16 16 NUM cblr-1764 346 27 j. j. PROPN cblr-1764 346 28 fin fin PROPN cblr-1764 346 29 . . PUNCT cblr-1764 346 30 intermediation intermediation NOUN cblr-1764 346 31 1 1 NUM cblr-1764 346 32 , , PUNCT cblr-1764 346 33 1–31 1–31 PROPN cblr-1764 346 34 ( ( PUNCT cblr-1764 346 35 2007 2007 NUM cblr-1764 346 36 ) ) PUNCT cblr-1764 346 37 . . PUNCT cblr-1764 347 1 111 111 NUM cblr-1764 347 2 ass’n ass’n PRON cblr-1764 347 3 fin fin NOUN cblr-1764 347 4 . . PUNCT cblr-1764 347 5 guar guar NOUN cblr-1764 347 6 . . PUNCT cblr-1764 348 1 insurers insurer NOUN cblr-1764 348 2 , , PUNCT cblr-1764 348 3 subprime subprime ADJ cblr-1764 348 4 crisis crisis NOUN cblr-1764 348 5 : : PUNCT cblr-1764 348 6 timeline timeline NOUN cblr-1764 348 7 of of ADP cblr-1764 348 8 rating rating NOUN cblr-1764 348 9 agency agency NOUN cblr-1764 348 10 actions action NOUN cblr-1764 348 11 4–5 4–5 X cblr-1764 348 12 ( ( PUNCT cblr-1764 348 13 2008 2008 NUM cblr-1764 348 14 ) ) PUNCT cblr-1764 348 15 , , PUNCT cblr-1764 348 16 http://afgi.org/resources/subprime_crisis http://afgi.org/resources/subprime_crisis X cblr-1764 348 17 _ _ PUNCT cblr-1764 349 1 timeline.pdf timeline.pdf X cblr-1764 350 1 [ [ X cblr-1764 350 2 http://perma.cc/6bhl-ev43 http://perma.cc/6bhl-ev43 X cblr-1764 350 3 ] ] X cblr-1764 350 4 . . PUNCT cblr-1764 351 1 112 112 NUM cblr-1764 351 2 see see VERB cblr-1764 351 3 schich schich NOUN cblr-1764 351 4 , , PUNCT cblr-1764 351 5 supra supra PROPN cblr-1764 351 6 note note PROPN cblr-1764 351 7 61 61 NUM cblr-1764 351 8 , , PUNCT cblr-1764 351 9 at at ADP cblr-1764 351 10 103 103 NUM cblr-1764 351 11 . . PUNCT cblr-1764 351 12 113 113 NUM cblr-1764 351 13 fio fio PROPN cblr-1764 351 14 modernization modernization NOUN cblr-1764 351 15 report report NOUN cblr-1764 351 16 , , PUNCT cblr-1764 351 17 supra supra PROPN cblr-1764 351 18 note note NOUN cblr-1764 351 19 10 10 NUM cblr-1764 351 20 , , PUNCT cblr-1764 351 21 at at ADP cblr-1764 351 22 19 19 NUM cblr-1764 351 23 ; ; PUNCT cblr-1764 351 24 see see VERB cblr-1764 351 25 also also ADV cblr-1764 351 26 goodhart goodhart NOUN cblr-1764 351 27 , , PUNCT cblr-1764 351 28 supra supra PROPN cblr-1764 351 29 note note NOUN cblr-1764 351 30 12 12 NUM cblr-1764 351 31 , , PUNCT cblr-1764 351 32 at at ADP cblr-1764 351 33 51 51 NUM cblr-1764 351 34 . . NOUN cblr-1764 351 35 114 114 NUM cblr-1764 351 36 brunnermeier brunnermei ADJ cblr-1764 351 37 , , PUNCT cblr-1764 351 38 supra supra ADJ cblr-1764 351 39 note note NOUN cblr-1764 351 40 78 78 NUM cblr-1764 351 41 , , PUNCT cblr-1764 351 42 at at ADP cblr-1764 351 43 87 87 NUM cblr-1764 351 44 . . PUNCT cblr-1764 352 1 115 115 NUM cblr-1764 352 2 wells wells PROPN cblr-1764 352 3 fargo fargo PROPN cblr-1764 352 4 advantage advantage NOUN cblr-1764 352 5 funds fund NOUN cblr-1764 352 6 , , PUNCT cblr-1764 352 7 deterioration deterioration NOUN cblr-1764 352 8 of of ADP cblr-1764 352 9 monoline monoline NOUN cblr-1764 352 10 insurance insurance NOUN cblr-1764 352 11 companies company NOUN cblr-1764 352 12 and and CCONJ cblr-1764 352 13 the the DET cblr-1764 352 14 repercussions repercussion NOUN cblr-1764 352 15 for for ADP cblr-1764 352 16 municipal municipal ADJ cblr-1764 352 17 bonds bond NOUN cblr-1764 352 18 13 13 NUM cblr-1764 352 19 ( ( PUNCT cblr-1764 352 20 2008 2008 NUM cblr-1764 352 21 ) ) PUNCT cblr-1764 352 22 , , PUNCT cblr-1764 352 23 https://www.wellsfargoadvantagefunds.com/pdf/whitepapers/mono https://www.wellsfargoadvantagefunds.com/pdf/whitepapers/mono X cblr-1764 352 24 line_insurance_muni_bonds.pdf line_insurance_muni_bonds.pdf NOUN cblr-1764 352 25 [ [ X cblr-1764 352 26 https://perma.cc/584k-qrcy https://perma.cc/584k-qrcy X cblr-1764 352 27 ] ] PUNCT cblr-1764 352 28 . . PUNCT cblr-1764 353 1 116 116 NUM cblr-1764 353 2 see see VERB cblr-1764 353 3 fang fang PROPN cblr-1764 353 4 chen chen PROPN cblr-1764 353 5 et et PROPN cblr-1764 353 6 al al PROPN cblr-1764 353 7 . . PROPN cblr-1764 353 8 , , PUNCT cblr-1764 353 9 systemic systemic ADJ cblr-1764 353 10 risk risk NOUN cblr-1764 353 11 , , PUNCT cblr-1764 353 12 financial financial ADJ cblr-1764 353 13 crisis crisis NOUN cblr-1764 353 14 and and CCONJ cblr-1764 353 15 credit credit NOUN cblr-1764 353 16 risk risk NOUN cblr-1764 353 17 insurance insurance NOUN cblr-1764 353 18 , , PUNCT cblr-1764 353 19 48 48 NUM cblr-1764 353 20 fin fin NOUN cblr-1764 353 21 . . PUNCT cblr-1764 354 1 rev rev PROPN cblr-1764 354 2 . . PROPN cblr-1764 355 1 417 417 NUM cblr-1764 355 2 , , PUNCT cblr-1764 355 3 438 438 NUM cblr-1764 355 4 ( ( PUNCT cblr-1764 355 5 2013 2013 NUM cblr-1764 355 6 ) ) PUNCT cblr-1764 355 7 . . PUNCT cblr-1764 356 1 turk turk PROPN cblr-1764 356 2 – – PUNCT cblr-1764 356 3 final final ADJ cblr-1764 356 4 no no NOUN cblr-1764 356 5 . . PUNCT cblr-1764 357 1 3:967 3:967 NUM cblr-1764 357 2 ] ] PUNCT cblr-1764 357 3 insurance insurance NOUN cblr-1764 357 4 convergence convergence NOUN cblr-1764 357 5 999 999 NUM cblr-1764 357 6 in in ADP cblr-1764 357 7 summary summary NOUN cblr-1764 357 8 , , PUNCT cblr-1764 357 9 the the DET cblr-1764 357 10 insurance insurance NOUN cblr-1764 357 11 industry industry NOUN cblr-1764 357 12 has have AUX cblr-1764 357 13 undergone undergo VERB cblr-1764 357 14 a a DET cblr-1764 357 15 fundamental fundamental ADJ cblr-1764 357 16 transformation transformation NOUN cblr-1764 357 17 over over ADP cblr-1764 357 18 the the DET cblr-1764 357 19 past past ADJ cblr-1764 357 20 dozen dozen NOUN cblr-1764 357 21 years year NOUN cblr-1764 357 22 . . PUNCT cblr-1764 358 1 insurance insurance NOUN cblr-1764 358 2 companies company NOUN cblr-1764 358 3 now now ADV cblr-1764 358 4 offer offer VERB cblr-1764 358 5 products product NOUN cblr-1764 358 6 and and CCONJ cblr-1764 358 7 services service NOUN cblr-1764 358 8 that that PRON cblr-1764 358 9 function function VERB cblr-1764 358 10 as as ADP cblr-1764 358 11 substitutes substitute NOUN cblr-1764 358 12 for for ADP cblr-1764 358 13 those those PRON cblr-1764 358 14 provided provide VERB cblr-1764 358 15 by by ADP cblr-1764 358 16 banks bank NOUN cblr-1764 358 17 , , PUNCT cblr-1764 358 18 securities security NOUN cblr-1764 358 19 firms firm NOUN cblr-1764 358 20 , , PUNCT cblr-1764 358 21 and and CCONJ cblr-1764 358 22 other other ADJ cblr-1764 358 23 financial financial ADJ cblr-1764 358 24 intermediaries intermediary NOUN cblr-1764 358 25 . . PUNCT cblr-1764 359 1 as as ADP cblr-1764 359 2 a a DET cblr-1764 359 3 result result NOUN cblr-1764 359 4 , , PUNCT cblr-1764 359 5 insurance insurance NOUN cblr-1764 359 6 firms firm NOUN cblr-1764 359 7 have have AUX cblr-1764 359 8 also also ADV cblr-1764 359 9 become become VERB cblr-1764 359 10 interconnected interconnected ADJ cblr-1764 359 11 with with ADP cblr-1764 359 12 other other ADJ cblr-1764 359 13 financial financial ADJ cblr-1764 359 14 institutions institution NOUN cblr-1764 359 15 and and CCONJ cblr-1764 359 16 relevant relevant ADJ cblr-1764 359 17 to to ADP cblr-1764 359 18 systemic systemic ADJ cblr-1764 359 19 risks risk NOUN cblr-1764 359 20 affecting affect VERB cblr-1764 359 21 the the DET cblr-1764 359 22 stability stability NOUN cblr-1764 359 23 of of ADP cblr-1764 359 24 the the DET cblr-1764 359 25 entire entire ADJ cblr-1764 359 26 financial financial ADJ cblr-1764 359 27 sector sector NOUN cblr-1764 359 28 . . PUNCT cblr-1764 360 1 importantly importantly ADV cblr-1764 360 2 , , PUNCT cblr-1764 360 3 as as SCONJ cblr-1764 360 4 the the DET cblr-1764 360 5 swiss swiss PROPN cblr-1764 360 6 re re PROPN cblr-1764 360 7 , , PUNCT cblr-1764 360 8 yamato yamato PROPN cblr-1764 360 9 life life NOUN cblr-1764 360 10 , , PUNCT cblr-1764 360 11 and and CCONJ cblr-1764 360 12 landeskrankehilfe landeskrankehilfe ADJ cblr-1764 360 13 upheavals upheaval NOUN cblr-1764 360 14 reveal reveal VERB cblr-1764 360 15 , , PUNCT cblr-1764 360 16 the the DET cblr-1764 360 17 convergence convergence NOUN cblr-1764 360 18 of of ADP cblr-1764 360 19 insurance insurance NOUN cblr-1764 360 20 with with ADP cblr-1764 360 21 the the DET cblr-1764 360 22 financial financial ADJ cblr-1764 360 23 system system NOUN cblr-1764 360 24 has have AUX cblr-1764 360 25 taken take VERB cblr-1764 360 26 place place NOUN cblr-1764 360 27 on on ADP cblr-1764 360 28 an an DET cblr-1764 360 29 international international ADJ cblr-1764 360 30 scale scale NOUN cblr-1764 360 31 . . PUNCT cblr-1764 361 1 indeed indeed ADV cblr-1764 361 2 , , PUNCT cblr-1764 361 3 while while SCONJ cblr-1764 361 4 aig aig PROPN cblr-1764 361 5 ’s ’s PART cblr-1764 361 6 entanglement entanglement NOUN cblr-1764 361 7 with with ADP cblr-1764 361 8 several several ADJ cblr-1764 361 9 of of ADP cblr-1764 361 10 europe europe PROPN cblr-1764 361 11 ’s ’s PART cblr-1764 361 12 biggest big ADJ cblr-1764 361 13 banks bank NOUN cblr-1764 361 14 was be AUX cblr-1764 361 15 a a DET cblr-1764 361 16 well well ADV cblr-1764 361 17 - - PUNCT cblr-1764 361 18 known know VERB cblr-1764 361 19 and and CCONJ cblr-1764 361 20 controversial controversial ADJ cblr-1764 361 21 aspect aspect NOUN cblr-1764 361 22 of of ADP cblr-1764 361 23 its its PRON cblr-1764 361 24 bailout bailout NOUN cblr-1764 361 25 , , PUNCT cblr-1764 361 26 even even ADV cblr-1764 361 27 in in ADP cblr-1764 361 28 the the DET cblr-1764 361 29 seemingly seemingly ADV cblr-1764 361 30 domestic domestic ADJ cblr-1764 361 31 - - PUNCT cblr-1764 361 32 oriented orient VERB cblr-1764 361 33 financial financial ADJ cblr-1764 361 34 guarantee guarantee NOUN cblr-1764 361 35 segment segment NOUN cblr-1764 361 36 , , PUNCT cblr-1764 361 37 roughly roughly ADV cblr-1764 361 38 onefifth onefifth ADJ cblr-1764 361 39 of of ADP cblr-1764 361 40 the the DET cblr-1764 361 41 business business NOUN cblr-1764 361 42 reported report VERB cblr-1764 361 43 on on ADP cblr-1764 361 44 the the DET cblr-1764 361 45 balance balance NOUN cblr-1764 361 46 sheets sheet NOUN cblr-1764 361 47 of of ADP cblr-1764 361 48 the the DET cblr-1764 361 49 nine nine NUM cblr-1764 361 50 largest large ADJ cblr-1764 361 51 monoline monoline NOUN cblr-1764 361 52 insurers insurer NOUN cblr-1764 361 53 qualified qualified ADJ cblr-1764 361 54 as as ADP cblr-1764 361 55 international.117 international.117 ADP cblr-1764 361 56 the the DET cblr-1764 361 57 following follow VERB cblr-1764 361 58 part part NOUN cblr-1764 361 59 iii iii NUM cblr-1764 361 60 therefore therefore ADV cblr-1764 361 61 outlines outline VERB cblr-1764 361 62 the the DET cblr-1764 361 63 regulatory regulatory ADJ cblr-1764 361 64 regimes regime NOUN cblr-1764 361 65 for for ADP cblr-1764 361 66 insurance insurance NOUN cblr-1764 361 67 at at ADP cblr-1764 361 68 both both CCONJ cblr-1764 361 69 the the DET cblr-1764 361 70 domestic domestic ADJ cblr-1764 361 71 and and CCONJ cblr-1764 361 72 international international ADJ cblr-1764 361 73 levels level NOUN cblr-1764 361 74 , , PUNCT cblr-1764 361 75 and and CCONJ cblr-1764 361 76 analyzes analyze VERB cblr-1764 361 77 the the DET cblr-1764 361 78 extent extent NOUN cblr-1764 361 79 to to PART cblr-1764 361 80 which which PRON cblr-1764 361 81 they they PRON cblr-1764 361 82 have have AUX cblr-1764 361 83 adapted adapt VERB cblr-1764 361 84 to to ADP cblr-1764 361 85 these these DET cblr-1764 361 86 economic economic ADJ cblr-1764 361 87 changes change NOUN cblr-1764 361 88 . . PUNCT cblr-1764 362 1 iii iii X cblr-1764 362 2 . . PUNCT cblr-1764 363 1 the the DET cblr-1764 363 2 two two NUM cblr-1764 363 3 tiers tier NOUN cblr-1764 363 4 of of ADP cblr-1764 363 5 insurance insurance NOUN cblr-1764 363 6 regulation regulation NOUN cblr-1764 363 7 although although SCONJ cblr-1764 363 8 the the DET cblr-1764 363 9 insurance insurance NOUN cblr-1764 363 10 industry industry NOUN cblr-1764 363 11 has have AUX cblr-1764 363 12 converged converge VERB cblr-1764 363 13 with with ADP cblr-1764 363 14 the the DET cblr-1764 363 15 broader broad ADJ cblr-1764 363 16 financial financial ADJ cblr-1764 363 17 services service NOUN cblr-1764 363 18 sector sector NOUN cblr-1764 363 19 over over ADP cblr-1764 363 20 the the DET cblr-1764 363 21 past past ADJ cblr-1764 363 22 twenty twenty NUM cblr-1764 363 23 years year NOUN cblr-1764 363 24 , , PUNCT cblr-1764 363 25 the the DET cblr-1764 363 26 structure structure NOUN cblr-1764 363 27 of of ADP cblr-1764 363 28 insurance insurance NOUN cblr-1764 363 29 regulation regulation NOUN cblr-1764 363 30 has have AUX cblr-1764 363 31 not not PART cblr-1764 363 32 evolved evolve VERB cblr-1764 363 33 substantially substantially ADV cblr-1764 363 34 in in ADP cblr-1764 363 35 response response NOUN cblr-1764 363 36 . . PUNCT cblr-1764 364 1 instead instead ADV cblr-1764 364 2 , , PUNCT cblr-1764 364 3 in in ADP cblr-1764 364 4 the the DET cblr-1764 364 5 face face NOUN cblr-1764 364 6 of of ADP cblr-1764 364 7 market market NOUN cblr-1764 364 8 integration integration NOUN cblr-1764 364 9 , , PUNCT cblr-1764 364 10 the the DET cblr-1764 364 11 defining define VERB cblr-1764 364 12 feature feature NOUN cblr-1764 364 13 of of ADP cblr-1764 364 14 insurance insurance NOUN cblr-1764 364 15 regulation regulation NOUN cblr-1764 364 16 remains remain VERB cblr-1764 364 17 its its PRON cblr-1764 364 18 extreme extreme ADJ cblr-1764 364 19 fragmentation fragmentation NOUN cblr-1764 364 20 across across ADP cblr-1764 364 21 jurisdictions.118 jurisdictions.118 NOUN cblr-1764 364 22 domestically domestically ADV cblr-1764 364 23 , , PUNCT cblr-1764 364 24 the the DET cblr-1764 364 25 nearly nearly ADV cblr-1764 364 26 exclusive exclusive ADJ cblr-1764 364 27 delegation delegation NOUN cblr-1764 364 28 of of ADP cblr-1764 364 29 insurance insurance NOUN cblr-1764 364 30 regulation regulation NOUN cblr-1764 364 31 to to ADP cblr-1764 364 32 the the DET cblr-1764 364 33 states state NOUN cblr-1764 364 34 means mean VERB cblr-1764 364 35 that that SCONJ cblr-1764 364 36 there there PRON cblr-1764 364 37 are be VERB cblr-1764 364 38 effectively effectively ADV cblr-1764 364 39 fiftyplus fiftyplus ADJ cblr-1764 364 40 distinct distinct ADJ cblr-1764 364 41 regulatory regulatory ADJ cblr-1764 364 42 regimes regime NOUN cblr-1764 364 43 within within ADP cblr-1764 364 44 the the DET cblr-1764 364 45 united united PROPN cblr-1764 364 46 states states PROPN cblr-1764 364 47 . . PUNCT cblr-1764 365 1 moreover moreover ADV cblr-1764 365 2 , , PUNCT cblr-1764 365 3 the the DET cblr-1764 365 4 balkanized balkanized ADJ cblr-1764 365 5 structure structure NOUN cblr-1764 365 6 of of ADP cblr-1764 365 7 insurance insurance NOUN cblr-1764 365 8 regulation regulation NOUN cblr-1764 365 9 117 117 NUM cblr-1764 365 10 schich schich NOUN cblr-1764 365 11 , , PUNCT cblr-1764 365 12 supra supra PROPN cblr-1764 365 13 note note PROPN cblr-1764 365 14 61 61 NUM cblr-1764 365 15 , , PUNCT cblr-1764 365 16 at at ADP cblr-1764 365 17 91 91 NUM cblr-1764 365 18 . . PUNCT cblr-1764 366 1 118 118 NUM cblr-1764 366 2 see see VERB cblr-1764 366 3 martin martin PROPN cblr-1764 366 4 f. f. PROPN cblr-1764 366 5 grace grace PROPN cblr-1764 366 6 & & CCONJ cblr-1764 366 7 robert robert PROPN cblr-1764 366 8 w. w. PROPN cblr-1764 366 9 klein klein PROPN cblr-1764 366 10 , , PUNCT cblr-1764 366 11 the the DET cblr-1764 366 12 future future NOUN cblr-1764 366 13 of of ADP cblr-1764 366 14 insurance insurance NOUN cblr-1764 366 15 regulation regulation NOUN cblr-1764 366 16 : : PUNCT cblr-1764 366 17 an an DET cblr-1764 366 18 introduction introduction NOUN cblr-1764 366 19 , , PUNCT cblr-1764 366 20 in in ADP cblr-1764 366 21 the the DET cblr-1764 366 22 future future NOUN cblr-1764 366 23 of of ADP cblr-1764 366 24 insurance insurance NOUN cblr-1764 366 25 regulation regulation NOUN cblr-1764 366 26 in in ADP cblr-1764 366 27 the the DET cblr-1764 366 28 united united PROPN cblr-1764 366 29 states states PROPN cblr-1764 366 30 2 2 NUM cblr-1764 366 31 ( ( PUNCT cblr-1764 366 32 martin martin PROPN cblr-1764 366 33 f. f. PROPN cblr-1764 366 34 grace grace PROPN cblr-1764 366 35 & & CCONJ cblr-1764 366 36 robert robert PROPN cblr-1764 366 37 w. w. PROPN cblr-1764 366 38 klein klein PROPN cblr-1764 366 39 , , PUNCT cblr-1764 366 40 eds eds PROPN cblr-1764 366 41 . . PROPN cblr-1764 366 42 , , PUNCT cblr-1764 366 43 2009 2009 NUM cblr-1764 366 44 ) ) PUNCT cblr-1764 366 45 . . PUNCT cblr-1764 367 1 turk turk PROPN cblr-1764 367 2 – – PUNCT cblr-1764 367 3 final final ADJ cblr-1764 367 4 1000 1000 NUM cblr-1764 367 5 columbia columbia PROPN cblr-1764 367 6 business business NOUN cblr-1764 367 7 law law PROPN cblr-1764 367 8 review review NOUN cblr-1764 367 9 [ [ X cblr-1764 367 10 vol vol NOUN cblr-1764 367 11 . . NOUN cblr-1764 367 12 2015 2015 NUM cblr-1764 367 13 is be AUX cblr-1764 367 14 two two NUM cblr-1764 367 15 - - PUNCT cblr-1764 367 16 tiered tiere VERB cblr-1764 367 17 ; ; PUNCT cblr-1764 367 18 it it PRON cblr-1764 367 19 reappears reappear VERB cblr-1764 367 20 at at ADP cblr-1764 367 21 the the DET cblr-1764 367 22 international international ADJ cblr-1764 367 23 level level NOUN cblr-1764 367 24 , , PUNCT cblr-1764 367 25 where where SCONJ cblr-1764 367 26 harmonization harmonization NOUN cblr-1764 367 27 of of ADP cblr-1764 367 28 insurance insurance NOUN cblr-1764 367 29 rules rule NOUN cblr-1764 367 30 across across ADP cblr-1764 367 31 countries country NOUN cblr-1764 367 32 has have AUX cblr-1764 367 33 lagged lag VERB cblr-1764 367 34 markedly markedly ADV cblr-1764 367 35 behind behind ADP cblr-1764 367 36 international international ADJ cblr-1764 367 37 regulatory regulatory ADJ cblr-1764 367 38 cooperation cooperation NOUN cblr-1764 367 39 relating relate VERB cblr-1764 367 40 to to ADP cblr-1764 367 41 banking banking NOUN cblr-1764 367 42 or or CCONJ cblr-1764 367 43 securities security NOUN cblr-1764 367 44 . . PUNCT cblr-1764 368 1 a a DET cblr-1764 368 2 second second ADJ cblr-1764 368 3 defining define VERB cblr-1764 368 4 feature feature NOUN cblr-1764 368 5 of of ADP cblr-1764 368 6 insurance insurance NOUN cblr-1764 368 7 regulation regulation NOUN cblr-1764 368 8 , , PUNCT cblr-1764 368 9 also also ADV cblr-1764 368 10 apparent apparent ADJ cblr-1764 368 11 at at ADP cblr-1764 368 12 both both DET cblr-1764 368 13 tiers tier NOUN cblr-1764 368 14 , , PUNCT cblr-1764 368 15 is be AUX cblr-1764 368 16 that that PRON cblr-1764 368 17 definitional definitional ADJ cblr-1764 368 18 boundaries boundary NOUN cblr-1764 368 19 are be AUX cblr-1764 368 20 predominantly predominantly ADV cblr-1764 368 21 drawn draw VERB cblr-1764 368 22 along along ADP cblr-1764 368 23 formal formal ADJ cblr-1764 368 24 - - PUNCT cblr-1764 368 25 institutional institutional ADJ cblr-1764 368 26 , , PUNCT cblr-1764 368 27 rather rather ADV cblr-1764 368 28 than than ADP cblr-1764 368 29 functional functional ADJ cblr-1764 368 30 , , PUNCT cblr-1764 368 31 lines line NOUN cblr-1764 368 32 — — PUNCT cblr-1764 368 33 an an DET cblr-1764 368 34 institution institution NOUN cblr-1764 368 35 characterized characterize VERB cblr-1764 368 36 as as ADP cblr-1764 368 37 an an DET cblr-1764 368 38 “ " PUNCT cblr-1764 368 39 insurance insurance NOUN cblr-1764 368 40 company company NOUN cblr-1764 368 41 ” " PUNCT cblr-1764 368 42 will will AUX cblr-1764 368 43 be be AUX cblr-1764 368 44 subject subject ADJ cblr-1764 368 45 to to ADP cblr-1764 368 46 an an DET cblr-1764 368 47 idiosyncratic idiosyncratic ADJ cblr-1764 368 48 body body NOUN cblr-1764 368 49 of of ADP cblr-1764 368 50 “ " PUNCT cblr-1764 368 51 insurance insurance NOUN cblr-1764 368 52 regulation regulation NOUN cblr-1764 368 53 ” " PUNCT cblr-1764 368 54 regardless regardless ADV cblr-1764 368 55 of of ADP cblr-1764 368 56 whether whether SCONJ cblr-1764 368 57 it it PRON cblr-1764 368 58 serves serve VERB cblr-1764 368 59 diverse diverse ADJ cblr-1764 368 60 economic economic ADJ cblr-1764 368 61 functions function NOUN cblr-1764 368 62 that that PRON cblr-1764 368 63 overlap overlap VERB cblr-1764 368 64 with with ADP cblr-1764 368 65 other other ADJ cblr-1764 368 66 financial financial ADJ cblr-1764 368 67 services service NOUN cblr-1764 368 68 . . PUNCT cblr-1764 369 1 this this DET cblr-1764 369 2 part part NOUN cblr-1764 369 3 iii iii NUM cblr-1764 369 4 provides provide VERB cblr-1764 369 5 an an DET cblr-1764 369 6 overview overview NOUN cblr-1764 369 7 of of ADP cblr-1764 369 8 the the DET cblr-1764 369 9 structure structure NOUN cblr-1764 369 10 of of ADP cblr-1764 369 11 insurance insurance NOUN cblr-1764 369 12 regulation regulation NOUN cblr-1764 369 13 at at ADP cblr-1764 369 14 the the DET cblr-1764 369 15 domestic domestic ADJ cblr-1764 369 16 and and CCONJ cblr-1764 369 17 international international ADJ cblr-1764 369 18 levels level NOUN cblr-1764 369 19 and and CCONJ cblr-1764 369 20 explains explain VERB cblr-1764 369 21 how how SCONJ cblr-1764 369 22 it it PRON cblr-1764 369 23 has have AUX cblr-1764 369 24 been be AUX cblr-1764 369 25 reformed reform VERB cblr-1764 369 26 in in ADP cblr-1764 369 27 response response NOUN cblr-1764 369 28 to to ADP cblr-1764 369 29 the the DET cblr-1764 369 30 2008 2008 NUM cblr-1764 369 31 crisis crisis NOUN cblr-1764 369 32 . . PUNCT cblr-1764 370 1 the the DET cblr-1764 370 2 energetic energetic ADJ cblr-1764 370 3 regulatory regulatory ADJ cblr-1764 370 4 response response NOUN cblr-1764 370 5 to to ADP cblr-1764 370 6 the the DET cblr-1764 370 7 2008 2008 NUM cblr-1764 370 8 crisis crisis NOUN cblr-1764 370 9 — — PUNCT cblr-1764 370 10 domestically domestically ADV cblr-1764 370 11 , , PUNCT cblr-1764 370 12 with with ADP cblr-1764 370 13 dodd dodd PROPN cblr-1764 370 14 - - PUNCT cblr-1764 370 15 frank frank PROPN cblr-1764 370 16 , , PUNCT cblr-1764 370 17 and and CCONJ cblr-1764 370 18 in in ADP cblr-1764 370 19 a a DET cblr-1764 370 20 number number NOUN cblr-1764 370 21 of of ADP cblr-1764 370 22 international international ADJ cblr-1764 370 23 efforts effort NOUN cblr-1764 370 24 — — PUNCT cblr-1764 370 25 did do AUX cblr-1764 370 26 not not PART cblr-1764 370 27 overhaul overhaul VERB cblr-1764 370 28 the the DET cblr-1764 370 29 previous previous ADJ cblr-1764 370 30 regulatory regulatory ADJ cblr-1764 370 31 architecture architecture NOUN cblr-1764 370 32 , , PUNCT cblr-1764 370 33 but but CCONJ cblr-1764 370 34 instead instead ADV cblr-1764 370 35 represents represent VERB cblr-1764 370 36 tentative tentative ADJ cblr-1764 370 37 first first ADJ cblr-1764 370 38 steps step NOUN cblr-1764 370 39 at at ADP cblr-1764 370 40 addressing address VERB cblr-1764 370 41 the the DET cblr-1764 370 42 fragmented fragmented ADJ cblr-1764 370 43 jurisdictional jurisdictional ADJ cblr-1764 370 44 boundaries boundary NOUN cblr-1764 370 45 and and CCONJ cblr-1764 370 46 formalistic formalistic ADJ cblr-1764 370 47 definitional definitional ADJ cblr-1764 370 48 boundaries boundary NOUN cblr-1764 370 49 of of ADP cblr-1764 370 50 insurance insurance NOUN cblr-1764 370 51 regulation regulation NOUN cblr-1764 370 52 . . PUNCT cblr-1764 371 1 thus thus ADV cblr-1764 371 2 , , PUNCT cblr-1764 371 3 the the DET cblr-1764 371 4 regulation regulation NOUN cblr-1764 371 5 of of ADP cblr-1764 371 6 insurance insurance NOUN cblr-1764 371 7 is be AUX cblr-1764 371 8 poised poise VERB cblr-1764 371 9 at at ADP cblr-1764 371 10 a a DET cblr-1764 371 11 potential potential ADJ cblr-1764 371 12 turning turning NOUN cblr-1764 371 13 point point NOUN cblr-1764 371 14 , , PUNCT cblr-1764 371 15 in in ADP cblr-1764 371 16 which which PRON cblr-1764 371 17 regulatory regulatory ADJ cblr-1764 371 18 boundaries boundary NOUN cblr-1764 371 19 may may AUX cblr-1764 371 20 be be AUX cblr-1764 371 21 redrawn redrawn VERB cblr-1764 371 22 in in ADP cblr-1764 371 23 a a DET cblr-1764 371 24 more more ADV cblr-1764 371 25 or or CCONJ cblr-1764 371 26 less less ADV cblr-1764 371 27 aggressive aggressive ADJ cblr-1764 371 28 manner manner NOUN cblr-1764 371 29 to to PART cblr-1764 371 30 respond respond VERB cblr-1764 371 31 to to ADP cblr-1764 371 32 the the DET cblr-1764 371 33 convergence convergence NOUN cblr-1764 371 34 of of ADP cblr-1764 371 35 insurance insurance NOUN cblr-1764 371 36 with with ADP cblr-1764 371 37 other other ADJ cblr-1764 371 38 financial financial ADJ cblr-1764 371 39 services service NOUN cblr-1764 371 40 that that PRON cblr-1764 371 41 was be AUX cblr-1764 371 42 described describe VERB cblr-1764 371 43 above above ADV cblr-1764 371 44 . . PUNCT cblr-1764 372 1 a. a. NOUN cblr-1764 372 2 domestic domestic ADJ cblr-1764 372 3 1 1 NUM cblr-1764 372 4 . . PUNCT cblr-1764 372 5 pre-2008 pre-2008 NOUN cblr-1764 372 6 although although SCONJ cblr-1764 372 7 the the DET cblr-1764 372 8 issue issue NOUN cblr-1764 372 9 has have AUX cblr-1764 372 10 been be AUX cblr-1764 372 11 subject subject ADJ cblr-1764 372 12 to to ADP cblr-1764 372 13 some some DET cblr-1764 372 14 refinement refinement NOUN cblr-1764 372 15 in in ADP cblr-1764 372 16 the the DET cblr-1764 372 17 courts court NOUN cblr-1764 372 18 , , PUNCT cblr-1764 372 19 it it PRON cblr-1764 372 20 is be AUX cblr-1764 372 21 the the DET cblr-1764 372 22 mccarran mccarran NOUN cblr-1764 372 23 - - PUNCT cblr-1764 372 24 ferguson ferguson PROPN cblr-1764 372 25 act act NOUN cblr-1764 372 26 of of ADP cblr-1764 372 27 1945 1945 NUM cblr-1764 372 28 — — PUNCT cblr-1764 372 29 which which PRON cblr-1764 372 30 provides provide VERB cblr-1764 372 31 that that DET cblr-1764 372 32 federal federal ADJ cblr-1764 372 33 antitrust antitrust ADJ cblr-1764 372 34 laws law NOUN cblr-1764 372 35 are be AUX cblr-1764 372 36 inapplicable inapplicable ADJ cblr-1764 372 37 to to ADP cblr-1764 372 38 the the DET cblr-1764 372 39 “ " PUNCT cblr-1764 372 40 business business NOUN cblr-1764 372 41 of of ADP cblr-1764 372 42 insurance insurance NOUN cblr-1764 372 43 . . PUNCT cblr-1764 372 44 . . PUNCT cblr-1764 373 1 . . PUNCT cblr-1764 374 1 to to ADP cblr-1764 374 2 the the DET cblr-1764 374 3 extent extent NOUN cblr-1764 374 4 that that SCONJ cblr-1764 374 5 such such ADJ cblr-1764 374 6 business business NOUN cblr-1764 374 7 is be AUX cblr-1764 374 8 regulated regulate VERB cblr-1764 374 9 by by ADP cblr-1764 374 10 state state NOUN cblr-1764 374 11 law”—that law”—that X cblr-1764 374 12 remains remain VERB cblr-1764 374 13 the the DET cblr-1764 374 14 central central ADJ cblr-1764 374 15 federal federal ADJ cblr-1764 374 16 insurance insurance NOUN cblr-1764 374 17 statute statute NOUN cblr-1764 374 18 and and CCONJ cblr-1764 374 19 is be AUX cblr-1764 374 20 the the DET cblr-1764 374 21 linchpin linchpin NOUN cblr-1764 374 22 of of ADP cblr-1764 374 23 the the DET cblr-1764 374 24 turk turk NOUN cblr-1764 374 25 – – PUNCT cblr-1764 374 26 final final ADJ cblr-1764 374 27 no no NOUN cblr-1764 374 28 . . PUNCT cblr-1764 375 1 3:967 3:967 NUM cblr-1764 375 2 ] ] PUNCT cblr-1764 375 3 insurance insurance NOUN cblr-1764 375 4 convergence convergence NOUN cblr-1764 375 5 1001 1001 NUM cblr-1764 375 6 contemporary contemporary ADJ cblr-1764 375 7 state state NOUN cblr-1764 375 8 - - PUNCT cblr-1764 375 9 centered center VERB cblr-1764 375 10 insurance insurance NOUN cblr-1764 375 11 regime.119 regime.119 NOUN cblr-1764 375 12 in in ADP cblr-1764 375 13 each each DET cblr-1764 375 14 state state NOUN cblr-1764 375 15 , , PUNCT cblr-1764 375 16 insurance insurance NOUN cblr-1764 375 17 regulation regulation NOUN cblr-1764 375 18 is be AUX cblr-1764 375 19 overseen oversee VERB cblr-1764 375 20 by by ADP cblr-1764 375 21 a a DET cblr-1764 375 22 state state NOUN cblr-1764 375 23 insurance insurance NOUN cblr-1764 375 24 department department NOUN cblr-1764 375 25 , , PUNCT cblr-1764 375 26 which which PRON cblr-1764 375 27 is be AUX cblr-1764 375 28 led lead VERB cblr-1764 375 29 by by ADP cblr-1764 375 30 an an DET cblr-1764 375 31 insurance insurance NOUN cblr-1764 375 32 commissioner.120 commissioner.120 PRON cblr-1764 375 33 state state NOUN cblr-1764 375 34 insurance insurance NOUN cblr-1764 375 35 departments department NOUN cblr-1764 375 36 pursue pursue VERB cblr-1764 375 37 two two NUM cblr-1764 375 38 overarching overarching ADJ cblr-1764 375 39 goals goal NOUN cblr-1764 375 40 : : PUNCT cblr-1764 375 41 ( ( PUNCT cblr-1764 375 42 1 1 X cblr-1764 375 43 ) ) PUNCT cblr-1764 375 44 consumer consumer NOUN cblr-1764 375 45 protection protection NOUN cblr-1764 375 46 , , PUNCT cblr-1764 375 47 through through ADP cblr-1764 375 48 a a DET cblr-1764 375 49 variety variety NOUN cblr-1764 375 50 of of ADP cblr-1764 375 51 measures measure NOUN cblr-1764 375 52 such such ADJ cblr-1764 375 53 as as ADP cblr-1764 375 54 price price NOUN cblr-1764 375 55 - - PUNCT cblr-1764 375 56 setting setting NOUN cblr-1764 375 57 , , PUNCT cblr-1764 375 58 licensing licensing NOUN cblr-1764 375 59 requirements requirement NOUN cblr-1764 375 60 , , PUNCT cblr-1764 375 61 and and CCONJ cblr-1764 375 62 product product NOUN cblr-1764 375 63 disclosure disclosure NOUN cblr-1764 375 64 requirements requirement NOUN cblr-1764 375 65 ( ( PUNCT cblr-1764 375 66 often often ADV cblr-1764 375 67 referred refer VERB cblr-1764 375 68 to to ADP cblr-1764 375 69 as as ADP cblr-1764 375 70 “ " PUNCT cblr-1764 375 71 market market NOUN cblr-1764 375 72 conduct conduct NOUN cblr-1764 375 73 ” " PUNCT cblr-1764 375 74 rules);121 rules);121 PUNCT cblr-1764 375 75 and and CCONJ cblr-1764 375 76 ( ( PUNCT cblr-1764 375 77 2 2 X cblr-1764 375 78 ) ) PUNCT cblr-1764 375 79 maintaining maintain VERB cblr-1764 375 80 the the DET cblr-1764 375 81 solvency solvency NOUN cblr-1764 375 82 of of ADP cblr-1764 375 83 insurance insurance NOUN cblr-1764 375 84 companies company NOUN cblr-1764 375 85 operating operate VERB cblr-1764 375 86 within within ADP cblr-1764 375 87 the the DET cblr-1764 375 88 state.122 state.122 ADJ cblr-1764 375 89 the the DET cblr-1764 375 90 primary primary ADJ cblr-1764 375 91 vehicle vehicle NOUN cblr-1764 375 92 for for ADP cblr-1764 375 93 safeguarding safeguard VERB cblr-1764 375 94 insurance insurance NOUN cblr-1764 375 95 company company NOUN cblr-1764 375 96 solvency solvency NOUN cblr-1764 375 97 is be AUX cblr-1764 375 98 statutory statutory ADJ cblr-1764 375 99 reserve reserve NOUN cblr-1764 375 100 and and CCONJ cblr-1764 375 101 surplus surplus ADJ cblr-1764 375 102 requirements requirement NOUN cblr-1764 375 103 , , PUNCT cblr-1764 375 104 which which PRON cblr-1764 375 105 require require VERB cblr-1764 375 106 insurers insurer NOUN cblr-1764 375 107 to to PART cblr-1764 375 108 maintain maintain VERB cblr-1764 375 109 sufficient sufficient ADJ cblr-1764 375 110 assets asset NOUN cblr-1764 375 111 to to PART cblr-1764 375 112 meet meet VERB cblr-1764 375 113 policyholders policyholder NOUN cblr-1764 375 114 ’ ' PUNCT cblr-1764 375 115 claims claim NOUN cblr-1764 375 116 as as SCONJ cblr-1764 375 117 they they PRON cblr-1764 375 118 come come VERB cblr-1764 375 119 due.123 due.123 NOUN cblr-1764 375 120 a a DET cblr-1764 375 121 second second ADJ cblr-1764 375 122 important important ADJ cblr-1764 375 123 regulatory regulatory ADJ cblr-1764 375 124 device device NOUN cblr-1764 375 125 found find VERB cblr-1764 375 126 in in ADP cblr-1764 375 127 every every DET cblr-1764 375 128 state state NOUN cblr-1764 375 129 is be AUX cblr-1764 375 130 an an DET cblr-1764 375 131 insurance insurance NOUN cblr-1764 375 132 guarantee guarantee NOUN cblr-1764 375 133 fund fund NOUN cblr-1764 375 134 , , PUNCT cblr-1764 375 135 usually usually ADV cblr-1764 375 136 separated separate VERB cblr-1764 375 137 along along ADP cblr-1764 375 138 property property NOUN cblr-1764 375 139 and and CCONJ cblr-1764 375 140 casualty casualty NOUN cblr-1764 375 141 and and CCONJ cblr-1764 375 142 life life NOUN cblr-1764 375 143 - - PUNCT cblr-1764 375 144 and and CCONJ cblr-1764 375 145 - - PUNCT cblr-1764 375 146 health health NOUN cblr-1764 375 147 lines line NOUN cblr-1764 375 148 , , PUNCT cblr-1764 375 149 which which PRON cblr-1764 375 150 serves serve VERB cblr-1764 375 151 as as ADP cblr-1764 375 152 a a DET cblr-1764 375 153 backstop backstop NOUN cblr-1764 375 154 to to PART cblr-1764 375 155 payout payout VERB cblr-1764 375 156 claims claim NOUN cblr-1764 375 157 owed owe VERB cblr-1764 375 158 by by ADP cblr-1764 375 159 failed fail VERB cblr-1764 375 160 insurers insurer NOUN cblr-1764 375 161 when when SCONJ cblr-1764 375 162 surplus surplus NOUN cblr-1764 375 163 and and CCONJ cblr-1764 375 164 reserve reserve NOUN cblr-1764 375 165 requirements requirement NOUN cblr-1764 375 166 prove prove VERB cblr-1764 375 167 insufficient.124 insufficient.124 PRON cblr-1764 375 168 the the DET cblr-1764 375 169 largest large ADJ cblr-1764 375 170 factor factor NOUN cblr-1764 375 171 militating militate VERB cblr-1764 375 172 against against ADP cblr-1764 375 173 divergence divergence NOUN cblr-1764 375 174 of of ADP cblr-1764 375 175 insurance insurance NOUN cblr-1764 375 176 regulation regulation NOUN cblr-1764 375 177 across across ADP cblr-1764 375 178 states state NOUN cblr-1764 375 179 is be AUX cblr-1764 375 180 the the DET cblr-1764 375 181 national national PROPN cblr-1764 375 182 association association PROPN cblr-1764 375 183 of of ADP cblr-1764 375 184 insurance insurance NOUN cblr-1764 375 185 commissioners commissioner NOUN cblr-1764 375 186 ( ( PUNCT cblr-1764 375 187 “ " PUNCT cblr-1764 375 188 naic naic PROPN cblr-1764 375 189 ” " PUNCT cblr-1764 375 190 ) ) PUNCT cblr-1764 375 191 , , PUNCT cblr-1764 375 192 a a DET cblr-1764 375 193 119 119 NUM cblr-1764 375 194 mccarran mccarran NOUN cblr-1764 375 195 - - PUNCT cblr-1764 375 196 ferguson ferguson PROPN cblr-1764 375 197 act act PROPN cblr-1764 375 198 , , PUNCT cblr-1764 375 199 15 15 NUM cblr-1764 375 200 u.s.c u.s.c NOUN cblr-1764 375 201 . . PUNCT cblr-1764 376 1 § § PROPN cblr-1764 376 2 § § PROPN cblr-1764 376 3 1011–15 1011–15 NUM cblr-1764 376 4 ( ( PUNCT cblr-1764 376 5 1947 1947 NUM cblr-1764 376 6 ) ) PUNCT cblr-1764 376 7 ; ; PUNCT cblr-1764 376 8 see see VERB cblr-1764 376 9 u.s u.s PROPN cblr-1764 376 10 . . PROPN cblr-1764 376 11 treasury treasury PROPN cblr-1764 376 12 dep’t dep’t PROPN cblr-1764 376 13 , , PUNCT cblr-1764 376 14 blueprint blueprint NOUN cblr-1764 376 15 for for ADP cblr-1764 376 16 a a DET cblr-1764 376 17 modernized modernized ADJ cblr-1764 376 18 financial financial ADJ cblr-1764 376 19 regulatory regulatory ADJ cblr-1764 376 20 structure structure NOUN cblr-1764 376 21 62–63 62–63 NUM cblr-1764 376 22 ( ( PUNCT cblr-1764 376 23 2008 2008 NUM cblr-1764 376 24 ) ) PUNCT cblr-1764 377 1 [ [ X cblr-1764 377 2 hereinafter hereinafter NOUN cblr-1764 377 3 paulson paulson PROPN cblr-1764 377 4 plan plan PROPN cblr-1764 377 5 ] ] PUNCT cblr-1764 377 6 , , PUNCT cblr-1764 377 7 http://www http://www PROPN cblr-1764 377 8 . . PUNCT cblr-1764 378 1 treasury.gov/press-center/press-releases/documents/blueprint.pdf treasury.gov/press-center/press-releases/documents/blueprint.pdf PRON cblr-1764 379 1 [ [ X cblr-1764 379 2 http:// http:// PROPN cblr-1764 379 3 perma.cc/z7mc-dgdy perma.cc/z7mc-dgdy PROPN cblr-1764 379 4 ] ] X cblr-1764 379 5 ; ; PUNCT cblr-1764 379 6 cf cf X cblr-1764 379 7 . . PUNCT cblr-1764 380 1 union union NOUN cblr-1764 380 2 labor labor PROPN cblr-1764 380 3 life life PROPN cblr-1764 380 4 ins ins PROPN cblr-1764 380 5 . . PUNCT cblr-1764 380 6 co. co. PROPN cblr-1764 380 7 v. v. ADP cblr-1764 380 8 pireno pireno PROPN cblr-1764 380 9 , , PUNCT cblr-1764 380 10 458 458 NUM cblr-1764 380 11 u.s u.s PROPN cblr-1764 380 12 . . PROPN cblr-1764 380 13 119 119 NUM cblr-1764 380 14 , , PUNCT cblr-1764 380 15 129 129 NUM cblr-1764 380 16 ( ( PUNCT cblr-1764 380 17 1982 1982 NUM cblr-1764 380 18 ) ) PUNCT cblr-1764 380 19 ( ( PUNCT cblr-1764 380 20 laying lay VERB cblr-1764 380 21 out out ADP cblr-1764 380 22 three three NUM cblr-1764 380 23 factors factor NOUN cblr-1764 380 24 that that PRON cblr-1764 380 25 circumscribe circumscribe VERB cblr-1764 380 26 the the DET cblr-1764 380 27 “ " PUNCT cblr-1764 380 28 business business NOUN cblr-1764 380 29 of of ADP cblr-1764 380 30 insurance insurance NOUN cblr-1764 380 31 ” " PUNCT cblr-1764 380 32 ) ) PUNCT cblr-1764 380 33 ; ; PUNCT cblr-1764 380 34 group group NOUN cblr-1764 380 35 life life PROPN cblr-1764 380 36 & & CCONJ cblr-1764 380 37 health health PROPN cblr-1764 380 38 ins ins PROPN cblr-1764 380 39 . . PUNCT cblr-1764 380 40 co. co. PROPN cblr-1764 380 41 v. v. ADP cblr-1764 380 42 royal royal PROPN cblr-1764 380 43 drug drug PROPN cblr-1764 380 44 co. co. PROPN cblr-1764 380 45 , , PUNCT cblr-1764 380 46 440 440 NUM cblr-1764 380 47 u.s u.s PROPN cblr-1764 380 48 . . PROPN cblr-1764 380 49 205 205 NUM cblr-1764 380 50 , , PUNCT cblr-1764 380 51 219–20 219–20 PROPN cblr-1764 380 52 ( ( PUNCT cblr-1764 380 53 1979 1979 NUM cblr-1764 380 54 ) ) PUNCT cblr-1764 380 55 . . PUNCT cblr-1764 381 1 120 120 NUM cblr-1764 381 2 see see VERB cblr-1764 381 3 robert robert PROPN cblr-1764 381 4 w. w. PROPN cblr-1764 381 5 klein klein PROPN cblr-1764 381 6 , , PUNCT cblr-1764 381 7 the the DET cblr-1764 381 8 insurance insurance NOUN cblr-1764 381 9 industry industry NOUN cblr-1764 381 10 and and CCONJ cblr-1764 381 11 its its PRON cblr-1764 381 12 regulation regulation NOUN cblr-1764 381 13 : : PUNCT cblr-1764 381 14 an an DET cblr-1764 381 15 overview overview NOUN cblr-1764 381 16 , , PUNCT cblr-1764 381 17 in in ADP cblr-1764 381 18 the the DET cblr-1764 381 19 future future NOUN cblr-1764 381 20 of of ADP cblr-1764 381 21 insurance insurance NOUN cblr-1764 381 22 regulation regulation NOUN cblr-1764 381 23 in in ADP cblr-1764 381 24 the the DET cblr-1764 381 25 united united PROPN cblr-1764 381 26 states states PROPN cblr-1764 381 27 13 13 NUM cblr-1764 381 28 , , PUNCT cblr-1764 381 29 32–33 32–33 NUM cblr-1764 381 30 ( ( PUNCT cblr-1764 381 31 martin martin PROPN cblr-1764 381 32 f. f. PROPN cblr-1764 381 33 grace grace PROPN cblr-1764 381 34 & & CCONJ cblr-1764 381 35 robert robert PROPN cblr-1764 381 36 w. w. PROPN cblr-1764 381 37 klein klein PROPN cblr-1764 381 38 , , PUNCT cblr-1764 381 39 eds eds PROPN cblr-1764 381 40 . . PROPN cblr-1764 381 41 , , PUNCT cblr-1764 381 42 2009 2009 NUM cblr-1764 381 43 ) ) PUNCT cblr-1764 381 44 . . PUNCT cblr-1764 382 1 121 121 NUM cblr-1764 382 2 see see VERB cblr-1764 382 3 paulson paulson PROPN cblr-1764 382 4 plan plan PROPN cblr-1764 382 5 , , PUNCT cblr-1764 382 6 supra supra PROPN cblr-1764 382 7 note note PROPN cblr-1764 382 8 119 119 NUM cblr-1764 382 9 , , PUNCT cblr-1764 382 10 at at ADP cblr-1764 382 11 67–71 67–71 NOUN cblr-1764 382 12 ( ( PUNCT cblr-1764 382 13 reviewing review VERB cblr-1764 382 14 common common ADJ cblr-1764 382 15 consumer consumer NOUN cblr-1764 382 16 protection protection NOUN cblr-1764 382 17 regulations regulation NOUN cblr-1764 382 18 ) ) PUNCT cblr-1764 382 19 . . PUNCT cblr-1764 383 1 122 122 NUM cblr-1764 383 2 see see VERB cblr-1764 383 3 nat’l nat’l NOUN cblr-1764 383 4 ass’n ass’n PROPN cblr-1764 383 5 ins in NOUN cblr-1764 383 6 . . PUNCT cblr-1764 384 1 comm’rs comm’rs PROPN cblr-1764 384 2 const const PROPN cblr-1764 384 3 . . PUNCT cblr-1764 385 1 art art NOUN cblr-1764 385 2 . . PUNCT cblr-1764 386 1 ii ii PROPN cblr-1764 386 2 ( ( PUNCT cblr-1764 386 3 1980 1980 NUM cblr-1764 386 4 ) ) PUNCT cblr-1764 386 5 , , PUNCT cblr-1764 386 6 http://www.naic.org/documents/prc-zs-15-01_vol1.pdf http://www.naic.org/documents/prc-zs-15-01_vol1.pdf NOUN cblr-1764 387 1 [ [ X cblr-1764 387 2 http://perma.cc/ http://perma.cc/ PROPN cblr-1764 387 3 uf8q uf8q PROPN cblr-1764 387 4 - - PUNCT cblr-1764 387 5 yrs6 yrs6 PROPN cblr-1764 387 6 ] ] PUNCT cblr-1764 387 7 ( ( PUNCT cblr-1764 387 8 articulating articulate VERB cblr-1764 387 9 these these DET cblr-1764 387 10 goals goal NOUN cblr-1764 387 11 ) ) PUNCT cblr-1764 387 12 ; ; PUNCT cblr-1764 387 13 klein klein PROPN cblr-1764 387 14 , , PUNCT cblr-1764 387 15 supra supra PROPN cblr-1764 387 16 note note PROPN cblr-1764 387 17 120 120 NUM cblr-1764 387 18 , , PUNCT cblr-1764 387 19 at at ADP cblr-1764 387 20 32–34 32–34 NUM cblr-1764 387 21 ; ; PUNCT cblr-1764 387 22 paulson paulson PROPN cblr-1764 387 23 plan plan PROPN cblr-1764 387 24 , , PUNCT cblr-1764 387 25 supra supra PROPN cblr-1764 387 26 note note PROPN cblr-1764 387 27 119 119 NUM cblr-1764 387 28 , , PUNCT cblr-1764 387 29 at at ADP cblr-1764 387 30 63–64 63–64 NOUN cblr-1764 387 31 . . PUNCT cblr-1764 388 1 123 123 NUM cblr-1764 388 2 see see VERB cblr-1764 388 3 klein klein PROPN cblr-1764 388 4 , , PUNCT cblr-1764 388 5 supra supra PROPN cblr-1764 388 6 note note PROPN cblr-1764 388 7 120 120 NUM cblr-1764 388 8 , , PUNCT cblr-1764 388 9 at at ADP cblr-1764 388 10 36 36 NUM cblr-1764 388 11 . . PUNCT cblr-1764 389 1 124 124 NUM cblr-1764 389 2 see see VERB cblr-1764 389 3 paulson paulson PROPN cblr-1764 389 4 plan plan PROPN cblr-1764 389 5 , , PUNCT cblr-1764 389 6 supra supra PROPN cblr-1764 389 7 note note PROPN cblr-1764 389 8 119 119 NUM cblr-1764 389 9 , , PUNCT cblr-1764 389 10 at at ADP cblr-1764 389 11 64 64 NUM cblr-1764 389 12 , , PUNCT cblr-1764 389 13 65–67 65–67 NUM cblr-1764 389 14 . . PUNCT cblr-1764 390 1 turk turk PROPN cblr-1764 390 2 – – PUNCT cblr-1764 390 3 final final ADJ cblr-1764 390 4 1002 1002 NUM cblr-1764 390 5 columbia columbia PROPN cblr-1764 390 6 business business NOUN cblr-1764 390 7 law law PROPN cblr-1764 390 8 review review NOUN cblr-1764 390 9 [ [ X cblr-1764 390 10 vol vol NOUN cblr-1764 390 11 . . NOUN cblr-1764 390 12 2015 2015 NUM cblr-1764 390 13 voluntary voluntary ADJ cblr-1764 390 14 association association NOUN cblr-1764 390 15 of of ADP cblr-1764 390 16 state state NOUN cblr-1764 390 17 insurance insurance NOUN cblr-1764 390 18 commissioners commissioner NOUN cblr-1764 390 19 formed form VERB cblr-1764 390 20 in in ADP cblr-1764 390 21 1871.125 1871.125 NUM cblr-1764 390 22 the the DET cblr-1764 390 23 historical historical ADJ cblr-1764 390 24 objectives objective NOUN cblr-1764 390 25 of of ADP cblr-1764 390 26 the the DET cblr-1764 390 27 naic naic PROPN cblr-1764 390 28 have have AUX cblr-1764 390 29 been be AUX cblr-1764 390 30 to to PART cblr-1764 390 31 promote promote VERB cblr-1764 390 32 uniformity uniformity NOUN cblr-1764 390 33 in in ADP cblr-1764 390 34 state state NOUN cblr-1764 390 35 legislation legislation NOUN cblr-1764 390 36 affecting affect VERB cblr-1764 390 37 insurance insurance NOUN cblr-1764 390 38 , , PUNCT cblr-1764 390 39 to to PART cblr-1764 390 40 pool pool VERB cblr-1764 390 41 industry industry NOUN cblr-1764 390 42 information information NOUN cblr-1764 390 43 , , PUNCT cblr-1764 390 44 and and CCONJ cblr-1764 390 45 to to PART cblr-1764 390 46 coordinate coordinate VERB cblr-1764 390 47 regulatory regulatory ADJ cblr-1764 390 48 change change NOUN cblr-1764 390 49 among among ADP cblr-1764 390 50 the the DET cblr-1764 390 51 states.126 states.126 NOUN cblr-1764 390 52 its its PRON cblr-1764 390 53 main main ADJ cblr-1764 390 54 achievement achievement NOUN cblr-1764 390 55 has have AUX cblr-1764 390 56 been be AUX cblr-1764 390 57 the the DET cblr-1764 390 58 development development NOUN cblr-1764 390 59 of of ADP cblr-1764 390 60 model model NOUN cblr-1764 390 61 laws law NOUN cblr-1764 390 62 — — PUNCT cblr-1764 390 63 relating relate VERB cblr-1764 390 64 to to ADP cblr-1764 390 65 accounting accounting NOUN cblr-1764 390 66 principles principle NOUN cblr-1764 390 67 , , PUNCT cblr-1764 390 68 capital capital NOUN cblr-1764 390 69 requirements requirement NOUN cblr-1764 390 70 , , PUNCT cblr-1764 390 71 and and CCONJ cblr-1764 390 72 financial financial ADJ cblr-1764 390 73 disclosure disclosure NOUN cblr-1764 390 74 requirements requirement NOUN cblr-1764 390 75 — — PUNCT cblr-1764 390 76 which which PRON cblr-1764 390 77 have have AUX cblr-1764 390 78 been be AUX cblr-1764 390 79 widely widely ADV cblr-1764 390 80 adopted adopt VERB cblr-1764 390 81 by by ADP cblr-1764 390 82 state state NOUN cblr-1764 390 83 insurance insurance NOUN cblr-1764 390 84 departments.127 departments.127 NOUN cblr-1764 390 85 in in ADP cblr-1764 390 86 addition addition NOUN cblr-1764 390 87 to to ADP cblr-1764 390 88 standard standard ADJ cblr-1764 390 89 legislative legislative ADJ cblr-1764 390 90 inertia inertia NOUN cblr-1764 390 91 , , PUNCT cblr-1764 390 92 proposals proposal NOUN cblr-1764 390 93 to to PART cblr-1764 390 94 federalize federalize VERB cblr-1764 390 95 insurance insurance NOUN cblr-1764 390 96 have have AUX cblr-1764 390 97 often often ADV cblr-1764 390 98 been be AUX cblr-1764 390 99 headed head VERB cblr-1764 390 100 off off ADP cblr-1764 390 101 by by ADP cblr-1764 390 102 the the DET cblr-1764 390 103 efforts effort NOUN cblr-1764 390 104 of of ADP cblr-1764 390 105 the the DET cblr-1764 390 106 naic naic PROPN cblr-1764 390 107 , , PUNCT cblr-1764 390 108 which which PRON cblr-1764 390 109 rushes rush VERB cblr-1764 390 110 to to PART cblr-1764 390 111 develop develop VERB cblr-1764 390 112 modest modest ADJ cblr-1764 390 113 substitutes substitute NOUN cblr-1764 390 114 for for ADP cblr-1764 390 115 the the DET cblr-1764 390 116 proposed propose VERB cblr-1764 390 117 federal federal ADJ cblr-1764 390 118 regulation regulation NOUN cblr-1764 390 119 and and CCONJ cblr-1764 390 120 joins join VERB cblr-1764 390 121 the the DET cblr-1764 390 122 insurance insurance NOUN cblr-1764 390 123 lobby lobby NOUN cblr-1764 390 124 in in ADP cblr-1764 390 125 emphasizing emphasize VERB cblr-1764 390 126 the the DET cblr-1764 390 127 relatively relatively ADV cblr-1764 390 128 successful successful ADJ cblr-1764 390 129 track track NOUN cblr-1764 390 130 record record NOUN cblr-1764 390 131 of of ADP cblr-1764 390 132 state state NOUN cblr-1764 390 133 - - PUNCT cblr-1764 390 134 level level NOUN cblr-1764 390 135 insurance insurance NOUN cblr-1764 390 136 oversight.128 oversight.128 NOUN cblr-1764 390 137 a a DET cblr-1764 390 138 major major ADJ cblr-1764 390 139 legislative legislative ADJ cblr-1764 390 140 development development NOUN cblr-1764 390 141 affecting affect VERB cblr-1764 390 142 the the DET cblr-1764 390 143 regulation regulation NOUN cblr-1764 390 144 of of ADP cblr-1764 390 145 insurance insurance NOUN cblr-1764 390 146 firms firm NOUN cblr-1764 390 147 was be AUX cblr-1764 390 148 the the DET cblr-1764 390 149 passage passage NOUN cblr-1764 390 150 of of ADP cblr-1764 390 151 the the DET cblr-1764 390 152 gramm gramm PROPN cblr-1764 390 153 - - PUNCT cblr-1764 390 154 leachbliley leachbliley PROPN cblr-1764 390 155 act act NOUN cblr-1764 390 156 of of ADP cblr-1764 390 157 1999 1999 NUM cblr-1764 390 158 ( ( PUNCT cblr-1764 390 159 “ " PUNCT cblr-1764 390 160 glb”).129 glb”).129 PROPN cblr-1764 390 161 prior prior ADV cblr-1764 390 162 to to ADP cblr-1764 390 163 glb glb NOUN cblr-1764 390 164 , , PUNCT cblr-1764 390 165 insurance insurance NOUN cblr-1764 390 166 companies company NOUN cblr-1764 390 167 had have AUX cblr-1764 390 168 been be AUX cblr-1764 390 169 partially partially ADV cblr-1764 390 170 walled wall VERB cblr-1764 390 171 off off ADP cblr-1764 390 172 from from ADP cblr-1764 390 173 forming form VERB cblr-1764 390 174 combinations combination NOUN cblr-1764 390 175 with with ADP cblr-1764 390 176 other other ADJ cblr-1764 390 177 financial financial ADJ cblr-1764 390 178 services service NOUN cblr-1764 390 179 firms firm NOUN cblr-1764 390 180 , , PUNCT cblr-1764 390 181 particularly particularly ADV cblr-1764 390 182 banks bank NOUN cblr-1764 390 183 pursuant pursuant VERB cblr-1764 390 184 to to ADP cblr-1764 390 185 the the DET cblr-1764 390 186 bank bank NOUN cblr-1764 390 187 holding hold VERB cblr-1764 390 188 company company NOUN cblr-1764 390 189 act act NOUN cblr-1764 390 190 of of ADP cblr-1764 390 191 1956.130 1956.130 NUM cblr-1764 390 192 glb glb PROPN cblr-1764 390 193 represented represent VERB cblr-1764 390 194 a a DET cblr-1764 390 195 final final ADJ cblr-1764 390 196 blow blow NOUN cblr-1764 390 197 and and CCONJ cblr-1764 390 198 formal formal ADJ cblr-1764 390 199 end end NOUN cblr-1764 390 200 to to ADP cblr-1764 390 201 this this DET cblr-1764 390 202 125 125 NUM cblr-1764 390 203 the the DET cblr-1764 390 204 naic naic PROPN cblr-1764 390 205 is be AUX cblr-1764 390 206 technically technically ADV cblr-1764 390 207 a a DET cblr-1764 390 208 private private ADJ cblr-1764 390 209 organization organization NOUN cblr-1764 390 210 , , PUNCT cblr-1764 390 211 similar similar ADJ cblr-1764 390 212 to to ADP cblr-1764 390 213 a a DET cblr-1764 390 214 trade trade NOUN cblr-1764 390 215 association association NOUN cblr-1764 390 216 , , PUNCT cblr-1764 390 217 and and CCONJ cblr-1764 390 218 as as SCONJ cblr-1764 390 219 such such ADJ cblr-1764 390 220 has have VERB cblr-1764 390 221 no no DET cblr-1764 390 222 legal legal ADJ cblr-1764 390 223 authority authority NOUN cblr-1764 390 224 to to PART cblr-1764 390 225 compel compel VERB cblr-1764 390 226 state state NOUN cblr-1764 390 227 regulators regulator NOUN cblr-1764 390 228 . . PUNCT cblr-1764 391 1 see see VERB cblr-1764 391 2 susan susan PROPN cblr-1764 391 3 randall randall PROPN cblr-1764 391 4 , , PUNCT cblr-1764 391 5 insurance insurance NOUN cblr-1764 391 6 regulation regulation NOUN cblr-1764 391 7 in in ADP cblr-1764 391 8 the the DET cblr-1764 391 9 united united PROPN cblr-1764 391 10 states states PROPN cblr-1764 391 11 : : PUNCT cblr-1764 391 12 regulatory regulatory ADJ cblr-1764 391 13 federalism federalism NOUN cblr-1764 391 14 and and CCONJ cblr-1764 391 15 the the DET cblr-1764 391 16 national national PROPN cblr-1764 391 17 association association PROPN cblr-1764 391 18 of of ADP cblr-1764 391 19 insurance insurance NOUN cblr-1764 391 20 commissioners commissioner NOUN cblr-1764 391 21 , , PUNCT cblr-1764 391 22 26 26 NUM cblr-1764 391 23 fla fla NOUN cblr-1764 391 24 . . PUNCT cblr-1764 392 1 st st PROPN cblr-1764 392 2 . . PROPN cblr-1764 392 3 l. l. PROPN cblr-1764 392 4 rev rev PROPN cblr-1764 392 5 . . PROPN cblr-1764 392 6 625 625 NUM cblr-1764 392 7 , , PUNCT cblr-1764 392 8 638 638 NUM cblr-1764 392 9 ( ( PUNCT cblr-1764 392 10 1999 1999 NUM cblr-1764 392 11 ) ) PUNCT cblr-1764 392 12 . . PUNCT cblr-1764 393 1 it it PRON cblr-1764 393 2 is be AUX cblr-1764 393 3 largely largely ADV cblr-1764 393 4 funded fund VERB cblr-1764 393 5 by by ADP cblr-1764 393 6 the the DET cblr-1764 393 7 insurance insurance NOUN cblr-1764 393 8 industry industry NOUN cblr-1764 393 9 , , PUNCT cblr-1764 393 10 and and CCONJ cblr-1764 393 11 is be AUX cblr-1764 393 12 widely widely ADV cblr-1764 393 13 understood understand VERB cblr-1764 393 14 to to PART cblr-1764 393 15 be be AUX cblr-1764 393 16 aligned align VERB cblr-1764 393 17 with with ADP cblr-1764 393 18 its its PRON cblr-1764 393 19 interests interest NOUN cblr-1764 393 20 . . PUNCT cblr-1764 394 1 i i PRON cblr-1764 394 2 d. d. PROPN cblr-1764 394 3 at at ADP cblr-1764 394 4 638–40 638–40 NUM cblr-1764 394 5 . . PUNCT cblr-1764 395 1 126 126 NUM cblr-1764 395 2 see see VERB cblr-1764 395 3 i i PRON cblr-1764 395 4 d. d. PROPN cblr-1764 395 5 at at ADP cblr-1764 395 6 634–35 634–35 NUM cblr-1764 395 7 . . PUNCT cblr-1764 396 1 127 127 NUM cblr-1764 396 2 see see VERB cblr-1764 396 3 i i PRON cblr-1764 396 4 d. d. PROPN cblr-1764 396 5 at at ADP cblr-1764 396 6 636–37 636–37 PROPN cblr-1764 396 7 . . PUNCT cblr-1764 397 1 128 128 NUM cblr-1764 397 2 see see VERB cblr-1764 397 3 i i PRON cblr-1764 397 4 d. d. PROPN cblr-1764 397 5 at at ADP cblr-1764 397 6 640 640 NUM cblr-1764 397 7 . . PUNCT cblr-1764 398 1 129 129 NUM cblr-1764 398 2 gramm gramm NOUN cblr-1764 398 3 - - PUNCT cblr-1764 398 4 leach leach NOUN cblr-1764 398 5 - - PUNCT cblr-1764 398 6 bliley bliley NOUN cblr-1764 398 7 act act NOUN cblr-1764 398 8 of of ADP cblr-1764 398 9 1999 1999 NUM cblr-1764 398 10 , , PUNCT cblr-1764 398 11 pub pub NOUN cblr-1764 398 12 . . PUNCT cblr-1764 399 1 l. l. PROPN cblr-1764 399 2 no no INTJ cblr-1764 399 3 . . PROPN cblr-1764 400 1 106 106 NUM cblr-1764 400 2 - - SYM cblr-1764 400 3 102 102 NUM cblr-1764 400 4 , , PUNCT cblr-1764 400 5 113 113 NUM cblr-1764 400 6 stat stat NOUN cblr-1764 400 7 . . PUNCT cblr-1764 401 1 1338 1338 NUM cblr-1764 401 2 ( ( PUNCT cblr-1764 401 3 codified codify VERB cblr-1764 401 4 as as SCONJ cblr-1764 401 5 amended amend VERB cblr-1764 401 6 in in ADP cblr-1764 401 7 scattered scatter VERB cblr-1764 401 8 sections section NOUN cblr-1764 401 9 of of ADP cblr-1764 401 10 12 12 NUM cblr-1764 401 11 u.s.c u.s.c ADJ cblr-1764 401 12 . . PUNCT cblr-1764 402 1 and and CCONJ cblr-1764 402 2 15 15 NUM cblr-1764 402 3 u.s.c u.s.c ADJ cblr-1764 402 4 . . PUNCT cblr-1764 403 1 ( ( PUNCT cblr-1764 403 2 2012 2012 NUM cblr-1764 403 3 ) ) PUNCT cblr-1764 403 4 ) ) PUNCT cblr-1764 404 1 [ [ X cblr-1764 404 2 hereinafter hereinafter NOUN cblr-1764 404 3 glb glb NOUN cblr-1764 404 4 ] ] PUNCT cblr-1764 404 5 . . PUNCT cblr-1764 404 6 see see VERB cblr-1764 404 7 generally generally ADV cblr-1764 404 8 broome broome PROPN cblr-1764 404 9 & & CCONJ cblr-1764 404 10 markham markham PROPN cblr-1764 404 11 , , PUNCT cblr-1764 404 12 supra supra PROPN cblr-1764 404 13 note note PROPN cblr-1764 404 14 8 8 NUM cblr-1764 404 15 ; ; PUNCT cblr-1764 404 16 macey macey PROPN cblr-1764 404 17 , , PUNCT cblr-1764 404 18 supra supra PROPN cblr-1764 404 19 note note NOUN cblr-1764 404 20 8 8 NUM cblr-1764 404 21 . . SYM cblr-1764 404 22 130 130 NUM cblr-1764 404 23 bank bank NOUN cblr-1764 404 24 holding hold VERB cblr-1764 404 25 company company NOUN cblr-1764 404 26 act act NOUN cblr-1764 404 27 of of ADP cblr-1764 404 28 1956 1956 NUM cblr-1764 404 29 , , PUNCT cblr-1764 404 30 pub pub NOUN cblr-1764 404 31 . . PUNCT cblr-1764 405 1 l. l. PROPN cblr-1764 405 2 no no INTJ cblr-1764 405 3 . . PROPN cblr-1764 406 1 84 84 NUM cblr-1764 406 2 - - SYM cblr-1764 406 3 511 511 NUM cblr-1764 406 4 , , PUNCT cblr-1764 406 5 70 70 NUM cblr-1764 406 6 stat stat NOUN cblr-1764 406 7 . . PUNCT cblr-1764 407 1 133 133 NUM cblr-1764 407 2 ( ( PUNCT cblr-1764 407 3 codified codify VERB cblr-1764 407 4 as as SCONJ cblr-1764 407 5 amended amend VERB cblr-1764 407 6 at at ADP cblr-1764 407 7 12 12 NUM cblr-1764 407 8 u.s.c u.s.c NOUN cblr-1764 407 9 . . PUNCT cblr-1764 408 1 § § PROPN cblr-1764 408 2 § § PROPN cblr-1764 408 3 1841–1852 1841–1852 NUM cblr-1764 408 4 ( ( PUNCT cblr-1764 408 5 2012 2012 NUM cblr-1764 408 6 ) ) PUNCT cblr-1764 408 7 and and CCONJ cblr-1764 408 8 in in ADP cblr-1764 408 9 scattered scattered ADJ cblr-1764 408 10 sections section NOUN cblr-1764 408 11 of of ADP cblr-1764 408 12 26 26 NUM cblr-1764 408 13 u.s.c u.s.c ADJ cblr-1764 408 14 . . PUNCT cblr-1764 408 15 ) ) PUNCT cblr-1764 408 16 . . PUNCT cblr-1764 409 1 “ " PUNCT cblr-1764 409 2 partially partially ADV cblr-1764 409 3 ” " PUNCT cblr-1764 409 4 is be AUX cblr-1764 409 5 an an DET cblr-1764 409 6 important important ADJ cblr-1764 409 7 caveat caveat NOUN cblr-1764 409 8 , , PUNCT cblr-1764 409 9 because because SCONJ cblr-1764 409 10 prior prior ADV cblr-1764 409 11 to to ADP cblr-1764 409 12 glb glb NOUN cblr-1764 409 13 , , PUNCT cblr-1764 409 14 insurance insurance NOUN cblr-1764 409 15 companies company NOUN cblr-1764 409 16 could could AUX cblr-1764 409 17 hold hold VERB cblr-1764 409 18 bank bank NOUN cblr-1764 409 19 - - PUNCT cblr-1764 409 20 like like ADJ cblr-1764 409 21 thrifts thrift NOUN cblr-1764 409 22 as as ADP cblr-1764 409 23 turk turk PROPN cblr-1764 409 24 – – PUNCT cblr-1764 409 25 final final ADJ cblr-1764 409 26 no no NOUN cblr-1764 409 27 . . PUNCT cblr-1764 410 1 3:967 3:967 NUM cblr-1764 410 2 ] ] PUNCT cblr-1764 410 3 insurance insurance NOUN cblr-1764 410 4 convergence convergence NOUN cblr-1764 410 5 1003 1003 NUM cblr-1764 410 6 approach approach NOUN cblr-1764 410 7 with with ADP cblr-1764 410 8 its its PRON cblr-1764 410 9 creation creation NOUN cblr-1764 410 10 of of ADP cblr-1764 410 11 “ " PUNCT cblr-1764 410 12 financial financial ADJ cblr-1764 410 13 holding hold VERB cblr-1764 410 14 companies company NOUN cblr-1764 410 15 ” " PUNCT cblr-1764 410 16 ( ( PUNCT cblr-1764 410 17 “ " PUNCT cblr-1764 410 18 fhcs fhcs PROPN cblr-1764 410 19 ” " PUNCT cblr-1764 410 20 ) ) PUNCT cblr-1764 410 21 , , PUNCT cblr-1764 410 22 which which PRON cblr-1764 410 23 may may AUX cblr-1764 410 24 house house VERB cblr-1764 410 25 both both CCONJ cblr-1764 410 26 banking banking NOUN cblr-1764 410 27 and and CCONJ cblr-1764 410 28 insurance insurance NOUN cblr-1764 410 29 subsidiaries subsidiary NOUN cblr-1764 410 30 and and CCONJ cblr-1764 410 31 are be AUX cblr-1764 410 32 subject subject ADJ cblr-1764 410 33 to to ADP cblr-1764 410 34 monitoring monitoring NOUN cblr-1764 410 35 by by ADP cblr-1764 410 36 the the DET cblr-1764 410 37 federal federal PROPN cblr-1764 410 38 reserve reserve PROPN cblr-1764 410 39 in in ADP cblr-1764 410 40 its its PRON cblr-1764 410 41 role role NOUN cblr-1764 410 42 as as ADP cblr-1764 410 43 an an DET cblr-1764 410 44 “ " PUNCT cblr-1764 410 45 umbrella umbrella NOUN cblr-1764 410 46 supervisor supervisor NOUN cblr-1764 410 47 . . PUNCT cblr-1764 410 48 ”131 ”131 PUNCT cblr-1764 411 1 despite despite SCONJ cblr-1764 411 2 these these DET cblr-1764 411 3 changes change NOUN cblr-1764 411 4 however however ADV cblr-1764 411 5 , , PUNCT cblr-1764 411 6 glb glb PROPN cblr-1764 411 7 preserves preserve VERB cblr-1764 411 8 the the DET cblr-1764 411 9 mccarranferguson mccarranferguson NOUN cblr-1764 411 10 framework framework NOUN cblr-1764 411 11 by by ADP cblr-1764 411 12 explicitly explicitly ADV cblr-1764 411 13 reserving reserve VERB cblr-1764 411 14 insurance insurance NOUN cblr-1764 411 15 regulation regulation NOUN cblr-1764 411 16 to to ADP cblr-1764 411 17 the the DET cblr-1764 411 18 states state NOUN cblr-1764 411 19 and and CCONJ cblr-1764 411 20 directing direct VERB cblr-1764 411 21 courts court NOUN cblr-1764 411 22 to to PART cblr-1764 411 23 review review VERB cblr-1764 411 24 federal federal ADJ cblr-1764 411 25 agency agency NOUN cblr-1764 411 26 actions action NOUN cblr-1764 411 27 that that PRON cblr-1764 411 28 encroach encroach VERB cblr-1764 411 29 on on ADP cblr-1764 411 30 state state NOUN cblr-1764 411 31 insurance insurance NOUN cblr-1764 411 32 prerogatives prerogative NOUN cblr-1764 411 33 without without ADP cblr-1764 411 34 the the DET cblr-1764 411 35 standard standard ADJ cblr-1764 411 36 chevron chevron NOUN cblr-1764 411 37 deference.132 deference.132 NOUN cblr-1764 411 38 glb glb NOUN cblr-1764 411 39 also also ADV cblr-1764 411 40 generally generally ADV cblr-1764 411 41 prohibits prohibit VERB cblr-1764 411 42 national national ADJ cblr-1764 411 43 banks bank NOUN cblr-1764 411 44 and and CCONJ cblr-1764 411 45 their their PRON cblr-1764 411 46 subsidiaries subsidiary NOUN cblr-1764 411 47 from from ADP cblr-1764 411 48 underwriting underwriting NOUN cblr-1764 411 49 insurance insurance NOUN cblr-1764 411 50 , , PUNCT cblr-1764 411 51 a a DET cblr-1764 411 52 restriction restriction NOUN cblr-1764 411 53 that that PRON cblr-1764 411 54 was be AUX cblr-1764 411 55 previously previously ADV cblr-1764 411 56 applied apply VERB cblr-1764 411 57 to to ADP cblr-1764 411 58 state state NOUN cblr-1764 411 59 - - PUNCT cblr-1764 411 60 chartered charter VERB cblr-1764 411 61 banks bank NOUN cblr-1764 411 62 under under ADP cblr-1764 411 63 the the DET cblr-1764 411 64 federal federal ADJ cblr-1764 411 65 deposit deposit NOUN cblr-1764 411 66 insurance insurance NOUN cblr-1764 411 67 improvement improvement NOUN cblr-1764 411 68 act act NOUN cblr-1764 411 69 ( ( PUNCT cblr-1764 411 70 “ " PUNCT cblr-1764 411 71 fdicia fdicia NOUN cblr-1764 411 72 ” " PUNCT cblr-1764 411 73 ) ) PUNCT cblr-1764 411 74 of of ADP cblr-1764 411 75 1991.133 1991.133 NUM cblr-1764 411 76 a a DET cblr-1764 411 77 final final ADJ cblr-1764 411 78 significant significant ADJ cblr-1764 411 79 aspect aspect NOUN cblr-1764 411 80 of of ADP cblr-1764 411 81 glb glb NOUN cblr-1764 411 82 is be AUX cblr-1764 411 83 that that SCONJ cblr-1764 411 84 it it PRON cblr-1764 411 85 seeks seek VERB cblr-1764 411 86 to to PART cblr-1764 411 87 harmonize harmonize VERB cblr-1764 411 88 insurance insurance NOUN cblr-1764 411 89 regulation regulation NOUN cblr-1764 411 90 across across ADP cblr-1764 411 91 state state NOUN cblr-1764 411 92 lines line NOUN cblr-1764 411 93 with with ADP cblr-1764 411 94 a a DET cblr-1764 411 95 requirement requirement NOUN cblr-1764 411 96 that that SCONJ cblr-1764 411 97 state state NOUN cblr-1764 411 98 insurance insurance NOUN cblr-1764 411 99 regulators regulator NOUN cblr-1764 411 100 adopt adopt VERB cblr-1764 411 101 rules rule NOUN cblr-1764 411 102 — — PUNCT cblr-1764 411 103 as as SCONJ cblr-1764 411 104 formulated formulate VERB cblr-1764 411 105 by by ADP cblr-1764 411 106 a a DET cblr-1764 411 107 newly newly ADV cblr-1764 411 108 created create VERB cblr-1764 411 109 private private ADJ cblr-1764 411 110 entity entity NOUN cblr-1764 411 111 , , PUNCT cblr-1764 411 112 the the DET cblr-1764 411 113 national national PROPN cblr-1764 411 114 association association PROPN cblr-1764 411 115 of of ADP cblr-1764 411 116 registered register VERB cblr-1764 411 117 agents agent NOUN cblr-1764 411 118 and and CCONJ cblr-1764 411 119 brokers broker NOUN cblr-1764 411 120 ( ( PUNCT cblr-1764 411 121 “ " PUNCT cblr-1764 411 122 narab narab NOUN cblr-1764 411 123 ” " PUNCT cblr-1764 411 124 ) ) PUNCT cblr-1764 411 125 — — PUNCT cblr-1764 411 126 that that PRON cblr-1764 411 127 provide provide VERB cblr-1764 411 128 for for ADP cblr-1764 411 129 reciprocity reciprocity NOUN cblr-1764 411 130 or or CCONJ cblr-1764 411 131 mutual mutual ADJ cblr-1764 411 132 recognition recognition NOUN cblr-1764 411 133 of of ADP cblr-1764 411 134 licensing licensing NOUN cblr-1764 411 135 requirements requirement NOUN cblr-1764 411 136 for for ADP cblr-1764 411 137 foreign foreign ADJ cblr-1764 411 138 insurance insurance NOUN cblr-1764 411 139 agents agent NOUN cblr-1764 411 140 operating operate VERB cblr-1764 411 141 within within ADP cblr-1764 411 142 their their PRON cblr-1764 411 143 state.134 state.134 PROPN cblr-1764 411 144 regulation regulation NOUN cblr-1764 411 145 of of ADP cblr-1764 411 146 other other ADJ cblr-1764 411 147 financial financial ADJ cblr-1764 411 148 institutions institution NOUN cblr-1764 411 149 has have AUX cblr-1764 411 150 also also ADV cblr-1764 411 151 historically historically ADV cblr-1764 411 152 been be AUX cblr-1764 411 153 characterized characterize VERB cblr-1764 411 154 by by ADP cblr-1764 411 155 somewhat somewhat ADV cblr-1764 411 156 fragmented fragmented ADJ cblr-1764 411 157 jurisdictional jurisdictional ADJ cblr-1764 411 158 boundaries boundary NOUN cblr-1764 411 159 , , PUNCT cblr-1764 411 160 but but CCONJ cblr-1764 411 161 to to ADP cblr-1764 411 162 a a DET cblr-1764 411 163 significantly significantly ADV cblr-1764 411 164 lesser less ADJ cblr-1764 411 165 degree degree NOUN cblr-1764 411 166 subsidiaries subsidiary NOUN cblr-1764 411 167 under under ADP cblr-1764 411 168 the the DET cblr-1764 411 169 savings saving NOUN cblr-1764 411 170 and and CCONJ cblr-1764 411 171 loan loan NOUN cblr-1764 411 172 holding hold VERB cblr-1764 411 173 company company NOUN cblr-1764 411 174 act act NOUN cblr-1764 411 175 of of ADP cblr-1764 411 176 1994 1994 NUM cblr-1764 411 177 . . PUNCT cblr-1764 412 1 12 12 NUM cblr-1764 412 2 u.s.c u.s.c NOUN cblr-1764 412 3 . . PUNCT cblr-1764 413 1 § § PROPN cblr-1764 413 2 1467a(c)(3)(a 1467a(c)(3)(a NUM cblr-1764 413 3 ) ) PUNCT cblr-1764 413 4 ; ; PUNCT cblr-1764 413 5 see see VERB cblr-1764 413 6 broome broome PROPN cblr-1764 413 7 & & CCONJ cblr-1764 413 8 markham markham PROPN cblr-1764 413 9 , , PUNCT cblr-1764 413 10 supra supra PROPN cblr-1764 413 11 note note PROPN cblr-1764 413 12 8 8 NUM cblr-1764 413 13 , , PUNCT cblr-1764 413 14 at at ADP cblr-1764 413 15 743 743 NUM cblr-1764 413 16 – – PUNCT cblr-1764 413 17 45 45 NUM cblr-1764 413 18 . . PUNCT cblr-1764 414 1 131 131 NUM cblr-1764 414 2 see see VERB cblr-1764 414 3 glb glb PROPN cblr-1764 414 4 § § PROPN cblr-1764 414 5 103(c)(1)(b 103(c)(1)(b PROPN cblr-1764 414 6 ) ) PUNCT cblr-1764 414 7 , , PUNCT cblr-1764 414 8 12 12 NUM cblr-1764 414 9 u.s.c u.s.c ADJ cblr-1764 414 10 . . PUNCT cblr-1764 415 1 § § PROPN cblr-1764 415 2 1841(p 1841(p NUM cblr-1764 415 3 ) ) PUNCT cblr-1764 415 4 ( ( PUNCT cblr-1764 415 5 2012 2012 NUM cblr-1764 415 6 ) ) PUNCT cblr-1764 415 7 ( ( PUNCT cblr-1764 415 8 providing provide VERB cblr-1764 415 9 for for ADP cblr-1764 415 10 fhcs fhc NOUN cblr-1764 415 11 ) ) PUNCT cblr-1764 415 12 ; ; PUNCT cblr-1764 416 1 glb glb PROPN cblr-1764 416 2 § § PROPN cblr-1764 416 3 111 111 NUM cblr-1764 416 4 , , PUNCT cblr-1764 416 5 12 12 NUM cblr-1764 416 6 u.s.c u.s.c ADJ cblr-1764 416 7 . . PUNCT cblr-1764 417 1 § § PROPN cblr-1764 417 2 1844(c 1844(c PROPN cblr-1764 417 3 ) ) PUNCT cblr-1764 418 1 ( ( PUNCT cblr-1764 418 2 establishing establish VERB cblr-1764 418 3 the the DET cblr-1764 418 4 federal federal PROPN cblr-1764 418 5 reserve reserve PROPN cblr-1764 418 6 board board PROPN cblr-1764 418 7 ’s ’s PART cblr-1764 418 8 oversight oversight NOUN cblr-1764 418 9 role role NOUN cblr-1764 418 10 ) ) PUNCT cblr-1764 418 11 . . PUNCT cblr-1764 419 1 132 132 NUM cblr-1764 419 2 glb glb NOUN cblr-1764 419 3 § § PROPN cblr-1764 419 4 104 104 NUM cblr-1764 419 5 , , PUNCT cblr-1764 419 6 15 15 NUM cblr-1764 419 7 u.s.c u.s.c ADJ cblr-1764 419 8 . . PUNCT cblr-1764 420 1 § § PROPN cblr-1764 420 2 6701 6701 NUM cblr-1764 420 3 ( ( PUNCT cblr-1764 420 4 2012 2012 NUM cblr-1764 420 5 ) ) PUNCT cblr-1764 420 6 ( ( PUNCT cblr-1764 420 7 preserving preserve VERB cblr-1764 420 8 mccarranferguson mccarranferguson NOUN cblr-1764 420 9 ) ) PUNCT cblr-1764 420 10 ; ; PUNCT cblr-1764 420 11 glb glb PROPN cblr-1764 420 12 § § PROPN cblr-1764 420 13 304(e 304(e PROPN cblr-1764 420 14 ) ) PUNCT cblr-1764 420 15 , , PUNCT cblr-1764 420 16 15 15 NUM cblr-1764 420 17 u.s.c u.s.c ADJ cblr-1764 420 18 . . PUNCT cblr-1764 421 1 § § PROPN cblr-1764 421 2 6714(e 6714(e PROPN cblr-1764 421 3 ) ) PUNCT cblr-1764 421 4 ( ( PUNCT cblr-1764 421 5 2012 2012 NUM cblr-1764 421 6 ) ) PUNCT cblr-1764 421 7 ( ( PUNCT cblr-1764 421 8 denying deny VERB cblr-1764 421 9 deference deference NOUN cblr-1764 421 10 under under ADP cblr-1764 421 11 chevron chevron NOUN cblr-1764 421 12 , , PUNCT cblr-1764 421 13 u.s.a u.s.a PROPN cblr-1764 421 14 . . PROPN cblr-1764 421 15 inc inc PROPN cblr-1764 421 16 . . PROPN cblr-1764 422 1 v. v. ADP cblr-1764 422 2 natural natural ADJ cblr-1764 422 3 res re NOUN cblr-1764 422 4 . . PUNCT cblr-1764 423 1 def def PROPN cblr-1764 423 2 . . PROPN cblr-1764 423 3 council council PROPN cblr-1764 423 4 , , PUNCT cblr-1764 423 5 inc inc PROPN cblr-1764 423 6 . . PROPN cblr-1764 423 7 , , PUNCT cblr-1764 423 8 467 467 NUM cblr-1764 423 9 u.s u.s PROPN cblr-1764 423 10 . . PROPN cblr-1764 423 11 837 837 NUM cblr-1764 423 12 ( ( PUNCT cblr-1764 423 13 1984 1984 NUM cblr-1764 423 14 ) ) PUNCT cblr-1764 423 15 ) ) PUNCT cblr-1764 423 16 . . PUNCT cblr-1764 424 1 133 133 NUM cblr-1764 424 2 glb glb PROPN cblr-1764 424 3 § § PROPN cblr-1764 424 4 302(a 302(a PROPN cblr-1764 424 5 ) ) PUNCT cblr-1764 424 6 , , PUNCT cblr-1764 424 7 ( ( PUNCT cblr-1764 424 8 b b X cblr-1764 424 9 ) ) PUNCT cblr-1764 424 10 , , PUNCT cblr-1764 424 11 15 15 NUM cblr-1764 424 12 u.s.c u.s.c ADJ cblr-1764 424 13 . . PUNCT cblr-1764 425 1 § § PROPN cblr-1764 425 2 6712(a 6712(a NOUN cblr-1764 425 3 ) ) PUNCT cblr-1764 425 4 , , PUNCT cblr-1764 425 5 ( ( PUNCT cblr-1764 425 6 b b X cblr-1764 425 7 ) ) PUNCT cblr-1764 425 8 ( ( PUNCT cblr-1764 425 9 2012 2012 NUM cblr-1764 425 10 ) ) PUNCT cblr-1764 425 11 ; ; PUNCT cblr-1764 425 12 federal federal ADJ cblr-1764 425 13 deposit deposit NOUN cblr-1764 425 14 insurance insurance NOUN cblr-1764 425 15 corporation corporation PROPN cblr-1764 425 16 improvement improvement PROPN cblr-1764 425 17 act act NOUN cblr-1764 425 18 of of ADP cblr-1764 425 19 1991 1991 NUM cblr-1764 425 20 § § PROPN cblr-1764 425 21 1831(a 1831(a NOUN cblr-1764 425 22 ) ) PUNCT cblr-1764 425 23 , , PUNCT cblr-1764 425 24 12 12 NUM cblr-1764 425 25 u.s.c u.s.c ADJ cblr-1764 425 26 . . PUNCT cblr-1764 426 1 § § PROPN cblr-1764 426 2 1811 1811 NUM cblr-1764 426 3 ( ( PUNCT cblr-1764 426 4 1991 1991 NUM cblr-1764 426 5 ) ) PUNCT cblr-1764 426 6 . . PUNCT cblr-1764 427 1 134 134 NUM cblr-1764 427 2 see see VERB cblr-1764 427 3 glb glb PROPN cblr-1764 427 4 § § PROPN cblr-1764 427 5 322 322 NUM cblr-1764 427 6 , , PUNCT cblr-1764 427 7 15 15 NUM cblr-1764 427 8 u.s.c u.s.c NOUN cblr-1764 427 9 . . PUNCT cblr-1764 428 1 § § PROPN cblr-1764 428 2 6752 6752 NUM cblr-1764 428 3 ( ( PUNCT cblr-1764 428 4 2012 2012 NUM cblr-1764 428 5 ) ) PUNCT cblr-1764 428 6 . . PUNCT cblr-1764 429 1 under under ADP cblr-1764 429 2 glb glb NOUN cblr-1764 429 3 , , PUNCT cblr-1764 429 4 the the DET cblr-1764 429 5 narab narab NOUN cblr-1764 429 6 is be AUX cblr-1764 429 7 to to PART cblr-1764 429 8 be be AUX cblr-1764 429 9 supervised supervise VERB cblr-1764 429 10 by by ADP cblr-1764 429 11 the the DET cblr-1764 429 12 naic naic PROPN cblr-1764 429 13 . . PUNCT cblr-1764 430 1 glb glb PROPN cblr-1764 430 2 § § PROPN cblr-1764 430 3 324 324 NUM cblr-1764 430 4 , , PUNCT cblr-1764 430 5 15 15 NUM cblr-1764 430 6 u.s.c u.s.c NOUN cblr-1764 430 7 . . PUNCT cblr-1764 431 1 § § PROPN cblr-1764 431 2 6754 6754 NUM cblr-1764 431 3 ( ( PUNCT cblr-1764 431 4 2012 2012 NUM cblr-1764 431 5 ) ) PUNCT cblr-1764 431 6 . . PUNCT cblr-1764 432 1 turk turk PROPN cblr-1764 432 2 – – PUNCT cblr-1764 432 3 final final ADJ cblr-1764 432 4 1004 1004 NUM cblr-1764 432 5 columbia columbia PROPN cblr-1764 432 6 business business NOUN cblr-1764 432 7 law law PROPN cblr-1764 432 8 review review NOUN cblr-1764 432 9 [ [ X cblr-1764 432 10 vol vol NOUN cblr-1764 432 11 . . NOUN cblr-1764 432 12 2015 2015 NUM cblr-1764 432 13 than than ADP cblr-1764 432 14 in in ADP cblr-1764 432 15 the the DET cblr-1764 432 16 case case NOUN cblr-1764 432 17 of of ADP cblr-1764 432 18 insurance insurance NOUN cblr-1764 432 19 . . PUNCT cblr-1764 433 1 although although SCONJ cblr-1764 433 2 there there PRON cblr-1764 433 3 is be VERB cblr-1764 433 4 significant significant ADJ cblr-1764 433 5 state state NOUN cblr-1764 433 6 regulation regulation NOUN cblr-1764 433 7 of of ADP cblr-1764 433 8 banking banking NOUN cblr-1764 433 9 and and CCONJ cblr-1764 433 10 securities security NOUN cblr-1764 433 11 firms,135 firms,135 NOUN cblr-1764 433 12 it it PRON cblr-1764 433 13 sits sit VERB cblr-1764 433 14 alongside alongside ADP cblr-1764 433 15 a a DET cblr-1764 433 16 more more ADV cblr-1764 433 17 substantial substantial ADJ cblr-1764 433 18 federal federal ADJ cblr-1764 433 19 component.136 component.136 NOUN cblr-1764 433 20 in in ADP cblr-1764 433 21 fact fact NOUN cblr-1764 433 22 , , PUNCT cblr-1764 433 23 insurance insurance NOUN cblr-1764 433 24 was be AUX cblr-1764 433 25 essentially essentially ADV cblr-1764 433 26 the the DET cblr-1764 433 27 only only ADJ cblr-1764 433 28 area area NOUN cblr-1764 433 29 of of ADP cblr-1764 433 30 the the DET cblr-1764 433 31 financial financial ADJ cblr-1764 433 32 services service NOUN cblr-1764 433 33 industry industry NOUN cblr-1764 433 34 that that PRON cblr-1764 433 35 did do AUX cblr-1764 433 36 not not PART cblr-1764 433 37 come come VERB cblr-1764 433 38 under under ADP cblr-1764 433 39 at at ADP cblr-1764 433 40 least least ADJ cblr-1764 433 41 partial partial ADJ cblr-1764 433 42 federal federal ADJ cblr-1764 433 43 regulation regulation NOUN cblr-1764 433 44 as as ADP cblr-1764 433 45 part part NOUN cblr-1764 433 46 of of ADP cblr-1764 433 47 the the DET cblr-1764 433 48 new new ADJ cblr-1764 433 49 deal.137 deal.137 NOUN cblr-1764 433 50 as as ADP cblr-1764 433 51 a a DET cblr-1764 433 52 result result NOUN cblr-1764 433 53 , , PUNCT cblr-1764 433 54 insurance insurance NOUN cblr-1764 433 55 is be AUX cblr-1764 433 56 unique unique ADJ cblr-1764 433 57 in in ADP cblr-1764 433 58 comparison comparison NOUN cblr-1764 433 59 to to ADP cblr-1764 433 60 the the DET cblr-1764 433 61 rest rest NOUN cblr-1764 433 62 of of ADP cblr-1764 433 63 finance finance NOUN cblr-1764 433 64 , , PUNCT cblr-1764 433 65 in in SCONJ cblr-1764 433 66 that that SCONJ cblr-1764 433 67 it it PRON cblr-1764 433 68 is be AUX cblr-1764 433 69 subject subject ADJ cblr-1764 433 70 to to ADP cblr-1764 433 71 a a DET cblr-1764 433 72 much much ADV cblr-1764 433 73 more more ADV cblr-1764 433 74 limited limited ADJ cblr-1764 433 75 ( ( PUNCT cblr-1764 433 76 and and CCONJ cblr-1764 433 77 nearly nearly ADV cblr-1764 433 78 nonexistent nonexistent ADJ cblr-1764 433 79 ) ) PUNCT cblr-1764 433 80 set set NOUN cblr-1764 433 81 of of ADP cblr-1764 433 82 common common ADJ cblr-1764 433 83 , , PUNCT cblr-1764 433 84 nationally nationally ADV cblr-1764 433 85 applicable applicable ADJ cblr-1764 433 86 regulations regulation NOUN cblr-1764 433 87 . . PUNCT cblr-1764 434 1 insurance insurance NOUN cblr-1764 434 2 regulation regulation NOUN cblr-1764 434 3 has have AUX cblr-1764 434 4 also also ADV cblr-1764 434 5 been be AUX cblr-1764 434 6 characterized characterize VERB cblr-1764 434 7 by by ADP cblr-1764 434 8 formalistic formalistic ADJ cblr-1764 434 9 definitional definitional ADJ cblr-1764 434 10 boundaries boundary NOUN cblr-1764 434 11 that that PRON cblr-1764 434 12 establish establish VERB cblr-1764 434 13 a a DET cblr-1764 434 14 regulatory regulatory ADJ cblr-1764 434 15 treatment treatment NOUN cblr-1764 434 16 for for ADP cblr-1764 434 17 “ " PUNCT cblr-1764 434 18 insurers insurer NOUN cblr-1764 434 19 ” " PUNCT cblr-1764 434 20 and and CCONJ cblr-1764 434 21 “ " PUNCT cblr-1764 434 22 insurance insurance NOUN cblr-1764 434 23 ” " PUNCT cblr-1764 434 24 that that PRON cblr-1764 434 25 is be AUX cblr-1764 434 26 distinct distinct ADJ cblr-1764 434 27 from from ADP cblr-1764 434 28 other other ADJ cblr-1764 434 29 financial financial ADJ cblr-1764 434 30 services service NOUN cblr-1764 434 31 . . PUNCT cblr-1764 435 1 granted grant VERB cblr-1764 435 2 , , PUNCT cblr-1764 435 3 glb glb PROPN cblr-1764 435 4 was be AUX cblr-1764 435 5 originally originally ADV cblr-1764 435 6 marketed market VERB cblr-1764 435 7 as as ADP cblr-1764 435 8 a a DET cblr-1764 435 9 move move NOUN cblr-1764 435 10 towards towards ADP cblr-1764 435 11 more more ADV cblr-1764 435 12 functional functional ADJ cblr-1764 435 13 regulation regulation NOUN cblr-1764 435 14 and and CCONJ cblr-1764 435 15 was be AUX cblr-1764 435 16 contrasted contrast VERB cblr-1764 435 17 with with ADP cblr-1764 435 18 the the DET cblr-1764 435 19 strict strict ADJ cblr-1764 435 20 , , PUNCT cblr-1764 435 21 formal formal ADJ cblr-1764 435 22 distinctions distinction NOUN cblr-1764 435 23 separating separate VERB cblr-1764 435 24 different different ADJ cblr-1764 435 25 financial financial ADJ cblr-1764 435 26 entities entity NOUN cblr-1764 435 27 established establish VERB cblr-1764 435 28 under under ADP cblr-1764 435 29 the the DET cblr-1764 435 30 glass glass NOUN cblr-1764 435 31 - - PUNCT cblr-1764 435 32 steagall steagall NOUN cblr-1764 435 33 act.138 act.138 PROPN cblr-1764 435 34 however however ADV cblr-1764 435 35 , , PUNCT cblr-1764 435 36 glb glb NOUN cblr-1764 435 37 is be AUX cblr-1764 435 38 better well ADV cblr-1764 435 39 understood understand VERB cblr-1764 435 40 , , PUNCT cblr-1764 435 41 at at ADP cblr-1764 435 42 least least ADJ cblr-1764 435 43 in in ADP cblr-1764 435 44 the the DET cblr-1764 435 45 insurance insurance NOUN cblr-1764 435 46 context context NOUN cblr-1764 435 47 , , PUNCT cblr-1764 435 48 as as ADP cblr-1764 435 49 preserving preserve VERB cblr-1764 435 50 the the DET cblr-1764 435 51 traditional traditional ADJ cblr-1764 435 52 approach approach NOUN cblr-1764 435 53 . . PUNCT cblr-1764 436 1 for for ADP cblr-1764 436 2 one one NUM cblr-1764 436 3 , , PUNCT cblr-1764 436 4 few few ADJ cblr-1764 436 5 large large ADJ cblr-1764 436 6 insurance insurance NOUN cblr-1764 436 7 conglomerates conglomerate NOUN cblr-1764 436 8 , , PUNCT cblr-1764 436 9 including include VERB cblr-1764 436 10 aig aig PROPN cblr-1764 436 11 , , PUNCT cblr-1764 436 12 were be AUX cblr-1764 436 13 structured structure VERB cblr-1764 436 14 so so SCONJ cblr-1764 436 15 as as SCONJ cblr-1764 436 16 to to PART cblr-1764 436 17 qualify qualify VERB cblr-1764 436 18 as as ADP cblr-1764 436 19 an an DET cblr-1764 436 20 fhc fhc PROPN cblr-1764 436 21 subject subject NOUN cblr-1764 436 22 to to ADP cblr-1764 436 23 the the DET cblr-1764 436 24 federal federal PROPN cblr-1764 436 25 reserve reserve PROPN cblr-1764 436 26 ’s ’s PART cblr-1764 436 27 umbrella umbrella NOUN cblr-1764 436 28 supervision.139 supervision.139 NOUN cblr-1764 436 29 second second ADJ cblr-1764 436 30 , , PUNCT cblr-1764 436 31 glb glb NOUN cblr-1764 436 32 itself itself PRON cblr-1764 436 33 reinforces reinforce VERB cblr-1764 436 34 the the DET cblr-1764 436 35 prior prior ADJ cblr-1764 436 36 formalistic formalistic ADJ cblr-1764 436 37 approach approach NOUN cblr-1764 436 38 through through ADP cblr-1764 436 39 various various ADJ cblr-1764 436 40 “ " PUNCT cblr-1764 436 41 push push VERB cblr-1764 436 42 out out ADP cblr-1764 436 43 ” " PUNCT cblr-1764 436 44 rules rule NOUN cblr-1764 436 45 that that PRON cblr-1764 436 46 attempt attempt VERB cblr-1764 436 47 to to PART cblr-1764 436 48 make make VERB cblr-1764 436 49 holding hold VERB cblr-1764 436 50 companies company NOUN cblr-1764 436 51 organize organize VERB cblr-1764 436 52 their their PRON cblr-1764 436 53 subsidiaries subsidiary NOUN cblr-1764 436 54 ’ ' PUNCT cblr-1764 436 55 financial financial ADJ cblr-1764 436 56 services service NOUN cblr-1764 436 57 based base VERB cblr-1764 436 58 on on ADP cblr-1764 436 59 the the DET cblr-1764 436 60 entity entity NOUN cblr-1764 436 61 type type NOUN cblr-1764 436 62 with with ADP cblr-1764 436 63 which which PRON cblr-1764 436 64 the the DET cblr-1764 436 65 subsidiaries subsidiary NOUN cblr-1764 436 66 have have AUX cblr-1764 436 67 been be AUX cblr-1764 436 68 historically historically ADV cblr-1764 436 69 associated.140 associated.140 ADJ cblr-1764 436 70 135 135 NUM cblr-1764 436 71 see see VERB cblr-1764 436 72 paulson paulson PROPN cblr-1764 436 73 plan plan PROPN cblr-1764 436 74 , , PUNCT cblr-1764 436 75 supra supra PROPN cblr-1764 436 76 note note PROPN cblr-1764 436 77 119 119 NUM cblr-1764 436 78 , , PUNCT cblr-1764 436 79 at at ADP cblr-1764 436 80 53–54 53–54 NUM cblr-1764 436 81 . . PROPN cblr-1764 436 82 136 136 NUM cblr-1764 436 83 see see VERB cblr-1764 436 84 i i PRON cblr-1764 436 85 d. d. PROPN cblr-1764 436 86 at at ADP cblr-1764 436 87 61 61 NUM cblr-1764 436 88 ; ; PUNCT cblr-1764 436 89 broome broome PROPN cblr-1764 436 90 & & CCONJ cblr-1764 436 91 markham markham PROPN cblr-1764 436 92 , , PUNCT cblr-1764 436 93 supra supra PROPN cblr-1764 436 94 note note PROPN cblr-1764 436 95 8 8 NUM cblr-1764 436 96 , , PUNCT cblr-1764 436 97 at at ADP cblr-1764 436 98 746 746 NUM cblr-1764 436 99 . . PUNCT cblr-1764 437 1 137 137 NUM cblr-1764 437 2 see see VERB cblr-1764 437 3 bair bair PROPN cblr-1764 437 4 , , PUNCT cblr-1764 437 5 supra supra PROPN cblr-1764 437 6 note note PROPN cblr-1764 437 7 19 19 NUM cblr-1764 437 8 , , PUNCT cblr-1764 437 9 at at ADP cblr-1764 437 10 6–9 6–9 PROPN cblr-1764 437 11 . . PROPN cblr-1764 438 1 138 138 NUM cblr-1764 438 2 see see VERB cblr-1764 438 3 s. s. PROPN cblr-1764 438 4 rep rep PROPN cblr-1764 438 5 . . PROPN cblr-1764 438 6 no no PROPN cblr-1764 438 7 . . NOUN cblr-1764 438 8 106 106 NUM cblr-1764 438 9 - - SYM cblr-1764 438 10 44 44 NUM cblr-1764 438 11 , , PUNCT cblr-1764 438 12 at at ADP cblr-1764 438 13 9–10 9–10 PROPN cblr-1764 438 14 ( ( PUNCT cblr-1764 438 15 1999 1999 NUM cblr-1764 438 16 ) ) PUNCT cblr-1764 438 17 ( ( PUNCT cblr-1764 438 18 legislative legislative ADJ cblr-1764 438 19 history history NOUN cblr-1764 438 20 touting tout VERB cblr-1764 438 21 “ " PUNCT cblr-1764 438 22 functional functional ADJ cblr-1764 438 23 ” " PUNCT cblr-1764 438 24 regulation regulation NOUN cblr-1764 438 25 as as ADP cblr-1764 438 26 an an DET cblr-1764 438 27 animating animate VERB cblr-1764 438 28 principle principle NOUN cblr-1764 438 29 of of ADP cblr-1764 438 30 glb glb NOUN cblr-1764 438 31 ) ) PUNCT cblr-1764 438 32 ; ; PUNCT cblr-1764 438 33 h.r h.r PROPN cblr-1764 438 34 . . PROPN cblr-1764 438 35 rep rep PROPN cblr-1764 438 36 . . PROPN cblr-1764 438 37 no no PROPN cblr-1764 438 38 . . NOUN cblr-1764 438 39 106 106 NUM cblr-1764 438 40 - - SYM cblr-1764 438 41 74 74 NUM cblr-1764 438 42 , , PUNCT cblr-1764 438 43 pt pt X cblr-1764 438 44 . . PROPN cblr-1764 438 45 1 1 NUM cblr-1764 438 46 , , PUNCT cblr-1764 438 47 at at ADP cblr-1764 438 48 97–98 97–98 NUM cblr-1764 438 49 ( ( PUNCT cblr-1764 438 50 1999 1999 NUM cblr-1764 438 51 ) ) PUNCT cblr-1764 438 52 ( ( PUNCT cblr-1764 438 53 same same ADJ cblr-1764 438 54 ) ) PUNCT cblr-1764 438 55 ; ; PUNCT cblr-1764 438 56 see see VERB cblr-1764 438 57 also also ADV cblr-1764 438 58 paulson paulson PROPN cblr-1764 438 59 plan plan PROPN cblr-1764 438 60 , , PUNCT cblr-1764 438 61 supra supra PROPN cblr-1764 438 62 note note PROPN cblr-1764 438 63 119 119 NUM cblr-1764 438 64 , , PUNCT cblr-1764 438 65 at at ADP cblr-1764 438 66 139 139 NUM cblr-1764 438 67 ; ; PUNCT cblr-1764 438 68 broome broome PROPN cblr-1764 438 69 & & CCONJ cblr-1764 438 70 markham markham PROPN cblr-1764 438 71 , , PUNCT cblr-1764 438 72 supra supra PROPN cblr-1764 438 73 note note PROPN cblr-1764 438 74 8 8 NUM cblr-1764 438 75 , , PUNCT cblr-1764 438 76 at at ADP cblr-1764 438 77 758 758 NUM cblr-1764 438 78 ( ( PUNCT cblr-1764 438 79 referring refer VERB cblr-1764 438 80 to to ADP cblr-1764 438 81 glb glb NOUN cblr-1764 438 82 ’s ’s PART cblr-1764 438 83 “ " PUNCT cblr-1764 438 84 adoption adoption NOUN cblr-1764 438 85 of of ADP cblr-1764 438 86 a a DET cblr-1764 438 87 functional functional ADJ cblr-1764 438 88 regulatory regulatory ADJ cblr-1764 438 89 structure structure NOUN cblr-1764 438 90 ” " PUNCT cblr-1764 438 91 ) ) PUNCT cblr-1764 438 92 . . PUNCT cblr-1764 439 1 139 139 NUM cblr-1764 439 2 see see VERB cblr-1764 439 3 financial financial ADJ cblr-1764 439 4 holding hold VERB cblr-1764 439 5 companies company NOUN cblr-1764 439 6 , , PUNCT cblr-1764 439 7 bd bd AUX cblr-1764 439 8 . . PROPN cblr-1764 439 9 governors governors PROPN cblr-1764 439 10 fed fed PROPN cblr-1764 439 11 . . PUNCT cblr-1764 440 1 reserve reserve PROPN cblr-1764 440 2 sys sys PROPN cblr-1764 440 3 . . PUNCT cblr-1764 441 1 ( ( PUNCT cblr-1764 441 2 sept sept PROPN cblr-1764 441 3 . . PROPN cblr-1764 441 4 17 17 NUM cblr-1764 441 5 , , PUNCT cblr-1764 441 6 2015 2015 NUM cblr-1764 441 7 ) ) PUNCT cblr-1764 441 8 , , PUNCT cblr-1764 441 9 www.federalreserve.gov/generalinfo/fhc/ www.federalreserve.gov/generalinfo/fhc/ VERB cblr-1764 442 1 [ [ X cblr-1764 442 2 http:// http:// PROPN cblr-1764 442 3 perma.cc/mgh6-uql9 perma.cc/mgh6-uql9 PROPN cblr-1764 442 4 ] ] PROPN cblr-1764 442 5 . . PUNCT cblr-1764 443 1 140 140 NUM cblr-1764 443 2 see see VERB cblr-1764 443 3 , , PUNCT cblr-1764 443 4 e.g. e.g. ADV cblr-1764 443 5 , , PUNCT cblr-1764 443 6 glb glb NOUN cblr-1764 443 7 , , PUNCT cblr-1764 443 8 15 15 NUM cblr-1764 443 9 u.s.c u.s.c NOUN cblr-1764 443 10 . . PUNCT cblr-1764 444 1 § § PROPN cblr-1764 444 2 78c 78c NUM cblr-1764 444 3 . . PUNCT cblr-1764 445 1 as as ADP cblr-1764 445 2 a a DET cblr-1764 445 3 result result NOUN cblr-1764 445 4 , , PUNCT cblr-1764 445 5 “ " PUNCT cblr-1764 445 6 [ [ X cblr-1764 445 7 f]unctional f]unctional ADJ cblr-1764 445 8 regulation regulation NOUN cblr-1764 445 9 under under ADP cblr-1764 445 10 glb glb NOUN cblr-1764 445 11 is be AUX cblr-1764 445 12 premised premise VERB cblr-1764 445 13 , , PUNCT cblr-1764 445 14 however however ADV cblr-1764 445 15 , , PUNCT cblr-1764 445 16 on on ADP cblr-1764 445 17 the the DET cblr-1764 445 18 notion notion NOUN cblr-1764 445 19 that that SCONJ cblr-1764 445 20 banking banking NOUN cblr-1764 445 21 activities activity NOUN cblr-1764 445 22 and and CCONJ cblr-1764 445 23 turk turk NOUN cblr-1764 445 24 – – PUNCT cblr-1764 445 25 final final ADJ cblr-1764 445 26 no no NOUN cblr-1764 445 27 . . PUNCT cblr-1764 446 1 3:967 3:967 NUM cblr-1764 446 2 ] ] X cblr-1764 446 3 insurance insurance NOUN cblr-1764 446 4 convergence convergence NOUN cblr-1764 446 5 1005 1005 NUM cblr-1764 446 6 glb glb PROPN cblr-1764 446 7 also also ADV cblr-1764 446 8 provides provide VERB cblr-1764 446 9 a a DET cblr-1764 446 10 circular circular ADJ cblr-1764 446 11 definition definition NOUN cblr-1764 446 12 of of ADP cblr-1764 446 13 “ " PUNCT cblr-1764 446 14 insurance insurance NOUN cblr-1764 446 15 ” " PUNCT cblr-1764 446 16 that that PRON cblr-1764 446 17 does do AUX cblr-1764 446 18 not not PART cblr-1764 446 19 attempt attempt VERB cblr-1764 446 20 to to PART cblr-1764 446 21 draw draw VERB cblr-1764 446 22 functional functional ADJ cblr-1764 446 23 economic economic ADJ cblr-1764 446 24 distinctions distinction NOUN cblr-1764 446 25 but but CCONJ cblr-1764 446 26 instead instead ADV cblr-1764 446 27 retains retain VERB cblr-1764 446 28 state state NOUN cblr-1764 446 29 regulators regulator NOUN cblr-1764 446 30 ’ ’ PART cblr-1764 446 31 interpretation interpretation NOUN cblr-1764 446 32 of of ADP cblr-1764 446 33 the the DET cblr-1764 446 34 term.141 term.141 NOUN cblr-1764 446 35 thus thus ADV cblr-1764 446 36 , , PUNCT cblr-1764 446 37 the the DET cblr-1764 446 38 cachet cachet NOUN cblr-1764 446 39 of of ADP cblr-1764 446 40 “ " PUNCT cblr-1764 446 41 functional functional ADJ cblr-1764 446 42 ” " PUNCT cblr-1764 446 43 as as ADP cblr-1764 446 44 a a DET cblr-1764 446 45 regulatory regulatory ADJ cblr-1764 446 46 buzzword buzzword NOUN cblr-1764 446 47 at at ADP cblr-1764 446 48 the the DET cblr-1764 446 49 time time NOUN cblr-1764 446 50 of of ADP cblr-1764 446 51 glb glb NOUN cblr-1764 446 52 belies belie VERB cblr-1764 446 53 what what PRON cblr-1764 446 54 was be AUX cblr-1764 446 55 essentially essentially ADV cblr-1764 446 56 a a DET cblr-1764 446 57 formal formal ADJ cblr-1764 446 58 , , PUNCT cblr-1764 446 59 entity entity NOUN cblr-1764 446 60 - - PUNCT cblr-1764 446 61 based base VERB cblr-1764 446 62 regime regime NOUN cblr-1764 446 63 for for ADP cblr-1764 446 64 insurance insurance NOUN cblr-1764 446 65 regulation regulation NOUN cblr-1764 446 66 during during ADP cblr-1764 446 67 the the DET cblr-1764 446 68 pre-2008 pre-2008 NOUN cblr-1764 446 69 period.142 period.142 INTJ cblr-1764 446 70 2 2 X cblr-1764 446 71 . . PUNCT cblr-1764 447 1 post-2008 post-2008 NOUN cblr-1764 447 2 the the DET cblr-1764 447 3 central central ADJ cblr-1764 447 4 domestic domestic ADJ cblr-1764 447 5 regulatory regulatory ADJ cblr-1764 447 6 response response NOUN cblr-1764 447 7 to to ADP cblr-1764 447 8 the the DET cblr-1764 447 9 2008 2008 NUM cblr-1764 447 10 crisis crisis NOUN cblr-1764 447 11 was be AUX cblr-1764 447 12 the the DET cblr-1764 447 13 passage passage NOUN cblr-1764 447 14 of of ADP cblr-1764 447 15 the the DET cblr-1764 447 16 dodd dodd PROPN cblr-1764 447 17 - - PUNCT cblr-1764 447 18 frank frank PROPN cblr-1764 447 19 act act NOUN cblr-1764 447 20 in in ADP cblr-1764 447 21 2010 2010 NUM cblr-1764 447 22 , , PUNCT cblr-1764 447 23 which which PRON cblr-1764 447 24 includes include VERB cblr-1764 447 25 important important ADJ cblr-1764 447 26 reforms reform NOUN cblr-1764 447 27 that that PRON cblr-1764 447 28 affect affect VERB cblr-1764 447 29 insurance.143 insurance.143 NOUN cblr-1764 447 30 the the DET cblr-1764 447 31 most most ADV cblr-1764 447 32 prominent prominent ADJ cblr-1764 447 33 of of ADP cblr-1764 447 34 dodd dodd PROPN cblr-1764 447 35 - - PUNCT cblr-1764 447 36 frank frank PROPN cblr-1764 447 37 ’s ’s PART cblr-1764 447 38 insurance insurance NOUN cblr-1764 447 39 - - PUNCT cblr-1764 447 40 related relate VERB cblr-1764 447 41 reforms reform NOUN cblr-1764 447 42 is be AUX cblr-1764 447 43 that that SCONJ cblr-1764 447 44 it it PRON cblr-1764 447 45 establishes establish VERB cblr-1764 447 46 the the DET cblr-1764 447 47 fio fio NOUN cblr-1764 447 48 , , PUNCT cblr-1764 447 49 the the DET cblr-1764 447 50 first first ADJ cblr-1764 447 51 federal federal ADJ cblr-1764 447 52 regulatory regulatory ADJ cblr-1764 447 53 agency agency NOUN cblr-1764 447 54 explicitly explicitly ADV cblr-1764 447 55 tasked task VERB cblr-1764 447 56 with with ADP cblr-1764 447 57 addressing address VERB cblr-1764 447 58 the the DET cblr-1764 447 59 insurance insurance NOUN cblr-1764 447 60 industry.144 industry.144 ADP cblr-1764 447 61 the the DET cblr-1764 447 62 fio fio NOUN cblr-1764 447 63 ’s ’s PART cblr-1764 447 64 main main ADJ cblr-1764 447 65 function function NOUN cblr-1764 447 66 is be AUX cblr-1764 447 67 supervisory supervisory ADJ cblr-1764 447 68 — — PUNCT cblr-1764 447 69 under under ADP cblr-1764 447 70 the the DET cblr-1764 447 71 act act NOUN cblr-1764 447 72 , , PUNCT cblr-1764 447 73 it it PRON cblr-1764 447 74 is be AUX cblr-1764 447 75 “ " PUNCT cblr-1764 447 76 to to PART cblr-1764 447 77 monitor monitor VERB cblr-1764 447 78 all all DET cblr-1764 447 79 aspects aspect NOUN cblr-1764 447 80 of of ADP cblr-1764 447 81 the the DET cblr-1764 447 82 insurance insurance NOUN cblr-1764 447 83 industry industry NOUN cblr-1764 447 84 , , PUNCT cblr-1764 447 85 including include VERB cblr-1764 447 86 identifying identify VERB cblr-1764 447 87 issues issue NOUN cblr-1764 447 88 or or CCONJ cblr-1764 447 89 gaps gap NOUN cblr-1764 447 90 in in ADP cblr-1764 447 91 the the DET cblr-1764 447 92 regulation regulation NOUN cblr-1764 447 93 of of ADP cblr-1764 447 94 insurers insurer NOUN cblr-1764 447 95 that that PRON cblr-1764 447 96 could could AUX cblr-1764 447 97 contribute contribute VERB cblr-1764 447 98 to to ADP cblr-1764 447 99 a a DET cblr-1764 447 100 systemic systemic ADJ cblr-1764 447 101 crisis crisis NOUN cblr-1764 447 102 . . PUNCT cblr-1764 448 1 ”145 ”145 NOUN cblr-1764 448 2 another another DET cblr-1764 448 3 purpose purpose NOUN cblr-1764 448 4 of of ADP cblr-1764 448 5 the the DET cblr-1764 448 6 fio fio NOUN cblr-1764 448 7 is be AUX cblr-1764 448 8 to to PART cblr-1764 448 9 serve serve VERB cblr-1764 448 10 as as ADP cblr-1764 448 11 a a DET cblr-1764 448 12 coordinating coordinating NOUN cblr-1764 448 13 body body NOUN cblr-1764 448 14 ; ; PUNCT cblr-1764 448 15 for for ADP cblr-1764 448 16 instance instance NOUN cblr-1764 448 17 , , PUNCT cblr-1764 448 18 it it PRON cblr-1764 448 19 is be AUX cblr-1764 448 20 required require VERB cblr-1764 448 21 to to PART cblr-1764 448 22 consult consult VERB cblr-1764 448 23 with with ADP cblr-1764 448 24 state state NOUN cblr-1764 448 25 insurance insurance NOUN cblr-1764 448 26 regulators regulator NOUN cblr-1764 448 27 “ " PUNCT cblr-1764 448 28 regarding regard VERB cblr-1764 448 29 insurance insurance NOUN cblr-1764 448 30 matters matter NOUN cblr-1764 448 31 of of ADP cblr-1764 448 32 national national ADJ cblr-1764 448 33 importance importance NOUN cblr-1764 448 34 . . PUNCT cblr-1764 448 35 ”146 ”146 PUNCT cblr-1764 449 1 the the DET cblr-1764 449 2 fio fio NOUN cblr-1764 449 3 is be AUX cblr-1764 449 4 also also ADV cblr-1764 449 5 tasked task VERB cblr-1764 449 6 with with ADP cblr-1764 449 7 insurance insurance NOUN cblr-1764 449 8 activities activity NOUN cblr-1764 449 9 will will AUX cblr-1764 449 10 be be AUX cblr-1764 449 11 conducted conduct VERB cblr-1764 449 12 in in ADP cblr-1764 449 13 separate separate ADJ cblr-1764 449 14 functionally functionally ADV cblr-1764 449 15 regulated regulate VERB cblr-1764 449 16 subsidiaries subsidiary NOUN cblr-1764 449 17 of of ADP cblr-1764 449 18 an an DET cblr-1764 449 19 fhc fhc NOUN cblr-1764 449 20 . . PUNCT cblr-1764 449 21 ” " PUNCT cblr-1764 450 1 broome broome PROPN cblr-1764 450 2 & & CCONJ cblr-1764 450 3 markham markham PROPN cblr-1764 450 4 , , PUNCT cblr-1764 450 5 supra supra PROPN cblr-1764 450 6 note note PROPN cblr-1764 450 7 8 8 NUM cblr-1764 450 8 , , PUNCT cblr-1764 450 9 at at ADP cblr-1764 450 10 778–79 778–79 ADV cblr-1764 450 11 . . PUNCT cblr-1764 451 1 141 141 NUM cblr-1764 451 2 glb glb NOUN cblr-1764 451 3 § § PROPN cblr-1764 451 4 302(c 302(c PROPN cblr-1764 451 5 ) ) PUNCT cblr-1764 451 6 , , PUNCT cblr-1764 451 7 15 15 NUM cblr-1764 451 8 u.s.c u.s.c NOUN cblr-1764 451 9 . . PUNCT cblr-1764 451 10 6712(c 6712(c NUM cblr-1764 451 11 ) ) PUNCT cblr-1764 451 12 ( ( PUNCT cblr-1764 451 13 2012 2012 NUM cblr-1764 451 14 ) ) PUNCT cblr-1764 451 15 ; ; PUNCT cblr-1764 451 16 see see VERB cblr-1764 451 17 faucette faucette NOUN cblr-1764 451 18 , , PUNCT cblr-1764 451 19 supra supra PROPN cblr-1764 451 20 note note PROPN cblr-1764 451 21 8 8 NUM cblr-1764 451 22 , , PUNCT cblr-1764 451 23 at at ADP cblr-1764 451 24 639–40 639–40 PROPN cblr-1764 451 25 ( ( PUNCT cblr-1764 451 26 explaining explain VERB cblr-1764 451 27 glb glb NOUN cblr-1764 451 28 ’s ’s PART cblr-1764 451 29 definition definition NOUN cblr-1764 451 30 of of ADP cblr-1764 451 31 insurance insurance NOUN cblr-1764 451 32 ) ) PUNCT cblr-1764 451 33 . . PUNCT cblr-1764 452 1 142 142 NUM cblr-1764 452 2 see see VERB cblr-1764 452 3 broome broome PROPN cblr-1764 452 4 & & CCONJ cblr-1764 452 5 markham markham PROPN cblr-1764 452 6 , , PUNCT cblr-1764 452 7 supra supra PROPN cblr-1764 452 8 note note PROPN cblr-1764 452 9 8 8 NUM cblr-1764 452 10 , , PUNCT cblr-1764 452 11 at at ADP cblr-1764 452 12 783 783 NUM cblr-1764 452 13 . . PUNCT cblr-1764 453 1 143 143 NUM cblr-1764 453 2 see see VERB cblr-1764 453 3 dodd dodd PROPN cblr-1764 453 4 - - PUNCT cblr-1764 453 5 frank frank PROPN cblr-1764 453 6 § § PROPN cblr-1764 453 7 § § PROPN cblr-1764 453 8 501–542 501–542 NUM cblr-1764 453 9 , , PUNCT cblr-1764 453 10 31 31 NUM cblr-1764 453 11 u.s.c u.s.c NOUN cblr-1764 453 12 . . PUNCT cblr-1764 454 1 § § PROPN cblr-1764 454 2 § § PROPN cblr-1764 454 3 313–315 313–315 PROPN cblr-1764 454 4 , , PUNCT cblr-1764 454 5 15 15 NUM cblr-1764 454 6 u.s.c u.s.c NOUN cblr-1764 454 7 . . PUNCT cblr-1764 455 1 § § PROPN cblr-1764 455 2 § § PROPN cblr-1764 455 3 8201–8206 8201–8206 NUM cblr-1764 455 4 , , PUNCT cblr-1764 455 5 8221–8223 8221–8223 NUM cblr-1764 455 6 , , PUNCT cblr-1764 455 7 8231–8232 8231–8232 NUM cblr-1764 455 8 ( ( PUNCT cblr-1764 455 9 2012 2012 NUM cblr-1764 455 10 ) ) PUNCT cblr-1764 455 11 . . PUNCT cblr-1764 456 1 144 144 NUM cblr-1764 456 2 dodd dodd PROPN cblr-1764 456 3 - - PUNCT cblr-1764 456 4 frank frank PROPN cblr-1764 456 5 § § PROPN cblr-1764 456 6 502 502 NUM cblr-1764 456 7 , , PUNCT cblr-1764 456 8 31 31 NUM cblr-1764 456 9 u.s.c u.s.c ADJ cblr-1764 456 10 . . PUNCT cblr-1764 457 1 § § PROPN cblr-1764 457 2 313 313 NUM cblr-1764 457 3 ( ( PUNCT cblr-1764 457 4 2012 2012 NUM cblr-1764 457 5 ) ) PUNCT cblr-1764 457 6 . . PUNCT cblr-1764 458 1 the the DET cblr-1764 458 2 fio fio NOUN cblr-1764 458 3 is be AUX cblr-1764 458 4 a a DET cblr-1764 458 5 department department NOUN cblr-1764 458 6 of of ADP cblr-1764 458 7 the the DET cblr-1764 458 8 u.s u.s PROPN cblr-1764 458 9 . . PROPN cblr-1764 458 10 treasury treasury PROPN cblr-1764 458 11 , , PUNCT cblr-1764 458 12 with with ADP cblr-1764 458 13 its its PRON cblr-1764 458 14 director director NOUN cblr-1764 458 15 appointed appoint VERB cblr-1764 458 16 by by ADP cblr-1764 458 17 the the DET cblr-1764 458 18 treasury treasury PROPN cblr-1764 458 19 secretary secretary NOUN cblr-1764 458 20 . . PUNCT cblr-1764 459 1 31 31 NUM cblr-1764 459 2 u.s.c u.s.c ADJ cblr-1764 459 3 . . PUNCT cblr-1764 460 1 § § PROPN cblr-1764 460 2 313(c 313(c PROPN cblr-1764 460 3 ) ) PUNCT cblr-1764 460 4 ( ( PUNCT cblr-1764 460 5 2012 2012 NUM cblr-1764 460 6 ) ) PUNCT cblr-1764 460 7 . . PUNCT cblr-1764 461 1 145 145 NUM cblr-1764 461 2 31 31 NUM cblr-1764 461 3 u.s.c u.s.c NOUN cblr-1764 461 4 . . PUNCT cblr-1764 462 1 § § PROPN cblr-1764 462 2 313(c 313(c PROPN cblr-1764 462 3 ) ) PUNCT cblr-1764 462 4 ( ( PUNCT cblr-1764 462 5 2012 2012 NUM cblr-1764 462 6 ) ) PUNCT cblr-1764 462 7 . . PUNCT cblr-1764 463 1 in in ADP cblr-1764 463 2 addition addition NOUN cblr-1764 463 3 , , PUNCT cblr-1764 463 4 dodd dodd PROPN cblr-1764 463 5 - - PUNCT cblr-1764 463 6 frank frank PROPN cblr-1764 463 7 directs direct VERB cblr-1764 463 8 the the DET cblr-1764 463 9 fio fio NOUN cblr-1764 463 10 to to PART cblr-1764 463 11 submit submit VERB cblr-1764 463 12 a a DET cblr-1764 463 13 “ " PUNCT cblr-1764 463 14 study study NOUN cblr-1764 463 15 and and CCONJ cblr-1764 463 16 report report NOUN cblr-1764 463 17 ” " PUNCT cblr-1764 463 18 to to PART cblr-1764 463 19 provide provide VERB cblr-1764 463 20 a a DET cblr-1764 463 21 comprehensive comprehensive ADJ cblr-1764 463 22 plan plan NOUN cblr-1764 463 23 “ " PUNCT cblr-1764 463 24 to to PART cblr-1764 463 25 modernize modernize VERB cblr-1764 463 26 and and CCONJ cblr-1764 463 27 improve improve VERB cblr-1764 463 28 the the DET cblr-1764 463 29 system system NOUN cblr-1764 463 30 of of ADP cblr-1764 463 31 insurance insurance NOUN cblr-1764 463 32 regulation regulation NOUN cblr-1764 463 33 in in ADP cblr-1764 463 34 the the DET cblr-1764 463 35 united united PROPN cblr-1764 463 36 states states PROPN cblr-1764 463 37 . . PUNCT cblr-1764 463 38 ” " PUNCT cblr-1764 464 1 i i PRON cblr-1764 464 2 d. d. PROPN cblr-1764 464 3 § § PROPN cblr-1764 464 4 313(p 313(p PROPN cblr-1764 464 5 ) ) PUNCT cblr-1764 464 6 . . PUNCT cblr-1764 465 1 such such DET cblr-1764 465 2 a a DET cblr-1764 465 3 report report NOUN cblr-1764 465 4 was be AUX cblr-1764 465 5 belatedly belatedly ADV cblr-1764 465 6 issued issue VERB cblr-1764 465 7 on on ADP cblr-1764 465 8 december december PROPN cblr-1764 465 9 14 14 NUM cblr-1764 465 10 , , PUNCT cblr-1764 465 11 2013 2013 NUM cblr-1764 465 12 . . PUNCT cblr-1764 466 1 see see VERB cblr-1764 466 2 fio fio PROPN cblr-1764 466 3 modernization modernization NOUN cblr-1764 466 4 report report NOUN cblr-1764 466 5 , , PUNCT cblr-1764 466 6 supra supra PROPN cblr-1764 466 7 note note NOUN cblr-1764 466 8 10 10 NUM cblr-1764 466 9 . . PUNCT cblr-1764 467 1 146 146 NUM cblr-1764 467 2 31 31 NUM cblr-1764 467 3 u.s.c u.s.c NOUN cblr-1764 467 4 . . PUNCT cblr-1764 468 1 § § PROPN cblr-1764 468 2 § § PROPN cblr-1764 468 3 313(c 313(c PROPN cblr-1764 468 4 ) ) PUNCT cblr-1764 468 5 , , PUNCT cblr-1764 468 6 314 314 NUM cblr-1764 468 7 ( ( PUNCT cblr-1764 468 8 2012 2012 NUM cblr-1764 468 9 ) ) PUNCT cblr-1764 468 10 . . PUNCT cblr-1764 469 1 turk turk PROPN cblr-1764 469 2 – – PUNCT cblr-1764 469 3 final final ADJ cblr-1764 469 4 1006 1006 NUM cblr-1764 469 5 columbia columbia PROPN cblr-1764 469 6 business business NOUN cblr-1764 469 7 law law PROPN cblr-1764 469 8 review review NOUN cblr-1764 469 9 [ [ X cblr-1764 469 10 vol vol NOUN cblr-1764 469 11 . . NOUN cblr-1764 469 12 2015 2015 NUM cblr-1764 469 13 “ " PUNCT cblr-1764 469 14 develop[ing develop[e VERB cblr-1764 469 15 ] ] PUNCT cblr-1764 469 16 federal federal ADJ cblr-1764 469 17 policy policy NOUN cblr-1764 469 18 on on ADP cblr-1764 469 19 prudential prudential ADJ cblr-1764 469 20 aspects aspect NOUN cblr-1764 469 21 of of ADP cblr-1764 469 22 international international ADJ cblr-1764 469 23 insurance insurance NOUN cblr-1764 469 24 matters matter NOUN cblr-1764 469 25 , , PUNCT cblr-1764 469 26 ” " PUNCT cblr-1764 469 27 including include VERB cblr-1764 469 28 representing represent VERB cblr-1764 469 29 the the DET cblr-1764 469 30 united united PROPN cblr-1764 469 31 states states PROPN cblr-1764 469 32 in in ADP cblr-1764 469 33 international international ADJ cblr-1764 469 34 fora forum NOUN cblr-1764 469 35 concerning concern VERB cblr-1764 469 36 insurance insurance NOUN cblr-1764 469 37 regulation.147 regulation.147 NOUN cblr-1764 469 38 related relate VERB cblr-1764 469 39 to to ADP cblr-1764 469 40 its its PRON cblr-1764 469 41 role role NOUN cblr-1764 469 42 as as ADP cblr-1764 469 43 supervisor supervisor NOUN cblr-1764 469 44 of of ADP cblr-1764 469 45 the the DET cblr-1764 469 46 insurance insurance NOUN cblr-1764 469 47 industry industry NOUN cblr-1764 469 48 , , PUNCT cblr-1764 469 49 the the DET cblr-1764 469 50 fio fio NOUN cblr-1764 469 51 is be AUX cblr-1764 469 52 empowered empower VERB cblr-1764 469 53 to to PART cblr-1764 469 54 recommend recommend VERB cblr-1764 469 55 that that SCONJ cblr-1764 469 56 the the DET cblr-1764 469 57 financial financial ADJ cblr-1764 469 58 stability stability NOUN cblr-1764 469 59 oversight oversight NOUN cblr-1764 469 60 council council PROPN cblr-1764 469 61 ( ( PUNCT cblr-1764 469 62 “ " PUNCT cblr-1764 469 63 fsoc”)—another fsoc”)—another NUM cblr-1764 469 64 entity entity NOUN cblr-1764 469 65 created create VERB cblr-1764 469 66 by by ADP cblr-1764 469 67 dodd dodd PROPN cblr-1764 469 68 - - PUNCT cblr-1764 469 69 frank frank ADJ cblr-1764 469 70 — — PUNCT cblr-1764 469 71 designate designate ADJ cblr-1764 469 72 insurers insurer NOUN cblr-1764 469 73 as as ADP cblr-1764 469 74 systemically systemically ADV cblr-1764 469 75 “ " PUNCT cblr-1764 469 76 significant significant ADJ cblr-1764 469 77 nonbank nonbank NOUN cblr-1764 469 78 financial financial ADJ cblr-1764 469 79 companies company NOUN cblr-1764 469 80 ” " PUNCT cblr-1764 469 81 under under ADP cblr-1764 469 82 the the DET cblr-1764 469 83 act.148 act.148 NOUN cblr-1764 469 84 once once ADV cblr-1764 469 85 designated designate VERB cblr-1764 469 86 “ " PUNCT cblr-1764 469 87 systemically systemically ADV cblr-1764 469 88 significant significant ADJ cblr-1764 469 89 ” " PUNCT cblr-1764 469 90 via via ADP cblr-1764 469 91 a a DET cblr-1764 469 92 two two NUM cblr-1764 469 93 - - PUNCT cblr-1764 469 94 thirds third NOUN cblr-1764 469 95 vote vote NOUN cblr-1764 469 96 in in ADP cblr-1764 469 97 the the DET cblr-1764 469 98 fsoc fsoc NOUN cblr-1764 469 99 , , PUNCT cblr-1764 469 100 a a DET cblr-1764 469 101 financial financial ADJ cblr-1764 469 102 institution institution NOUN cblr-1764 469 103 becomes become VERB cblr-1764 469 104 subject subject ADJ cblr-1764 469 105 to to ADP cblr-1764 469 106 enhanced enhanced ADJ cblr-1764 469 107 regulation regulation NOUN cblr-1764 469 108 and and CCONJ cblr-1764 469 109 supervision supervision NOUN cblr-1764 469 110 by by ADP cblr-1764 469 111 the the DET cblr-1764 469 112 federal federal PROPN cblr-1764 469 113 reserve reserve PROPN cblr-1764 469 114 . . PUNCT cblr-1764 470 1 the the DET cblr-1764 470 2 designation designation NOUN cblr-1764 470 3 also also ADV cblr-1764 470 4 potentially potentially ADV cblr-1764 470 5 subjects subject VERB cblr-1764 470 6 insurers insurer NOUN cblr-1764 470 7 to to ADP cblr-1764 470 8 the the DET cblr-1764 470 9 “ " PUNCT cblr-1764 470 10 collins collins PROPN cblr-1764 470 11 amendment amendment NOUN cblr-1764 470 12 ” " PUNCT cblr-1764 470 13 to to ADP cblr-1764 470 14 dodd dodd PROPN cblr-1764 470 15 - - PUNCT cblr-1764 470 16 frank frank PROPN cblr-1764 470 17 , , PUNCT cblr-1764 470 18 which which PRON cblr-1764 470 19 allows allow VERB cblr-1764 470 20 the the DET cblr-1764 470 21 treasury treasury NOUN cblr-1764 470 22 to to PART cblr-1764 470 23 require require VERB cblr-1764 470 24 increased increase VERB cblr-1764 470 25 minimum minimum ADJ cblr-1764 470 26 capital capital NOUN cblr-1764 470 27 requirements requirement NOUN cblr-1764 470 28 for for ADP cblr-1764 470 29 non non ADJ cblr-1764 470 30 - - ADJ cblr-1764 470 31 bank bank ADJ cblr-1764 470 32 institutions institution NOUN cblr-1764 470 33 consistent consistent ADJ cblr-1764 470 34 with with ADP cblr-1764 470 35 the the DET cblr-1764 470 36 latest late ADJ cblr-1764 470 37 basel basel PROPN cblr-1764 470 38 iii iii PROPN cblr-1764 470 39 capital capital NOUN cblr-1764 470 40 rules rule NOUN cblr-1764 470 41 for for ADP cblr-1764 470 42 banks.149 banks.149 ADP cblr-1764 470 43 the the DET cblr-1764 470 44 fsoc fsoc NOUN cblr-1764 470 45 released release VERB cblr-1764 470 46 its its PRON cblr-1764 470 47 final final ADJ cblr-1764 470 48 rule rule NOUN cblr-1764 470 49 and and CCONJ cblr-1764 470 50 interpretive interpretive ADJ cblr-1764 470 51 guidance guidance NOUN cblr-1764 470 52 setting set VERB cblr-1764 470 53 out out ADP cblr-1764 470 54 the the DET cblr-1764 470 55 criteria criterion NOUN cblr-1764 470 56 for for ADP cblr-1764 470 57 designating designate VERB cblr-1764 470 58 non non ADJ cblr-1764 470 59 - - ADJ cblr-1764 470 60 bank bank ADJ cblr-1764 470 61 systemic systemic ADJ cblr-1764 470 62 institutions institution NOUN cblr-1764 470 63 on on ADP cblr-1764 470 64 april april PROPN cblr-1764 470 65 11 11 NUM cblr-1764 470 66 , , PUNCT cblr-1764 470 67 2012 2012 NUM cblr-1764 470 68 , , PUNCT cblr-1764 470 69 and and CCONJ cblr-1764 470 70 to to ADP cblr-1764 470 71 date date NOUN cblr-1764 470 72 has have AUX cblr-1764 470 73 designated designate VERB cblr-1764 470 74 insurers insurer NOUN cblr-1764 470 75 aig aig PROPN cblr-1764 470 76 , , PUNCT cblr-1764 470 77 prudential prudential NOUN cblr-1764 470 78 , , PUNCT cblr-1764 470 79 and and CCONJ cblr-1764 470 80 metlife metlife NOUN cblr-1764 470 81 as as SCONJ cblr-1764 470 82 systemically systemically ADV cblr-1764 470 83 significant.150 significant.150 VERB cblr-1764 470 84 147 147 NUM cblr-1764 471 1 i i PROPN cblr-1764 471 2 d. d. 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PROPN cblr-1764 481 3 dep’t dep’t NOUN cblr-1764 481 4 of of ADP cblr-1764 481 5 the the DET cblr-1764 481 6 treasury treasury PROPN cblr-1764 481 7 , , PUNCT cblr-1764 481 8 aig aig PROPN cblr-1764 481 9 ( ( PUNCT cblr-1764 481 10 2013 2013 NUM cblr-1764 481 11 ) ) PUNCT cblr-1764 481 12 ( ( PUNCT cblr-1764 481 13 designating designate VERB cblr-1764 481 14 aig aig PROPN cblr-1764 481 15 as as ADP cblr-1764 481 16 systemically systemically ADV cblr-1764 481 17 significant significant ADJ cblr-1764 481 18 ) ) PUNCT cblr-1764 481 19 , , PUNCT cblr-1764 481 20 http://www.treasury.gov/initiatives/fsoc/designations/documents/basis%20 http://www.treasury.gov/initiatives/fsoc/designations/documents/basis%20 PROPN cblr-1764 481 21 of%20final%20determination%20regarding%20american%20internation of%20final%20determination%20regarding%20american%20internation NOUN cblr-1764 481 22 al%20group,%20inc.pdf al%20group,%20inc.pdf PROPN cblr-1764 481 23 [ [ X cblr-1764 481 24 http://perma.cc/lf87-4lzk http://perma.cc/lf87-4lzk PROPN cblr-1764 481 25 ] ] X cblr-1764 481 26 ; ; PUNCT cblr-1764 481 27 u.s u.s PROPN cblr-1764 481 28 . . PROPN cblr-1764 481 29 dep’t dep’t NOUN cblr-1764 481 30 of of ADP cblr-1764 481 31 the the DET cblr-1764 481 32 treasury treasury PROPN cblr-1764 481 33 , , PUNCT cblr-1764 481 34 prudential prudential NOUN cblr-1764 481 35 ( ( PUNCT cblr-1764 481 36 2013 2013 NUM cblr-1764 481 37 ) ) PUNCT cblr-1764 481 38 ( ( PUNCT cblr-1764 481 39 designating designate VERB cblr-1764 481 40 prudential prudential NOUN cblr-1764 481 41 as as ADP cblr-1764 481 42 systemically systemically ADV cblr-1764 481 43 significant significant ADJ cblr-1764 481 44 ) ) PUNCT cblr-1764 481 45 , , PUNCT cblr-1764 481 46 http://www.treasury.gov/initiatives/fsoc/designations/docu http://www.treasury.gov/initiatives/fsoc/designations/docu PROPN cblr-1764 481 47 ments ment NOUN cblr-1764 481 48 / / SYM cblr-1764 481 49 prudential%20financial%20inc.pdf prudential%20financial%20inc.pdf NOUN cblr-1764 482 1 [ [ X cblr-1764 482 2 http://perma.cc/gkh4-cqxe http://perma.cc/gkh4-cqxe X cblr-1764 482 3 ] ] PUNCT cblr-1764 482 4 ; ; PUNCT cblr-1764 482 5 u.s u.s PROPN cblr-1764 482 6 . . PROPN cblr-1764 482 7 dep’t dep’t NOUN cblr-1764 482 8 of of ADP cblr-1764 482 9 the the DET cblr-1764 482 10 treasury treasury PROPN cblr-1764 482 11 , , PUNCT cblr-1764 482 12 metlife metlife NOUN cblr-1764 482 13 ( ( PUNCT cblr-1764 482 14 2014 2014 NUM cblr-1764 482 15 ) ) PUNCT cblr-1764 482 16 ( ( PUNCT cblr-1764 482 17 designating designate VERB cblr-1764 482 18 metlife metlife NOUN cblr-1764 482 19 as as ADP cblr-1764 482 20 systemically systemically ADV cblr-1764 482 21 significant significant ADJ cblr-1764 482 22 ) ) PUNCT cblr-1764 482 23 , , PUNCT cblr-1764 482 24 http://www.treasury.gov/initiatives/fsoc/desig http://www.treasury.gov/initiatives/fsoc/desig PROPN cblr-1764 482 25 turk turk NOUN cblr-1764 482 26 – – PUNCT cblr-1764 482 27 final final ADJ cblr-1764 482 28 no no NOUN cblr-1764 482 29 . . PUNCT cblr-1764 483 1 3:967 3:967 NUM cblr-1764 483 2 ] ] X cblr-1764 483 3 insurance insurance NOUN cblr-1764 483 4 convergence convergence NOUN cblr-1764 483 5 1007 1007 NUM cblr-1764 483 6 the the DET cblr-1764 483 7 naic naic PROPN cblr-1764 483 8 has have AUX cblr-1764 483 9 also also ADV cblr-1764 483 10 been be AUX cblr-1764 483 11 active active ADJ cblr-1764 483 12 in in ADP cblr-1764 483 13 leading lead VERB cblr-1764 483 14 reform reform NOUN cblr-1764 483 15 of of ADP cblr-1764 483 16 state state NOUN cblr-1764 483 17 regulation regulation NOUN cblr-1764 483 18 in in ADP cblr-1764 483 19 response response NOUN cblr-1764 483 20 to to ADP cblr-1764 483 21 the the DET cblr-1764 483 22 2008 2008 NUM cblr-1764 483 23 crisis crisis NOUN cblr-1764 483 24 , , PUNCT cblr-1764 483 25 particularly particularly ADV cblr-1764 483 26 through through ADP cblr-1764 483 27 its its PRON cblr-1764 483 28 solvency solvency NOUN cblr-1764 483 29 modernization modernization NOUN cblr-1764 483 30 initiative initiative NOUN cblr-1764 483 31 ( ( PUNCT cblr-1764 483 32 “ " PUNCT cblr-1764 483 33 smi”).151 smi”).151 NOUN cblr-1764 483 34 a a DET cblr-1764 483 35 major major ADJ cblr-1764 483 36 product product NOUN cblr-1764 483 37 of of ADP cblr-1764 483 38 the the DET cblr-1764 483 39 smi smi PROPN cblr-1764 483 40 is be AUX cblr-1764 483 41 the the DET cblr-1764 483 42 naic naic PROPN cblr-1764 483 43 ’s ’s PART cblr-1764 483 44 amendments amendment NOUN cblr-1764 483 45 to to ADP cblr-1764 483 46 its its PRON cblr-1764 483 47 model model NOUN cblr-1764 483 48 insurance insurance NOUN cblr-1764 483 49 holding hold VERB cblr-1764 483 50 company company NOUN cblr-1764 483 51 system system NOUN cblr-1764 483 52 regulatory regulatory ADJ cblr-1764 483 53 act act NOUN cblr-1764 483 54 , , PUNCT cblr-1764 483 55 which which PRON cblr-1764 483 56 enhances enhance VERB cblr-1764 483 57 oversight oversight NOUN cblr-1764 483 58 of of ADP cblr-1764 483 59 insurance insurance NOUN cblr-1764 483 60 groups group NOUN cblr-1764 483 61 operating operate VERB cblr-1764 483 62 in in ADP cblr-1764 483 63 multiple multiple ADJ cblr-1764 483 64 states state NOUN cblr-1764 483 65 by by ADP cblr-1764 483 66 encouraging encourage VERB cblr-1764 483 67 “ " PUNCT cblr-1764 483 68 supervisory supervisory ADJ cblr-1764 483 69 colleges college NOUN cblr-1764 483 70 ” " PUNCT cblr-1764 483 71 of of ADP cblr-1764 483 72 state state NOUN cblr-1764 483 73 regulators regulator NOUN cblr-1764 483 74 to to PART cblr-1764 483 75 share share VERB cblr-1764 483 76 information information NOUN cblr-1764 483 77 and and CCONJ cblr-1764 483 78 coordinate coordinate VERB cblr-1764 483 79 prudential prudential ADJ cblr-1764 483 80 supervision supervision NOUN cblr-1764 483 81 of of ADP cblr-1764 483 82 insurers.152 insurers.152 PROPN cblr-1764 483 83 the the DET cblr-1764 483 84 naic naic PROPN cblr-1764 483 85 has have AUX cblr-1764 483 86 also also ADV cblr-1764 483 87 drafted draft VERB cblr-1764 483 88 a a DET cblr-1764 483 89 set set NOUN cblr-1764 483 90 of of ADP cblr-1764 483 91 own own ADJ cblr-1764 483 92 - - PUNCT cblr-1764 483 93 risk risk NOUN cblr-1764 483 94 solvency solvency NOUN cblr-1764 483 95 assessment assessment NOUN cblr-1764 483 96 guidelines guideline NOUN cblr-1764 483 97 , , PUNCT cblr-1764 483 98 which which PRON cblr-1764 483 99 outline outline VERB cblr-1764 483 100 qualitative qualitative ADJ cblr-1764 483 101 and and CCONJ cblr-1764 483 102 quantitative quantitative ADJ cblr-1764 483 103 standards standard NOUN cblr-1764 483 104 to to PART cblr-1764 483 105 guide guide VERB cblr-1764 483 106 state state NOUN cblr-1764 483 107 regulators regulator NOUN cblr-1764 483 108 in in ADP cblr-1764 483 109 applying apply VERB cblr-1764 483 110 solvency solvency NOUN cblr-1764 483 111 rules rule NOUN cblr-1764 483 112 and and CCONJ cblr-1764 483 113 administering administer VERB cblr-1764 483 114 stress stress NOUN cblr-1764 483 115 tests test NOUN cblr-1764 483 116 to to ADP cblr-1764 483 117 insurers.153 insurers.153 NOUN cblr-1764 483 118 taken take VERB cblr-1764 483 119 as as ADP cblr-1764 483 120 a a DET cblr-1764 483 121 whole whole NOUN cblr-1764 483 122 , , PUNCT cblr-1764 483 123 dodd dodd PROPN cblr-1764 483 124 - - PUNCT cblr-1764 483 125 frank frank PROPN cblr-1764 483 126 essentially essentially ADV cblr-1764 483 127 preserves preserve VERB cblr-1764 483 128 all all PRON cblr-1764 483 129 of of ADP cblr-1764 483 130 the the DET cblr-1764 483 131 balkanized balkanized ADJ cblr-1764 483 132 jurisdictional jurisdictional ADJ cblr-1764 483 133 boundaries boundary NOUN cblr-1764 483 134 of of ADP cblr-1764 483 135 insurance insurance NOUN cblr-1764 483 136 regulation regulation NOUN cblr-1764 483 137 ’s ’s PART cblr-1764 483 138 pre-2008 pre-2008 NOUN cblr-1764 483 139 status status NOUN cblr-1764 483 140 quo quo NOUN cblr-1764 483 141 , , PUNCT cblr-1764 483 142 while while SCONJ cblr-1764 483 143 at at ADP cblr-1764 483 144 the the DET cblr-1764 483 145 same same ADJ cblr-1764 483 146 time time NOUN cblr-1764 483 147 providing provide VERB cblr-1764 483 148 mechanisms mechanism NOUN cblr-1764 483 149 that that PRON cblr-1764 483 150 may may AUX cblr-1764 483 151 potentially potentially ADV cblr-1764 483 152 be be AUX cblr-1764 483 153 used use VERB cblr-1764 483 154 as as ADP cblr-1764 483 155 a a DET cblr-1764 483 156 basis basis NOUN cblr-1764 483 157 for for ADP cblr-1764 483 158 harmonizing harmonize VERB cblr-1764 483 159 reforms reform NOUN cblr-1764 483 160 going go VERB cblr-1764 483 161 forward.154 forward.154 NOUN cblr-1764 483 162 most most ADV cblr-1764 483 163 obviously obviously ADV cblr-1764 483 164 , , PUNCT cblr-1764 483 165 dodd dodd PROPN cblr-1764 483 166 - - PUNCT cblr-1764 483 167 frank frank PROPN cblr-1764 483 168 maintains maintain VERB cblr-1764 483 169 the the DET cblr-1764 483 170 decentralized decentralized ADJ cblr-1764 483 171 state state NOUN cblr-1764 483 172 - - PUNCT cblr-1764 483 173 led lead VERB cblr-1764 483 174 system system NOUN cblr-1764 483 175 as as SCONJ cblr-1764 483 176 provided provide VERB cblr-1764 483 177 by by ADP cblr-1764 483 178 mccarran mccarran NOUN cblr-1764 483 179 - - PUNCT cblr-1764 483 180 ferguson ferguson NOUN cblr-1764 483 181 . . PUNCT cblr-1764 484 1 as as SCONJ cblr-1764 484 2 currently currently ADV cblr-1764 484 3 constituted constitute VERB cblr-1764 484 4 , , PUNCT cblr-1764 484 5 the the DET cblr-1764 484 6 fio fio NOUN cblr-1764 484 7 has have VERB cblr-1764 484 8 deceptively deceptively ADV cblr-1764 484 9 little little ADJ cblr-1764 484 10 power power NOUN cblr-1764 484 11 : : PUNCT cblr-1764 484 12 it it PRON cblr-1764 484 13 has have AUX cblr-1764 484 14 been be AUX cblr-1764 484 15 given give VERB cblr-1764 484 16 a a DET cblr-1764 484 17 variety variety NOUN cblr-1764 484 18 of of ADP cblr-1764 484 19 oversight oversight NOUN cblr-1764 484 20 functions function NOUN cblr-1764 484 21 , , PUNCT cblr-1764 484 22 but but CCONJ cblr-1764 484 23 none none NOUN cblr-1764 484 24 that that PRON cblr-1764 484 25 allow allow VERB cblr-1764 484 26 it it PRON cblr-1764 484 27 to to PART cblr-1764 484 28 actually actually ADV cblr-1764 484 29 promulgate promulgate VERB cblr-1764 484 30 substantive substantive ADJ cblr-1764 484 31 insurance insurance NOUN cblr-1764 484 32 regulation.155 regulation.155 NOUN cblr-1764 484 33 at at ADP cblr-1764 484 34 the the DET cblr-1764 484 35 same same ADJ cblr-1764 484 36 time time NOUN cblr-1764 484 37 , , PUNCT cblr-1764 484 38 the the DET cblr-1764 484 39 naic naic PROPN cblr-1764 484 40 remains remain VERB cblr-1764 484 41 a a DET cblr-1764 484 42 powerful powerful ADJ cblr-1764 484 43 force force NOUN cblr-1764 484 44 on on ADP cblr-1764 484 45 the the DET cblr-1764 484 46 side side NOUN cblr-1764 484 47 of of ADP cblr-1764 484 48 states state NOUN cblr-1764 484 49 and and CCONJ cblr-1764 484 50 its its PRON cblr-1764 484 51 latest late ADJ cblr-1764 484 52 round round NOUN cblr-1764 484 53 of of ADP cblr-1764 484 54 reforms reform NOUN cblr-1764 484 55 , , PUNCT cblr-1764 484 56 particularly particularly ADV cblr-1764 484 57 those those PRON cblr-1764 484 58 that that PRON cblr-1764 484 59 promote promote VERB cblr-1764 484 60 supervisory supervisory ADJ cblr-1764 484 61 colleges college NOUN cblr-1764 484 62 , , PUNCT cblr-1764 484 63 parallel parallel ADJ cblr-1764 484 64 and and CCONJ cblr-1764 484 65 in in ADP cblr-1764 484 66 some some DET cblr-1764 484 67 nations nation NOUN cblr-1764 484 68 / / SYM cblr-1764 484 69 documents document NOUN cblr-1764 484 70 / / SYM cblr-1764 484 71 metlife%20public%20basis.pdf metlife%20public%20basis.pdf NOUN cblr-1764 484 72 [ [ X cblr-1764 484 73 http://perma.cc/d7 http://perma.cc/d7 NOUN cblr-1764 484 74 ke ke NOUN cblr-1764 484 75 - - PUNCT cblr-1764 484 76 hhjp hhjp NOUN cblr-1764 484 77 ] ] PUNCT cblr-1764 484 78 . . PUNCT cblr-1764 485 1 151 151 NUM cblr-1764 485 2 see see VERB cblr-1764 485 3 fio fio PROPN cblr-1764 485 4 2013 2013 NUM cblr-1764 485 5 report report NOUN cblr-1764 485 6 , , PUNCT cblr-1764 485 7 supra supra PROPN cblr-1764 485 8 note note NOUN cblr-1764 485 9 60 60 NUM cblr-1764 485 10 . . PUNCT cblr-1764 486 1 152 152 NUM cblr-1764 486 2 see see VERB cblr-1764 486 3 i i PRON cblr-1764 486 4 d. d. PROPN cblr-1764 486 5 at at ADP cblr-1764 486 6 41–42 41–42 NUM cblr-1764 486 7 ; ; PUNCT cblr-1764 486 8 see see VERB cblr-1764 486 9 also also ADV cblr-1764 486 10 kelly kelly PROPN cblr-1764 486 11 kirby kirby PROPN cblr-1764 486 12 , , PUNCT cblr-1764 486 13 supervisory supervisory ADJ cblr-1764 486 14 colleges college NOUN cblr-1764 486 15 : : PUNCT cblr-1764 486 16 improving improve VERB cblr-1764 486 17 international international ADJ cblr-1764 486 18 supervisory supervisory ADJ cblr-1764 486 19 coordination coordination NOUN cblr-1764 486 20 , , PUNCT cblr-1764 486 21 19 19 NUM cblr-1764 486 22 conn conn NOUN cblr-1764 486 23 . . PUNCT cblr-1764 487 1 ins ins PROPN cblr-1764 487 2 . . PUNCT cblr-1764 488 1 l.j l.j PROPN cblr-1764 488 2 . . PROPN cblr-1764 488 3 149 149 NUM cblr-1764 488 4 , , PUNCT cblr-1764 488 5 159 159 NUM cblr-1764 488 6 ( ( PUNCT cblr-1764 488 7 2012 2012 NUM cblr-1764 488 8 ) ) PUNCT cblr-1764 488 9 . . PUNCT cblr-1764 489 1 153 153 NUM cblr-1764 489 2 see see VERB cblr-1764 489 3 fio fio PROPN cblr-1764 489 4 2013 2013 NUM cblr-1764 489 5 report report NOUN cblr-1764 489 6 , , PUNCT cblr-1764 489 7 supra supra PROPN cblr-1764 489 8 note note NOUN cblr-1764 489 9 60 60 NUM cblr-1764 489 10 , , PUNCT cblr-1764 489 11 at at ADP cblr-1764 489 12 42–43 42–43 NUM cblr-1764 489 13 . . PUNCT cblr-1764 490 1 154 154 NUM cblr-1764 490 2 see see VERB cblr-1764 490 3 hester hester PROPN cblr-1764 490 4 peirce peirce PROPN cblr-1764 490 5 & & CCONJ cblr-1764 490 6 james james PROPN cblr-1764 490 7 broughel broughel PROPN cblr-1764 490 8 , , PUNCT cblr-1764 490 9 dodd dodd PROPN cblr-1764 490 10 - - PUNCT cblr-1764 490 11 frank frank PROPN cblr-1764 490 12 61 61 NUM cblr-1764 490 13 , , PUNCT cblr-1764 490 14 63 63 NUM cblr-1764 490 15 ( ( PUNCT cblr-1764 490 16 2012 2012 NUM cblr-1764 490 17 ) ) PUNCT cblr-1764 490 18 ( ( PUNCT cblr-1764 490 19 “ " PUNCT cblr-1764 490 20 the the DET cblr-1764 490 21 limited limited ADJ cblr-1764 490 22 nature nature NOUN cblr-1764 490 23 of of ADP cblr-1764 490 24 the the DET cblr-1764 490 25 changes change NOUN cblr-1764 490 26 to to ADP cblr-1764 490 27 insurance insurance NOUN cblr-1764 490 28 regulation regulation NOUN cblr-1764 490 29 reflects reflect VERB cblr-1764 490 30 the the DET cblr-1764 490 31 fact fact NOUN cblr-1764 490 32 that that SCONJ cblr-1764 490 33 the the DET cblr-1764 490 34 framers framer NOUN cblr-1764 490 35 of of ADP cblr-1764 490 36 dodd dodd PROPN cblr-1764 490 37 - - PUNCT cblr-1764 490 38 frank frank PROPN cblr-1764 490 39 did do AUX cblr-1764 490 40 not not PART cblr-1764 490 41 believe believe VERB cblr-1764 490 42 insurance insurance NOUN cblr-1764 490 43 companies company NOUN cblr-1764 490 44 were be AUX cblr-1764 490 45 central central ADJ cblr-1764 490 46 to to ADP cblr-1764 490 47 the the DET cblr-1764 490 48 crisis crisis NOUN cblr-1764 490 49 . . PUNCT cblr-1764 490 50 . . PUNCT cblr-1764 490 51 . . PUNCT cblr-1764 490 52 . . PUNCT cblr-1764 491 1 dodd dodd PROPN cblr-1764 491 2 - - PUNCT cblr-1764 491 3 frank frank PROPN cblr-1764 491 4 dipped dip VERB cblr-1764 491 5 its its PRON cblr-1764 491 6 toe toe NOUN cblr-1764 491 7 into into ADP cblr-1764 491 8 increased increase VERB cblr-1764 491 9 federalization federalization NOUN cblr-1764 491 10 of of ADP cblr-1764 491 11 insurance insurance NOUN cblr-1764 491 12 regulation regulation NOUN cblr-1764 491 13 . . PUNCT cblr-1764 491 14 ” " PUNCT cblr-1764 491 15 ) ) PUNCT cblr-1764 491 16 . . PUNCT cblr-1764 492 1 155 155 NUM cblr-1764 493 1 i i PRON cblr-1764 493 2 d. d. PROPN cblr-1764 493 3 at at ADP cblr-1764 493 4 61 61 NUM cblr-1764 493 5 ; ; PUNCT cblr-1764 493 6 brown brown ADJ cblr-1764 493 7 , , PUNCT cblr-1764 493 8 supra supra PROPN cblr-1764 493 9 note note NOUN cblr-1764 493 10 7 7 NUM cblr-1764 493 11 , , PUNCT cblr-1764 493 12 at at ADP cblr-1764 493 13 598 598 NUM cblr-1764 493 14 . . PUNCT cblr-1764 494 1 turk turk PROPN cblr-1764 494 2 – – PUNCT cblr-1764 494 3 final final ADJ cblr-1764 494 4 1008 1008 NUM cblr-1764 494 5 columbia columbia PROPN cblr-1764 494 6 business business NOUN cblr-1764 494 7 law law PROPN cblr-1764 494 8 review review NOUN cblr-1764 494 9 [ [ X cblr-1764 494 10 vol vol NOUN cblr-1764 494 11 . . NOUN cblr-1764 494 12 2015 2015 NUM cblr-1764 494 13 ways way NOUN cblr-1764 494 14 compete compete VERB cblr-1764 494 15 with with ADP cblr-1764 494 16 the the DET cblr-1764 494 17 fio fio NOUN cblr-1764 494 18 ’s ’s PART cblr-1764 494 19 supervisory supervisory ADJ cblr-1764 494 20 responsibilities.156 responsibilities.156 NOUN cblr-1764 494 21 on on ADP cblr-1764 494 22 the the DET cblr-1764 494 23 other other ADJ cblr-1764 494 24 hand hand NOUN cblr-1764 494 25 , , PUNCT cblr-1764 494 26 the the DET cblr-1764 494 27 creation creation NOUN cblr-1764 494 28 of of ADP cblr-1764 494 29 the the DET cblr-1764 494 30 fio fio NOUN cblr-1764 494 31 is be AUX cblr-1764 494 32 an an DET cblr-1764 494 33 indisputable indisputable ADJ cblr-1764 494 34 institutional institutional ADJ cblr-1764 494 35 innovation innovation NOUN cblr-1764 494 36 and and CCONJ cblr-1764 494 37 may may AUX cblr-1764 494 38 prove prove VERB cblr-1764 494 39 to to PART cblr-1764 494 40 be be AUX cblr-1764 494 41 a a DET cblr-1764 494 42 pivotal pivotal ADJ cblr-1764 494 43 first first ADJ cblr-1764 494 44 step step NOUN cblr-1764 494 45 for for ADP cblr-1764 494 46 gradually gradually ADV cblr-1764 494 47 expanding expand VERB cblr-1764 494 48 federal federal ADJ cblr-1764 494 49 regulation regulation NOUN cblr-1764 494 50 of of ADP cblr-1764 494 51 insurance insurance NOUN cblr-1764 494 52 and and CCONJ cblr-1764 494 53 harmonizing harmonize VERB cblr-1764 494 54 international international ADJ cblr-1764 494 55 agreements.157 agreements.157 PROPN cblr-1764 494 56 dodd dodd PROPN cblr-1764 494 57 - - PUNCT cblr-1764 494 58 frank frank PROPN cblr-1764 494 59 leaves leave NOUN cblr-1764 494 60 open open VERB cblr-1764 494 61 the the DET cblr-1764 494 62 ability ability NOUN cblr-1764 494 63 to to PART cblr-1764 494 64 expand expand VERB cblr-1764 494 65 the the DET cblr-1764 494 66 fio fio NOUN cblr-1764 494 67 ’s ’s PART cblr-1764 494 68 powers power NOUN cblr-1764 494 69 by by ADP cblr-1764 494 70 providing provide VERB cblr-1764 494 71 that that SCONJ cblr-1764 494 72 the the DET cblr-1764 494 73 fio fio NOUN cblr-1764 494 74 is be AUX cblr-1764 494 75 “ " PUNCT cblr-1764 494 76 to to PART cblr-1764 494 77 perform perform VERB cblr-1764 494 78 such such ADJ cblr-1764 494 79 other other ADJ cblr-1764 494 80 related related ADJ cblr-1764 494 81 duties duty NOUN cblr-1764 494 82 and and CCONJ cblr-1764 494 83 authorities authority NOUN cblr-1764 494 84 as as SCONJ cblr-1764 494 85 may may AUX cblr-1764 494 86 be be AUX cblr-1764 494 87 assigned assign VERB cblr-1764 494 88 to to ADP cblr-1764 494 89 the the DET cblr-1764 494 90 office office NOUN cblr-1764 494 91 by by ADP cblr-1764 494 92 the the DET cblr-1764 494 93 [ [ X cblr-1764 494 94 treasury treasury NOUN cblr-1764 494 95 ] ] X cblr-1764 494 96 secretary secretary NOUN cblr-1764 494 97 . . PUNCT cblr-1764 494 98 ”158 ”158 PUNCT cblr-1764 495 1 indeed indeed ADV cblr-1764 495 2 this this DET cblr-1764 495 3 process process NOUN cblr-1764 495 4 may may AUX cblr-1764 495 5 already already ADV cblr-1764 495 6 be be AUX cblr-1764 495 7 underway underway ADJ cblr-1764 495 8 , , PUNCT cblr-1764 495 9 because because SCONJ cblr-1764 495 10 “ " PUNCT cblr-1764 495 11 [ [ X cblr-1764 495 12 t]he t]he ADV cblr-1764 495 13 proposed propose VERB cblr-1764 495 14 2014 2014 NUM cblr-1764 495 15 budget budget NOUN cblr-1764 495 16 released release VERB cblr-1764 495 17 by by ADP cblr-1764 495 18 the the DET cblr-1764 495 19 office office NOUN cblr-1764 495 20 of of ADP cblr-1764 495 21 management management NOUN cblr-1764 495 22 and and CCONJ cblr-1764 495 23 budget budget NOUN cblr-1764 495 24 in in ADP cblr-1764 495 25 april april PROPN cblr-1764 495 26 2013 2013 NUM cblr-1764 495 27 contains contain VERB cblr-1764 495 28 language language NOUN cblr-1764 495 29 that that PRON cblr-1764 495 30 suggests suggest VERB cblr-1764 495 31 fio fio NOUN cblr-1764 495 32 may may AUX cblr-1764 495 33 be be AUX cblr-1764 495 34 positioning position VERB cblr-1764 495 35 itself itself PRON cblr-1764 495 36 to to PART cblr-1764 495 37 take take VERB cblr-1764 495 38 on on ADP cblr-1764 495 39 some some DET cblr-1764 495 40 form form NOUN cblr-1764 495 41 of of ADP cblr-1764 495 42 regulatory regulatory ADJ cblr-1764 495 43 role role NOUN cblr-1764 495 44 in in ADP cblr-1764 495 45 the the DET cblr-1764 495 46 future future NOUN cblr-1764 495 47 . . PUNCT cblr-1764 496 1 ”159 ”159 PUNCT cblr-1764 496 2 dodd dodd PROPN cblr-1764 496 3 - - PUNCT cblr-1764 496 4 frank frank PROPN cblr-1764 496 5 also also ADV cblr-1764 496 6 leaves leave VERB cblr-1764 496 7 the the DET cblr-1764 496 8 glb glb NOUN cblr-1764 496 9 model model NOUN cblr-1764 496 10 of of ADP cblr-1764 496 11 formalinstitutional formalinstitutional ADJ cblr-1764 496 12 definitional definitional ADJ cblr-1764 496 13 boundaries boundary NOUN cblr-1764 496 14 largely largely ADV cblr-1764 496 15 intact intact ADJ cblr-1764 496 16 , , PUNCT cblr-1764 496 17 while while SCONJ cblr-1764 496 18 at at ADP cblr-1764 496 19 the the DET cblr-1764 496 20 same same ADJ cblr-1764 496 21 time time NOUN cblr-1764 496 22 providing provide VERB cblr-1764 496 23 regulators regulator NOUN cblr-1764 496 24 with with ADP cblr-1764 496 25 a a DET cblr-1764 496 26 potentially potentially ADV cblr-1764 496 27 vast vast ADJ cblr-1764 496 28 discretion discretion NOUN cblr-1764 496 29 to to PART cblr-1764 496 30 take take VERB cblr-1764 496 31 a a DET cblr-1764 496 32 more more ADV cblr-1764 496 33 functional functional ADJ cblr-1764 496 34 approach approach NOUN cblr-1764 496 35 that that PRON cblr-1764 496 36 does do AUX cblr-1764 496 37 not not PART cblr-1764 496 38 cleanly cleanly ADV cblr-1764 496 39 distinguish distinguish VERB cblr-1764 496 40 insurers insurer NOUN cblr-1764 496 41 from from ADP cblr-1764 496 42 banks bank NOUN cblr-1764 496 43 . . PUNCT cblr-1764 497 1 it it PRON cblr-1764 497 2 is be AUX cblr-1764 497 3 unclear unclear ADJ cblr-1764 497 4 how how SCONJ cblr-1764 497 5 broadly broadly ADV cblr-1764 497 6 the the DET cblr-1764 497 7 fsoc fsoc NOUN cblr-1764 497 8 ’s ’s PART cblr-1764 497 9 authority authority NOUN cblr-1764 497 10 to to PART cblr-1764 497 11 designate designate VERB cblr-1764 497 12 non non ADJ cblr-1764 497 13 - - ADJ cblr-1764 497 14 bank bank ADJ cblr-1764 497 15 financial financial ADJ cblr-1764 497 16 institutions institution NOUN cblr-1764 497 17 as as ADP cblr-1764 497 18 systemically systemically ADV cblr-1764 497 19 significant significant ADJ cblr-1764 497 20 will will AUX cblr-1764 497 21 be be AUX cblr-1764 497 22 exercised exercise VERB cblr-1764 497 23 . . PUNCT cblr-1764 498 1 it it PRON cblr-1764 498 2 may may AUX cblr-1764 498 3 only only ADV cblr-1764 498 4 result result VERB cblr-1764 498 5 in in ADP cblr-1764 498 6 a a DET cblr-1764 498 7 modest modest ADJ cblr-1764 498 8 extension extension NOUN cblr-1764 498 9 to to ADP cblr-1764 498 10 the the DET cblr-1764 498 11 financial financial ADJ cblr-1764 498 12 holding hold VERB cblr-1764 498 13 company company NOUN cblr-1764 498 14 provisions provision NOUN cblr-1764 498 15 of of ADP cblr-1764 498 16 glb glb NOUN cblr-1764 498 17 , , PUNCT cblr-1764 498 18 by by ADP cblr-1764 498 19 making make VERB cblr-1764 498 20 the the DET cblr-1764 498 21 federal federal PROPN cblr-1764 498 22 reserve reserve PROPN cblr-1764 498 23 ’s ’s PART cblr-1764 498 24 umbrella umbrella NOUN cblr-1764 498 25 supervisor supervisor NOUN cblr-1764 498 26 role role NOUN cblr-1764 498 27 applicable applicable ADJ cblr-1764 498 28 based base VERB cblr-1764 498 29 on on ADP cblr-1764 498 30 a a DET cblr-1764 498 31 holistic holistic ADJ cblr-1764 498 32 review review NOUN cblr-1764 498 33 of of ADP cblr-1764 498 34 a a DET cblr-1764 498 35 financial financial ADJ cblr-1764 498 36 institution institution NOUN cblr-1764 498 37 ’s ’s PART cblr-1764 498 38 systemic systemic ADJ cblr-1764 498 39 risks risk NOUN cblr-1764 498 40 rather rather ADV cblr-1764 498 41 than than ADP cblr-1764 498 42 its its PRON cblr-1764 498 43 technical technical ADJ cblr-1764 498 44 holding hold VERB cblr-1764 498 45 company company NOUN cblr-1764 498 46 structure structure NOUN cblr-1764 498 47 . . PUNCT cblr-1764 499 1 much much ADJ cblr-1764 499 2 turns turn VERB cblr-1764 499 3 on on ADP cblr-1764 499 4 the the DET cblr-1764 499 5 applicability applicability NOUN cblr-1764 499 6 of of ADP cblr-1764 499 7 the the DET cblr-1764 499 8 collins collins PROPN cblr-1764 499 9 amendment amendment PROPN cblr-1764 499 10 to to ADP cblr-1764 499 11 insurers insurer NOUN cblr-1764 499 12 designated designate VERB cblr-1764 499 13 as as ADP cblr-1764 499 14 systemically systemically ADV cblr-1764 499 15 significant significant ADJ cblr-1764 499 16 , , PUNCT cblr-1764 499 17 which which PRON cblr-1764 499 18 also also ADV cblr-1764 499 19 remains remain VERB cblr-1764 499 20 unknown.160 unknown.160 ADJ cblr-1764 499 21 dodd dodd PROPN cblr-1764 499 22 - - PUNCT cblr-1764 499 23 frank frank PROPN cblr-1764 499 24 provides provide VERB cblr-1764 499 25 other other ADJ cblr-1764 499 26 carve carve NOUN cblr-1764 499 27 - - PUNCT cblr-1764 499 28 outs out NOUN cblr-1764 499 29 that that PRON cblr-1764 499 30 allow allow VERB cblr-1764 499 31 for for ADP cblr-1764 499 32 a a DET cblr-1764 499 33 unique unique ADJ cblr-1764 499 34 treatment treatment NOUN cblr-1764 499 35 of of ADP cblr-1764 499 36 insurance insurance NOUN cblr-1764 499 37 as as ADV cblr-1764 499 38 well well ADV cblr-1764 499 39 . . PUNCT cblr-1764 500 1 for for ADP cblr-1764 500 2 example example NOUN cblr-1764 500 3 , , PUNCT cblr-1764 500 4 the the DET cblr-1764 500 5 act act NOUN cblr-1764 500 6 establishes establish VERB cblr-1764 500 7 a a DET cblr-1764 500 8 new new ADJ cblr-1764 500 9 orderly orderly ADJ cblr-1764 500 10 liquidation liquidation NOUN cblr-1764 500 11 156 156 NUM cblr-1764 500 12 see see NOUN cblr-1764 500 13 kirby kirby PROPN cblr-1764 500 14 , , PUNCT cblr-1764 500 15 supra supra PROPN cblr-1764 500 16 note note PROPN cblr-1764 500 17 152 152 NUM cblr-1764 500 18 , , PUNCT cblr-1764 500 19 at at ADP cblr-1764 500 20 184 184 NUM cblr-1764 500 21 . . PUNCT cblr-1764 501 1 157 157 NUM cblr-1764 501 2 see see NOUN cblr-1764 501 3 peirce peirce PROPN cblr-1764 501 4 & & CCONJ cblr-1764 501 5 broughel broughel PROPN cblr-1764 501 6 , , PUNCT cblr-1764 501 7 supra supra PROPN cblr-1764 501 8 note note PROPN cblr-1764 501 9 154 154 NUM cblr-1764 501 10 , , PUNCT cblr-1764 501 11 at at ADP cblr-1764 501 12 61–62 61–62 NUM cblr-1764 501 13 ; ; PUNCT cblr-1764 501 14 brown brown ADJ cblr-1764 501 15 , , PUNCT cblr-1764 501 16 supra supra PROPN cblr-1764 501 17 note note NOUN cblr-1764 501 18 7 7 NUM cblr-1764 501 19 , , PUNCT cblr-1764 501 20 at at ADP cblr-1764 501 21 555 555 NUM cblr-1764 501 22 . . PUNCT cblr-1764 502 1 158 158 NUM cblr-1764 502 2 31 31 NUM cblr-1764 502 3 u.s.c u.s.c NOUN cblr-1764 502 4 . . PUNCT cblr-1764 503 1 § § PROPN cblr-1764 503 2 313(c)(1)(h 313(c)(1)(h PROPN cblr-1764 503 3 ) ) PUNCT cblr-1764 503 4 ( ( PUNCT cblr-1764 503 5 2012 2012 NUM cblr-1764 503 6 ) ) PUNCT cblr-1764 503 7 . . PUNCT cblr-1764 504 1 159 159 NUM cblr-1764 504 2 brown brown ADJ cblr-1764 504 3 , , PUNCT cblr-1764 504 4 supra supra PROPN cblr-1764 504 5 note note NOUN cblr-1764 504 6 7 7 NUM cblr-1764 504 7 , , PUNCT cblr-1764 504 8 at at ADP cblr-1764 504 9 594 594 NUM cblr-1764 504 10 . . NOUN cblr-1764 504 11 160 160 NUM cblr-1764 504 12 see see VERB cblr-1764 504 13 infra infra NOUN cblr-1764 504 14 part part NOUN cblr-1764 504 15 iv.b.2 iv.b.2 NOUN cblr-1764 504 16 ( ( PUNCT cblr-1764 504 17 discussing discuss VERB cblr-1764 504 18 the the DET cblr-1764 504 19 implications implication NOUN cblr-1764 504 20 of of ADP cblr-1764 504 21 the the DET cblr-1764 504 22 collins collins PROPN cblr-1764 504 23 amendment amendment PROPN cblr-1764 504 24 for for ADP cblr-1764 504 25 insurance insurance NOUN cblr-1764 504 26 regulation regulation NOUN cblr-1764 504 27 ) ) PUNCT cblr-1764 504 28 . . PUNCT cblr-1764 505 1 turk turk PROPN cblr-1764 505 2 – – PUNCT cblr-1764 505 3 final final ADJ cblr-1764 505 4 no no NOUN cblr-1764 505 5 . . PUNCT cblr-1764 506 1 3:967 3:967 NUM cblr-1764 506 2 ] ] PUNCT cblr-1764 506 3 insurance insurance NOUN cblr-1764 506 4 convergence convergence NOUN cblr-1764 506 5 1009 1009 NUM cblr-1764 506 6 authority authority NOUN cblr-1764 506 7 ( ( PUNCT cblr-1764 506 8 “ " PUNCT cblr-1764 506 9 ola ola PROPN cblr-1764 506 10 ” " PUNCT cblr-1764 506 11 ) ) PUNCT cblr-1764 506 12 that that PRON cblr-1764 506 13 empowers empower VERB cblr-1764 506 14 the the DET cblr-1764 506 15 fdic fdic PROPN cblr-1764 506 16 to to PART cblr-1764 506 17 take take VERB cblr-1764 506 18 insolvent insolvent ADJ cblr-1764 506 19 “ " PUNCT cblr-1764 506 20 covered cover VERB cblr-1764 506 21 financial financial ADJ cblr-1764 506 22 compan[ies compan[ie NOUN cblr-1764 506 23 ] ] PUNCT cblr-1764 506 24 ” " PUNCT cblr-1764 506 25 into into ADP cblr-1764 506 26 receivership receivership NOUN cblr-1764 506 27 , , PUNCT cblr-1764 506 28 but but CCONJ cblr-1764 506 29 those those DET cblr-1764 506 30 provisions provision NOUN cblr-1764 506 31 do do AUX cblr-1764 506 32 not not PART cblr-1764 506 33 extend extend VERB cblr-1764 506 34 to to ADP cblr-1764 506 35 insurance insurance NOUN cblr-1764 506 36 companies company NOUN cblr-1764 506 37 unless unless SCONJ cblr-1764 506 38 state state NOUN cblr-1764 506 39 guarantee guarantee NOUN cblr-1764 506 40 funds fund NOUN cblr-1764 506 41 fail fail VERB cblr-1764 506 42 to to PART cblr-1764 506 43 take take VERB cblr-1764 506 44 them they PRON cblr-1764 506 45 into into ADP cblr-1764 506 46 receivership receivership NOUN cblr-1764 506 47 within within ADP cblr-1764 506 48 sixty sixty PROPN cblr-1764 506 49 days.161 days.161 NOUN cblr-1764 506 50 finally finally ADV cblr-1764 506 51 , , PUNCT cblr-1764 506 52 the the DET cblr-1764 506 53 fio fio NOUN cblr-1764 506 54 itself itself PRON cblr-1764 506 55 reflects reflect VERB cblr-1764 506 56 the the DET cblr-1764 506 57 special special ADJ cblr-1764 506 58 treatment treatment NOUN cblr-1764 506 59 of of ADP cblr-1764 506 60 insurance insurance NOUN cblr-1764 506 61 companies company NOUN cblr-1764 506 62 despite despite SCONJ cblr-1764 506 63 market market NOUN cblr-1764 506 64 convergence convergence NOUN cblr-1764 506 65 , , PUNCT cblr-1764 506 66 and and CCONJ cblr-1764 506 67 is be AUX cblr-1764 506 68 a a DET cblr-1764 506 69 testament testament NOUN cblr-1764 506 70 to to ADP cblr-1764 506 71 the the DET cblr-1764 506 72 formalist formalist ADJ cblr-1764 506 73 - - PUNCT cblr-1764 506 74 institutional institutional ADJ cblr-1764 506 75 legacy legacy NOUN cblr-1764 506 76 of of ADP cblr-1764 506 77 glb glb PROPN cblr-1764 506 78 . . PUNCT cblr-1764 507 1 b. b. PROPN cblr-1764 507 2 international international PROPN cblr-1764 507 3 the the DET cblr-1764 507 4 2008 2008 NUM cblr-1764 507 5 crisis crisis NOUN cblr-1764 507 6 demonstrated demonstrate VERB cblr-1764 507 7 that that SCONJ cblr-1764 507 8 financial financial ADJ cblr-1764 507 9 markets market NOUN cblr-1764 507 10 have have AUX cblr-1764 507 11 become become VERB cblr-1764 507 12 sufficiently sufficiently ADV cblr-1764 507 13 integrated integrate VERB cblr-1764 507 14 across across ADP cblr-1764 507 15 countries country NOUN cblr-1764 507 16 for for ADP cblr-1764 507 17 insurance insurance NOUN cblr-1764 507 18 groups group NOUN cblr-1764 507 19 to to PART cblr-1764 507 20 become become VERB cblr-1764 507 21 entangled entangled ADJ cblr-1764 507 22 in in ADP cblr-1764 507 23 systemic systemic ADJ cblr-1764 507 24 risks risk NOUN cblr-1764 507 25 on on ADP cblr-1764 507 26 a a DET cblr-1764 507 27 global global ADJ cblr-1764 507 28 scale scale NOUN cblr-1764 507 29 . . PUNCT cblr-1764 508 1 as as ADP cblr-1764 508 2 a a DET cblr-1764 508 3 consequence consequence NOUN cblr-1764 508 4 , , PUNCT cblr-1764 508 5 considering consider VERB cblr-1764 508 6 the the DET cblr-1764 508 7 need need NOUN cblr-1764 508 8 for for ADP cblr-1764 508 9 a a DET cblr-1764 508 10 second second ADJ cblr-1764 508 11 tier tier NOUN cblr-1764 508 12 of of ADP cblr-1764 508 13 insurance insurance NOUN cblr-1764 508 14 regulation regulation NOUN cblr-1764 508 15 at at ADP cblr-1764 508 16 the the DET cblr-1764 508 17 international international ADJ cblr-1764 508 18 level level NOUN cblr-1764 508 19 is be AUX cblr-1764 508 20 now now ADV cblr-1764 508 21 unavoidable unavoidable ADJ cblr-1764 508 22 . . PUNCT cblr-1764 509 1 prior prior ADV cblr-1764 509 2 to to ADP cblr-1764 509 3 2008 2008 NUM cblr-1764 509 4 , , PUNCT cblr-1764 509 5 cross cross ADJ cblr-1764 509 6 - - ADJ cblr-1764 509 7 border border ADJ cblr-1764 509 8 insurance insurance NOUN cblr-1764 509 9 regulation regulation NOUN cblr-1764 509 10 paralleled parallel VERB cblr-1764 509 11 regulation regulation NOUN cblr-1764 509 12 at at ADP cblr-1764 509 13 the the DET cblr-1764 509 14 domestic domestic ADJ cblr-1764 509 15 tier tier NOUN cblr-1764 509 16 , , PUNCT cblr-1764 509 17 in in ADP cblr-1764 509 18 that that DET cblr-1764 509 19 insurance insurance NOUN cblr-1764 509 20 rules rule NOUN cblr-1764 509 21 were be AUX cblr-1764 509 22 substantially substantially ADV cblr-1764 509 23 less less ADV cblr-1764 509 24 harmonized harmonized ADJ cblr-1764 509 25 across across ADP cblr-1764 509 26 national national ADJ cblr-1764 509 27 jurisdictions jurisdiction NOUN cblr-1764 509 28 than than SCONJ cblr-1764 509 29 was be AUX cblr-1764 509 30 the the DET cblr-1764 509 31 case case NOUN cblr-1764 509 32 with with ADP cblr-1764 509 33 other other ADJ cblr-1764 509 34 financial financial ADJ cblr-1764 509 35 services service NOUN cblr-1764 509 36 such such ADJ cblr-1764 509 37 as as ADP cblr-1764 509 38 banking banking NOUN cblr-1764 509 39 and and CCONJ cblr-1764 509 40 securities.162 securities.162 PROPN cblr-1764 509 41 international international ADJ cblr-1764 509 42 cooperation cooperation NOUN cblr-1764 509 43 on on ADP cblr-1764 509 44 insurance insurance NOUN cblr-1764 509 45 also also ADV cblr-1764 509 46 reflected reflect VERB cblr-1764 509 47 the the DET cblr-1764 509 48 domestic domestic ADJ cblr-1764 509 49 tendency tendency NOUN cblr-1764 509 50 to to PART cblr-1764 509 51 draw draw VERB cblr-1764 509 52 definitional definitional ADJ cblr-1764 509 53 boundaries boundary NOUN cblr-1764 509 54 along along ADP cblr-1764 509 55 formalistic formalistic ADJ cblr-1764 509 56 lines line NOUN cblr-1764 509 57 that that PRON cblr-1764 509 58 underscored underscore VERB cblr-1764 509 59 the the DET cblr-1764 509 60 distinctiveness distinctiveness NOUN cblr-1764 509 61 of of ADP cblr-1764 509 62 entities entity NOUN cblr-1764 509 63 providing provide VERB cblr-1764 509 64 insurance insurance NOUN cblr-1764 509 65 . . PUNCT cblr-1764 510 1 in in ADP cblr-1764 510 2 response response NOUN cblr-1764 510 3 to to ADP cblr-1764 510 4 the the DET cblr-1764 510 5 2008 2008 NUM cblr-1764 510 6 crisis crisis NOUN cblr-1764 510 7 , , PUNCT cblr-1764 510 8 international international ADJ cblr-1764 510 9 financial financial ADJ cblr-1764 510 10 regulators regulator NOUN cblr-1764 510 11 have have AUX cblr-1764 510 12 become become VERB cblr-1764 510 13 more more ADV cblr-1764 510 14 active active ADJ cblr-1764 510 15 in in ADP cblr-1764 510 16 the the DET cblr-1764 510 17 area area NOUN cblr-1764 510 18 of of ADP cblr-1764 510 19 insurance insurance NOUN cblr-1764 510 20 . . PUNCT cblr-1764 511 1 however however ADV cblr-1764 511 2 , , PUNCT cblr-1764 511 3 the the DET cblr-1764 511 4 most most ADV cblr-1764 511 5 recent recent ADJ cblr-1764 511 6 international international ADJ cblr-1764 511 7 projects project NOUN cblr-1764 511 8 follow follow VERB cblr-1764 511 9 the the DET cblr-1764 511 10 same same ADJ cblr-1764 511 11 pattern pattern NOUN cblr-1764 511 12 as as ADP cblr-1764 511 13 their their PRON cblr-1764 511 14 domestic domestic ADJ cblr-1764 511 15 counterparts counterpart NOUN cblr-1764 511 16 : : PUNCT cblr-1764 511 17 new new ADJ cblr-1764 511 18 efforts effort NOUN cblr-1764 511 19 at at ADP cblr-1764 511 20 international international ADJ cblr-1764 511 21 coordination coordination NOUN cblr-1764 511 22 of of ADP cblr-1764 511 23 insurance insurance NOUN cblr-1764 511 24 regulation regulation NOUN cblr-1764 511 25 have have AUX cblr-1764 511 26 not not PART cblr-1764 511 27 produced produce VERB cblr-1764 511 28 161 161 NUM cblr-1764 511 29 see see NOUN cblr-1764 511 30 dodd dodd PROPN cblr-1764 511 31 - - PUNCT cblr-1764 511 32 frank frank PROPN cblr-1764 511 33 § § PROPN cblr-1764 511 34 204 204 NUM cblr-1764 511 35 , , PUNCT cblr-1764 511 36 12 12 NUM cblr-1764 511 37 u.s.c u.s.c ADJ cblr-1764 511 38 . . PUNCT cblr-1764 512 1 § § PROPN cblr-1764 512 2 5384 5384 NUM cblr-1764 512 3 ( ( PUNCT cblr-1764 512 4 2012 2012 NUM cblr-1764 512 5 ) ) PUNCT cblr-1764 513 1 ( ( PUNCT cblr-1764 513 2 providing provide VERB cblr-1764 513 3 for for ADP cblr-1764 513 4 ola ola PROPN cblr-1764 513 5 ) ) PUNCT cblr-1764 513 6 ; ; PUNCT cblr-1764 513 7 fio fio NOUN cblr-1764 513 8 2013 2013 NUM cblr-1764 513 9 report report NOUN cblr-1764 513 10 , , PUNCT cblr-1764 513 11 supra supra PROPN cblr-1764 513 12 note note NOUN cblr-1764 513 13 60 60 NUM cblr-1764 513 14 , , PUNCT cblr-1764 513 15 at at ADP cblr-1764 513 16 40 40 NUM cblr-1764 513 17 . . PUNCT cblr-1764 514 1 162 162 NUM cblr-1764 514 2 see see VERB cblr-1764 514 3 david david PROPN cblr-1764 514 4 andrew andrew PROPN cblr-1764 514 5 singer singer PROPN cblr-1764 514 6 , , PUNCT cblr-1764 514 7 regulating regulate VERB cblr-1764 514 8 capital capital NOUN cblr-1764 514 9 : : PUNCT cblr-1764 514 10 setting set VERB cblr-1764 514 11 standards standard NOUN cblr-1764 514 12 for for ADP cblr-1764 514 13 the the DET cblr-1764 514 14 international international ADJ cblr-1764 514 15 financial financial ADJ cblr-1764 514 16 system system NOUN cblr-1764 514 17 112 112 NUM cblr-1764 514 18 ( ( PUNCT cblr-1764 514 19 2007 2007 NUM cblr-1764 514 20 ) ) PUNCT cblr-1764 514 21 ; ; PUNCT cblr-1764 514 22 int’l int’l NUM cblr-1764 514 23 ass’n ass’n PRON cblr-1764 514 24 of of ADP cblr-1764 514 25 ins in NOUN cblr-1764 514 26 . . PUNCT cblr-1764 515 1 supervisors supervisor NOUN cblr-1764 515 2 , , PUNCT cblr-1764 515 3 guidance guidance NOUN cblr-1764 515 4 paper paper NOUN cblr-1764 515 5 on on ADP cblr-1764 515 6 the the DET cblr-1764 515 7 use use NOUN cblr-1764 515 8 of of ADP cblr-1764 515 9 supervisory supervisory ADJ cblr-1764 515 10 colleges college NOUN cblr-1764 515 11 in in ADP cblr-1764 515 12 group group NOUN cblr-1764 515 13 - - PUNCT cblr-1764 515 14 wide wide ADJ cblr-1764 515 15 supervision supervision NOUN cblr-1764 515 16 ¶¶ ¶¶ PROPN cblr-1764 515 17 45 45 NUM cblr-1764 515 18 , , PUNCT cblr-1764 515 19 75 75 NUM cblr-1764 515 20 ( ( PUNCT cblr-1764 515 21 2009 2009 NUM cblr-1764 515 22 ) ) PUNCT cblr-1764 515 23 , , PUNCT cblr-1764 515 24 http://iaisweb.org/index.cfm?event=openfile&nodeid=34123 http://iaisweb.org/index.cfm?event=openfile&nodeid=34123 PROPN cblr-1764 515 25 [ [ X cblr-1764 515 26 http://perma http://perma NOUN cblr-1764 515 27 . . PUNCT cblr-1764 515 28 cc cc NOUN cblr-1764 515 29 / / SYM cblr-1764 515 30 a9ul-6454 a9ul-6454 NOUN cblr-1764 515 31 ] ] PUNCT cblr-1764 515 32 . . PUNCT cblr-1764 516 1 turk turk PROPN cblr-1764 516 2 – – PUNCT cblr-1764 516 3 final final ADJ cblr-1764 516 4 1010 1010 NUM cblr-1764 516 5 columbia columbia PROPN cblr-1764 516 6 business business PROPN cblr-1764 516 7 law law PROPN cblr-1764 516 8 review review NOUN cblr-1764 516 9 [ [ X cblr-1764 516 10 vol vol NOUN cblr-1764 516 11 . . NOUN cblr-1764 516 12 2015 2015 NUM cblr-1764 516 13 changes change NOUN cblr-1764 516 14 to to ADP cblr-1764 516 15 substantive substantive ADJ cblr-1764 516 16 rules rule NOUN cblr-1764 516 17 , , PUNCT cblr-1764 516 18 but but CCONJ cblr-1764 516 19 nonetheless nonetheless ADV cblr-1764 516 20 may may AUX cblr-1764 516 21 serve serve VERB cblr-1764 516 22 as as ADP cblr-1764 516 23 institutional institutional ADJ cblr-1764 516 24 springboards springboard NOUN cblr-1764 516 25 towards towards ADP cblr-1764 516 26 more more ADJ cblr-1764 516 27 concrete concrete ADJ cblr-1764 516 28 reforms reform NOUN cblr-1764 516 29 . . PUNCT cblr-1764 517 1 1 1 X cblr-1764 517 2 . . X cblr-1764 517 3 pre-2008 pre-2008 NOUN cblr-1764 517 4 established establish VERB cblr-1764 517 5 in in ADP cblr-1764 517 6 1994 1994 NUM cblr-1764 517 7 , , PUNCT cblr-1764 517 8 the the DET cblr-1764 517 9 international international ADJ cblr-1764 517 10 association association NOUN cblr-1764 517 11 of of ADP cblr-1764 517 12 insurance insurance NOUN cblr-1764 517 13 supervisors supervisor NOUN cblr-1764 517 14 ( ( PUNCT cblr-1764 517 15 “ " PUNCT cblr-1764 517 16 iais iais NOUN cblr-1764 517 17 ” " PUNCT cblr-1764 517 18 ) ) PUNCT cblr-1764 517 19 is be AUX cblr-1764 517 20 the the DET cblr-1764 517 21 primary primary ADJ cblr-1764 517 22 international international ADJ cblr-1764 517 23 forum forum NOUN cblr-1764 517 24 for for ADP cblr-1764 517 25 cooperation cooperation NOUN cblr-1764 517 26 on on ADP cblr-1764 517 27 insurance insurance NOUN cblr-1764 517 28 regulation.163 regulation.163 NOUN cblr-1764 517 29 it it PRON cblr-1764 517 30 is be AUX cblr-1764 517 31 an an DET cblr-1764 517 32 example example NOUN cblr-1764 517 33 of of ADP cblr-1764 517 34 what what PRON cblr-1764 517 35 are be AUX cblr-1764 517 36 known know VERB cblr-1764 517 37 as as ADP cblr-1764 517 38 “ " PUNCT cblr-1764 517 39 transgovernmental transgovernmental ADJ cblr-1764 517 40 networks”—informal networks”—informal NOUN cblr-1764 517 41 bodies body NOUN cblr-1764 517 42 that that PRON cblr-1764 517 43 are be AUX cblr-1764 517 44 not not PART cblr-1764 517 45 created create VERB cblr-1764 517 46 pursuant pursuant ADV cblr-1764 517 47 to to ADP cblr-1764 517 48 treaties treaty NOUN cblr-1764 517 49 , , PUNCT cblr-1764 517 50 in in ADP cblr-1764 517 51 which which PRON cblr-1764 517 52 domestic domestic ADJ cblr-1764 517 53 regulators regulator NOUN cblr-1764 517 54 from from ADP cblr-1764 517 55 member member NOUN cblr-1764 517 56 countries country NOUN cblr-1764 517 57 meet meet VERB cblr-1764 517 58 to to ADP cblr-1764 517 59 pool pool NOUN cblr-1764 517 60 expertise expertise NOUN cblr-1764 517 61 and and CCONJ cblr-1764 517 62 formulate formulate VERB cblr-1764 517 63 non non ADJ cblr-1764 517 64 - - ADJ cblr-1764 517 65 binding binding ADJ cblr-1764 517 66 rules rule NOUN cblr-1764 517 67 by by ADP cblr-1764 517 68 consensus.164 consensus.164 NOUN cblr-1764 517 69 the the DET cblr-1764 517 70 iais iais NOUN cblr-1764 517 71 ’s ’s PART cblr-1764 517 72 primary primary ADJ cblr-1764 517 73 output output NOUN cblr-1764 517 74 prior prior ADV cblr-1764 517 75 to to ADP cblr-1764 517 76 the the DET cblr-1764 517 77 2008 2008 NUM cblr-1764 517 78 crisis crisis NOUN cblr-1764 517 79 was be AUX cblr-1764 517 80 its its PRON cblr-1764 517 81 issuance issuance NOUN cblr-1764 517 82 of of ADP cblr-1764 517 83 a a DET cblr-1764 517 84 collection collection NOUN cblr-1764 517 85 of of ADP cblr-1764 517 86 supervisory supervisory ADJ cblr-1764 517 87 guidelines guideline NOUN cblr-1764 517 88 known know VERB cblr-1764 517 89 as as ADP cblr-1764 517 90 the the DET cblr-1764 517 91 insurance insurance NOUN cblr-1764 517 92 core core NOUN cblr-1764 517 93 principles principle NOUN cblr-1764 517 94 in in ADP cblr-1764 517 95 2003165 2003165 NUM cblr-1764 517 96 and and CCONJ cblr-1764 517 97 a a DET cblr-1764 517 98 further further ADJ cblr-1764 517 99 set set NOUN cblr-1764 517 100 of of ADP cblr-1764 517 101 solvency solvency NOUN cblr-1764 517 102 principles principle NOUN cblr-1764 517 103 , , PUNCT cblr-1764 517 104 published publish VERB cblr-1764 517 105 in in ADP cblr-1764 517 106 2007.166 2007.166 NUM cblr-1764 517 107 the the DET cblr-1764 517 108 iais iai NOUN cblr-1764 517 109 also also ADV cblr-1764 517 110 participates participate VERB cblr-1764 517 111 in in ADP cblr-1764 517 112 a a DET cblr-1764 517 113 body body NOUN cblr-1764 517 114 known know VERB cblr-1764 517 115 as as ADP cblr-1764 517 116 the the DET cblr-1764 517 117 joint joint ADJ cblr-1764 517 118 forum forum NOUN cblr-1764 517 119 — — PUNCT cblr-1764 517 120 a a DET cblr-1764 517 121 three three NUM cblr-1764 517 122 - - PUNCT cblr-1764 517 123 member member NOUN cblr-1764 517 124 group group NOUN cblr-1764 517 125 including include VERB cblr-1764 517 126 the the DET cblr-1764 517 127 basel basel PROPN cblr-1764 517 128 committee committee PROPN cblr-1764 517 129 on on ADP cblr-1764 517 130 banking banking NOUN cblr-1764 517 131 supervision supervision NOUN cblr-1764 517 132 ( ( PUNCT cblr-1764 517 133 “ " PUNCT cblr-1764 517 134 basel basel PROPN cblr-1764 517 135 committee committee PROPN cblr-1764 517 136 ” " PUNCT cblr-1764 517 137 ) ) PUNCT cblr-1764 517 138 and and CCONJ cblr-1764 517 139 international international ADJ cblr-1764 517 140 organization organization NOUN cblr-1764 517 141 of of ADP cblr-1764 517 142 securities security NOUN cblr-1764 517 143 commissions commission NOUN cblr-1764 517 144 ( ( PUNCT cblr-1764 517 145 “ " PUNCT cblr-1764 517 146 iosco”)—which iosco”)—which X cblr-1764 517 147 formulates formulate VERB cblr-1764 517 148 principles principle NOUN cblr-1764 517 149 for for ADP cblr-1764 517 150 the the DET cblr-1764 517 151 regulation regulation NOUN cblr-1764 517 152 of of ADP cblr-1764 517 153 conglomerates conglomerate NOUN cblr-1764 517 154 that that PRON cblr-1764 517 155 combine combine VERB cblr-1764 517 156 subsidiaries subsidiary NOUN cblr-1764 517 157 providing provide VERB cblr-1764 517 158 banking banking NOUN cblr-1764 517 159 , , PUNCT cblr-1764 517 160 securities security NOUN cblr-1764 517 161 , , PUNCT cblr-1764 517 162 and and CCONJ cblr-1764 517 163 insurance insurance NOUN cblr-1764 517 164 services.167 services.167 NOUN cblr-1764 517 165 although although SCONJ cblr-1764 517 166 the the DET cblr-1764 517 167 iais iais NOUN cblr-1764 517 168 and and CCONJ cblr-1764 517 169 163 163 NUM cblr-1764 517 170 see see VERB cblr-1764 517 171 generally generally ADV cblr-1764 517 172 elizabeth elizabeth PROPN cblr-1764 517 173 f. f. PROPN cblr-1764 517 174 brown brown PROPN cblr-1764 517 175 , , PUNCT cblr-1764 517 176 the the DET cblr-1764 517 177 development development NOUN cblr-1764 517 178 of of ADP cblr-1764 517 179 international international ADJ cblr-1764 517 180 norms norm NOUN cblr-1764 517 181 for for ADP cblr-1764 517 182 insurance insurance NOUN cblr-1764 517 183 regulation regulation NOUN cblr-1764 517 184 , , PUNCT cblr-1764 517 185 34 34 NUM cblr-1764 517 186 brook brook NOUN cblr-1764 517 187 . . PUNCT cblr-1764 518 1 j. j. PROPN cblr-1764 518 2 int’l int’l PROPN cblr-1764 518 3 l. l. PROPN cblr-1764 518 4 954 954 NUM cblr-1764 518 5 , , PUNCT cblr-1764 518 6 963 963 NUM cblr-1764 518 7 ( ( PUNCT cblr-1764 518 8 2009 2009 NUM cblr-1764 518 9 ) ) PUNCT cblr-1764 518 10 . . PUNCT cblr-1764 519 1 164 164 NUM cblr-1764 519 2 see see VERB cblr-1764 519 3 eric eric PROPN cblr-1764 519 4 j. j. PROPN cblr-1764 519 5 pan pan PROPN cblr-1764 519 6 , , PUNCT cblr-1764 519 7 challenge challenge NOUN cblr-1764 519 8 of of ADP cblr-1764 519 9 international international ADJ cblr-1764 519 10 cooperation cooperation NOUN cblr-1764 519 11 and and CCONJ cblr-1764 519 12 institutional institutional ADJ cblr-1764 519 13 design design NOUN cblr-1764 519 14 in in ADP cblr-1764 519 15 financial financial ADJ cblr-1764 519 16 supervision supervision NOUN cblr-1764 519 17 : : PUNCT cblr-1764 519 18 beyond beyond ADP cblr-1764 519 19 transgovernmental transgovernmental ADJ cblr-1764 519 20 networks network NOUN cblr-1764 519 21 , , PUNCT cblr-1764 519 22 11 11 NUM cblr-1764 519 23 chi chi NOUN cblr-1764 519 24 . . PUNCT cblr-1764 520 1 j. j. PROPN cblr-1764 520 2 int’l int’l PROPN cblr-1764 520 3 l. l. PROPN cblr-1764 520 4 243 243 NUM cblr-1764 520 5 , , PUNCT cblr-1764 520 6 254–55 254–55 NUM cblr-1764 520 7 ( ( PUNCT cblr-1764 520 8 2011 2011 NUM cblr-1764 520 9 ) ) PUNCT cblr-1764 520 10 . . PUNCT cblr-1764 521 1 165 165 NUM cblr-1764 521 2 int’l int’l ADJ cblr-1764 521 3 ass’n ass’n NOUN cblr-1764 521 4 of of ADP cblr-1764 521 5 ins in NOUN cblr-1764 521 6 . . PUNCT cblr-1764 522 1 supervisors supervisor NOUN cblr-1764 522 2 , , PUNCT cblr-1764 522 3 insurance insurance NOUN cblr-1764 522 4 core core NOUN cblr-1764 522 5 principles principle NOUN cblr-1764 522 6 and and CCONJ cblr-1764 522 7 methodology methodology NOUN cblr-1764 522 8 ( ( PUNCT cblr-1764 522 9 2003 2003 NUM cblr-1764 522 10 ) ) PUNCT cblr-1764 522 11 , , PUNCT cblr-1764 522 12 http://iaisweb.org/index.cfm?event=openfile&no http://iaisweb.org/index.cfm?event=openfile&no NOUN cblr-1764 522 13 deid=34135 deid=34135 VERB cblr-1764 522 14 [ [ X cblr-1764 522 15 http://perma.cc/p9pp-8kyv http://perma.cc/p9pp-8kyv X cblr-1764 522 16 ] ] X cblr-1764 523 1 [ [ X cblr-1764 523 2 hereinafter hereinafter NOUN cblr-1764 523 3 iais iais PROPN cblr-1764 523 4 core core NOUN cblr-1764 523 5 principles principle NOUN cblr-1764 523 6 ] ] PUNCT cblr-1764 523 7 . . PUNCT cblr-1764 524 1 166 166 NUM cblr-1764 524 2 int’l int’l NUM cblr-1764 524 3 ass’n ass’n NOUN cblr-1764 524 4 of of ADP cblr-1764 524 5 ins in NOUN cblr-1764 524 6 . . PUNCT cblr-1764 525 1 supervisors supervisor NOUN cblr-1764 525 2 , , PUNCT cblr-1764 525 3 the the DET cblr-1764 525 4 iais iais PROPN cblr-1764 525 5 common common ADJ cblr-1764 525 6 structure structure NOUN cblr-1764 525 7 for for ADP cblr-1764 525 8 the the DET cblr-1764 525 9 assessment assessment NOUN cblr-1764 525 10 of of ADP cblr-1764 525 11 insurer insurer NOUN cblr-1764 525 12 solvency solvency NOUN cblr-1764 525 13 ( ( PUNCT cblr-1764 525 14 2007 2007 NUM cblr-1764 525 15 ) ) PUNCT cblr-1764 525 16 , , PUNCT cblr-1764 525 17 http://iaisweb.org/index http://iaisweb.org/index NOUN cblr-1764 525 18 . . PUNCT cblr-1764 526 1 cfm?event cfm?event PROPN cblr-1764 527 1 = = PROPN cblr-1764 527 2 openfile&nodeid=34391 openfile&nodeid=34391 PROPN cblr-1764 528 1 [ [ X cblr-1764 528 2 http://perma.cc/8fpe-9sjf http://perma.cc/8fpe-9sjf X cblr-1764 528 3 ] ] X cblr-1764 529 1 [ [ X cblr-1764 529 2 hereinafter hereinafter NOUN cblr-1764 529 3 iais iais PROPN cblr-1764 529 4 solvency solvency NOUN cblr-1764 529 5 principles principle NOUN cblr-1764 529 6 ] ] PUNCT cblr-1764 529 7 . . PUNCT cblr-1764 530 1 167 167 NUM cblr-1764 530 2 press press NOUN cblr-1764 530 3 release release NOUN cblr-1764 530 4 , , PUNCT cblr-1764 530 5 iosco iosco NOUN cblr-1764 530 6 , , PUNCT cblr-1764 530 7 joint joint ADJ cblr-1764 530 8 forum forum NOUN cblr-1764 530 9 — — PUNCT cblr-1764 530 10 amplified amplify VERB cblr-1764 530 11 mandate mandate NOUN cblr-1764 530 12 ( ( PUNCT cblr-1764 530 13 june june PROPN cblr-1764 530 14 14 14 NUM cblr-1764 530 15 , , PUNCT cblr-1764 530 16 2002 2002 NUM cblr-1764 530 17 ) ) PUNCT cblr-1764 530 18 , , PUNCT cblr-1764 530 19 http://iaisweb.org/index.cfm?event=openfile&nodeid=34297 http://iaisweb.org/index.cfm?event=openfile&nodeid=34297 PROPN cblr-1764 531 1 [ [ X cblr-1764 531 2 http://perma.cc/rmg8-y3mu http://perma.cc/rmg8-y3mu X cblr-1764 531 3 ] ] PUNCT cblr-1764 531 4 . . PUNCT cblr-1764 532 1 turk turk PROPN cblr-1764 532 2 – – PUNCT cblr-1764 532 3 final final ADJ cblr-1764 532 4 no no NOUN cblr-1764 532 5 . . PUNCT cblr-1764 533 1 3:967 3:967 NUM cblr-1764 533 2 ] ] PUNCT cblr-1764 533 3 insurance insurance NOUN cblr-1764 533 4 convergence convergence NOUN cblr-1764 533 5 1011 1011 NUM cblr-1764 533 6 joint joint PROPN cblr-1764 533 7 forum forum PROPN cblr-1764 533 8 ’s ’s PART cblr-1764 533 9 principles principle NOUN cblr-1764 533 10 documents document NOUN cblr-1764 533 11 embody embody VERB cblr-1764 533 12 a a DET cblr-1764 533 13 considerable considerable ADJ cblr-1764 533 14 amount amount NOUN cblr-1764 533 15 of of ADP cblr-1764 533 16 international international ADJ cblr-1764 533 17 collaboration collaboration NOUN cblr-1764 533 18 and and CCONJ cblr-1764 533 19 shared share VERB cblr-1764 533 20 institutional institutional ADJ cblr-1764 533 21 knowledge knowledge NOUN cblr-1764 533 22 , , PUNCT cblr-1764 533 23 their their PRON cblr-1764 533 24 concrete concrete ADJ cblr-1764 533 25 effect effect NOUN cblr-1764 533 26 on on ADP cblr-1764 533 27 the the DET cblr-1764 533 28 regulation regulation NOUN cblr-1764 533 29 of of ADP cblr-1764 533 30 insurance insurance NOUN cblr-1764 533 31 is be AUX cblr-1764 533 32 likely likely ADV cblr-1764 533 33 slight slight ADJ cblr-1764 533 34 because because SCONJ cblr-1764 533 35 the the DET cblr-1764 533 36 provisions provision NOUN cblr-1764 533 37 of of ADP cblr-1764 533 38 these these DET cblr-1764 533 39 documents document NOUN cblr-1764 533 40 are be AUX cblr-1764 533 41 merely merely ADV cblr-1764 533 42 hortatory hortatory ADJ cblr-1764 533 43 rather rather ADV cblr-1764 533 44 than than ADP cblr-1764 533 45 binding bind VERB cblr-1764 533 46 , , PUNCT cblr-1764 533 47 and and CCONJ cblr-1764 533 48 are be AUX cblr-1764 533 49 pitched pitch VERB cblr-1764 533 50 at at ADP cblr-1764 533 51 a a DET cblr-1764 533 52 level level NOUN cblr-1764 533 53 of of ADP cblr-1764 533 54 abstraction abstraction NOUN cblr-1764 533 55 that that PRON cblr-1764 533 56 prevents prevent VERB cblr-1764 533 57 them they PRON cblr-1764 533 58 from from ADP cblr-1764 533 59 providing provide VERB cblr-1764 533 60 much much ADJ cblr-1764 533 61 practical practical ADJ cblr-1764 533 62 guidance guidance NOUN cblr-1764 533 63 to to ADP cblr-1764 533 64 domestic domestic ADJ cblr-1764 533 65 regulators.168 regulators.168 NOUN cblr-1764 533 66 in in ADP cblr-1764 533 67 addition addition NOUN cblr-1764 533 68 to to ADP cblr-1764 533 69 the the DET cblr-1764 533 70 iais iais NOUN cblr-1764 533 71 , , PUNCT cblr-1764 533 72 the the DET cblr-1764 533 73 world world NOUN cblr-1764 533 74 trade trade PROPN cblr-1764 533 75 organization organization NOUN cblr-1764 533 76 ’s ’s PART cblr-1764 533 77 ( ( PUNCT cblr-1764 533 78 “ " PUNCT cblr-1764 533 79 wto wto PROPN cblr-1764 533 80 ” " PUNCT cblr-1764 533 81 ) ) PUNCT cblr-1764 533 82 financial financial ADJ cblr-1764 533 83 services service NOUN cblr-1764 533 84 agreement agreement NOUN cblr-1764 533 85 of of ADP cblr-1764 533 86 1997 1997 NUM cblr-1764 533 87 ( ( PUNCT cblr-1764 533 88 “ " PUNCT cblr-1764 533 89 fsa fsa PROPN cblr-1764 533 90 ” " PUNCT cblr-1764 533 91 ) ) PUNCT cblr-1764 533 92 is be AUX cblr-1764 533 93 a a DET cblr-1764 533 94 binding bind VERB cblr-1764 533 95 international international ADJ cblr-1764 533 96 treaty treaty NOUN cblr-1764 533 97 that that PRON cblr-1764 533 98 has have VERB cblr-1764 533 99 implications implication NOUN cblr-1764 533 100 for for ADP cblr-1764 533 101 insurance.169 insurance.169 NOUN cblr-1764 533 102 the the DET cblr-1764 533 103 fso fso NOUN cblr-1764 533 104 covers cover VERB cblr-1764 533 105 insurance insurance NOUN cblr-1764 533 106 in in ADP cblr-1764 533 107 addition addition NOUN cblr-1764 533 108 to to ADP cblr-1764 533 109 banking banking NOUN cblr-1764 533 110 and and CCONJ cblr-1764 533 111 other other ADJ cblr-1764 533 112 financial financial ADJ cblr-1764 533 113 services service NOUN cblr-1764 533 114 , , PUNCT cblr-1764 533 115 and and CCONJ cblr-1764 533 116 applies apply VERB cblr-1764 533 117 the the DET cblr-1764 533 118 wto wto PROPN cblr-1764 533 119 ’s ’s PART cblr-1764 533 120 principles principle NOUN cblr-1764 533 121 of of ADP cblr-1764 533 122 non non ADJ cblr-1764 533 123 - - NOUN cblr-1764 533 124 discrimination discrimination ADJ cblr-1764 533 125 and and CCONJ cblr-1764 533 126 market market NOUN cblr-1764 533 127 access access NOUN cblr-1764 533 128 to to ADP cblr-1764 533 129 these these DET cblr-1764 533 130 industries.170 industries.170 NOUN cblr-1764 533 131 but but CCONJ cblr-1764 533 132 in in ADP cblr-1764 533 133 contrast contrast NOUN cblr-1764 533 134 to to ADP cblr-1764 533 135 the the DET cblr-1764 533 136 wto wto PROPN cblr-1764 533 137 ’s ’s PART cblr-1764 533 138 success success NOUN cblr-1764 533 139 in in ADP cblr-1764 533 140 areas area NOUN cblr-1764 533 141 such such ADJ cblr-1764 533 142 as as ADP cblr-1764 533 143 trade trade NOUN cblr-1764 533 144 in in ADP cblr-1764 533 145 goods good NOUN cblr-1764 533 146 or or CCONJ cblr-1764 533 147 intellectual intellectual ADJ cblr-1764 533 148 property property NOUN cblr-1764 533 149 , , PUNCT cblr-1764 533 150 fsa fsa PROPN cblr-1764 533 151 provisions provision NOUN cblr-1764 533 152 provide provide VERB cblr-1764 533 153 a a DET cblr-1764 533 154 multitude multitude NOUN cblr-1764 533 155 of of ADP cblr-1764 533 156 exceptions exception NOUN cblr-1764 533 157 that that PRON cblr-1764 533 158 have have AUX cblr-1764 533 159 allowed allow VERB cblr-1764 533 160 wto wto PROPN cblr-1764 533 161 members member NOUN cblr-1764 533 162 to to PART cblr-1764 533 163 avoid avoid VERB cblr-1764 533 164 implementing implement VERB cblr-1764 533 165 it it PRON cblr-1764 533 166 in in ADP cblr-1764 533 167 a a DET cblr-1764 533 168 meaningful meaningful ADJ cblr-1764 533 169 manner.171 manner.171 NOUN cblr-1764 533 170 moreover moreover ADV cblr-1764 533 171 , , PUNCT cblr-1764 533 172 the the DET cblr-1764 533 173 united united PROPN cblr-1764 533 174 states states PROPN cblr-1764 533 175 has have AUX cblr-1764 533 176 expressly expressly ADV cblr-1764 533 177 excluded exclude VERB cblr-1764 533 178 the the DET cblr-1764 533 179 vast vast ADJ cblr-1764 533 180 majority majority NOUN cblr-1764 533 181 of of ADP cblr-1764 533 182 state state NOUN cblr-1764 533 183 insurance insurance NOUN cblr-1764 533 184 regulations regulation NOUN cblr-1764 533 185 from from ADP cblr-1764 533 186 the the DET cblr-1764 533 187 fsa fsa PROPN cblr-1764 533 188 . . PUNCT cblr-1764 534 1 thus thus ADV cblr-1764 534 2 , , PUNCT cblr-1764 534 3 as as ADP cblr-1764 534 4 with with ADP cblr-1764 534 5 the the DET cblr-1764 534 6 iais iais NOUN cblr-1764 534 7 ’s ’s PART cblr-1764 534 8 principles principle NOUN cblr-1764 534 9 documents document NOUN cblr-1764 534 10 , , PUNCT cblr-1764 534 11 agreements agreement NOUN cblr-1764 534 12 under under ADP cblr-1764 534 13 the the DET cblr-1764 534 14 wto wto PROPN cblr-1764 534 15 have have AUX cblr-1764 534 16 not not PART cblr-1764 534 17 led lead VERB cblr-1764 534 18 to to ADP cblr-1764 534 19 168 168 NUM cblr-1764 534 20 see see NOUN cblr-1764 534 21 singer singer NOUN cblr-1764 534 22 , , PUNCT cblr-1764 534 23 supra supra PROPN cblr-1764 534 24 note note NOUN cblr-1764 534 25 162 162 NUM cblr-1764 534 26 , , PUNCT cblr-1764 534 27 at at ADP cblr-1764 534 28 97 97 NUM cblr-1764 534 29 ; ; PUNCT cblr-1764 534 30 daniel daniel PROPN cblr-1764 534 31 w. w. PROPN cblr-1764 534 32 drezner drezner PROPN cblr-1764 534 33 , , PUNCT cblr-1764 534 34 all all DET cblr-1764 534 35 politics politic NOUN cblr-1764 534 36 is be AUX cblr-1764 534 37 global global ADJ cblr-1764 534 38 : : PUNCT cblr-1764 534 39 explaining explain VERB cblr-1764 534 40 international international ADJ cblr-1764 534 41 regulatory regulatory ADJ cblr-1764 534 42 regimes regime NOUN cblr-1764 534 43 81 81 NUM cblr-1764 534 44 – – SYM cblr-1764 534 45 85 85 NUM cblr-1764 534 46 ( ( PUNCT cblr-1764 534 47 2007 2007 NUM cblr-1764 534 48 ) ) PUNCT cblr-1764 534 49 . . PUNCT cblr-1764 535 1 see see VERB cblr-1764 535 2 , , PUNCT cblr-1764 535 3 e.g. e.g. ADV cblr-1764 535 4 , , PUNCT cblr-1764 535 5 iais iais PROPN cblr-1764 535 6 core core NOUN cblr-1764 535 7 principles principle NOUN cblr-1764 535 8 , , PUNCT cblr-1764 535 9 supra supra PROPN cblr-1764 535 10 note note NOUN cblr-1764 535 11 165 165 NUM cblr-1764 535 12 , , PUNCT cblr-1764 535 13 at at ADP cblr-1764 535 14 24 24 NUM cblr-1764 535 15 ( ( PUNCT cblr-1764 535 16 principle principle NOUN cblr-1764 535 17 no no INTJ cblr-1764 535 18 . . PROPN cblr-1764 535 19 12 12 NUM cblr-1764 535 20 : : PUNCT cblr-1764 535 21 “ " PUNCT cblr-1764 535 22 the the DET cblr-1764 535 23 supervisory supervisory ADJ cblr-1764 535 24 authority authority NOUN cblr-1764 535 25 receives receive VERB cblr-1764 535 26 necessary necessary ADJ cblr-1764 535 27 information information NOUN cblr-1764 535 28 to to PART cblr-1764 535 29 conduct conduct VERB cblr-1764 535 30 effective effective ADJ cblr-1764 535 31 off off ADP cblr-1764 535 32 - - PUNCT cblr-1764 535 33 site site NOUN cblr-1764 535 34 monitoring monitoring NOUN cblr-1764 535 35 and and CCONJ cblr-1764 535 36 to to PART cblr-1764 535 37 evaluate evaluate VERB cblr-1764 535 38 the the DET cblr-1764 535 39 condition condition NOUN cblr-1764 535 40 of of ADP cblr-1764 535 41 each each DET cblr-1764 535 42 insurer insurer NOUN cblr-1764 535 43 as as ADV cblr-1764 535 44 well well ADV cblr-1764 535 45 as as ADP cblr-1764 535 46 the the DET cblr-1764 535 47 insurance insurance NOUN cblr-1764 535 48 market market NOUN cblr-1764 535 49 . . PUNCT cblr-1764 535 50 ” " PUNCT cblr-1764 535 51 ) ) PUNCT cblr-1764 535 52 ; ; PUNCT cblr-1764 536 1 iais iais NOUN cblr-1764 536 2 solvency solvency NOUN cblr-1764 536 3 principles principle NOUN cblr-1764 536 4 , , PUNCT cblr-1764 536 5 supra supra PROPN cblr-1764 536 6 note note NOUN cblr-1764 536 7 166 166 NUM cblr-1764 536 8 , , PUNCT cblr-1764 536 9 at at ADP cblr-1764 536 10 13 13 NUM cblr-1764 536 11 ( ( PUNCT cblr-1764 536 12 principle principle NOUN cblr-1764 536 13 no no INTJ cblr-1764 536 14 . . PUNCT cblr-1764 537 1 3.1.1 3.1.1 NUM cblr-1764 537 2 : : PUNCT cblr-1764 537 3 “ " PUNCT cblr-1764 537 4 a a DET cblr-1764 537 5 robust robust ADJ cblr-1764 537 6 solvency solvency NOUN cblr-1764 537 7 regime regime NOUN cblr-1764 537 8 should should AUX cblr-1764 537 9 aim aim VERB cblr-1764 537 10 to to PART cblr-1764 537 11 ensure ensure VERB cblr-1764 537 12 that that SCONJ cblr-1764 537 13 there there PRON cblr-1764 537 14 is be VERB cblr-1764 537 15 a a DET cblr-1764 537 16 high high ADJ cblr-1764 537 17 degree degree NOUN cblr-1764 537 18 of of ADP cblr-1764 537 19 certainty certainty NOUN cblr-1764 537 20 that that SCONJ cblr-1764 537 21 insurance insurance NOUN cblr-1764 537 22 obligations obligation NOUN cblr-1764 537 23 can can AUX cblr-1764 537 24 be be AUX cblr-1764 537 25 met meet VERB cblr-1764 537 26 even even ADV cblr-1764 537 27 if if SCONJ cblr-1764 537 28 the the DET cblr-1764 537 29 insurer insurer NOUN cblr-1764 537 30 is be AUX cblr-1764 537 31 unable unable ADJ cblr-1764 537 32 to to PART cblr-1764 537 33 continue continue VERB cblr-1764 537 34 in in ADP cblr-1764 537 35 business business NOUN cblr-1764 537 36 . . PUNCT cblr-1764 537 37 ” " PUNCT cblr-1764 537 38 ) ) PUNCT cblr-1764 537 39 . . PUNCT cblr-1764 538 1 169 169 NUM cblr-1764 538 2 the the DET cblr-1764 538 3 financial financial ADJ cblr-1764 538 4 services service NOUN cblr-1764 538 5 agreement agreement NOUN cblr-1764 538 6 was be AUX cblr-1764 538 7 an an DET cblr-1764 538 8 extension extension NOUN cblr-1764 538 9 of of ADP cblr-1764 538 10 the the DET cblr-1764 538 11 wto wto PROPN cblr-1764 538 12 ’s ’s PART cblr-1764 538 13 general general ADJ cblr-1764 538 14 agreement agreement NOUN cblr-1764 538 15 on on ADP cblr-1764 538 16 trade trade NOUN cblr-1764 538 17 in in ADP cblr-1764 538 18 services service NOUN cblr-1764 538 19 ( ( PUNCT cblr-1764 538 20 “ " PUNCT cblr-1764 538 21 gats gat NOUN cblr-1764 538 22 ” " PUNCT cblr-1764 538 23 ) ) PUNCT cblr-1764 538 24 , , PUNCT cblr-1764 538 25 concluded conclude VERB cblr-1764 538 26 in in ADP cblr-1764 538 27 1994 1994 NUM cblr-1764 538 28 . . PUNCT cblr-1764 539 1 general general ADJ cblr-1764 539 2 agreement agreement NOUN cblr-1764 539 3 on on ADP cblr-1764 539 4 trade trade NOUN cblr-1764 539 5 in in ADP cblr-1764 539 6 services service NOUN cblr-1764 539 7 , , PUNCT cblr-1764 539 8 jan jan PROPN cblr-1764 539 9 . . PROPN cblr-1764 539 10 1 1 NUM cblr-1764 539 11 , , PUNCT cblr-1764 539 12 1995 1995 NUM cblr-1764 539 13 , , PUNCT cblr-1764 539 14 wto wto PROPN cblr-1764 539 15 agreement agreement NOUN cblr-1764 539 16 , , PUNCT cblr-1764 539 17 annex annex VERB cblr-1764 539 18 1b 1b NUM cblr-1764 539 19 , , PUNCT cblr-1764 539 20 financial financial ADJ cblr-1764 539 21 services service NOUN cblr-1764 539 22 agreement agreement NOUN cblr-1764 539 23 , , PUNCT cblr-1764 539 24 1997 1997 NUM cblr-1764 539 25 . . PUNCT cblr-1764 540 1 170 170 NUM cblr-1764 541 1 i i PRON cblr-1764 541 2 d. d. PROPN cblr-1764 541 3 at at ADP cblr-1764 541 4 art art NOUN cblr-1764 541 5 . . PUNCT cblr-1764 542 1 xvii xvii PROPN cblr-1764 542 2 . . PUNCT cblr-1764 543 1 171 171 NUM cblr-1764 543 2 see see VERB cblr-1764 543 3 pan pan PROPN cblr-1764 543 4 , , PUNCT cblr-1764 543 5 supra supra PROPN cblr-1764 543 6 note note PROPN cblr-1764 543 7 164 164 NUM cblr-1764 543 8 , , PUNCT cblr-1764 543 9 at at ADP cblr-1764 543 10 251–52 251–52 NUM cblr-1764 543 11 ; ; PUNCT cblr-1764 543 12 brown brown ADJ cblr-1764 543 13 , , PUNCT cblr-1764 543 14 supra supra PROPN cblr-1764 543 15 note note PROPN cblr-1764 543 16 163 163 NUM cblr-1764 543 17 , , PUNCT cblr-1764 543 18 at at ADP cblr-1764 543 19 961 961 NUM cblr-1764 543 20 . . PUNCT cblr-1764 544 1 turk turk PROPN cblr-1764 544 2 – – PUNCT cblr-1764 544 3 final final ADJ cblr-1764 544 4 1012 1012 NUM cblr-1764 544 5 columbia columbia PROPN cblr-1764 544 6 business business NOUN cblr-1764 544 7 law law PROPN cblr-1764 544 8 review review NOUN cblr-1764 544 9 [ [ X cblr-1764 544 10 vol vol NOUN cblr-1764 544 11 . . NOUN cblr-1764 544 12 2015 2015 NUM cblr-1764 544 13 concrete concrete ADJ cblr-1764 544 14 progress progress NOUN cblr-1764 544 15 in in ADP cblr-1764 544 16 harmonizing harmonize VERB cblr-1764 544 17 the the DET cblr-1764 544 18 regulatory regulatory ADJ cblr-1764 544 19 treatment treatment NOUN cblr-1764 544 20 of of ADP cblr-1764 544 21 insurers insurer NOUN cblr-1764 544 22 on on ADP cblr-1764 544 23 an an DET cblr-1764 544 24 international international ADJ cblr-1764 544 25 basis basis NOUN cblr-1764 544 26 . . PUNCT cblr-1764 545 1 consistent consistent ADJ cblr-1764 545 2 with with ADP cblr-1764 545 3 the the DET cblr-1764 545 4 modest modest ADJ cblr-1764 545 5 results result NOUN cblr-1764 545 6 produced produce VERB cblr-1764 545 7 by by ADP cblr-1764 545 8 the the DET cblr-1764 545 9 iais iai NOUN cblr-1764 545 10 and and CCONJ cblr-1764 545 11 under under ADP cblr-1764 545 12 the the DET cblr-1764 545 13 fsa fsa NOUN cblr-1764 545 14 , , PUNCT cblr-1764 545 15 there there PRON cblr-1764 545 16 was be VERB cblr-1764 545 17 a a DET cblr-1764 545 18 wide wide ADJ cblr-1764 545 19 divergence divergence NOUN cblr-1764 545 20 in in ADP cblr-1764 545 21 substantive substantive ADJ cblr-1764 545 22 insurance insurance NOUN cblr-1764 545 23 regulation regulation NOUN cblr-1764 545 24 across across ADP cblr-1764 545 25 countries country NOUN cblr-1764 545 26 prior prior ADV cblr-1764 545 27 to to ADP cblr-1764 545 28 the the DET cblr-1764 545 29 2008 2008 NUM cblr-1764 545 30 crisis.172 crisis.172 NOUN cblr-1764 545 31 international international ADJ cblr-1764 545 32 jurisdictional jurisdictional ADJ cblr-1764 545 33 boundaries boundary NOUN cblr-1764 545 34 in in ADP cblr-1764 545 35 insurance insurance NOUN cblr-1764 545 36 are be AUX cblr-1764 545 37 particularly particularly ADV cblr-1764 545 38 fragmented fragmented ADJ cblr-1764 545 39 relative relative ADJ cblr-1764 545 40 to to ADP cblr-1764 545 41 those those PRON cblr-1764 545 42 of of ADP cblr-1764 545 43 other other ADJ cblr-1764 545 44 financial financial ADJ cblr-1764 545 45 services service NOUN cblr-1764 545 46 , , PUNCT cblr-1764 545 47 where where SCONJ cblr-1764 545 48 there there PRON cblr-1764 545 49 has have AUX cblr-1764 545 50 been be AUX cblr-1764 545 51 a a DET cblr-1764 545 52 longer long ADJ cblr-1764 545 53 history history NOUN cblr-1764 545 54 of of ADP cblr-1764 545 55 cooperation cooperation NOUN cblr-1764 545 56 that that PRON cblr-1764 545 57 has have AUX cblr-1764 545 58 produced produce VERB cblr-1764 545 59 more more ADV cblr-1764 545 60 substantive substantive ADJ cblr-1764 545 61 agreements.173 agreements.173 NOUN cblr-1764 545 62 for for ADP cblr-1764 545 63 example example NOUN cblr-1764 545 64 , , PUNCT cblr-1764 545 65 international international ADJ cblr-1764 545 66 coordination coordination NOUN cblr-1764 545 67 of of ADP cblr-1764 545 68 banking banking NOUN cblr-1764 545 69 regulation regulation NOUN cblr-1764 545 70 began begin VERB cblr-1764 545 71 as as ADV cblr-1764 545 72 early early ADV cblr-1764 545 73 as as ADP cblr-1764 545 74 1974 1974 NUM cblr-1764 545 75 with with ADP cblr-1764 545 76 the the DET cblr-1764 545 77 formation formation NOUN cblr-1764 545 78 of of ADP cblr-1764 545 79 the the DET cblr-1764 545 80 basel basel PROPN cblr-1764 545 81 committee committee PROPN cblr-1764 545 82 , , PUNCT cblr-1764 545 83 an an DET cblr-1764 545 84 organization organization NOUN cblr-1764 545 85 that that PRON cblr-1764 545 86 has have AUX 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545 116 basel basel PROPN cblr-1764 545 117 committee committee PROPN cblr-1764 545 118 ’s ’s PART cblr-1764 545 119 member member NOUN cblr-1764 545 120 states.174 states.174 ADV cblr-1764 545 121 the the DET cblr-1764 545 122 iosco iosco NOUN cblr-1764 545 123 , , PUNCT cblr-1764 545 124 established establish VERB cblr-1764 545 125 in in ADP cblr-1764 545 126 1983 1983 NUM cblr-1764 545 127 , , PUNCT cblr-1764 545 128 has have AUX cblr-1764 545 129 successfully successfully ADV cblr-1764 545 130 pursued pursue VERB cblr-1764 545 131 measures measure NOUN cblr-1764 545 132 to to PART cblr-1764 545 133 facilitate facilitate VERB cblr-1764 545 134 crossborder crossborder NOUN cblr-1764 545 135 securities security NOUN cblr-1764 545 136 listings listing NOUN cblr-1764 545 137 , , PUNCT cblr-1764 545 138 and and CCONJ cblr-1764 545 139 concluded conclude VERB cblr-1764 545 140 a a DET cblr-1764 545 141 multilateral multilateral ADJ cblr-1764 545 142 information information NOUN cblr-1764 545 143 sharing sharing NOUN cblr-1764 545 144 agreement agreement NOUN cblr-1764 545 145 among among ADP cblr-1764 545 146 securities security NOUN cblr-1764 545 147 regulators regulator NOUN cblr-1764 545 148 in in ADP cblr-1764 545 149 2002.175 2002.175 PROPN cblr-1764 545 150 the the DET cblr-1764 545 151 international international ADJ cblr-1764 545 152 swaps swap NOUN cblr-1764 545 153 and and CCONJ cblr-1764 545 154 derivatives derivative NOUN cblr-1764 545 155 172 172 NUM cblr-1764 545 156 see see VERB cblr-1764 545 157 generally generally ADV cblr-1764 545 158 john john PROPN cblr-1764 545 159 a. a. 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PUNCT cblr-1764 553 1 175 175 NUM cblr-1764 553 2 see see VERB cblr-1764 553 3 , , PUNCT cblr-1764 553 4 e.g. e.g. ADV cblr-1764 553 5 , , PUNCT cblr-1764 553 6 samuel samuel PROPN cblr-1764 553 7 wolff wolff PROPN cblr-1764 553 8 , , PUNCT cblr-1764 553 9 implementation implementation NOUN cblr-1764 553 10 of of ADP cblr-1764 553 11 international international ADJ cblr-1764 553 12 disclosure disclosure NOUN cblr-1764 553 13 standards standard NOUN cblr-1764 553 14 , , PUNCT cblr-1764 553 15 22 22 NUM cblr-1764 553 16 u. u. PROPN cblr-1764 553 17 pa pa PROPN cblr-1764 553 18 . . PUNCT cblr-1764 554 1 j. j. PROPN cblr-1764 554 2 int’l int’l PROPN cblr-1764 554 3 econ econ PROPN cblr-1764 554 4 . . PUNCT cblr-1764 555 1 l. l. PROPN cblr-1764 555 2 91 91 NUM cblr-1764 555 3 ( ( PUNCT cblr-1764 555 4 2001 2001 NUM cblr-1764 555 5 ) ) PUNCT cblr-1764 555 6 ; ; PUNCT cblr-1764 555 7 iosco iosco NOUN cblr-1764 555 8 , , PUNCT cblr-1764 555 9 multilateral multilateral ADJ cblr-1764 555 10 memorandum memorandum NOUN cblr-1764 555 11 of of ADP cblr-1764 555 12 understanding understanding NOUN cblr-1764 555 13 concerning concern VERB cblr-1764 555 14 consultation consultation NOUN cblr-1764 555 15 and and CCONJ cblr-1764 555 16 cooperation cooperation NOUN cblr-1764 555 17 and and CCONJ cblr-1764 555 18 the the DET cblr-1764 555 19 exchange exchange NOUN cblr-1764 555 20 of of ADP cblr-1764 555 21 information information NOUN cblr-1764 555 22 ( ( PUNCT cblr-1764 555 23 2002 2002 NUM cblr-1764 555 24 ) ) PUNCT cblr-1764 555 25 . . PUNCT cblr-1764 556 1 in in ADP cblr-1764 556 2 contrast contrast NOUN cblr-1764 556 3 , , PUNCT cblr-1764 556 4 the the DET cblr-1764 556 5 iais iais PROPN cblr-1764 556 6 mmou mmou PROPN cblr-1764 556 7 includes include VERB cblr-1764 556 8 only only ADV cblr-1764 556 9 seventeen seventeen NUM cblr-1764 556 10 jurisdictions jurisdiction NOUN cblr-1764 556 11 , , PUNCT cblr-1764 556 12 none none NOUN cblr-1764 556 13 of of ADP cblr-1764 556 14 which which PRON cblr-1764 556 15 are be AUX cblr-1764 556 16 u.s u.s PROPN cblr-1764 556 17 . . PROPN cblr-1764 556 18 regulators regulator NOUN cblr-1764 556 19 . . PUNCT cblr-1764 557 1 see see VERB cblr-1764 557 2 kirby kirby PROPN cblr-1764 557 3 , , PUNCT cblr-1764 557 4 supra supra PROPN cblr-1764 557 5 note note PROPN cblr-1764 557 6 152 152 NUM cblr-1764 557 7 , , PUNCT cblr-1764 557 8 at at ADP cblr-1764 557 9 163 163 NUM cblr-1764 557 10 . . PUNCT cblr-1764 558 1 instead instead ADV cblr-1764 558 2 , , PUNCT cblr-1764 558 3 the the DET cblr-1764 558 4 naic naic PROPN cblr-1764 558 5 has have VERB cblr-1764 558 6 turk turk PROPN cblr-1764 558 7 – – PUNCT cblr-1764 558 8 final final ADJ cblr-1764 558 9 no no NOUN cblr-1764 558 10 . . PUNCT cblr-1764 559 1 3:967 3:967 NUM cblr-1764 559 2 ] ] PUNCT cblr-1764 559 3 insurance insurance NOUN cblr-1764 559 4 convergence convergence NOUN cblr-1764 559 5 1013 1013 NUM cblr-1764 559 6 association association PROPN cblr-1764 559 7 , , PUNCT cblr-1764 559 8 inc inc PROPN cblr-1764 559 9 . . PROPN cblr-1764 559 10 ( ( PUNCT cblr-1764 559 11 “ " PUNCT cblr-1764 559 12 isda isda NOUN cblr-1764 559 13 ” " PUNCT cblr-1764 559 14 ) ) PUNCT cblr-1764 559 15 , , PUNCT cblr-1764 559 16 a a DET cblr-1764 559 17 private private ADJ cblr-1764 559 18 industry industry NOUN cblr-1764 559 19 group group NOUN cblr-1764 559 20 , , PUNCT cblr-1764 559 21 has have AUX cblr-1764 559 22 also also ADV cblr-1764 559 23 done do VERB cblr-1764 559 24 important important ADJ cblr-1764 559 25 work work NOUN cblr-1764 559 26 in in ADP cblr-1764 559 27 standardizing standardize VERB cblr-1764 559 28 derivatives derivative NOUN cblr-1764 559 29 transactions transaction NOUN cblr-1764 559 30 and and CCONJ cblr-1764 559 31 formulating formulate VERB cblr-1764 559 32 widely widely ADV cblr-1764 559 33 adopted adopt VERB cblr-1764 559 34 model model NOUN cblr-1764 559 35 laws.176 laws.176 NOUN cblr-1764 559 36 lastly lastly ADV cblr-1764 559 37 , , PUNCT cblr-1764 559 38 the the DET cblr-1764 559 39 international international ADJ cblr-1764 559 40 accounting accounting NOUN cblr-1764 559 41 standards standard NOUN cblr-1764 559 42 board board NOUN cblr-1764 559 43 , , PUNCT cblr-1764 559 44 another another DET cblr-1764 559 45 non non ADJ cblr-1764 559 46 - - ADJ cblr-1764 559 47 governmental governmental ADJ cblr-1764 559 48 organization organization NOUN cblr-1764 559 49 , , PUNCT cblr-1764 559 50 has have AUX cblr-1764 559 51 developed develop VERB cblr-1764 559 52 model model NOUN cblr-1764 559 53 accounting accounting NOUN cblr-1764 559 54 codes code NOUN cblr-1764 559 55 that that PRON cblr-1764 559 56 have have AUX cblr-1764 559 57 been be AUX cblr-1764 559 58 adopted adopt VERB cblr-1764 559 59 by by ADP cblr-1764 559 60 a a DET cblr-1764 559 61 number number NOUN cblr-1764 559 62 of of ADP cblr-1764 559 63 national national ADJ cblr-1764 559 64 regulators regulator NOUN cblr-1764 559 65 and and CCONJ cblr-1764 559 66 applied apply VERB cblr-1764 559 67 to to ADP cblr-1764 559 68 securities security NOUN cblr-1764 559 69 firms.177 firms.177 DET cblr-1764 559 70 fragmentation fragmentation NOUN cblr-1764 559 71 of of ADP cblr-1764 559 72 insurance insurance NOUN cblr-1764 559 73 at at ADP cblr-1764 559 74 the the DET cblr-1764 559 75 international international ADJ cblr-1764 559 76 level level NOUN cblr-1764 559 77 is be AUX cblr-1764 559 78 not not PART cblr-1764 559 79 a a DET cblr-1764 559 80 coincidence coincidence NOUN cblr-1764 559 81 , , PUNCT cblr-1764 559 82 because because SCONJ cblr-1764 559 83 the the DET cblr-1764 559 84 two two NUM cblr-1764 559 85 regulatory regulatory ADJ cblr-1764 559 86 tiers tier NOUN cblr-1764 559 87 are be AUX cblr-1764 559 88 interrelated interrelate VERB cblr-1764 559 89 : : PUNCT cblr-1764 559 90 a a DET cblr-1764 559 91 major major ADJ cblr-1764 559 92 obstacle obstacle NOUN cblr-1764 559 93 for for ADP cblr-1764 559 94 international international ADJ cblr-1764 559 95 cooperation cooperation NOUN cblr-1764 559 96 on on ADP cblr-1764 559 97 insurance insurance NOUN cblr-1764 559 98 has have AUX cblr-1764 559 99 been be AUX cblr-1764 559 100 the the DET cblr-1764 559 101 high high ADJ cblr-1764 559 102 negotiating negotiating NOUN cblr-1764 559 103 costs cost NOUN cblr-1764 559 104 facing face VERB cblr-1764 559 105 the the DET cblr-1764 559 106 united united PROPN cblr-1764 559 107 states states PROPN cblr-1764 559 108 , , PUNCT cblr-1764 559 109 which which PRON cblr-1764 559 110 must must AUX cblr-1764 559 111 achieve achieve VERB cblr-1764 559 112 uniformity uniformity NOUN cblr-1764 559 113 across across ADP cblr-1764 559 114 its its PRON cblr-1764 559 115 own own ADJ cblr-1764 559 116 fifty fifty NUM cblr-1764 559 117 - - PUNCT cblr-1764 559 118 plus plus NOUN cblr-1764 559 119 insurance insurance NOUN cblr-1764 559 120 jurisdictions jurisdiction NOUN cblr-1764 559 121 before before SCONJ cblr-1764 559 122 it it PRON cblr-1764 559 123 can can AUX cblr-1764 559 124 commit commit VERB cblr-1764 559 125 to to PART cblr-1764 559 126 do do VERB cblr-1764 559 127 so so ADV cblr-1764 559 128 in in ADP cblr-1764 559 129 an an DET cblr-1764 559 130 international international ADJ cblr-1764 559 131 agreement.178 agreement.178 NOUN cblr-1764 559 132 2 2 NUM cblr-1764 559 133 . . PUNCT cblr-1764 559 134 post-2008 post-2008 NOUN cblr-1764 559 135 in in ADP cblr-1764 559 136 response response NOUN cblr-1764 559 137 to to ADP cblr-1764 559 138 the the DET cblr-1764 559 139 2008 2008 NUM cblr-1764 559 140 crisis crisis NOUN cblr-1764 559 141 , , PUNCT cblr-1764 559 142 international international ADJ cblr-1764 559 143 bodies body NOUN cblr-1764 559 144 dealing deal VERB cblr-1764 559 145 with with ADP cblr-1764 559 146 financial financial ADJ cblr-1764 559 147 regulation regulation NOUN cblr-1764 559 148 have have AUX cblr-1764 559 149 become become VERB cblr-1764 559 150 more more ADV cblr-1764 559 151 active active ADJ cblr-1764 559 152 in in ADP cblr-1764 559 153 addressing address VERB cblr-1764 559 154 insurance.179 insurance.179 NOUN cblr-1764 559 155 pursuant pursuant ADJ cblr-1764 559 156 to to ADP cblr-1764 559 157 a a DET cblr-1764 559 158 declaration declaration NOUN cblr-1764 559 159 arising arise VERB cblr-1764 559 160 from from ADP cblr-1764 559 161 the the DET cblr-1764 559 162 g-20 g-20 PROPN cblr-1764 559 163 washington washington PROPN cblr-1764 559 164 summit summit NOUN cblr-1764 559 165 of of ADP cblr-1764 559 166 november november PROPN cblr-1764 559 167 2008 2008 NUM cblr-1764 559 168 , , PUNCT cblr-1764 559 169 the the DET cblr-1764 559 170 iais iais NOUN cblr-1764 559 171 has have AUX cblr-1764 559 172 taken take VERB cblr-1764 559 173 up up ADP cblr-1764 559 174 efforts effort NOUN cblr-1764 559 175 to to PART cblr-1764 559 176 revise revise VERB cblr-1764 559 177 its its PRON cblr-1764 559 178 2007 2007 NUM cblr-1764 559 179 solvency solvency NOUN cblr-1764 559 180 principles principle NOUN cblr-1764 559 181 and and CCONJ cblr-1764 559 182 related related ADJ cblr-1764 559 183 documents document NOUN cblr-1764 559 184 , , PUNCT cblr-1764 559 185 and and CCONJ cblr-1764 559 186 is be AUX cblr-1764 559 187 working work VERB cblr-1764 559 188 to to PART cblr-1764 559 189 update update VERB cblr-1764 559 190 supervisory supervisory ADJ cblr-1764 559 191 principles principle NOUN cblr-1764 559 192 for for ADP cblr-1764 559 193 international international ADJ cblr-1764 559 194 insurance insurance NOUN cblr-1764 559 195 conglomerates conglomerate NOUN cblr-1764 559 196 as as ADP cblr-1764 559 197 part part NOUN cblr-1764 559 198 of of ADP cblr-1764 559 199 the the DET cblr-1764 559 200 joint joint NOUN cblr-1764 559 201 forum.180 forum.180 NOUN cblr-1764 559 202 the the DET cblr-1764 559 203 iais iais NOUN cblr-1764 559 204 is be AUX cblr-1764 559 205 also also ADV cblr-1764 559 206 developing develop VERB cblr-1764 559 207 an an DET cblr-1764 559 208 enhanced enhance VERB cblr-1764 559 209 framework framework NOUN cblr-1764 559 210 specifically specifically ADV cblr-1764 559 211 for for ADP cblr-1764 559 212 the the DET cblr-1764 559 213 entered enter VERB cblr-1764 559 214 a a DET cblr-1764 559 215 handful handful NOUN cblr-1764 559 216 of of ADP cblr-1764 559 217 more more ADJ cblr-1764 559 218 limited limited ADJ cblr-1764 559 219 bilateral bilateral ADJ cblr-1764 559 220 mous mous NOUN cblr-1764 559 221 with with ADP cblr-1764 559 222 countries country NOUN cblr-1764 559 223 in in ADP cblr-1764 559 224 latin latin PROPN cblr-1764 559 225 america america PROPN cblr-1764 559 226 , , PUNCT cblr-1764 559 227 asia asia PROPN cblr-1764 559 228 , , PUNCT cblr-1764 559 229 and and CCONJ cblr-1764 559 230 the the DET cblr-1764 559 231 middle middle PROPN cblr-1764 559 232 east east PROPN cblr-1764 559 233 . . PUNCT cblr-1764 560 1 see see VERB cblr-1764 560 2 brown brown PROPN cblr-1764 560 3 , , PUNCT cblr-1764 560 4 supra supra PROPN cblr-1764 560 5 note note PROPN cblr-1764 560 6 163 163 NUM cblr-1764 560 7 , , PUNCT cblr-1764 560 8 at at ADP cblr-1764 560 9 962 962 NUM cblr-1764 560 10 . . PUNCT cblr-1764 561 1 176 176 NUM cblr-1764 561 2 see see VERB cblr-1764 561 3 generally generally ADV cblr-1764 561 4 gabriel gabriel PROPN cblr-1764 561 5 v. v. PROPN cblr-1764 561 6 rauterberg rauterberg PROPN cblr-1764 561 7 & & CCONJ cblr-1764 561 8 andrew andrew PROPN cblr-1764 561 9 verstein verstein PROPN cblr-1764 561 10 , , PUNCT cblr-1764 561 11 assessing assess VERB cblr-1764 561 12 transnational transnational ADJ cblr-1764 561 13 private private ADJ cblr-1764 561 14 regulation regulation NOUN cblr-1764 561 15 of of ADP cblr-1764 561 16 the the DET cblr-1764 561 17 otc otc PROPN cblr-1764 561 18 derivatives derivative NOUN cblr-1764 561 19 market market NOUN cblr-1764 561 20 , , PUNCT cblr-1764 561 21 54 54 NUM cblr-1764 561 22 va va NOUN cblr-1764 561 23 . . PUNCT cblr-1764 562 1 j. j. PROPN cblr-1764 562 2 int’l int’l PROPN cblr-1764 562 3 l. l. PROPN cblr-1764 562 4 9 9 NUM cblr-1764 562 5 ( ( PUNCT cblr-1764 562 6 2013 2013 NUM cblr-1764 562 7 ) ) PUNCT cblr-1764 562 8 . . PUNCT cblr-1764 563 1 177 177 NUM cblr-1764 563 2 see see VERB cblr-1764 563 3 brown brown ADJ cblr-1764 563 4 , , PUNCT cblr-1764 563 5 supra supra PROPN cblr-1764 563 6 note note PROPN cblr-1764 563 7 163 163 NUM cblr-1764 563 8 , , PUNCT cblr-1764 563 9 at at ADP cblr-1764 563 10 959 959 NUM cblr-1764 563 11 . . NOUN cblr-1764 563 12 178 178 NUM cblr-1764 563 13 see see NOUN cblr-1764 563 14 singer singer NOUN cblr-1764 563 15 , , PUNCT cblr-1764 563 16 supra supra PROPN cblr-1764 563 17 note note NOUN cblr-1764 563 18 162 162 NUM cblr-1764 563 19 , , PUNCT cblr-1764 563 20 at at ADP cblr-1764 563 21 113 113 NUM cblr-1764 563 22 ; ; PUNCT cblr-1764 563 23 drezner drezner NOUN cblr-1764 563 24 , , PUNCT cblr-1764 563 25 supra supra PROPN cblr-1764 563 26 note note NOUN cblr-1764 563 27 168 168 NUM cblr-1764 563 28 , , PUNCT cblr-1764 563 29 at at ADP cblr-1764 563 30 44 44 NUM cblr-1764 563 31 ; ; PUNCT cblr-1764 563 32 brown brown ADJ cblr-1764 563 33 , , PUNCT cblr-1764 563 34 supra supra PROPN cblr-1764 563 35 note note PROPN cblr-1764 563 36 163 163 NUM cblr-1764 563 37 , , PUNCT cblr-1764 563 38 at at ADP cblr-1764 563 39 972–88 972–88 NUM cblr-1764 563 40 . . PUNCT cblr-1764 564 1 179 179 NUM cblr-1764 564 2 see see VERB cblr-1764 564 3 fio fio PROPN cblr-1764 564 4 2013 2013 NUM cblr-1764 564 5 report report NOUN cblr-1764 564 6 , , PUNCT cblr-1764 564 7 supra supra PROPN cblr-1764 564 8 note note NOUN cblr-1764 564 9 60 60 NUM cblr-1764 564 10 , , PUNCT cblr-1764 564 11 at at ADP cblr-1764 564 12 43–46 43–46 NUM cblr-1764 564 13 . . PUNCT cblr-1764 565 1 180 180 NUM cblr-1764 565 2 see see VERB cblr-1764 565 3 int’l int’l PRON cblr-1764 565 4 ass’n ass’n NOUN cblr-1764 565 5 of of ADP cblr-1764 565 6 ins in NOUN cblr-1764 565 7 . . PUNCT cblr-1764 566 1 supervisors supervisor NOUN cblr-1764 566 2 , , PUNCT cblr-1764 566 3 g20 g20 NOUN cblr-1764 566 4 response response NOUN cblr-1764 566 5 , , PUNCT cblr-1764 566 6 supra supra PROPN cblr-1764 566 7 note note PROPN cblr-1764 566 8 11 11 NUM cblr-1764 566 9 ; ; PUNCT cblr-1764 566 10 basel basel PROPN cblr-1764 566 11 comm comm NOUN cblr-1764 566 12 . . PUNCT cblr-1764 567 1 on on ADP cblr-1764 567 2 banking banking NOUN cblr-1764 567 3 supervision supervision NOUN cblr-1764 567 4 , , PUNCT cblr-1764 567 5 joint joint ADJ cblr-1764 567 6 forum forum NOUN cblr-1764 567 7 , , PUNCT cblr-1764 567 8 principles principle NOUN cblr-1764 567 9 for for ADP cblr-1764 567 10 the the DET cblr-1764 567 11 supervision supervision NOUN cblr-1764 567 12 of of ADP cblr-1764 567 13 financial financial ADJ cblr-1764 567 14 conglomerates conglomerate NOUN cblr-1764 567 15 ( ( PUNCT cblr-1764 567 16 2012 2012 NUM cblr-1764 567 17 ) ) PUNCT cblr-1764 567 18 , , PUNCT cblr-1764 567 19 http://www.bis.org/ http://www.bis.org/ ADJ cblr-1764 567 20 publ publ NOUN cblr-1764 567 21 / / SYM cblr-1764 567 22 joint29.pdf joint29.pdf NOUN cblr-1764 568 1 [ [ X cblr-1764 568 2 http://perma.cc/3w5p-uezb http://perma.cc/3w5p-uezb X cblr-1764 568 3 ] ] PUNCT cblr-1764 568 4 . . PUNCT cblr-1764 569 1 turk turk PROPN cblr-1764 569 2 – – PUNCT cblr-1764 569 3 final final ADJ cblr-1764 569 4 1014 1014 NUM cblr-1764 569 5 columbia columbia PROPN cblr-1764 569 6 business business NOUN cblr-1764 569 7 law law PROPN cblr-1764 569 8 review review NOUN cblr-1764 569 9 [ [ X cblr-1764 569 10 vol vol NOUN cblr-1764 569 11 . . NOUN cblr-1764 569 12 2015 2015 NUM cblr-1764 569 13 supervision supervision NOUN cblr-1764 569 14 of of ADP cblr-1764 569 15 “ " PUNCT cblr-1764 569 16 internationally internationally ADV cblr-1764 569 17 active active ADJ cblr-1764 569 18 insurance insurance NOUN cblr-1764 569 19 groups group NOUN cblr-1764 569 20 , , PUNCT cblr-1764 569 21 ” " PUNCT cblr-1764 569 22 which which PRON cblr-1764 569 23 it it PRON cblr-1764 569 24 refers refer VERB cblr-1764 569 25 to to ADP cblr-1764 569 26 as as ADP cblr-1764 569 27 the the DET cblr-1764 569 28 common common ADJ cblr-1764 569 29 framework framework NOUN cblr-1764 569 30 , , PUNCT cblr-1764 569 31 or or CCONJ cblr-1764 569 32 comframe.181 comframe.181 VERB cblr-1764 569 33 the the DET cblr-1764 569 34 comframe comframe PROPN cblr-1764 569 35 aims aim VERB cblr-1764 569 36 to to PART cblr-1764 569 37 establish establish VERB cblr-1764 569 38 criteria criterion NOUN cblr-1764 569 39 for for ADP cblr-1764 569 40 identifying identify VERB cblr-1764 569 41 “ " PUNCT cblr-1764 569 42 internationally internationally ADV cblr-1764 569 43 active active ADJ cblr-1764 569 44 ” " PUNCT cblr-1764 569 45 insurers insurer NOUN cblr-1764 569 46 ( ( PUNCT cblr-1764 569 47 estimated estimate VERB cblr-1764 569 48 to to PART cblr-1764 569 49 cover cover VERB cblr-1764 569 50 close close ADV cblr-1764 569 51 to to PART cblr-1764 569 52 fifty fifty NUM cblr-1764 569 53 insurance insurance NOUN cblr-1764 569 54 groups group NOUN cblr-1764 569 55 ) ) PUNCT cblr-1764 569 56 , , PUNCT cblr-1764 569 57 formulate formulate VERB cblr-1764 569 58 principles principle NOUN cblr-1764 569 59 for for ADP cblr-1764 569 60 group group NOUN cblr-1764 569 61 - - PUNCT cblr-1764 569 62 supervision supervision NOUN cblr-1764 569 63 , , PUNCT cblr-1764 569 64 and and CCONJ cblr-1764 569 65 facilitate facilitate VERB cblr-1764 569 66 the the DET cblr-1764 569 67 functioning functioning NOUN cblr-1764 569 68 of of ADP cblr-1764 569 69 international international ADJ cblr-1764 569 70 supervisory supervisory ADJ cblr-1764 569 71 colleges.182 colleges.182 NOUN cblr-1764 569 72 the the DET cblr-1764 569 73 iais iais NOUN cblr-1764 569 74 has have AUX cblr-1764 569 75 also also ADV cblr-1764 569 76 worked work VERB cblr-1764 569 77 as as ADP cblr-1764 569 78 an an DET cblr-1764 569 79 advisor advisor NOUN cblr-1764 569 80 to to ADP cblr-1764 569 81 the the DET cblr-1764 569 82 financial financial ADJ cblr-1764 569 83 stability stability PROPN cblr-1764 569 84 board board NOUN cblr-1764 569 85 ( ( PUNCT cblr-1764 569 86 “ " PUNCT cblr-1764 569 87 fsb fsb NOUN cblr-1764 569 88 ” " PUNCT cblr-1764 569 89 ) ) PUNCT cblr-1764 569 90 , , PUNCT cblr-1764 569 91 which which PRON cblr-1764 569 92 has have AUX cblr-1764 569 93 tasked task VERB cblr-1764 569 94 the the DET cblr-1764 569 95 iais iais NOUN cblr-1764 569 96 with with ADP cblr-1764 569 97 identifying identify VERB cblr-1764 569 98 “ " PUNCT cblr-1764 569 99 g g NOUN cblr-1764 569 100 - - PUNCT cblr-1764 569 101 siis siis NOUN cblr-1764 569 102 ” " PUNCT cblr-1764 569 103 ( ( PUNCT cblr-1764 569 104 global global ADJ cblr-1764 569 105 , , PUNCT cblr-1764 569 106 systemically systemically ADV cblr-1764 569 107 important important ADJ cblr-1764 569 108 insurers insurer NOUN cblr-1764 569 109 ) ) PUNCT cblr-1764 569 110 as as ADP cblr-1764 569 111 a a DET cblr-1764 569 112 sub sub NOUN cblr-1764 569 113 - - NOUN cblr-1764 569 114 group group NOUN cblr-1764 569 115 of of ADP cblr-1764 569 116 its its PRON cblr-1764 569 117 list list NOUN cblr-1764 569 118 of of ADP cblr-1764 569 119 “ " PUNCT cblr-1764 569 120 g g NOUN cblr-1764 569 121 - - PUNCT cblr-1764 569 122 sifis sifis NOUN cblr-1764 569 123 ” " PUNCT cblr-1764 569 124 ( ( PUNCT cblr-1764 569 125 global global ADJ cblr-1764 569 126 , , PUNCT cblr-1764 569 127 systemically systemically ADV cblr-1764 569 128 important important ADJ cblr-1764 569 129 financial financial ADJ cblr-1764 569 130 institutions institution NOUN cblr-1764 569 131 ) ) PUNCT cblr-1764 569 132 . . PUNCT cblr-1764 570 1 in in ADP cblr-1764 570 2 july july PROPN cblr-1764 570 3 2013 2013 NUM cblr-1764 570 4 , , PUNCT cblr-1764 570 5 the the DET cblr-1764 570 6 fsb fsb NOUN cblr-1764 570 7 , , PUNCT cblr-1764 570 8 in in ADP cblr-1764 570 9 consultation consultation NOUN cblr-1764 570 10 with with ADP cblr-1764 570 11 the the DET cblr-1764 570 12 iais iais NOUN cblr-1764 570 13 , , PUNCT cblr-1764 570 14 initially initially ADV cblr-1764 570 15 designated designate VERB cblr-1764 570 16 nine nine NUM cblr-1764 570 17 institutions institution NOUN cblr-1764 570 18 as as ADP cblr-1764 570 19 g g NOUN cblr-1764 570 20 - - PUNCT cblr-1764 570 21 siis siis NOUN cblr-1764 570 22 — — PUNCT cblr-1764 570 23 including include VERB cblr-1764 570 24 u.s u.s PROPN cblr-1764 570 25 . . PROPN cblr-1764 570 26 insurers insurers PROPN cblr-1764 570 27 aig aig PROPN cblr-1764 570 28 , , PUNCT cblr-1764 570 29 metlife metlife NOUN cblr-1764 570 30 , , PUNCT cblr-1764 570 31 and and CCONJ cblr-1764 570 32 prudential prudential PROPN cblr-1764 570 33 financial.183 financial.183 PROPN cblr-1764 570 34 the the DET cblr-1764 570 35 fsb fsb NOUN cblr-1764 570 36 intends intend VERB cblr-1764 570 37 to to PART cblr-1764 570 38 subject subject VERB cblr-1764 570 39 g g NOUN cblr-1764 570 40 - - PUNCT cblr-1764 570 41 siis siis NOUN cblr-1764 570 42 to to ADP cblr-1764 570 43 three three NUM cblr-1764 570 44 policy policy NOUN cblr-1764 570 45 measures measure NOUN cblr-1764 570 46 reflecting reflect VERB cblr-1764 570 47 heightened heighten VERB cblr-1764 570 48 supervisory supervisory ADJ cblr-1764 570 49 standards standard NOUN cblr-1764 570 50 and and CCONJ cblr-1764 570 51 regulatory regulatory ADJ cblr-1764 570 52 requirements requirement NOUN cblr-1764 570 53 : : PUNCT cblr-1764 570 54 ( ( PUNCT cblr-1764 570 55 1 1 X cblr-1764 570 56 ) ) PUNCT cblr-1764 570 57 resolution resolution NOUN cblr-1764 570 58 plans plan NOUN cblr-1764 570 59 ; ; PUNCT cblr-1764 570 60 ( ( PUNCT cblr-1764 570 61 2 2 X cblr-1764 570 62 ) ) PUNCT cblr-1764 570 63 enhanced enhanced ADJ cblr-1764 570 64 group group NOUN cblr-1764 570 65 - - PUNCT cblr-1764 570 66 wide wide ADJ cblr-1764 570 67 supervision supervision NOUN cblr-1764 570 68 ; ; PUNCT cblr-1764 570 69 and and CCONJ cblr-1764 570 70 ( ( PUNCT cblr-1764 570 71 3 3 X cblr-1764 570 72 ) ) PUNCT cblr-1764 570 73 higher high ADJ cblr-1764 570 74 loss loss NOUN cblr-1764 570 75 absorbency absorbency NOUN cblr-1764 570 76 requirements requirement NOUN cblr-1764 570 77 for for ADP cblr-1764 570 78 non non ADJ cblr-1764 570 79 - - ADJ cblr-1764 570 80 traditional traditional ADJ cblr-1764 570 81 insurance insurance NOUN cblr-1764 570 82 activities.184 activities.184 ADP cblr-1764 570 83 a a DET cblr-1764 570 84 final final ADJ cblr-1764 570 85 noteworthy noteworthy ADJ cblr-1764 570 86 development development NOUN cblr-1764 570 87 since since SCONJ cblr-1764 570 88 the the DET cblr-1764 570 89 2008 2008 NUM cblr-1764 570 90 crisis crisis NOUN cblr-1764 570 91 has have AUX cblr-1764 570 92 been be AUX cblr-1764 570 93 the the DET cblr-1764 570 94 european european PROPN cblr-1764 570 95 union union PROPN cblr-1764 570 96 ’s ’s PART cblr-1764 570 97 ( ( PUNCT cblr-1764 570 98 “ " PUNCT cblr-1764 570 99 eu eu ADJ cblr-1764 570 100 ” " PUNCT cblr-1764 570 101 ) ) PUNCT cblr-1764 570 102 formulation formulation NOUN cblr-1764 570 103 of of ADP cblr-1764 570 104 its its PRON cblr-1764 570 105 solvency solvency NOUN cblr-1764 570 106 ii ii NOUN cblr-1764 570 107 directives directive NOUN cblr-1764 570 108 and and CCONJ cblr-1764 570 109 its its PRON cblr-1764 570 110 related related ADJ cblr-1764 570 111 collaboration collaboration NOUN cblr-1764 570 112 with with ADP cblr-1764 570 113 the the DET cblr-1764 570 114 united united PROPN cblr-1764 570 115 states states PROPN cblr-1764 570 116 . . 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PUNCT cblr-1764 573 1 182 182 NUM cblr-1764 573 2 see see VERB cblr-1764 573 3 int’l int’l PRON cblr-1764 573 4 ass’n ass’n NOUN cblr-1764 573 5 of of ADP cblr-1764 573 6 ins in NOUN cblr-1764 573 7 . . PUNCT cblr-1764 574 1 supervisors supervisor NOUN cblr-1764 574 2 , , PUNCT cblr-1764 574 3 working working NOUN cblr-1764 574 4 draft draft NOUN cblr-1764 574 5 of of ADP cblr-1764 574 6 the the DET cblr-1764 574 7 common common ADJ cblr-1764 574 8 framework framework NOUN cblr-1764 574 9 for for ADP cblr-1764 574 10 the the DET cblr-1764 574 11 supervision supervision NOUN cblr-1764 574 12 of of ADP cblr-1764 574 13 internationally internationally ADV cblr-1764 574 14 active active ADJ cblr-1764 574 15 insurance insurance NOUN cblr-1764 574 16 groups group NOUN cblr-1764 574 17 ( ( PUNCT cblr-1764 574 18 2012 2012 NUM cblr-1764 574 19 ) ) PUNCT cblr-1764 574 20 , , PUNCT cblr-1764 574 21 http://iaisweb.org/index.cfm?event=openfil http://iaisweb.org/index.cfm?event=openfil PROPN cblr-1764 574 22 e&nodeid=57042 e&nodeid=57042 ADP cblr-1764 574 23 [ [ X cblr-1764 574 24 http://perma.cc/63pm-u3wg http://perma.cc/63pm-u3wg X cblr-1764 574 25 ] ] X cblr-1764 575 1 [ [ X cblr-1764 575 2 hereinafter hereinafter NOUN cblr-1764 575 3 comframe comframe NOUN cblr-1764 575 4 working working NOUN cblr-1764 575 5 draft draft PROPN cblr-1764 575 6 ] ] PUNCT cblr-1764 575 7 ; ; PUNCT cblr-1764 575 8 kirby kirby PROPN cblr-1764 575 9 , , PUNCT cblr-1764 575 10 supra supra PROPN cblr-1764 575 11 note note PROPN cblr-1764 575 12 152 152 NUM cblr-1764 575 13 , , PUNCT cblr-1764 575 14 at at ADP cblr-1764 575 15 166–68 166–68 NOUN cblr-1764 575 16 . . PUNCT cblr-1764 576 1 183 183 NUM cblr-1764 576 2 see see VERB cblr-1764 576 3 fsb fsb NOUN cblr-1764 576 4 , , PUNCT cblr-1764 576 5 globally globally ADV cblr-1764 576 6 systemically systemically ADV cblr-1764 576 7 important important ADJ cblr-1764 576 8 insurers insurer NOUN cblr-1764 576 9 ( ( PUNCT cblr-1764 576 10 g g NOUN cblr-1764 576 11 - - PUNCT cblr-1764 576 12 siis siis NOUN cblr-1764 576 13 ) ) PUNCT cblr-1764 576 14 and and CCONJ cblr-1764 576 15 the the DET cblr-1764 576 16 policy policy NOUN cblr-1764 576 17 measures measure NOUN cblr-1764 576 18 that that PRON cblr-1764 576 19 will will AUX cblr-1764 576 20 apply apply VERB cblr-1764 576 21 to to ADP cblr-1764 576 22 them they PRON cblr-1764 576 23 2–4 2–4 NUM cblr-1764 576 24 ( ( PUNCT cblr-1764 576 25 2013 2013 NUM cblr-1764 576 26 ) ) PUNCT cblr-1764 576 27 , , PUNCT cblr-1764 576 28 http://www.financialstabilityboard.org/wp-content/uploads/r_130718.pd http://www.financialstabilityboard.org/wp-content/uploads/r_130718.pd NOUN cblr-1764 576 29 f?page_moved=1 f?page_moved=1 PUNCT cblr-1764 577 1 [ [ X cblr-1764 577 2 http://perma.cc/z2xw-ae6n http://perma.cc/z2xw-ae6n NOUN cblr-1764 577 3 ] ] X cblr-1764 577 4 . . PUNCT cblr-1764 578 1 184 184 NUM cblr-1764 578 2 see see VERB cblr-1764 578 3 i i PRON cblr-1764 578 4 d. d. PROPN cblr-1764 578 5 at at ADP cblr-1764 578 6 1–2 1–2 NUM cblr-1764 578 7 . . PUNCT cblr-1764 579 1 turk turk PROPN cblr-1764 579 2 – – PUNCT cblr-1764 579 3 final final ADJ cblr-1764 579 4 no no NOUN cblr-1764 579 5 . . PUNCT cblr-1764 580 1 3:967 3:967 NUM cblr-1764 580 2 ] ] PUNCT cblr-1764 580 3 insurance insurance NOUN cblr-1764 580 4 convergence convergence NOUN cblr-1764 580 5 1015 1015 NUM cblr-1764 580 6 regulations regulation NOUN cblr-1764 580 7 adopted adopt VERB cblr-1764 580 8 by by ADP cblr-1764 580 9 the the DET cblr-1764 580 10 eu eu PROPN cblr-1764 580 11 in in ADP cblr-1764 580 12 2009 2009 NUM cblr-1764 580 13 and and CCONJ cblr-1764 580 14 formalized formalize VERB cblr-1764 580 15 in in ADP cblr-1764 580 16 2013,185 2013,185 NUM cblr-1764 580 17 which which PRON cblr-1764 580 18 updates update VERB cblr-1764 580 19 the the DET cblr-1764 580 20 decades decade NOUN cblr-1764 580 21 - - PUNCT cblr-1764 580 22 old old ADJ cblr-1764 580 23 solvency solvency NOUN cblr-1764 580 24 i i PROPN cblr-1764 580 25 regulations regulation VERB cblr-1764 580 26 with with ADP cblr-1764 580 27 a a DET cblr-1764 580 28 “ " PUNCT cblr-1764 580 29 three three NUM cblr-1764 580 30 pillar pillar NOUN cblr-1764 580 31 structure structure NOUN cblr-1764 580 32 ” " PUNCT cblr-1764 580 33 that that PRON cblr-1764 580 34 is be AUX cblr-1764 580 35 analogous analogous ADJ cblr-1764 580 36 to to ADP cblr-1764 580 37 basel basel PROPN cblr-1764 580 38 ii ii PROPN cblr-1764 580 39 ’s ’s PART cblr-1764 580 40 capital capital NOUN cblr-1764 580 41 adequacy adequacy NOUN cblr-1764 580 42 requirements requirement NOUN cblr-1764 580 43 for for ADP cblr-1764 580 44 banks.186 banks.186 NOUN cblr-1764 580 45 solvency solvency NOUN cblr-1764 580 46 ii ii NOUN cblr-1764 580 47 is be AUX cblr-1764 580 48 an an DET cblr-1764 580 49 important important ADJ cblr-1764 580 50 piece piece NOUN cblr-1764 580 51 of of ADP cblr-1764 580 52 international international ADJ cblr-1764 580 53 insurance insurance NOUN cblr-1764 580 54 reform reform NOUN cblr-1764 580 55 not not PART cblr-1764 580 56 only only ADV cblr-1764 580 57 because because SCONJ cblr-1764 580 58 it it PRON cblr-1764 580 59 harmonizes harmonize VERB cblr-1764 580 60 regulation regulation NOUN cblr-1764 580 61 across across ADP cblr-1764 580 62 the the DET cblr-1764 580 63 eu eu PROPN cblr-1764 580 64 countries country NOUN cblr-1764 580 65 , , PUNCT cblr-1764 580 66 but but CCONJ cblr-1764 580 67 also also ADV cblr-1764 580 68 because because SCONJ cblr-1764 580 69 it it PRON cblr-1764 580 70 applies apply VERB cblr-1764 580 71 to to ADP cblr-1764 580 72 any any DET cblr-1764 580 73 foreign foreign ADJ cblr-1764 580 74 insurers insurer NOUN cblr-1764 580 75 that that PRON cblr-1764 580 76 operate operate VERB cblr-1764 580 77 within within ADP cblr-1764 580 78 europe europe PROPN cblr-1764 580 79 . . PUNCT cblr-1764 581 1 as as ADP cblr-1764 581 2 a a DET cblr-1764 581 3 result result NOUN cblr-1764 581 4 , , PUNCT cblr-1764 581 5 since since SCONJ cblr-1764 581 6 2012 2012 NUM cblr-1764 581 7 , , PUNCT cblr-1764 581 8 the the DET cblr-1764 581 9 fio fio NOUN cblr-1764 581 10 has have AUX cblr-1764 581 11 represented represent VERB cblr-1764 581 12 the the DET cblr-1764 581 13 united united PROPN cblr-1764 581 14 states states PROPN cblr-1764 581 15 in in ADP cblr-1764 581 16 an an DET cblr-1764 581 17 initiative initiative NOUN cblr-1764 581 18 known know VERB cblr-1764 581 19 as as ADP cblr-1764 581 20 the the DET cblr-1764 581 21 eu eu PROPN cblr-1764 581 22 - - PROPN cblr-1764 581 23 u.s u.s PROPN cblr-1764 581 24 . . PROPN cblr-1764 581 25 dialogue dialogue NOUN cblr-1764 581 26 project project NOUN cblr-1764 581 27 , , PUNCT cblr-1764 581 28 which which PRON cblr-1764 581 29 seeks seek VERB cblr-1764 581 30 to to PART cblr-1764 581 31 identify identify VERB cblr-1764 581 32 ( ( PUNCT cblr-1764 581 33 and and CCONJ cblr-1764 581 34 possibly possibly ADV cblr-1764 581 35 eliminate eliminate VERB cblr-1764 581 36 ) ) PUNCT cblr-1764 581 37 differences difference NOUN cblr-1764 581 38 between between ADP cblr-1764 581 39 u.s u.s PROPN cblr-1764 581 40 . . PROPN cblr-1764 581 41 insurance insurance NOUN cblr-1764 581 42 rules rule NOUN cblr-1764 581 43 and and CCONJ cblr-1764 581 44 the the DET cblr-1764 581 45 forthcoming forthcoming ADJ cblr-1764 581 46 solvency solvency NOUN cblr-1764 581 47 ii ii PROPN cblr-1764 581 48 regime.187 regime.187 NOUN cblr-1764 581 49 taken take VERB cblr-1764 581 50 as as ADP cblr-1764 581 51 a a DET cblr-1764 581 52 whole whole NOUN cblr-1764 581 53 , , PUNCT cblr-1764 581 54 these these DET cblr-1764 581 55 post-2008 post-2008 ADJ cblr-1764 581 56 international international ADJ cblr-1764 581 57 initiatives initiative NOUN cblr-1764 581 58 parallel parallel VERB cblr-1764 581 59 the the DET cblr-1764 581 60 changes change NOUN cblr-1764 581 61 made make VERB cblr-1764 581 62 by by ADP cblr-1764 581 63 dodd dodd PROPN cblr-1764 581 64 - - PUNCT cblr-1764 581 65 frank frank PROPN cblr-1764 581 66 in in ADP cblr-1764 581 67 that that SCONJ cblr-1764 581 68 they they PRON cblr-1764 581 69 provide provide VERB cblr-1764 581 70 various various ADJ cblr-1764 581 71 institutional institutional ADJ cblr-1764 581 72 platforms platform NOUN cblr-1764 581 73 that that PRON cblr-1764 581 74 may may AUX cblr-1764 581 75 either either CCONJ cblr-1764 581 76 prove prove VERB cblr-1764 581 77 to to PART cblr-1764 581 78 lack lack VERB cblr-1764 581 79 substance substance NOUN cblr-1764 581 80 or or CCONJ cblr-1764 581 81 instead instead ADV cblr-1764 581 82 serve serve VERB cblr-1764 581 83 as as ADP cblr-1764 581 84 starting start VERB cblr-1764 581 85 points point NOUN cblr-1764 581 86 for for ADP cblr-1764 581 87 ambitious ambitious ADJ cblr-1764 581 88 reforms reform NOUN cblr-1764 581 89 that that PRON cblr-1764 581 90 respond respond VERB cblr-1764 581 91 to to ADP cblr-1764 581 92 the the DET cblr-1764 581 93 newfound newfound ADJ cblr-1764 581 94 role role NOUN cblr-1764 581 95 of of ADP cblr-1764 581 96 insurance insurance NOUN cblr-1764 581 97 in in ADP cblr-1764 581 98 the the DET cblr-1764 581 99 global global ADJ cblr-1764 581 100 financial financial ADJ cblr-1764 581 101 system system NOUN cblr-1764 581 102 . . PUNCT cblr-1764 582 1 for for ADP cblr-1764 582 2 example example NOUN cblr-1764 582 3 , , PUNCT cblr-1764 582 4 the the DET cblr-1764 582 5 iais iais NOUN cblr-1764 582 6 ’s ’s PART cblr-1764 582 7 comframe comframe NOUN cblr-1764 582 8 might might AUX cblr-1764 582 9 enhance enhance VERB cblr-1764 582 10 the the DET cblr-1764 582 11 uniformity uniformity NOUN cblr-1764 582 12 of of ADP cblr-1764 582 13 insurance insurance NOUN cblr-1764 582 14 supervision supervision NOUN cblr-1764 582 15 across across ADP cblr-1764 582 16 national national ADJ cblr-1764 582 17 jurisdictional jurisdictional ADJ cblr-1764 582 18 boundaries boundary NOUN cblr-1764 582 19 in in ADP cblr-1764 582 20 a a DET cblr-1764 582 21 meaningful meaningful ADJ cblr-1764 582 22 way way NOUN cblr-1764 582 23 , , PUNCT cblr-1764 582 24 or or CCONJ cblr-1764 582 25 not not PART cblr-1764 582 26 . . PUNCT cblr-1764 583 1 the the DET cblr-1764 583 2 naic naic PROPN cblr-1764 583 3 is be AUX cblr-1764 583 4 one one NUM cblr-1764 583 5 source source NOUN cblr-1764 583 6 of of ADP cblr-1764 583 7 resistance resistance NOUN cblr-1764 583 8 on on ADP cblr-1764 583 9 this this DET cblr-1764 583 10 point point NOUN cblr-1764 583 11 , , PUNCT cblr-1764 583 12 and and CCONJ cblr-1764 583 13 has have AUX cblr-1764 583 14 stated state VERB cblr-1764 583 15 its its PRON cblr-1764 583 16 position position NOUN cblr-1764 583 17 that that SCONJ cblr-1764 583 18 “ " PUNCT cblr-1764 583 19 given give VERB cblr-1764 583 20 the the DET cblr-1764 583 21 uniqueness uniqueness NOUN cblr-1764 583 22 and and CCONJ cblr-1764 583 23 complexity complexity NOUN cblr-1764 583 24 of of ADP cblr-1764 583 25 large large ADJ cblr-1764 583 26 insurance insurance NOUN cblr-1764 583 27 group group NOUN cblr-1764 583 28 issues issue NOUN cblr-1764 583 29 , , PUNCT cblr-1764 583 30 comframe comframe PROPN cblr-1764 583 31 should should AUX cblr-1764 583 32 focus focus VERB cblr-1764 583 33 on on ADP cblr-1764 583 34 general general ADJ cblr-1764 583 35 principles principle NOUN cblr-1764 583 36 and and CCONJ cblr-1764 583 37 high high ADJ cblr-1764 583 38 - - PUNCT cblr-1764 583 39 level level NOUN cblr-1764 583 40 concepts concept NOUN cblr-1764 583 41 , , PUNCT cblr-1764 583 42 rather rather ADV cblr-1764 583 43 than than ADP cblr-1764 583 44 specific specific ADJ cblr-1764 583 45 compliance compliance NOUN cblr-1764 583 46 issues issue NOUN cblr-1764 583 47 and and CCONJ cblr-1764 583 48 capital capital NOUN cblr-1764 583 49 requirements requirement NOUN cblr-1764 583 50 that that SCONJ cblr-1764 583 51 more more ADV cblr-1764 583 52 likely likely ADJ cblr-1764 583 53 would would AUX cblr-1764 583 54 be be AUX cblr-1764 583 55 a a DET cblr-1764 583 56 source source NOUN cblr-1764 583 57 of of ADP cblr-1764 583 58 conflict conflict NOUN cblr-1764 583 59 . . 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PUNCT cblr-1764 587 1 l.j l.j PROPN cblr-1764 587 2 . . PROPN cblr-1764 588 1 357 357 NUM cblr-1764 588 2 ( ( PUNCT cblr-1764 588 3 2012 2012 NUM cblr-1764 588 4 ) ) PUNCT cblr-1764 588 5 . . PUNCT cblr-1764 589 1 187 187 NUM cblr-1764 589 2 see see VERB cblr-1764 589 3 fio fio PROPN cblr-1764 589 4 2013 2013 NUM cblr-1764 589 5 report report NOUN cblr-1764 589 6 , , PUNCT cblr-1764 589 7 supra supra PROPN cblr-1764 589 8 note note NOUN cblr-1764 589 9 60 60 NUM cblr-1764 589 10 , , PUNCT cblr-1764 589 11 at at ADP cblr-1764 589 12 43–44 43–44 NUM cblr-1764 589 13 ; ; PUNCT cblr-1764 589 14 nat’l nat’l NUM cblr-1764 589 15 ass’n ass’n PROPN cblr-1764 589 16 ins ins PROPN cblr-1764 589 17 . . PUNCT cblr-1764 589 18 comm’rs comm’rs PROPN cblr-1764 589 19 , , PUNCT cblr-1764 589 20 eu eu PROPN cblr-1764 589 21 - - PROPN cblr-1764 589 22 u.s u.s PROPN cblr-1764 589 23 . . 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PUNCT cblr-1764 593 1 lastly lastly ADV cblr-1764 593 2 , , PUNCT cblr-1764 593 3 it it PRON cblr-1764 593 4 is be AUX cblr-1764 593 5 unclear unclear ADJ cblr-1764 593 6 if if SCONJ cblr-1764 593 7 the the DET cblr-1764 593 8 eu eu PROPN cblr-1764 593 9 - - PROPN cblr-1764 593 10 u.s u.s PROPN cblr-1764 593 11 . . PROPN cblr-1764 593 12 dialogue dialogue NOUN cblr-1764 593 13 project project NOUN cblr-1764 593 14 will will AUX cblr-1764 593 15 bring bring VERB cblr-1764 593 16 u.s u.s PROPN cblr-1764 593 17 . . PROPN cblr-1764 593 18 insurance insurance NOUN cblr-1764 593 19 regulation regulation NOUN cblr-1764 593 20 into into ADP cblr-1764 593 21 greater great ADJ cblr-1764 593 22 conformity conformity NOUN cblr-1764 593 23 with with ADP cblr-1764 593 24 the the DET cblr-1764 593 25 eu eu PROPN cblr-1764 593 26 ’s ’s PART cblr-1764 593 27 solvency solvency NOUN cblr-1764 593 28 ii ii PROPN cblr-1764 593 29 rules rule NOUN cblr-1764 593 30 or or CCONJ cblr-1764 593 31 merely merely ADV cblr-1764 593 32 serve serve VERB cblr-1764 593 33 as as ADP cblr-1764 593 34 a a DET cblr-1764 593 35 talking talk VERB cblr-1764 593 36 shop shop NOUN cblr-1764 593 37 . . PUNCT cblr-1764 594 1 much much ADJ cblr-1764 594 2 of of ADP cblr-1764 594 3 this this PRON cblr-1764 594 4 depends depend VERB cblr-1764 594 5 on on ADP cblr-1764 594 6 the the DET cblr-1764 594 7 performance performance NOUN cblr-1764 594 8 of of ADP cblr-1764 594 9 the the DET cblr-1764 594 10 fio fio NOUN cblr-1764 594 11 , , PUNCT cblr-1764 594 12 which which PRON cblr-1764 594 13 was be AUX cblr-1764 594 14 intentionally intentionally ADV cblr-1764 594 15 designed design VERB cblr-1764 594 16 under under ADP cblr-1764 594 17 dodd dodd PROPN cblr-1764 594 18 - - PUNCT cblr-1764 594 19 frank frank PROPN cblr-1764 594 20 to to PART cblr-1764 594 21 provide provide VERB cblr-1764 594 22 the the DET cblr-1764 594 23 united united PROPN cblr-1764 594 24 states states PROPN cblr-1764 594 25 with with ADP cblr-1764 594 26 a a DET cblr-1764 594 27 single single ADJ cblr-1764 594 28 face face NOUN cblr-1764 594 29 at at ADP cblr-1764 594 30 these these DET cblr-1764 594 31 international international ADJ cblr-1764 594 32 fora forum NOUN cblr-1764 594 33 in in ADP cblr-1764 594 34 order order NOUN cblr-1764 594 35 to to PART cblr-1764 594 36 avoid avoid VERB cblr-1764 594 37 the the DET cblr-1764 594 38 unwieldy unwieldy ADJ cblr-1764 594 39 fifty fifty NUM cblr-1764 594 40 - - PUNCT cblr-1764 594 41 state state NOUN cblr-1764 594 42 negotiator negotiator NOUN cblr-1764 594 43 that that PRON cblr-1764 594 44 hindered hinder VERB cblr-1764 594 45 pre2008 pre2008 NOUN cblr-1764 594 46 efforts effort NOUN cblr-1764 594 47 at at ADP cblr-1764 594 48 cross cross ADJ cblr-1764 594 49 - - ADJ cblr-1764 594 50 border border ADJ cblr-1764 594 51 harmonization harmonization NOUN cblr-1764 594 52 of of ADP cblr-1764 594 53 insurance insurance NOUN cblr-1764 594 54 rules rule NOUN cblr-1764 594 55 . . PUNCT cblr-1764 595 1 iv iv X cblr-1764 595 2 . . PUNCT cblr-1764 595 3 boundary boundary ADJ cblr-1764 595 4 problems problem NOUN cblr-1764 595 5 in in ADP cblr-1764 595 6 the the DET cblr-1764 595 7 regulation regulation NOUN cblr-1764 595 8 of of ADP cblr-1764 595 9 insurance insurance NOUN cblr-1764 595 10 the the DET cblr-1764 595 11 recent recent ADJ cblr-1764 595 12 economic economic ADJ cblr-1764 595 13 and and CCONJ cblr-1764 595 14 legal legal ADJ cblr-1764 595 15 developments development NOUN cblr-1764 595 16 affecting affect VERB cblr-1764 595 17 insurance insurance NOUN cblr-1764 595 18 , , PUNCT cblr-1764 595 19 explored explore VERB cblr-1764 595 20 in in ADP cblr-1764 595 21 detail detail NOUN cblr-1764 595 22 above above ADV cblr-1764 595 23 , , PUNCT cblr-1764 595 24 present present ADJ cblr-1764 595 25 fundamental fundamental ADJ cblr-1764 595 26 regulatory regulatory ADJ cblr-1764 595 27 dilemmas dilemma NOUN cblr-1764 595 28 that that PRON cblr-1764 595 29 mirror mirror VERB cblr-1764 595 30 those those PRON cblr-1764 595 31 facing face VERB cblr-1764 595 32 the the DET cblr-1764 595 33 future future NOUN cblr-1764 595 34 of of ADP cblr-1764 595 35 finance finance NOUN cblr-1764 595 36 as as ADP cblr-1764 595 37 a a DET cblr-1764 595 38 whole whole NOUN cblr-1764 595 39 . . PUNCT cblr-1764 596 1 namely namely ADV cblr-1764 596 2 , , PUNCT cblr-1764 596 3 they they PRON cblr-1764 596 4 put put VERB cblr-1764 596 5 immense immense ADJ cblr-1764 596 6 pressure pressure NOUN cblr-1764 596 7 on on ADP cblr-1764 596 8 the the DET cblr-1764 596 9 jurisdictional jurisdictional ADJ cblr-1764 596 10 and and CCONJ cblr-1764 596 11 definitional definitional ADJ cblr-1764 596 12 boundaries boundary NOUN cblr-1764 596 13 that that PRON cblr-1764 596 14 currently currently ADV cblr-1764 596 15 determine determine VERB cblr-1764 596 16 which which PRON cblr-1764 596 17 financial financial ADJ cblr-1764 596 18 services service NOUN cblr-1764 596 19 are be AUX cblr-1764 596 20 subject subject ADJ cblr-1764 596 21 to to ADP cblr-1764 596 22 “ " PUNCT cblr-1764 596 23 insurance insurance NOUN cblr-1764 596 24 ” " PUNCT cblr-1764 596 25 regulation regulation NOUN cblr-1764 596 26 and and CCONJ cblr-1764 596 27 how how SCONJ cblr-1764 596 28 broadly broadly ADV cblr-1764 596 29 those those DET cblr-1764 596 30 regulations regulation NOUN cblr-1764 596 31 apply apply VERB cblr-1764 596 32 . . PUNCT cblr-1764 597 1 this this DET cblr-1764 597 2 part part NOUN cblr-1764 597 3 presents present VERB cblr-1764 597 4 the the DET cblr-1764 597 5 theoretical theoretical ADJ cblr-1764 597 6 tradeoffs tradeoff NOUN cblr-1764 597 7 implicated implicate VERB cblr-1764 597 8 by by ADP cblr-1764 597 9 each each DET cblr-1764 597 10 boundary boundary ADJ cblr-1764 597 11 problem problem NOUN cblr-1764 597 12 , , PUNCT cblr-1764 597 13 analyzes analyze VERB cblr-1764 597 14 the the DET cblr-1764 597 15 practical practical ADJ cblr-1764 597 16 policy policy NOUN cblr-1764 597 17 implications implication NOUN cblr-1764 597 18 they they PRON cblr-1764 597 19 raise raise VERB cblr-1764 597 20 for for ADP cblr-1764 597 21 insurance insurance NOUN cblr-1764 597 22 regulation regulation NOUN cblr-1764 597 23 , , PUNCT cblr-1764 597 24 and and CCONJ cblr-1764 597 25 suggests suggest VERB cblr-1764 597 26 some some DET cblr-1764 597 27 general general ADJ cblr-1764 597 28 directions direction NOUN cblr-1764 597 29 for for ADP cblr-1764 597 30 reform reform NOUN cblr-1764 597 31 . . PUNCT cblr-1764 598 1 a. a. NOUN cblr-1764 599 1 the the DET cblr-1764 599 2 jurisdictional jurisdictional ADJ cblr-1764 599 3 boundary boundary ADJ cblr-1764 599 4 problem problem NOUN cblr-1764 599 5 : : PUNCT cblr-1764 599 6 regulatory regulatory ADJ cblr-1764 599 7 harmonization harmonization NOUN cblr-1764 599 8 versus versus ADP cblr-1764 599 9 regulatory regulatory ADJ cblr-1764 599 10 competition competition NOUN cblr-1764 599 11 necessarily necessarily ADV cblr-1764 599 12 embedded embed VERB cblr-1764 599 13 in in ADP cblr-1764 599 14 every every DET cblr-1764 599 15 substantive substantive ADJ cblr-1764 599 16 regulation regulation NOUN cblr-1764 599 17 is be AUX cblr-1764 599 18 a a DET cblr-1764 599 19 rule rule NOUN cblr-1764 599 20 that that PRON cblr-1764 599 21 delineates delineate VERB cblr-1764 599 22 a a DET cblr-1764 599 23 jurisdictional jurisdictional ADJ cblr-1764 599 24 boundary boundary NOUN cblr-1764 599 25 across across ADP cblr-1764 599 26 which which PRON cblr-1764 599 27 the the DET cblr-1764 599 28 regulation regulation NOUN cblr-1764 599 29 is be AUX cblr-1764 599 30 no no ADV cblr-1764 599 31 longer long ADV cblr-1764 599 32 operative operative ADJ cblr-1764 599 33 . . PUNCT cblr-1764 600 1 jurisdictional jurisdictional ADJ cblr-1764 600 2 boundaries boundary NOUN cblr-1764 600 3 may may AUX cblr-1764 600 4 not not PART cblr-1764 600 5 be be AUX cblr-1764 600 6 particularly particularly ADV cblr-1764 600 7 problematic problematic ADJ cblr-1764 600 8 for for ADP cblr-1764 600 9 many many ADJ cblr-1764 600 10 regulated regulated ADJ cblr-1764 600 11 activities activity NOUN cblr-1764 600 12 , , PUNCT cblr-1764 600 13 but but CCONJ cblr-1764 600 14 they they PRON cblr-1764 600 15 are be AUX cblr-1764 600 16 relevant relevant ADJ cblr-1764 600 17 in in ADP cblr-1764 600 18 finance finance NOUN cblr-1764 600 19 where where SCONJ cblr-1764 600 20 assets asset NOUN cblr-1764 600 21 are be AUX cblr-1764 600 22 highly highly ADV cblr-1764 600 23 mobile mobile ADJ cblr-1764 600 24 and and CCONJ cblr-1764 600 25 can can AUX cblr-1764 600 26 often often ADV cblr-1764 600 27 be be AUX cblr-1764 600 28 transferred transfer VERB cblr-1764 600 29 across across ADP cblr-1764 600 30 jurisdictional jurisdictional ADJ cblr-1764 600 31 boundaries boundary NOUN cblr-1764 600 32 with with ADP cblr-1764 600 33 transactions transaction NOUN cblr-1764 600 34 that that PRON cblr-1764 600 35 require require VERB cblr-1764 600 36 little little ADV cblr-1764 600 37 more more ADJ cblr-1764 600 38 than than ADP cblr-1764 600 39 a a DET cblr-1764 600 40 keystroke keystroke NOUN cblr-1764 600 41 . . PUNCT cblr-1764 601 1 the the DET cblr-1764 601 2 jurisdictional jurisdictional ADJ cblr-1764 601 3 boundary boundary ADJ cblr-1764 601 4 problem problem NOUN cblr-1764 601 5 raises raise VERB cblr-1764 601 6 the the DET cblr-1764 601 7 policy policy NOUN cblr-1764 601 8 question question NOUN cblr-1764 601 9 of of ADP cblr-1764 601 10 how how SCONJ cblr-1764 601 11 to to PART cblr-1764 601 12 determine determine VERB cblr-1764 601 13 the the DET cblr-1764 601 14 optimal optimal ADJ cblr-1764 601 15 turk turk NOUN cblr-1764 601 16 – – PUNCT cblr-1764 601 17 final final ADJ cblr-1764 601 18 no no NOUN cblr-1764 601 19 . . PUNCT cblr-1764 602 1 3:967 3:967 NUM cblr-1764 602 2 ] ] PUNCT cblr-1764 602 3 insurance insurance NOUN cblr-1764 602 4 convergence convergence NOUN cblr-1764 602 5 1017 1017 NUM cblr-1764 602 6 balance balance NOUN cblr-1764 602 7 between between ADP cblr-1764 602 8 regulatory regulatory ADJ cblr-1764 602 9 harmonization harmonization NOUN cblr-1764 602 10 and and CCONJ cblr-1764 602 11 competition competition NOUN cblr-1764 602 12 across across ADP cblr-1764 602 13 jurisdictions jurisdiction NOUN cblr-1764 602 14 . . PUNCT cblr-1764 603 1 regulatory regulatory ADJ cblr-1764 603 2 harmonization harmonization NOUN cblr-1764 603 3 refers refer VERB cblr-1764 603 4 to to ADP cblr-1764 603 5 a a DET cblr-1764 603 6 process process NOUN cblr-1764 603 7 in in ADP cblr-1764 603 8 which which PRON cblr-1764 603 9 jurisdictions jurisdiction NOUN cblr-1764 603 10 coordinate coordinate VERB cblr-1764 603 11 to to PART cblr-1764 603 12 apply apply VERB cblr-1764 603 13 uniform uniform NOUN cblr-1764 603 14 rules.189 rules.189 CCONJ cblr-1764 603 15 in in ADP cblr-1764 603 16 contrast contrast NOUN cblr-1764 603 17 , , PUNCT cblr-1764 603 18 regulatory regulatory ADJ cblr-1764 603 19 competition competition NOUN cblr-1764 603 20 denotes denote VERB cblr-1764 603 21 a a DET cblr-1764 603 22 state state NOUN cblr-1764 603 23 in in ADP cblr-1764 603 24 which which PRON cblr-1764 603 25 jurisdictions jurisdiction NOUN cblr-1764 603 26 compete compete VERB cblr-1764 603 27 with with ADP cblr-1764 603 28 one one NUM cblr-1764 603 29 another another DET cblr-1764 603 30 by by ADP cblr-1764 603 31 providing provide VERB cblr-1764 603 32 diverse diverse ADJ cblr-1764 603 33 set set NOUN cblr-1764 603 34 of of ADP cblr-1764 603 35 regulations regulation NOUN cblr-1764 603 36 . . PUNCT cblr-1764 604 1 the the DET cblr-1764 604 2 question question NOUN cblr-1764 604 3 of of ADP cblr-1764 604 4 regulatory regulatory ADJ cblr-1764 604 5 harmonization harmonization NOUN cblr-1764 604 6 versus versus ADP cblr-1764 604 7 jurisdictional jurisdictional ADJ cblr-1764 604 8 competition competition NOUN cblr-1764 604 9 presents present VERB cblr-1764 604 10 familiar familiar ADJ cblr-1764 604 11 tradeoffs.190 tradeoffs.190 NOUN cblr-1764 604 12 in in ADP cblr-1764 604 13 a a DET cblr-1764 604 14 first first ADJ cblr-1764 604 15 analysis analysis NOUN cblr-1764 604 16 , , PUNCT cblr-1764 604 17 regulatory regulatory ADJ cblr-1764 604 18 competition competition NOUN cblr-1764 604 19 across across ADP cblr-1764 604 20 jurisdictions jurisdiction NOUN cblr-1764 604 21 is be AUX cblr-1764 604 22 presumptively presumptively ADV cblr-1764 604 23 optimal optimal ADJ cblr-1764 604 24 for for ADP cblr-1764 604 25 a a DET cblr-1764 604 26 handful handful NOUN cblr-1764 604 27 of of ADP cblr-1764 604 28 interconnected interconnected ADJ cblr-1764 604 29 reasons.191 reasons.191 NOUN cblr-1764 604 30 first first ADJ cblr-1764 604 31 , , PUNCT cblr-1764 604 32 a a DET cblr-1764 604 33 one one NUM cblr-1764 604 34 - - PUNCT cblr-1764 604 35 size size NOUN cblr-1764 604 36 - - PUNCT cblr-1764 604 37 fits fit VERB cblr-1764 604 38 - - PUNCT cblr-1764 604 39 all all DET cblr-1764 604 40 approach approach NOUN cblr-1764 604 41 is be AUX cblr-1764 604 42 inappropriate inappropriate ADJ cblr-1764 604 43 when when SCONJ cblr-1764 604 44 jurisdictions jurisdiction NOUN cblr-1764 604 45 have have VERB cblr-1764 604 46 heterogeneous heterogeneous ADJ cblr-1764 604 47 populations population NOUN cblr-1764 604 48 and and CCONJ cblr-1764 604 49 local local ADJ cblr-1764 604 50 governments government NOUN cblr-1764 604 51 have have VERB cblr-1764 604 52 the the DET cblr-1764 604 53 best good ADJ cblr-1764 604 54 access access NOUN cblr-1764 604 55 to to ADP cblr-1764 604 56 information information NOUN cblr-1764 604 57 concerning concern VERB cblr-1764 604 58 their their PRON cblr-1764 604 59 own own ADJ cblr-1764 604 60 residents resident NOUN cblr-1764 604 61 ’ ’ PART cblr-1764 604 62 policy policy NOUN cblr-1764 604 63 preferences.192 preferences.192 NOUN cblr-1764 604 64 second second ADJ cblr-1764 604 65 , , PUNCT cblr-1764 604 66 the the DET cblr-1764 604 67 possibility possibility NOUN cblr-1764 604 68 of of ADP cblr-1764 604 69 experimentation experimentation NOUN cblr-1764 604 70 across across ADP cblr-1764 604 71 jurisdictions jurisdiction NOUN cblr-1764 604 72 produces produce VERB cblr-1764 604 73 information information NOUN cblr-1764 604 74 about about ADP cblr-1764 604 75 how how SCONJ cblr-1764 604 76 different different ADJ cblr-1764 604 77 regulations regulation NOUN cblr-1764 604 78 perform perform VERB cblr-1764 604 79 relative relative ADJ cblr-1764 604 80 to to ADP cblr-1764 604 81 one one NUM cblr-1764 604 82 another another DET cblr-1764 604 83 , , PUNCT cblr-1764 604 84 which which PRON cblr-1764 604 85 facilitates facilitate VERB cblr-1764 604 86 learning.193 learning.193 NOUN cblr-1764 604 87 third third ADJ cblr-1764 604 88 , , PUNCT cblr-1764 604 89 the the DET cblr-1764 604 90 189 189 NUM cblr-1764 604 91 harmonization harmonization NOUN cblr-1764 604 92 is be AUX cblr-1764 604 93 of of ADP cblr-1764 604 94 course course NOUN cblr-1764 604 95 a a DET cblr-1764 604 96 matter matter NOUN cblr-1764 604 97 of of ADP cblr-1764 604 98 degree degree NOUN cblr-1764 604 99 , , PUNCT cblr-1764 604 100 running run VERB cblr-1764 604 101 across across ADP cblr-1764 604 102 a a DET cblr-1764 604 103 spectrum spectrum NOUN cblr-1764 604 104 from from ADP cblr-1764 604 105 adopting adopt VERB cblr-1764 604 106 fully fully ADV cblr-1764 604 107 identical identical ADJ cblr-1764 604 108 regulation regulation NOUN cblr-1764 604 109 to to ADP cblr-1764 604 110 more more ADJ cblr-1764 604 111 limited limited ADJ cblr-1764 604 112 measures measure NOUN cblr-1764 604 113 such such ADJ cblr-1764 604 114 as as ADP cblr-1764 604 115 mutual mutual ADJ cblr-1764 604 116 recognition recognition NOUN cblr-1764 604 117 of of ADP cblr-1764 604 118 regulatory regulatory ADJ cblr-1764 604 119 variations variation NOUN cblr-1764 604 120 . . PUNCT cblr-1764 605 1 see see VERB cblr-1764 605 2 alan alan PROPN cblr-1764 605 3 o. o. PROPN cblr-1764 605 4 sykes sykes PROPN cblr-1764 605 5 , , PUNCT cblr-1764 605 6 regulatory regulatory ADJ cblr-1764 605 7 competition competition NOUN cblr-1764 605 8 or or CCONJ cblr-1764 605 9 regulatory regulatory ADJ cblr-1764 605 10 harmonization harmonization NOUN cblr-1764 605 11 ? ? PUNCT cblr-1764 606 1 a a DET cblr-1764 606 2 silly silly ADJ cblr-1764 606 3 question question NOUN cblr-1764 606 4 ? ? PUNCT cblr-1764 606 5 , , PUNCT cblr-1764 606 6 3 3 NUM cblr-1764 606 7 j. j. PROPN cblr-1764 606 8 int’l int’l PROPN cblr-1764 606 9 econ econ PROPN cblr-1764 606 10 . . PUNCT cblr-1764 607 1 l. l. PROPN cblr-1764 607 2 254 254 NUM cblr-1764 607 3 , , PUNCT cblr-1764 607 4 257 257 NUM cblr-1764 607 5 ( ( PUNCT cblr-1764 607 6 2000 2000 NUM cblr-1764 607 7 ) ) PUNCT cblr-1764 607 8 . . PUNCT cblr-1764 608 1 190 190 NUM cblr-1764 608 2 domestically domestically ADV cblr-1764 608 3 , , PUNCT cblr-1764 608 4 at at ADP cblr-1764 608 5 least least ADJ cblr-1764 608 6 in in ADP cblr-1764 608 7 the the DET cblr-1764 608 8 united united PROPN cblr-1764 608 9 states states PROPN cblr-1764 608 10 , , PUNCT cblr-1764 608 11 the the DET cblr-1764 608 12 debate debate NOUN cblr-1764 608 13 between between ADP cblr-1764 608 14 these these DET cblr-1764 608 15 two two NUM cblr-1764 608 16 strategies strategy NOUN cblr-1764 608 17 can can AUX cblr-1764 608 18 be be AUX cblr-1764 608 19 viewed view VERB cblr-1764 608 20 as as ADP cblr-1764 608 21 a a DET cblr-1764 608 22 question question NOUN cblr-1764 608 23 of of ADP cblr-1764 608 24 federalism federalism NOUN cblr-1764 608 25 , , PUNCT cblr-1764 608 26 or or CCONJ cblr-1764 608 27 the the DET cblr-1764 608 28 proper proper ADJ cblr-1764 608 29 allocation allocation NOUN cblr-1764 608 30 of of ADP cblr-1764 608 31 regulatory regulatory ADJ cblr-1764 608 32 authority authority NOUN cblr-1764 608 33 between between ADP cblr-1764 608 34 federal federal ADJ cblr-1764 608 35 and and CCONJ cblr-1764 608 36 state state NOUN cblr-1764 608 37 governments government NOUN cblr-1764 608 38 . . PUNCT cblr-1764 609 1 at at ADP cblr-1764 609 2 the the DET cblr-1764 609 3 international international ADJ cblr-1764 609 4 level level NOUN cblr-1764 609 5 , , PUNCT cblr-1764 609 6 it it PRON cblr-1764 609 7 falls fall VERB cblr-1764 609 8 under under ADP cblr-1764 609 9 what what PRON cblr-1764 609 10 is be AUX cblr-1764 609 11 sometimes sometimes ADV cblr-1764 609 12 referred refer VERB cblr-1764 609 13 to to ADP cblr-1764 609 14 as as ADP cblr-1764 609 15 the the DET cblr-1764 609 16 principle principle NOUN cblr-1764 609 17 of of ADP cblr-1764 609 18 “ " PUNCT cblr-1764 609 19 subsidiarity subsidiarity NOUN cblr-1764 609 20 , , PUNCT cblr-1764 609 21 ” " PUNCT cblr-1764 609 22 and and CCONJ cblr-1764 609 23 turns turn VERB cblr-1764 609 24 on on ADP cblr-1764 609 25 the the DET cblr-1764 609 26 extent extent NOUN cblr-1764 609 27 to to PART cblr-1764 609 28 which which PRON cblr-1764 609 29 regulations regulation NOUN cblr-1764 609 30 are be AUX cblr-1764 609 31 harmonized harmonized ADJ cblr-1764 609 32 across across ADP cblr-1764 609 33 national national ADJ cblr-1764 609 34 borders border NOUN cblr-1764 609 35 through through ADP cblr-1764 609 36 treaties treaty NOUN cblr-1764 609 37 or or CCONJ cblr-1764 609 38 similar similar ADJ cblr-1764 609 39 informal informal ADJ cblr-1764 609 40 agreements agreement NOUN cblr-1764 609 41 . . PUNCT cblr-1764 610 1 see see VERB cblr-1764 610 2 neil neil PROPN cblr-1764 610 3 s. s. PROPN cblr-1764 610 4 siegel siegel PROPN cblr-1764 610 5 , , PUNCT cblr-1764 610 6 collective collective ADJ cblr-1764 610 7 action action NOUN cblr-1764 610 8 federalism federalism NOUN cblr-1764 610 9 and and CCONJ cblr-1764 610 10 its its PRON cblr-1764 610 11 discontents discontent NOUN cblr-1764 610 12 , , PUNCT cblr-1764 610 13 91 91 NUM cblr-1764 610 14 tex tex PROPN cblr-1764 610 15 . . PROPN cblr-1764 610 16 l. l. PROPN cblr-1764 610 17 rev rev PROPN cblr-1764 610 18 . . PROPN cblr-1764 610 19 1936 1936 NUM cblr-1764 610 20 , , PUNCT cblr-1764 610 21 1937 1937 NUM cblr-1764 610 22 ( ( PUNCT cblr-1764 610 23 2013 2013 NUM cblr-1764 610 24 ) ) PUNCT cblr-1764 610 25 ; ; PUNCT cblr-1764 610 26 kenneth kenneth PROPN cblr-1764 610 27 w. w. PROPN cblr-1764 610 28 abbott abbott PROPN cblr-1764 610 29 & & CCONJ cblr-1764 610 30 duncan duncan PROPN cblr-1764 610 31 snidal snidal PROPN cblr-1764 610 32 , , PUNCT cblr-1764 610 33 hard hard ADJ cblr-1764 610 34 and and CCONJ cblr-1764 610 35 soft soft ADJ cblr-1764 610 36 law law NOUN cblr-1764 610 37 in in ADP cblr-1764 610 38 international international ADJ cblr-1764 610 39 governance governance NOUN cblr-1764 610 40 , , PUNCT cblr-1764 610 41 54 54 NUM cblr-1764 610 42 int’l int’l NUM cblr-1764 610 43 org org NOUN cblr-1764 610 44 . . PUNCT cblr-1764 611 1 421 421 NUM cblr-1764 611 2 , , PUNCT cblr-1764 611 3 423 423 NUM cblr-1764 611 4 ( ( PUNCT cblr-1764 611 5 2000 2000 NUM cblr-1764 611 6 ) ) PUNCT cblr-1764 611 7 . . PUNCT cblr-1764 612 1 191 191 NUM cblr-1764 612 2 see see VERB cblr-1764 612 3 paul paul PROPN cblr-1764 612 4 stephan stephan PROPN cblr-1764 612 5 , , PUNCT cblr-1764 612 6 regulatory regulatory ADJ cblr-1764 612 7 competition competition NOUN cblr-1764 612 8 and and CCONJ cblr-1764 612 9 anticorruption anticorruption NOUN cblr-1764 612 10 law law NOUN cblr-1764 612 11 , , PUNCT cblr-1764 612 12 53 53 NUM cblr-1764 612 13 va va NOUN cblr-1764 612 14 . . PUNCT cblr-1764 613 1 j. j. PROPN cblr-1764 613 2 int’l int’l PROPN cblr-1764 613 3 l. l. PROPN cblr-1764 613 4 53 53 NUM cblr-1764 613 5 , , PUNCT cblr-1764 613 6 55 55 NUM cblr-1764 613 7 ( ( PUNCT cblr-1764 613 8 2012 2012 NUM cblr-1764 613 9 ) ) PUNCT cblr-1764 613 10 . . PUNCT cblr-1764 614 1 192 192 NUM cblr-1764 614 2 see see VERB cblr-1764 614 3 roberta roberta PROPN cblr-1764 614 4 romano romano PROPN cblr-1764 614 5 , , PUNCT cblr-1764 614 6 for for ADP cblr-1764 614 7 diversity diversity NOUN cblr-1764 614 8 in in ADP cblr-1764 614 9 the the DET cblr-1764 614 10 international international ADJ cblr-1764 614 11 regulation regulation NOUN cblr-1764 614 12 of of ADP cblr-1764 614 13 financial financial ADJ cblr-1764 614 14 institutions institution NOUN cblr-1764 614 15 : : PUNCT cblr-1764 614 16 critiquing critique VERB cblr-1764 614 17 and and CCONJ cblr-1764 614 18 recalibrating recalibrate VERB cblr-1764 614 19 the the DET cblr-1764 614 20 basel basel NOUN cblr-1764 614 21 architecture architecture NOUN cblr-1764 614 22 , , PUNCT cblr-1764 614 23 31 31 NUM cblr-1764 614 24 yale yale PROPN cblr-1764 614 25 j. j. PROPN cblr-1764 614 26 on on ADP cblr-1764 614 27 reg reg PROPN cblr-1764 614 28 . . PROPN cblr-1764 615 1 1 1 NUM cblr-1764 615 2 , , PUNCT cblr-1764 615 3 5–6 5–6 NUM cblr-1764 615 4 ( ( PUNCT cblr-1764 615 5 2014 2014 NUM cblr-1764 615 6 ) ) PUNCT cblr-1764 615 7 . . PUNCT cblr-1764 616 1 193 193 NUM cblr-1764 616 2 see see VERB cblr-1764 616 3 stephan stephan PROPN cblr-1764 616 4 , , PUNCT cblr-1764 616 5 supra supra PROPN cblr-1764 616 6 note note NOUN cblr-1764 616 7 191 191 NUM cblr-1764 616 8 . . PUNCT cblr-1764 617 1 turk turk PROPN cblr-1764 617 2 – – PUNCT cblr-1764 617 3 final final ADJ cblr-1764 617 4 1018 1018 NUM cblr-1764 617 5 columbia columbia PROPN cblr-1764 617 6 business business NOUN cblr-1764 617 7 law law PROPN cblr-1764 617 8 review review NOUN cblr-1764 617 9 [ [ X cblr-1764 617 10 vol vol NOUN cblr-1764 617 11 . . NOUN cblr-1764 617 12 2015 2015 NUM cblr-1764 617 13 option option NOUN cblr-1764 617 14 of of ADP cblr-1764 617 15 exit exit NOUN cblr-1764 617 16 reduces reduce VERB cblr-1764 617 17 the the DET cblr-1764 617 18 costs cost NOUN cblr-1764 617 19 of of ADP cblr-1764 617 20 regulatory regulatory ADJ cblr-1764 617 21 error.194 error.194 PROPN cblr-1764 617 22 in in ADP cblr-1764 617 23 sum sum NOUN cblr-1764 617 24 , , PUNCT cblr-1764 617 25 regulatory regulatory ADJ cblr-1764 617 26 competition competition NOUN cblr-1764 617 27 minimizes minimize VERB cblr-1764 617 28 the the DET cblr-1764 617 29 scale scale NOUN cblr-1764 617 30 of of ADP cblr-1764 617 31 regulatory regulatory ADJ cblr-1764 617 32 failure failure NOUN cblr-1764 617 33 to to ADP cblr-1764 617 34 a a DET cblr-1764 617 35 single single ADJ cblr-1764 617 36 jurisdiction jurisdiction NOUN cblr-1764 617 37 that that SCONJ cblr-1764 617 38 residents resident NOUN cblr-1764 617 39 may may AUX cblr-1764 617 40 opt opt VERB cblr-1764 617 41 out out ADP cblr-1764 617 42 of of ADP cblr-1764 617 43 , , PUNCT cblr-1764 617 44 while while SCONJ cblr-1764 617 45 at at ADP cblr-1764 617 46 the the DET cblr-1764 617 47 same same ADJ cblr-1764 617 48 time time NOUN cblr-1764 617 49 leaving leave VERB cblr-1764 617 50 other other ADJ cblr-1764 617 51 jurisdictions jurisdiction NOUN cblr-1764 617 52 free free ADJ cblr-1764 617 53 to to PART cblr-1764 617 54 opt opt VERB cblr-1764 617 55 in in ADP cblr-1764 617 56 to to ADP cblr-1764 617 57 successful successful ADJ cblr-1764 617 58 regulations regulation NOUN cblr-1764 617 59 through through ADP cblr-1764 617 60 imitation.195 imitation.195 ADJ cblr-1764 617 61 regulatory regulatory ADJ cblr-1764 617 62 competition competition NOUN cblr-1764 617 63 becomes become VERB cblr-1764 617 64 problematic problematic ADJ cblr-1764 617 65 , , PUNCT cblr-1764 617 66 however however ADV cblr-1764 617 67 , , PUNCT cblr-1764 617 68 when when SCONJ cblr-1764 617 69 activities activity NOUN cblr-1764 617 70 within within ADP cblr-1764 617 71 one one NUM cblr-1764 617 72 jurisdiction jurisdiction NOUN cblr-1764 617 73 impose impose VERB cblr-1764 617 74 external external ADJ cblr-1764 617 75 costs cost NOUN cblr-1764 617 76 or or CCONJ cblr-1764 617 77 benefits benefit NOUN cblr-1764 617 78 on on ADP cblr-1764 617 79 other other ADJ cblr-1764 617 80 jurisdictions jurisdiction NOUN cblr-1764 617 81 . . PUNCT cblr-1764 618 1 when when SCONJ cblr-1764 618 2 an an DET cblr-1764 618 3 activity activity NOUN cblr-1764 618 4 taking take VERB cblr-1764 618 5 place place NOUN cblr-1764 618 6 in in ADP cblr-1764 618 7 the the DET cblr-1764 618 8 home home NOUN cblr-1764 618 9 jurisdiction jurisdiction NOUN cblr-1764 618 10 imposes impose VERB cblr-1764 618 11 a a DET cblr-1764 618 12 negative negative ADJ cblr-1764 618 13 externality externality NOUN cblr-1764 618 14 on on ADP cblr-1764 618 15 foreign foreign ADJ cblr-1764 618 16 jurisdictions jurisdiction NOUN cblr-1764 618 17 , , PUNCT cblr-1764 618 18 the the DET cblr-1764 618 19 home home NOUN cblr-1764 618 20 jurisdiction jurisdiction NOUN cblr-1764 618 21 has have VERB cblr-1764 618 22 an an DET cblr-1764 618 23 incentive incentive NOUN cblr-1764 618 24 to to PART cblr-1764 618 25 underinvest underinv ADJ cblr-1764 618 26 in in ADP cblr-1764 618 27 deterring deter VERB cblr-1764 618 28 the the DET cblr-1764 618 29 conduct conduct NOUN cblr-1764 618 30 at at ADP cblr-1764 618 31 issue issue NOUN cblr-1764 618 32 . . PUNCT cblr-1764 619 1 in in ADP cblr-1764 619 2 turn turn NOUN cblr-1764 619 3 , , PUNCT cblr-1764 619 4 this this DET cblr-1764 619 5 incentive incentive NOUN cblr-1764 619 6 may may AUX cblr-1764 619 7 produce produce VERB cblr-1764 619 8 a a DET cblr-1764 619 9 race race NOUN cblr-1764 619 10 - - PUNCT cblr-1764 619 11 to to ADP cblr-1764 619 12 - - PUNCT cblr-1764 619 13 the the DET cblr-1764 619 14 - - PUNCT cblr-1764 619 15 bottom bottom NOUN cblr-1764 619 16 dynamic dynamic NOUN cblr-1764 619 17 , , PUNCT cblr-1764 619 18 in in ADP cblr-1764 619 19 which which PRON cblr-1764 619 20 the the DET cblr-1764 619 21 opportunity opportunity NOUN cblr-1764 619 22 for for SCONJ cblr-1764 619 23 exit exit NOUN cblr-1764 619 24 drives drive VERB cblr-1764 619 25 activity activity NOUN cblr-1764 619 26 to to ADP cblr-1764 619 27 jurisdictions jurisdiction NOUN cblr-1764 619 28 with with ADP cblr-1764 619 29 less less ADV cblr-1764 619 30 stringent stringent ADJ cblr-1764 619 31 regulation regulation NOUN cblr-1764 619 32 , , PUNCT cblr-1764 619 33 and and CCONJ cblr-1764 619 34 jurisdictions jurisdiction NOUN cblr-1764 619 35 compete compete VERB cblr-1764 619 36 to to PART cblr-1764 619 37 provide provide VERB cblr-1764 619 38 inefficient inefficient ADJ cblr-1764 619 39 regulatory regulatory ADJ cblr-1764 619 40 laxity.196 laxity.196 NOUN cblr-1764 619 41 this this DET cblr-1764 619 42 raceto raceto NOUN cblr-1764 619 43 - - PUNCT cblr-1764 619 44 the the DET cblr-1764 619 45 - - PUNCT cblr-1764 619 46 bottom bottom NOUN cblr-1764 619 47 dynamic dynamic NOUN cblr-1764 619 48 can can AUX cblr-1764 619 49 potentially potentially ADV cblr-1764 619 50 be be AUX cblr-1764 619 51 remedied remedied ADJ cblr-1764 619 52 if if SCONJ cblr-1764 619 53 jurisdictions jurisdiction NOUN cblr-1764 619 54 agree agree VERB cblr-1764 619 55 to to PART cblr-1764 619 56 harmonize harmonize VERB cblr-1764 619 57 their their PRON cblr-1764 619 58 regulations regulation NOUN cblr-1764 619 59 and and CCONJ cblr-1764 619 60 adopt adopt VERB cblr-1764 619 61 uniform uniform ADJ cblr-1764 619 62 rules rule NOUN cblr-1764 619 63 that that PRON cblr-1764 619 64 create create VERB cblr-1764 619 65 a a DET cblr-1764 619 66 “ " PUNCT cblr-1764 619 67 level level ADJ cblr-1764 619 68 playing playing NOUN cblr-1764 619 69 field field NOUN cblr-1764 619 70 . . PUNCT cblr-1764 620 1 ”197 ”197 PUNCT cblr-1764 620 2 in in ADP cblr-1764 620 3 the the DET cblr-1764 620 4 reverse reverse ADJ cblr-1764 620 5 case case NOUN cblr-1764 620 6 , , PUNCT cblr-1764 620 7 where where SCONJ cblr-1764 620 8 an an DET cblr-1764 620 9 activity activity NOUN cblr-1764 620 10 in in ADP cblr-1764 620 11 the the DET cblr-1764 620 12 home home NOUN cblr-1764 620 13 jurisdiction jurisdiction NOUN cblr-1764 620 14 would would AUX cblr-1764 620 15 impart impart VERB cblr-1764 620 16 a a DET cblr-1764 620 17 positive positive ADJ cblr-1764 620 18 externality externality NOUN cblr-1764 620 19 on on ADP cblr-1764 620 20 foreign foreign ADJ cblr-1764 620 21 jurisdictions jurisdiction NOUN cblr-1764 620 22 , , PUNCT cblr-1764 620 23 the the DET cblr-1764 620 24 home home NOUN cblr-1764 620 25 jurisdiction jurisdiction NOUN cblr-1764 620 26 will will AUX cblr-1764 620 27 rationally rationally ADV cblr-1764 620 28 underinvest underinv ADJ cblr-1764 620 29 in in ADP cblr-1764 620 30 producing produce VERB cblr-1764 620 31 the the DET cblr-1764 620 32 activity activity NOUN cblr-1764 620 33 at at ADP cblr-1764 620 34 issue issue NOUN cblr-1764 620 35 absent absent ADJ cblr-1764 620 36 harmonization.198 harmonization.198 CCONJ cblr-1764 620 37 194 194 NUM cblr-1764 620 38 see see NOUN cblr-1764 620 39 alfred alfred PROPN cblr-1764 620 40 o. o. PROPN cblr-1764 620 41 hirschman hirschman PROPN cblr-1764 620 42 , , PUNCT cblr-1764 620 43 exit exit NOUN cblr-1764 620 44 , , PUNCT cblr-1764 620 45 voice voice NOUN cblr-1764 620 46 and and CCONJ cblr-1764 620 47 loyalty loyalty NOUN cblr-1764 620 48 : : PUNCT cblr-1764 620 49 responses response NOUN cblr-1764 620 50 to to PART cblr-1764 620 51 decline decline VERB cblr-1764 620 52 in in ADP cblr-1764 620 53 firms firm NOUN cblr-1764 620 54 , , PUNCT cblr-1764 620 55 organizations organization NOUN cblr-1764 620 56 , , PUNCT cblr-1764 620 57 and and CCONJ cblr-1764 620 58 states state NOUN cblr-1764 620 59 4 4 NUM cblr-1764 620 60 , , PUNCT cblr-1764 620 61 21–28 21–28 NUM cblr-1764 620 62 ( ( PUNCT cblr-1764 620 63 1970 1970 NUM cblr-1764 620 64 ) ) PUNCT cblr-1764 620 65 ; ; PUNCT cblr-1764 620 66 roberta roberta PROPN cblr-1764 620 67 romano romano PROPN cblr-1764 620 68 , , PUNCT cblr-1764 620 69 against against ADP cblr-1764 620 70 financial financial ADJ cblr-1764 620 71 regulation regulation NOUN cblr-1764 620 72 harmonization harmonization NOUN cblr-1764 620 73 : : PUNCT cblr-1764 620 74 a a DET cblr-1764 620 75 comment comment NOUN cblr-1764 620 76 18 18 NUM cblr-1764 620 77 ( ( PUNCT cblr-1764 620 78 yale yale PROPN cblr-1764 620 79 law law PROPN cblr-1764 620 80 & & CCONJ cblr-1764 620 81 econ econ PROPN cblr-1764 620 82 . . PROPN cblr-1764 620 83 , , PUNCT cblr-1764 620 84 research research NOUN cblr-1764 620 85 paper paper NOUN cblr-1764 620 86 no no INTJ cblr-1764 620 87 . . PROPN cblr-1764 620 88 414 414 NUM cblr-1764 620 89 , , PUNCT cblr-1764 620 90 2010 2010 NUM cblr-1764 620 91 ) ) PUNCT cblr-1764 620 92 ; ; PUNCT cblr-1764 620 93 charles charles PROPN cblr-1764 620 94 k. k. PROPN cblr-1764 620 95 whitehead whitehead PROPN cblr-1764 620 96 , , PUNCT cblr-1764 620 97 destructive destructive ADJ cblr-1764 620 98 coordination coordination NOUN cblr-1764 620 99 , , PUNCT cblr-1764 620 100 96 96 NUM cblr-1764 620 101 cornell cornell PROPN cblr-1764 620 102 l. l. PROPN cblr-1764 620 103 rev rev PROPN cblr-1764 620 104 . . PROPN cblr-1764 620 105 323 323 NUM cblr-1764 620 106 , , PUNCT cblr-1764 620 107 326–27 326–27 NUM cblr-1764 620 108 , , PUNCT cblr-1764 620 109 336 336 NUM cblr-1764 620 110 ( ( PUNCT cblr-1764 620 111 2011 2011 NUM cblr-1764 620 112 ) ) PUNCT cblr-1764 620 113 . . PUNCT cblr-1764 621 1 195 195 NUM cblr-1764 621 2 see see VERB cblr-1764 621 3 wallace wallace PROPN cblr-1764 621 4 e. e. PROPN cblr-1764 621 5 oates oates PROPN cblr-1764 621 6 & & CCONJ cblr-1764 621 7 robert robert PROPN cblr-1764 621 8 m. m. PROPN cblr-1764 621 9 schwab schwab PROPN cblr-1764 621 10 , , PUNCT cblr-1764 621 11 economic economic ADJ cblr-1764 621 12 competition competition NOUN cblr-1764 621 13 among among ADP cblr-1764 621 14 jurisdictions jurisdiction NOUN cblr-1764 621 15 : : PUNCT cblr-1764 621 16 efficiency efficiency NOUN cblr-1764 621 17 enhancing enhancing NOUN cblr-1764 621 18 or or CCONJ cblr-1764 621 19 distortion distortion NOUN cblr-1764 621 20 inducing inducing ADJ cblr-1764 621 21 ? ? PUNCT cblr-1764 621 22 , , PUNCT cblr-1764 621 23 35 35 NUM cblr-1764 621 24 j. j. PROPN cblr-1764 621 25 pub pub PROPN cblr-1764 621 26 . . PUNCT cblr-1764 622 1 econ econ PROPN cblr-1764 622 2 . . PUNCT cblr-1764 623 1 333 333 NUM cblr-1764 623 2 , , PUNCT cblr-1764 623 3 333–35 333–35 NUM cblr-1764 623 4 ( ( PUNCT cblr-1764 623 5 1988 1988 NUM cblr-1764 623 6 ) ) PUNCT cblr-1764 623 7 ; ; PUNCT cblr-1764 623 8 charles charles PROPN cblr-1764 623 9 m. m. PROPN cblr-1764 623 10 tiebout tiebout PROPN cblr-1764 623 11 , , PUNCT cblr-1764 623 12 a a DET cblr-1764 623 13 pure pure ADJ cblr-1764 623 14 theory theory NOUN cblr-1764 623 15 of of ADP cblr-1764 623 16 local local ADJ cblr-1764 623 17 expenditures expenditure NOUN cblr-1764 623 18 , , PUNCT cblr-1764 623 19 64 64 NUM cblr-1764 623 20 j. j. PROPN cblr-1764 623 21 pol pol PROPN cblr-1764 623 22 . . PUNCT cblr-1764 624 1 econ econ PROPN cblr-1764 624 2 . . PUNCT cblr-1764 625 1 416 416 NUM cblr-1764 625 2 , , PUNCT cblr-1764 625 3 418–19 418–19 PROPN cblr-1764 625 4 ( ( PUNCT cblr-1764 625 5 1956 1956 NUM cblr-1764 625 6 ) ) PUNCT cblr-1764 625 7 . . PUNCT cblr-1764 626 1 196 196 NUM cblr-1764 626 2 see see VERB cblr-1764 626 3 stephan stephan PROPN cblr-1764 626 4 , , PUNCT cblr-1764 626 5 supra supra PROPN cblr-1764 626 6 note note NOUN cblr-1764 626 7 191 191 NUM cblr-1764 626 8 . . SYM cblr-1764 626 9 197 197 NUM cblr-1764 626 10 see see VERB cblr-1764 626 11 romano romano NOUN cblr-1764 626 12 , , PUNCT cblr-1764 626 13 supra supra ADJ cblr-1764 626 14 note note NOUN cblr-1764 626 15 192 192 NUM cblr-1764 626 16 , , PUNCT cblr-1764 626 17 at at ADP cblr-1764 626 18 32–33 32–33 NUM cblr-1764 626 19 . . PUNCT cblr-1764 627 1 198 198 NUM cblr-1764 627 2 one one NUM cblr-1764 627 3 form form NOUN cblr-1764 627 4 in in ADP cblr-1764 627 5 which which PRON cblr-1764 627 6 the the DET cblr-1764 627 7 positive positive ADJ cblr-1764 627 8 externality externality NOUN cblr-1764 627 9 case case NOUN cblr-1764 627 10 will will AUX cblr-1764 627 11 often often ADV cblr-1764 627 12 arise arise VERB cblr-1764 627 13 is be AUX cblr-1764 627 14 when when SCONJ cblr-1764 627 15 there there PRON cblr-1764 627 16 are be VERB cblr-1764 627 17 benefits benefit NOUN cblr-1764 627 18 to to ADP cblr-1764 627 19 developing develop VERB cblr-1764 627 20 common common ADJ cblr-1764 627 21 standards standard NOUN cblr-1764 627 22 that that PRON cblr-1764 627 23 increase increase VERB cblr-1764 627 24 the the DET cblr-1764 627 25 network network NOUN cblr-1764 627 26 of of ADP cblr-1764 627 27 parties party NOUN cblr-1764 627 28 that that PRON cblr-1764 627 29 are be AUX cblr-1764 627 30 “ " PUNCT cblr-1764 627 31 using use VERB cblr-1764 627 32 the the DET cblr-1764 627 33 same same ADJ cblr-1764 627 34 [ [ X cblr-1764 627 35 regulatory regulatory ADJ cblr-1764 627 36 ] ] X cblr-1764 627 37 language language NOUN cblr-1764 627 38 . . PUNCT cblr-1764 627 39 ” " PUNCT cblr-1764 628 1 see see VERB cblr-1764 628 2 john john PROPN cblr-1764 628 3 c. c. PROPN cblr-1764 628 4 coffee coffee PROPN cblr-1764 628 5 , , PUNCT cblr-1764 628 6 law law NOUN cblr-1764 628 7 and and CCONJ cblr-1764 628 8 regulatory regulatory ADJ cblr-1764 628 9 competition competition NOUN cblr-1764 628 10 : : PUNCT cblr-1764 628 11 can can AUX cblr-1764 628 12 they they PRON cblr-1764 628 13 co co VERB cblr-1764 628 14 - - VERB cblr-1764 628 15 exist exist VERB cblr-1764 628 16 ? ? PUNCT cblr-1764 628 17 , , PUNCT cblr-1764 628 18 80 80 NUM cblr-1764 628 19 tex tex PROPN cblr-1764 628 20 . . PROPN cblr-1764 628 21 l. l. PROPN cblr-1764 628 22 rev rev PROPN cblr-1764 628 23 . . PROPN cblr-1764 628 24 1729 1729 NUM cblr-1764 628 25 , , PUNCT cblr-1764 628 26 1732 1732 NUM cblr-1764 628 27 ( ( PUNCT cblr-1764 628 28 2002 2002 NUM cblr-1764 628 29 ) ) PUNCT cblr-1764 628 30 ; ; PUNCT cblr-1764 628 31 see see VERB cblr-1764 628 32 also also ADV cblr-1764 628 33 drezner drezner NOUN cblr-1764 628 34 , , PUNCT cblr-1764 628 35 supra supra PROPN cblr-1764 628 36 note note NOUN cblr-1764 628 37 168 168 NUM cblr-1764 628 38 , , PUNCT cblr-1764 628 39 at at ADP cblr-1764 628 40 43 43 NUM cblr-1764 628 41 . . PUNCT cblr-1764 629 1 turk turk PROPN cblr-1764 629 2 – – PUNCT cblr-1764 629 3 final final ADJ cblr-1764 629 4 no no NOUN cblr-1764 629 5 . . PUNCT cblr-1764 630 1 3:967 3:967 NUM cblr-1764 630 2 ] ] PUNCT cblr-1764 630 3 insurance insurance NOUN cblr-1764 630 4 convergence convergence NOUN cblr-1764 630 5 1019 1019 NUM cblr-1764 630 6 at at ADP cblr-1764 630 7 the the DET cblr-1764 630 8 theoretical theoretical ADJ cblr-1764 630 9 level level NOUN cblr-1764 630 10 , , PUNCT cblr-1764 630 11 the the DET cblr-1764 630 12 question question NOUN cblr-1764 630 13 of of ADP cblr-1764 630 14 harmonization harmonization NOUN cblr-1764 630 15 versus versus ADP cblr-1764 630 16 competition competition NOUN cblr-1764 630 17 is be AUX cblr-1764 630 18 indeterminate.199 indeterminate.199 NOUN cblr-1764 630 19 for for ADP cblr-1764 630 20 any any DET cblr-1764 630 21 area area NOUN cblr-1764 630 22 of of ADP cblr-1764 630 23 regulation regulation NOUN cblr-1764 630 24 , , PUNCT cblr-1764 630 25 whether whether SCONJ cblr-1764 630 26 more more ADJ cblr-1764 630 27 harmonization harmonization NOUN cblr-1764 630 28 or or CCONJ cblr-1764 630 29 diversity diversity NOUN cblr-1764 630 30 is be AUX cblr-1764 630 31 optimal optimal ADJ cblr-1764 630 32 at at ADP cblr-1764 630 33 the the DET cblr-1764 630 34 margin margin NOUN cblr-1764 630 35 depends depend VERB cblr-1764 630 36 on on ADP cblr-1764 630 37 whether whether SCONJ cblr-1764 630 38 the the DET cblr-1764 630 39 benefits benefit NOUN cblr-1764 630 40 of of ADP cblr-1764 630 41 regulatory regulatory ADJ cblr-1764 630 42 competition competition NOUN cblr-1764 630 43 are be AUX cblr-1764 630 44 outweighed outweigh VERB cblr-1764 630 45 by by ADP cblr-1764 630 46 the the DET cblr-1764 630 47 costs cost NOUN cblr-1764 630 48 of of ADP cblr-1764 630 49 crossjurisdictional crossjurisdictional ADJ cblr-1764 630 50 externalities externality NOUN cblr-1764 630 51 in in ADP cblr-1764 630 52 that that DET cblr-1764 630 53 particular particular ADJ cblr-1764 630 54 context.200 context.200 NOUN cblr-1764 630 55 however however ADV cblr-1764 630 56 , , PUNCT cblr-1764 630 57 as as SCONJ cblr-1764 630 58 markets market NOUN cblr-1764 630 59 become become VERB cblr-1764 630 60 more more ADV cblr-1764 630 61 integrated integrate VERB cblr-1764 630 62 across across ADP cblr-1764 630 63 jurisdictions jurisdiction NOUN cblr-1764 630 64 the the DET cblr-1764 630 65 incidence incidence NOUN cblr-1764 630 66 of of ADP cblr-1764 630 67 inter inter ADJ cblr-1764 630 68 - - ADJ cblr-1764 630 69 jurisdictional jurisdictional ADJ cblr-1764 630 70 externalities externality NOUN cblr-1764 630 71 tends tend VERB cblr-1764 630 72 to to PART cblr-1764 630 73 increase increase VERB cblr-1764 630 74 , , PUNCT cblr-1764 630 75 making make VERB cblr-1764 630 76 the the DET cblr-1764 630 77 case case NOUN cblr-1764 630 78 for for ADP cblr-1764 630 79 harmonization harmonization NOUN cblr-1764 630 80 stronger strong ADJ cblr-1764 630 81 . . PUNCT cblr-1764 631 1 insurance insurance NOUN cblr-1764 631 2 poses pose VERB cblr-1764 631 3 an an DET cblr-1764 631 4 intriguing intriguing ADJ cblr-1764 631 5 example example NOUN cblr-1764 631 6 of of ADP cblr-1764 631 7 the the DET cblr-1764 631 8 jurisdictional jurisdictional ADJ cblr-1764 631 9 boundary boundary ADJ cblr-1764 631 10 problem problem NOUN cblr-1764 631 11 . . PUNCT cblr-1764 632 1 at at ADP cblr-1764 632 2 both both CCONJ cblr-1764 632 3 the the DET cblr-1764 632 4 domestic domestic ADJ cblr-1764 632 5 and and CCONJ cblr-1764 632 6 international international ADJ cblr-1764 632 7 tiers tier NOUN cblr-1764 632 8 , , PUNCT cblr-1764 632 9 there there PRON cblr-1764 632 10 is be VERB cblr-1764 632 11 much much ADV cblr-1764 632 12 more more ADJ cblr-1764 632 13 regulatory regulatory ADJ cblr-1764 632 14 competition competition NOUN cblr-1764 632 15 when when SCONJ cblr-1764 632 16 it it PRON cblr-1764 632 17 comes come VERB cblr-1764 632 18 to to ADP cblr-1764 632 19 insurance insurance NOUN cblr-1764 632 20 than than SCONJ cblr-1764 632 21 is be AUX cblr-1764 632 22 the the DET cblr-1764 632 23 case case NOUN cblr-1764 632 24 for for ADP cblr-1764 632 25 other other ADJ cblr-1764 632 26 financial financial ADJ cblr-1764 632 27 industries industry NOUN cblr-1764 632 28 . . PUNCT cblr-1764 633 1 however however ADV cblr-1764 633 2 , , PUNCT cblr-1764 633 3 over over ADP cblr-1764 633 4 the the DET cblr-1764 633 5 past past ADJ cblr-1764 633 6 dozen dozen NOUN cblr-1764 633 7 years year NOUN cblr-1764 633 8 , , PUNCT cblr-1764 633 9 the the DET cblr-1764 633 10 integration integration NOUN cblr-1764 633 11 of of ADP cblr-1764 633 12 insurance insurance NOUN cblr-1764 633 13 markets market NOUN cblr-1764 633 14 has have AUX cblr-1764 633 15 increased increase VERB cblr-1764 633 16 and and CCONJ cblr-1764 633 17 the the DET cblr-1764 633 18 industry industry NOUN cblr-1764 633 19 has have AUX cblr-1764 633 20 grown grow VERB cblr-1764 633 21 to to PART cblr-1764 633 22 resemble resemble VERB cblr-1764 633 23 and and CCONJ cblr-1764 633 24 become become VERB cblr-1764 633 25 interconnected interconnected ADJ cblr-1764 633 26 with with ADP cblr-1764 633 27 the the DET cblr-1764 633 28 broader broad ADJ cblr-1764 633 29 financial financial ADJ cblr-1764 633 30 system system NOUN cblr-1764 633 31 . . PUNCT cblr-1764 634 1 thus thus ADV cblr-1764 634 2 , , PUNCT cblr-1764 634 3 a a DET cblr-1764 634 4 pressing press VERB cblr-1764 634 5 policy policy NOUN cblr-1764 634 6 question question NOUN cblr-1764 634 7 at at ADP cblr-1764 634 8 both both DET cblr-1764 634 9 tiers tier NOUN cblr-1764 634 10 is be AUX cblr-1764 634 11 whether whether SCONJ cblr-1764 634 12 it it PRON cblr-1764 634 13 is be AUX cblr-1764 634 14 desirable desirable ADJ cblr-1764 634 15 to to PART cblr-1764 634 16 build build VERB cblr-1764 634 17 on on ADP cblr-1764 634 18 recent recent ADJ cblr-1764 634 19 reforms reform NOUN cblr-1764 634 20 to to PART cblr-1764 634 21 take take VERB cblr-1764 634 22 bold bold ADJ cblr-1764 634 23 new new ADJ cblr-1764 634 24 steps step NOUN cblr-1764 634 25 to to PART cblr-1764 634 26 harmonize harmonize VERB cblr-1764 634 27 insurance insurance NOUN cblr-1764 634 28 rules rule NOUN cblr-1764 634 29 so so SCONJ cblr-1764 634 30 that that SCONJ cblr-1764 634 31 they they PRON cblr-1764 634 32 more more ADV cblr-1764 634 33 closely closely ADV cblr-1764 634 34 resemble resemble VERB cblr-1764 634 35 those those PRON cblr-1764 634 36 governing govern VERB cblr-1764 634 37 the the DET cblr-1764 634 38 rest rest NOUN cblr-1764 634 39 of of ADP cblr-1764 634 40 the the DET cblr-1764 634 41 financial financial ADJ cblr-1764 634 42 system system NOUN cblr-1764 634 43 . . PUNCT cblr-1764 635 1 this this DET cblr-1764 635 2 part part NOUN cblr-1764 635 3 iv.a iv.a VERB cblr-1764 635 4 explores explore VERB cblr-1764 635 5 the the DET cblr-1764 635 6 tradeoffs tradeoff NOUN cblr-1764 635 7 at at ADP cblr-1764 635 8 each each DET cblr-1764 635 9 tier tier NOUN cblr-1764 635 10 and and CCONJ cblr-1764 635 11 argues argue VERB cblr-1764 635 12 that that SCONJ cblr-1764 635 13 the the DET cblr-1764 635 14 case case NOUN cblr-1764 635 15 for for ADP cblr-1764 635 16 greater great ADJ cblr-1764 635 17 harmonization harmonization NOUN cblr-1764 635 18 is be AUX cblr-1764 635 19 quite quite ADV cblr-1764 635 20 strong strong ADJ cblr-1764 635 21 at at ADP cblr-1764 635 22 the the DET cblr-1764 635 23 domestic domestic ADJ cblr-1764 635 24 level level NOUN cblr-1764 635 25 but but CCONJ cblr-1764 635 26 less less ADV cblr-1764 635 27 so so ADV cblr-1764 635 28 internationally internationally ADV cblr-1764 635 29 . . PUNCT cblr-1764 636 1 an an DET cblr-1764 636 2 implication implication NOUN cblr-1764 636 3 is be AUX cblr-1764 636 4 that that SCONJ cblr-1764 636 5 the the DET cblr-1764 636 6 current current ADJ cblr-1764 636 7 structure structure NOUN cblr-1764 636 8 of of ADP cblr-1764 636 9 the the DET cblr-1764 636 10 fio fio NOUN cblr-1764 636 11 , , PUNCT cblr-1764 636 12 which which PRON cblr-1764 636 13 is be AUX cblr-1764 636 14 designed design VERB cblr-1764 636 15 to to PART cblr-1764 636 16 directly directly ADV cblr-1764 636 17 pursue pursue VERB cblr-1764 636 18 international international ADJ cblr-1764 636 19 harmonization harmonization NOUN cblr-1764 636 20 as as ADP cblr-1764 636 21 an an DET cblr-1764 636 22 indirect indirect ADJ cblr-1764 636 23 means mean NOUN cblr-1764 636 24 to to ADP cblr-1764 636 25 domestic domestic ADJ cblr-1764 636 26 harmonization harmonization NOUN cblr-1764 636 27 , , PUNCT cblr-1764 636 28 is be AUX cblr-1764 636 29 flawed flawed ADJ cblr-1764 636 30 . . PUNCT cblr-1764 637 1 scholarship scholarship NOUN cblr-1764 637 2 that that PRON cblr-1764 637 3 regards regard VERB cblr-1764 637 4 the the DET cblr-1764 637 5 internationalist internationalist ADJ cblr-1764 637 6 orientation orientation NOUN cblr-1764 637 7 of of ADP cblr-1764 637 8 the the DET cblr-1764 637 9 fio fio NOUN cblr-1764 637 10 as as ADP cblr-1764 637 11 a a DET cblr-1764 637 12 positive positive ADJ cblr-1764 637 13 institutional institutional ADJ cblr-1764 637 14 feature feature NOUN cblr-1764 637 15 is be AUX cblr-1764 637 16 therefore therefore ADV cblr-1764 637 17 misguided misguided ADJ cblr-1764 637 18 , , PUNCT cblr-1764 637 19 because because SCONJ cblr-1764 637 20 only only ADV cblr-1764 637 21 a a DET cblr-1764 637 22 relatively relatively ADV cblr-1764 637 23 small small ADJ cblr-1764 637 24 subset subset NOUN cblr-1764 637 25 of of ADP cblr-1764 637 26 harmonization harmonization NOUN cblr-1764 637 27 measures measure NOUN cblr-1764 637 28 that that PRON cblr-1764 637 29 are be AUX cblr-1764 637 30 desirable desirable ADJ cblr-1764 637 31 at at ADP cblr-1764 637 32 the the DET cblr-1764 637 33 domestic domestic ADJ cblr-1764 637 34 level level NOUN cblr-1764 637 35 are be AUX cblr-1764 637 36 also also ADV cblr-1764 637 37 optimal optimal ADJ cblr-1764 637 38 at at ADP cblr-1764 637 39 the the DET cblr-1764 637 40 international international ADJ cblr-1764 637 41 level level NOUN cblr-1764 637 42 . . PUNCT cblr-1764 638 1 199 199 NUM cblr-1764 639 1 neither neither CCONJ cblr-1764 639 2 does do AUX cblr-1764 639 3 introducing introduce VERB cblr-1764 639 4 the the DET cblr-1764 639 5 possibility possibility NOUN cblr-1764 639 6 of of ADP cblr-1764 639 7 rent rent NOUN cblr-1764 639 8 - - PUNCT cblr-1764 639 9 seeking seeking NOUN cblr-1764 639 10 and and CCONJ cblr-1764 639 11 regulatory regulatory ADJ cblr-1764 639 12 capture capture NOUN cblr-1764 639 13 by by ADP cblr-1764 639 14 organized organize VERB cblr-1764 639 15 interests interest NOUN cblr-1764 639 16 tilt tilt VERB cblr-1764 639 17 the the DET cblr-1764 639 18 scales scale NOUN cblr-1764 639 19 definitively definitively ADV cblr-1764 639 20 one one NUM cblr-1764 639 21 way way NOUN cblr-1764 639 22 or or CCONJ cblr-1764 639 23 the the DET cblr-1764 639 24 other other ADJ cblr-1764 639 25 . . PUNCT cblr-1764 640 1 see see VERB cblr-1764 640 2 dennis dennis PROPN cblr-1764 640 3 c. c. PROPN cblr-1764 640 4 mueller mueller PROPN cblr-1764 640 5 , , PUNCT cblr-1764 640 6 public public ADJ cblr-1764 640 7 choice choice NOUN cblr-1764 640 8 iii iii PROPN cblr-1764 640 9 , , PUNCT cblr-1764 640 10 333–59 333–59 PROPN cblr-1764 640 11 ( ( PUNCT cblr-1764 640 12 2003 2003 NUM cblr-1764 640 13 ) ) PUNCT cblr-1764 640 14 ; ; PUNCT cblr-1764 640 15 stephan stephan PROPN cblr-1764 640 16 , , PUNCT cblr-1764 640 17 supra supra PROPN cblr-1764 640 18 note note NOUN cblr-1764 640 19 191 191 NUM cblr-1764 640 20 , , PUNCT cblr-1764 640 21 at at ADP cblr-1764 640 22 56–57 56–57 NUM cblr-1764 640 23 . . PUNCT cblr-1764 641 1 200 200 NUM cblr-1764 641 2 see see NOUN cblr-1764 641 3 stephan stephan PROPN cblr-1764 641 4 , , PUNCT cblr-1764 641 5 supra supra PROPN cblr-1764 641 6 note note NOUN cblr-1764 641 7 191 191 NUM cblr-1764 641 8 , , PUNCT cblr-1764 641 9 at at ADP cblr-1764 641 10 57 57 NUM cblr-1764 641 11 . . PUNCT cblr-1764 642 1 turk turk PROPN cblr-1764 642 2 – – PUNCT cblr-1764 642 3 final final ADJ cblr-1764 642 4 1020 1020 NUM cblr-1764 642 5 columbia columbia PROPN cblr-1764 642 6 business business NOUN cblr-1764 642 7 law law PROPN cblr-1764 642 8 review review NOUN cblr-1764 642 9 [ [ X cblr-1764 642 10 vol vol NOUN cblr-1764 642 11 . . NOUN cblr-1764 642 12 2015 2015 NUM cblr-1764 642 13 1 1 NUM cblr-1764 642 14 . . PUNCT cblr-1764 643 1 domestic domestic ADJ cblr-1764 643 2 harmonization harmonization NOUN cblr-1764 643 3 given give VERB cblr-1764 643 4 recent recent ADJ cblr-1764 643 5 market market NOUN cblr-1764 643 6 developments development NOUN cblr-1764 643 7 in in ADP cblr-1764 643 8 the the DET cblr-1764 643 9 insurance insurance NOUN cblr-1764 643 10 industry industry NOUN cblr-1764 643 11 , , PUNCT cblr-1764 643 12 it it PRON cblr-1764 643 13 is be AUX cblr-1764 643 14 clear clear ADJ cblr-1764 643 15 that that SCONJ cblr-1764 643 16 some some DET cblr-1764 643 17 degree degree NOUN cblr-1764 643 18 of of ADP cblr-1764 643 19 regulatory regulatory ADJ cblr-1764 643 20 harmonization harmonization NOUN cblr-1764 643 21 is be AUX cblr-1764 643 22 desirable desirable ADJ cblr-1764 643 23 relative relative ADJ cblr-1764 643 24 to to ADP cblr-1764 643 25 the the DET cblr-1764 643 26 state state NOUN cblr-1764 643 27 - - PUNCT cblr-1764 643 28 centered center VERB cblr-1764 643 29 status status NOUN cblr-1764 643 30 quo quo NOUN cblr-1764 643 31 that that PRON cblr-1764 643 32 has have AUX cblr-1764 643 33 tentatively tentatively ADV cblr-1764 643 34 been be AUX cblr-1764 643 35 preserved preserve VERB cblr-1764 643 36 by by ADP cblr-1764 643 37 doddfrank doddfrank PROPN cblr-1764 643 38 ’s ’s PART cblr-1764 643 39 insurance insurance NOUN cblr-1764 643 40 - - PUNCT cblr-1764 643 41 related relate VERB cblr-1764 643 42 reforms reform NOUN cblr-1764 643 43 . . PUNCT cblr-1764 644 1 as as ADP cblr-1764 644 2 an an DET cblr-1764 644 3 initial initial ADJ cblr-1764 644 4 matter matter NOUN cblr-1764 644 5 , , PUNCT cblr-1764 644 6 two two NUM cblr-1764 644 7 arguments argument NOUN cblr-1764 644 8 perennially perennially ADV cblr-1764 644 9 aired air VERB cblr-1764 644 10 in in ADP cblr-1764 644 11 defense defense NOUN cblr-1764 644 12 of of ADP cblr-1764 644 13 the the DET cblr-1764 644 14 state state NOUN cblr-1764 644 15 - - PUNCT cblr-1764 644 16 centered center VERB cblr-1764 644 17 system system NOUN cblr-1764 644 18 no no ADV cblr-1764 644 19 longer long ADV cblr-1764 644 20 apply apply VERB cblr-1764 644 21 . . PUNCT cblr-1764 645 1 proponents proponent NOUN cblr-1764 645 2 of of ADP cblr-1764 645 3 the the DET cblr-1764 645 4 status status NOUN cblr-1764 645 5 quo quo NOUN cblr-1764 645 6 often often ADV cblr-1764 645 7 assert assert VERB cblr-1764 645 8 that that SCONJ cblr-1764 645 9 the the DET cblr-1764 645 10 unique unique ADJ cblr-1764 645 11 regulatory regulatory ADJ cblr-1764 645 12 structure structure NOUN cblr-1764 645 13 for for ADP cblr-1764 645 14 insurance insurance NOUN cblr-1764 645 15 is be AUX cblr-1764 645 16 justified justify VERB cblr-1764 645 17 because because SCONJ cblr-1764 645 18 insurance insurance NOUN cblr-1764 645 19 is be AUX cblr-1764 645 20 sui sui X cblr-1764 645 21 generis generis NOUN cblr-1764 645 22 among among ADP cblr-1764 645 23 financial financial ADJ cblr-1764 645 24 services.201 services.201 NOUN cblr-1764 645 25 however however ADV cblr-1764 645 26 , , PUNCT cblr-1764 645 27 this this DET cblr-1764 645 28 argument argument NOUN cblr-1764 645 29 falls fall VERB cblr-1764 645 30 short short ADV cblr-1764 645 31 now now ADV cblr-1764 645 32 that that SCONJ cblr-1764 645 33 insurance insurance NOUN cblr-1764 645 34 companies company NOUN cblr-1764 645 35 provide provide VERB cblr-1764 645 36 many many ADJ cblr-1764 645 37 products product NOUN cblr-1764 645 38 that that PRON cblr-1764 645 39 are be AUX cblr-1764 645 40 economically economically ADV cblr-1764 645 41 indistinguishable indistinguishable ADJ cblr-1764 645 42 from from ADP cblr-1764 645 43 those those PRON cblr-1764 645 44 offered offer VERB cblr-1764 645 45 by by ADP cblr-1764 645 46 banks bank NOUN cblr-1764 645 47 and and CCONJ cblr-1764 645 48 other other ADJ cblr-1764 645 49 financial financial ADJ cblr-1764 645 50 services service NOUN cblr-1764 645 51 firms firm NOUN cblr-1764 645 52 , , PUNCT cblr-1764 645 53 all all PRON cblr-1764 645 54 of of ADP cblr-1764 645 55 which which PRON cblr-1764 645 56 are be AUX cblr-1764 645 57 subject subject ADJ cblr-1764 645 58 to to ADP cblr-1764 645 59 substantial substantial ADJ cblr-1764 645 60 federal federal ADJ cblr-1764 645 61 regulation regulation NOUN cblr-1764 645 62 . . PUNCT cblr-1764 646 1 a a DET cblr-1764 646 2 second second ADJ cblr-1764 646 3 common common ADJ cblr-1764 646 4 claim claim NOUN cblr-1764 646 5 made make VERB cblr-1764 646 6 in in ADP cblr-1764 646 7 support support NOUN cblr-1764 646 8 of of ADP cblr-1764 646 9 the the DET cblr-1764 646 10 state state NOUN cblr-1764 646 11 - - PUNCT cblr-1764 646 12 led lead VERB cblr-1764 646 13 system system NOUN cblr-1764 646 14 is be AUX cblr-1764 646 15 that that SCONJ cblr-1764 646 16 it it PRON cblr-1764 646 17 has have AUX cblr-1764 646 18 had have VERB cblr-1764 646 19 a a DET cblr-1764 646 20 relatively relatively ADV cblr-1764 646 21 successful successful ADJ cblr-1764 646 22 historical historical ADJ cblr-1764 646 23 track track NOUN cblr-1764 646 24 record record NOUN cblr-1764 646 25 in in ADP cblr-1764 646 26 keeping keep VERB cblr-1764 646 27 insurance insurance NOUN cblr-1764 646 28 companies company NOUN cblr-1764 646 29 solvent.202 solvent.202 PROPN cblr-1764 646 30 but but CCONJ cblr-1764 646 31 after after ADP cblr-1764 646 32 the the DET cblr-1764 646 33 2008 2008 NUM cblr-1764 646 34 crisis crisis NOUN cblr-1764 646 35 , , PUNCT cblr-1764 646 36 201 201 NUM cblr-1764 646 37 faisal faisal PROPN cblr-1764 646 38 baluch baluch PROPN cblr-1764 646 39 , , PUNCT cblr-1764 646 40 stanley stanley PROPN cblr-1764 646 41 mutenga mutenga PROPN cblr-1764 646 42 & & CCONJ cblr-1764 646 43 chris chris PROPN cblr-1764 646 44 parsons parsons PROPN cblr-1764 646 45 , , PUNCT cblr-1764 646 46 insurance insurance NOUN cblr-1764 646 47 systemic systemic ADJ cblr-1764 646 48 risk risk NOUN cblr-1764 646 49 and and CCONJ cblr-1764 646 50 the the DET cblr-1764 646 51 financial financial ADJ cblr-1764 646 52 crisis crisis NOUN cblr-1764 646 53 , , PUNCT cblr-1764 646 54 36 36 NUM cblr-1764 646 55 geneva geneva NOUN cblr-1764 646 56 papers paper NOUN cblr-1764 646 57 126 126 NUM cblr-1764 646 58 , , PUNCT cblr-1764 646 59 126 126 NUM cblr-1764 646 60 ( ( PUNCT cblr-1764 646 61 2011 2011 NUM cblr-1764 646 62 ) ) PUNCT cblr-1764 646 63 ( ( PUNCT cblr-1764 646 64 “ " PUNCT cblr-1764 646 65 historically historically ADV cblr-1764 646 66 , , PUNCT cblr-1764 646 67 there there PRON cblr-1764 646 68 has have AUX cblr-1764 646 69 been be AUX cblr-1764 646 70 a a DET cblr-1764 646 71 distinct distinct ADJ cblr-1764 646 72 separation separation NOUN cblr-1764 646 73 between between ADP cblr-1764 646 74 insurance insurance NOUN cblr-1764 646 75 , , PUNCT cblr-1764 646 76 banking banking NOUN cblr-1764 646 77 and and CCONJ cblr-1764 646 78 other other ADJ cblr-1764 646 79 financial financial ADJ cblr-1764 646 80 markets market NOUN cblr-1764 646 81 in in ADP cblr-1764 646 82 most most ADJ cblr-1764 646 83 countries country NOUN cblr-1764 646 84 , , PUNCT cblr-1764 646 85 so so SCONJ cblr-1764 646 86 that that SCONJ cblr-1764 646 87 events event NOUN cblr-1764 646 88 in in ADP cblr-1764 646 89 one one NUM cblr-1764 646 90 sphere sphere NOUN cblr-1764 646 91 usually usually ADV cblr-1764 646 92 had have VERB cblr-1764 646 93 little little ADJ cblr-1764 646 94 effect effect NOUN cblr-1764 646 95 on on ADP cblr-1764 646 96 the the DET cblr-1764 646 97 other other ADJ cblr-1764 646 98 . . PUNCT cblr-1764 646 99 ” " PUNCT cblr-1764 646 100 ) ) PUNCT cblr-1764 646 101 ; ; PUNCT cblr-1764 646 102 mark mark PROPN cblr-1764 646 103 boozell boozell PROPN cblr-1764 646 104 , , PUNCT cblr-1764 646 105 ill ill PROPN cblr-1764 646 106 . . PUNCT cblr-1764 646 107 dep’t dep’t NOUN cblr-1764 646 108 of of ADP cblr-1764 646 109 ins ins PROPN cblr-1764 646 110 . . PROPN cblr-1764 646 111 , , PUNCT cblr-1764 646 112 future future NOUN cblr-1764 646 113 of of ADP cblr-1764 646 114 the the DET cblr-1764 646 115 business business NOUN cblr-1764 646 116 disciplines discipline NOUN cblr-1764 646 117 , , PUNCT cblr-1764 646 118 regulation regulation NOUN cblr-1764 646 119 and and CCONJ cblr-1764 646 120 oversight oversight NOUN cblr-1764 646 121 of of ADP cblr-1764 646 122 the the DET cblr-1764 646 123 u.s u.s PROPN cblr-1764 646 124 . . PROPN cblr-1764 646 125 insurance insurance NOUN cblr-1764 646 126 market market NOUN cblr-1764 646 127 place place NOUN cblr-1764 646 128 3 3 NUM cblr-1764 646 129 ( ( PUNCT cblr-1764 646 130 2009 2009 NUM cblr-1764 646 131 ) ) PUNCT cblr-1764 646 132 , , PUNCT cblr-1764 646 133 http://www.naic.org/documents/topics_white_paper_pia.pdf http://www.naic.org/documents/topics_white_paper_pia.pdf PROPN cblr-1764 646 134 [ [ X cblr-1764 646 135 http://perma http://perma NOUN cblr-1764 646 136 . . PUNCT cblr-1764 646 137 cc cc NOUN cblr-1764 646 138 / / SYM cblr-1764 646 139 g7rz g7rz NOUN cblr-1764 646 140 - - PUNCT cblr-1764 646 141 hbl7 hbl7 ADV cblr-1764 646 142 ] ] PUNCT cblr-1764 646 143 ( ( PUNCT cblr-1764 646 144 “ " PUNCT cblr-1764 646 145 [ [ X cblr-1764 646 146 i]nsurance i]nsurance NOUN cblr-1764 646 147 is be AUX cblr-1764 646 148 not not PART cblr-1764 646 149 simple simple ADJ cblr-1764 646 150 , , PUNCT cblr-1764 646 151 it it PRON cblr-1764 646 152 is be AUX cblr-1764 646 153 complex complex ADJ cblr-1764 646 154 . . PUNCT cblr-1764 647 1 there there PRON cblr-1764 647 2 are be VERB cblr-1764 647 3 critical critical ADJ cblr-1764 647 4 material material NOUN cblr-1764 647 5 differences difference NOUN cblr-1764 647 6 that that PRON cblr-1764 647 7 apply apply VERB cblr-1764 647 8 to to ADP cblr-1764 647 9 the the DET cblr-1764 647 10 business business NOUN cblr-1764 647 11 of of ADP cblr-1764 647 12 insurance insurance NOUN cblr-1764 647 13 that that PRON cblr-1764 647 14 do do AUX cblr-1764 647 15 not not PART cblr-1764 647 16 apply apply VERB cblr-1764 647 17 in in ADP cblr-1764 647 18 other other ADJ cblr-1764 647 19 financial financial ADJ cblr-1764 647 20 services service NOUN cblr-1764 647 21 areas area NOUN cblr-1764 647 22 . . PUNCT cblr-1764 647 23 ” " PUNCT cblr-1764 647 24 ) ) PUNCT cblr-1764 647 25 ; ; PUNCT cblr-1764 647 26 geneva geneva PROPN cblr-1764 647 27 ass’n ass’n PROPN cblr-1764 647 28 , , PUNCT cblr-1764 647 29 key key ADJ cblr-1764 647 30 financial financial ADJ cblr-1764 647 31 stability stability NOUN cblr-1764 647 32 issues issue NOUN cblr-1764 647 33 in in ADP cblr-1764 647 34 insurance insurance NOUN cblr-1764 647 35 1 1 NUM cblr-1764 647 36 ( ( PUNCT cblr-1764 647 37 2010 2010 NUM cblr-1764 647 38 ) ) PUNCT cblr-1764 647 39 ( ( PUNCT cblr-1764 647 40 “ " PUNCT cblr-1764 647 41 the the DET cblr-1764 647 42 main main ADJ cblr-1764 647 43 findings finding NOUN cblr-1764 647 44 of of ADP cblr-1764 647 45 this this DET cblr-1764 647 46 research research NOUN cblr-1764 647 47 report report NOUN cblr-1764 647 48 are be AUX cblr-1764 647 49 the the DET cblr-1764 647 50 following follow VERB cblr-1764 647 51 : : PUNCT cblr-1764 647 52 banks bank NOUN cblr-1764 647 53 and and CCONJ cblr-1764 647 54 insurers insurer NOUN cblr-1764 647 55 played play VERB cblr-1764 647 56 markedly markedly ADV cblr-1764 647 57 different different ADJ cblr-1764 647 58 roles role NOUN cblr-1764 647 59 in in ADP cblr-1764 647 60 the the DET cblr-1764 647 61 financial financial ADJ cblr-1764 647 62 crisis crisis NOUN cblr-1764 647 63 [ [ X cblr-1764 647 64 ; ; PUNCT cblr-1764 647 65 ] ] PUNCT cblr-1764 647 66 the the DET cblr-1764 647 67 insurance insurance NOUN cblr-1764 647 68 business business NOUN cblr-1764 647 69 model model NOUN cblr-1764 647 70 has have VERB cblr-1764 647 71 specific specific ADJ cblr-1764 647 72 features feature NOUN cblr-1764 647 73 that that PRON cblr-1764 647 74 make make VERB cblr-1764 647 75 it it PRON cblr-1764 647 76 a a DET cblr-1764 647 77 source source NOUN cblr-1764 647 78 of of ADP cblr-1764 647 79 stability stability NOUN cblr-1764 647 80 . . PUNCT cblr-1764 647 81 . . PUNCT cblr-1764 647 82 . . PUNCT cblr-1764 647 83 . . PUNCT cblr-1764 647 84 ” " PUNCT cblr-1764 648 1 ) ) PUNCT cblr-1764 648 2 202 202 NUM cblr-1764 648 3 see see VERB cblr-1764 648 4 supra supra PROPN cblr-1764 648 5 note note PROPN cblr-1764 648 6 7 7 NUM cblr-1764 648 7 ; ; PUNCT cblr-1764 648 8 see see AUX cblr-1764 648 9 also also ADV cblr-1764 648 10 lissa lissa PROPN cblr-1764 648 11 lamkin lamkin PROPN cblr-1764 648 12 broome broome PROPN cblr-1764 648 13 , , PUNCT cblr-1764 648 14 a a DET cblr-1764 648 15 federal federal ADJ cblr-1764 648 16 charter charter NOUN cblr-1764 648 17 option option NOUN cblr-1764 648 18 for for ADP cblr-1764 648 19 insurance insurance NOUN cblr-1764 648 20 companies company NOUN cblr-1764 648 21 : : PUNCT cblr-1764 648 22 lessons lesson NOUN cblr-1764 648 23 from from ADP cblr-1764 648 24 the the DET cblr-1764 648 25 bank bank NOUN cblr-1764 648 26 experience experience NOUN cblr-1764 648 27 , , PUNCT cblr-1764 648 28 in in ADP cblr-1764 648 29 banking banking NOUN cblr-1764 648 30 law law NOUN cblr-1764 648 31 : : PUNCT cblr-1764 648 32 financial financial ADJ cblr-1764 648 33 modernization modernization NOUN cblr-1764 648 34 after after ADP cblr-1764 648 35 gramm gramm NOUN cblr-1764 648 36 - - PUNCT cblr-1764 648 37 leach leach NOUN cblr-1764 648 38 - - PUNCT cblr-1764 648 39 bliley bliley NOUN cblr-1764 648 40 203 203 NUM cblr-1764 648 41 , , PUNCT cblr-1764 648 42 207 207 NUM cblr-1764 648 43 ( ( PUNCT cblr-1764 648 44 patricia patricia PROPN cblr-1764 648 45 a. a. PROPN cblr-1764 648 46 mccoy mccoy PROPN cblr-1764 648 47 ed ed PROPN cblr-1764 648 48 . . PROPN cblr-1764 648 49 , , PUNCT cblr-1764 648 50 2002 2002 NUM cblr-1764 648 51 ) ) PUNCT cblr-1764 648 52 ( ( PUNCT cblr-1764 648 53 “ " PUNCT cblr-1764 648 54 many many ADJ cblr-1764 648 55 insurance insurance NOUN cblr-1764 648 56 trade trade NOUN cblr-1764 648 57 associations association NOUN cblr-1764 648 58 , , PUNCT cblr-1764 648 59 however however ADV cblr-1764 648 60 , , PUNCT cblr-1764 648 61 have have AUX cblr-1764 648 62 lined line VERB cblr-1764 648 63 up up ADP cblr-1764 648 64 in in ADP cblr-1764 648 65 opposition opposition NOUN cblr-1764 648 66 to to ADP cblr-1764 648 67 [ [ X cblr-1764 648 68 increased increase VERB cblr-1764 648 69 federalization federalization NOUN cblr-1764 648 70 ] ] PUNCT cblr-1764 648 71 . . PUNCT cblr-1764 648 72 . . PUNCT cblr-1764 648 73 . . PUNCT cblr-1764 649 1 [ [ X cblr-1764 649 2 by by ADP cblr-1764 649 3 ] ] PUNCT cblr-1764 649 4 touting tout VERB cblr-1764 649 5 the the DET cblr-1764 649 6 responsive responsive ADJ cblr-1764 649 7 and and CCONJ cblr-1764 649 8 responsible responsible ADJ cblr-1764 649 9 regulation regulation NOUN cblr-1764 649 10 of of ADP cblr-1764 649 11 insurance insurance NOUN cblr-1764 649 12 at at ADP cblr-1764 649 13 the the DET cblr-1764 649 14 state state NOUN cblr-1764 649 15 level level NOUN cblr-1764 649 16 . . PUNCT cblr-1764 649 17 . . PUNCT cblr-1764 649 18 . . PUNCT cblr-1764 649 19 . . PUNCT cblr-1764 649 20 ” " PUNCT cblr-1764 649 21 ) ) PUNCT cblr-1764 649 22 ; ; PUNCT cblr-1764 649 23 boozell boozell ADJ cblr-1764 649 24 , , PUNCT cblr-1764 649 25 supra supra PROPN cblr-1764 649 26 note note PROPN cblr-1764 649 27 201 201 NUM cblr-1764 649 28 , , PUNCT cblr-1764 649 29 at at ADP cblr-1764 649 30 2 2 NUM cblr-1764 649 31 ( ( PUNCT cblr-1764 649 32 urging urge VERB cblr-1764 649 33 turk turk PROPN cblr-1764 649 34 – – PUNCT cblr-1764 649 35 final final ADJ cblr-1764 649 36 no no NOUN cblr-1764 649 37 . . PUNCT cblr-1764 650 1 3:967 3:967 NUM cblr-1764 650 2 ] ] PUNCT cblr-1764 650 3 insurance insurance NOUN cblr-1764 650 4 convergence convergence NOUN cblr-1764 650 5 1021 1021 NUM cblr-1764 650 6 this this DET cblr-1764 650 7 point point NOUN cblr-1764 650 8 loses lose VERB cblr-1764 650 9 much much ADJ cblr-1764 650 10 of of ADP cblr-1764 650 11 its its PRON cblr-1764 650 12 force force NOUN cblr-1764 650 13 : : PUNCT cblr-1764 650 14 during during ADP cblr-1764 650 15 the the DET cblr-1764 650 16 crisis crisis NOUN cblr-1764 650 17 , , PUNCT cblr-1764 650 18 the the DET cblr-1764 650 19 entire entire ADJ cblr-1764 650 20 private private ADJ cblr-1764 650 21 mortgage mortgage NOUN cblr-1764 650 22 and and CCONJ cblr-1764 650 23 monoline monoline NOUN cblr-1764 650 24 insurance insurance NOUN cblr-1764 650 25 sectors sector NOUN cblr-1764 650 26 collapsed collapse VERB cblr-1764 650 27 , , PUNCT cblr-1764 650 28 and and CCONJ cblr-1764 650 29 large large ADJ cblr-1764 650 30 multi multi ADJ cblr-1764 650 31 - - ADJ cblr-1764 650 32 line line ADJ cblr-1764 650 33 and and CCONJ cblr-1764 650 34 life life NOUN cblr-1764 650 35 insurers insurer NOUN cblr-1764 650 36 , , PUNCT cblr-1764 650 37 such such ADJ cblr-1764 650 38 as as ADP cblr-1764 650 39 aig aig PROPN cblr-1764 650 40 , , PUNCT cblr-1764 650 41 hartford hartford PROPN cblr-1764 650 42 financial financial PROPN cblr-1764 650 43 , , PUNCT cblr-1764 650 44 and and CCONJ cblr-1764 650 45 lincoln lincoln PROPN cblr-1764 650 46 financial financial PROPN cblr-1764 650 47 had have VERB cblr-1764 650 48 to to PART cblr-1764 650 49 resort resort VERB cblr-1764 650 50 to to ADP cblr-1764 650 51 emergency emergency NOUN cblr-1764 650 52 federal federal ADJ cblr-1764 650 53 aid aid NOUN cblr-1764 650 54 . . PUNCT cblr-1764 651 1 the the DET cblr-1764 651 2 case case NOUN cblr-1764 651 3 for for ADP cblr-1764 651 4 harmonization harmonization NOUN cblr-1764 651 5 is be AUX cblr-1764 651 6 also also ADV cblr-1764 651 7 strengthened strengthen VERB cblr-1764 651 8 now now ADV cblr-1764 651 9 that that SCONJ cblr-1764 651 10 insurance insurance NOUN cblr-1764 651 11 markets market NOUN cblr-1764 651 12 have have AUX cblr-1764 651 13 become become VERB cblr-1764 651 14 integrated integrate VERB cblr-1764 651 15 on on ADP cblr-1764 651 16 a a DET cblr-1764 651 17 national national ADJ cblr-1764 651 18 scale scale NOUN cblr-1764 651 19 . . PUNCT cblr-1764 652 1 this this PRON cblr-1764 652 2 is be AUX cblr-1764 652 3 reflected reflect VERB cblr-1764 652 4 by by ADP cblr-1764 652 5 the the DET cblr-1764 652 6 fact fact NOUN cblr-1764 652 7 that that SCONJ cblr-1764 652 8 the the DET cblr-1764 652 9 average average ADJ cblr-1764 652 10 state state NOUN cblr-1764 652 11 licenses license VERB cblr-1764 652 12 over over ADP cblr-1764 652 13 1,000 1,000 NUM cblr-1764 652 14 out out ADP cblr-1764 652 15 - - PUNCT cblr-1764 652 16 of of ADP cblr-1764 652 17 - - PUNCT cblr-1764 652 18 state state NOUN cblr-1764 652 19 insurers insurer NOUN cblr-1764 652 20 , , PUNCT cblr-1764 652 21 a a DET cblr-1764 652 22 figure figure NOUN cblr-1764 652 23 representing represent VERB cblr-1764 652 24 close close ADV cblr-1764 652 25 to to PART cblr-1764 652 26 ninety ninety NUM cblr-1764 652 27 percent percent NOUN cblr-1764 652 28 of of ADP cblr-1764 652 29 insurers insurer NOUN cblr-1764 652 30 in in ADP cblr-1764 652 31 the the DET cblr-1764 652 32 average average NOUN cblr-1764 652 33 state.203 state.203 VERB cblr-1764 652 34 the the DET cblr-1764 652 35 majority majority NOUN cblr-1764 652 36 of of ADP cblr-1764 652 37 premiums premium NOUN cblr-1764 652 38 paid pay VERB cblr-1764 652 39 in in ADP cblr-1764 652 40 every every PRON cblr-1764 652 41 that that SCONJ cblr-1764 652 42 federal federal ADJ cblr-1764 652 43 reform reform NOUN cblr-1764 652 44 of of ADP cblr-1764 652 45 insurance insurance NOUN cblr-1764 652 46 should should AUX cblr-1764 652 47 be be AUX cblr-1764 652 48 limited limit VERB cblr-1764 652 49 in in ADP cblr-1764 652 50 light light NOUN cblr-1764 652 51 of of ADP cblr-1764 652 52 “ " PUNCT cblr-1764 652 53 the the DET cblr-1764 652 54 current current ADJ cblr-1764 652 55 track track NOUN cblr-1764 652 56 record record NOUN cblr-1764 652 57 that that SCONJ cblr-1764 652 58 state state NOUN cblr-1764 652 59 insurance insurance NOUN cblr-1764 652 60 commissioners commissioner NOUN cblr-1764 652 61 have have AUX cblr-1764 652 62 demonstrated demonstrate VERB cblr-1764 652 63 in in ADP cblr-1764 652 64 their their PRON cblr-1764 652 65 regulation regulation NOUN cblr-1764 652 66 of of ADP cblr-1764 652 67 the the DET cblr-1764 652 68 u.s u.s PROPN cblr-1764 652 69 . . PROPN cblr-1764 652 70 insurance insurance NOUN cblr-1764 652 71 marketplace marketplace NOUN cblr-1764 652 72 ” " PUNCT cblr-1764 652 73 ) ) PUNCT cblr-1764 652 74 ; ; PUNCT cblr-1764 652 75 david david PROPN cblr-1764 652 76 a. a. PROPN cblr-1764 652 77 sampson sampson PROPN cblr-1764 652 78 , , PUNCT cblr-1764 652 79 president president PROPN cblr-1764 652 80 & & CCONJ cblr-1764 652 81 ceo ceo PROPN cblr-1764 652 82 , , PUNCT cblr-1764 652 83 prop prop PROPN cblr-1764 652 84 . . PUNCT cblr-1764 653 1 cas cas PROPN cblr-1764 653 2 . . PUNCT cblr-1764 654 1 insurers insurer VERB cblr-1764 654 2 ass’n ass’n PROPN cblr-1764 654 3 of of ADP cblr-1764 654 4 am am PROPN cblr-1764 654 5 . . PUNCT cblr-1764 654 6 , , PUNCT cblr-1764 654 7 remarks remark NOUN cblr-1764 654 8 at at ADP cblr-1764 654 9 naic naic PROPN cblr-1764 654 10 globalization globalization NOUN cblr-1764 654 11 conference conference NOUN cblr-1764 654 12 ( ( PUNCT cblr-1764 654 13 may may PROPN cblr-1764 654 14 14 14 NUM cblr-1764 654 15 , , PUNCT cblr-1764 654 16 2014 2014 NUM cblr-1764 654 17 ) ) PUNCT cblr-1764 654 18 , , PUNCT cblr-1764 654 19 http://www.pciaa.net/ http://www.pciaa.net/ NOUN cblr-1764 654 20 docs doc NOUN cblr-1764 654 21 / / SYM cblr-1764 654 22 default default NOUN cblr-1764 654 23 - - PUNCT cblr-1764 654 24 source source NOUN cblr-1764 654 25 / / SYM cblr-1764 654 26 pci pci ADJ cblr-1764 654 27 - - PUNCT cblr-1764 654 28 speaks speak VERB cblr-1764 654 29 / / SYM cblr-1764 654 30 das_naic_remarks_051414.pdf das_naic_remarks_051414.pdf NOUN cblr-1764 654 31 [ [ X cblr-1764 654 32 http:// http:// PROPN cblr-1764 654 33 perma.cc/b2fn-glvn perma.cc/b2fn-glvn PROPN cblr-1764 654 34 ] ] X cblr-1764 654 35 ( ( PUNCT cblr-1764 654 36 “ " PUNCT cblr-1764 654 37 the the DET cblr-1764 654 38 insurance insurance NOUN cblr-1764 654 39 sector sector NOUN cblr-1764 654 40 has have VERB cblr-1764 654 41 a a DET cblr-1764 654 42 remarkable remarkable ADJ cblr-1764 654 43 track track NOUN cblr-1764 654 44 record record NOUN cblr-1764 654 45 of of ADP cblr-1764 654 46 success success NOUN cblr-1764 654 47 in in ADP cblr-1764 654 48 protecting protect VERB cblr-1764 654 49 consumers consumer NOUN cblr-1764 654 50 ; ; PUNCT cblr-1764 654 51 and and CCONJ cblr-1764 654 52 regulators regulator NOUN cblr-1764 654 53 should should AUX cblr-1764 654 54 be be AUX cblr-1764 654 55 proud proud ADJ cblr-1764 654 56 of of ADP cblr-1764 654 57 their their PRON cblr-1764 654 58 accomplishments accomplishment NOUN cblr-1764 654 59 . . 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PROPN cblr-1764 655 18 3 3 NUM cblr-1764 655 19 , , PUNCT cblr-1764 655 20 2014 2014 NUM cblr-1764 655 21 ) ) PUNCT cblr-1764 655 22 , , PUNCT cblr-1764 655 23 http://financialservices.house.gov/uploadedfiles/hhrg-113-ba04-wstaterrestrepo-20140204.pdf http://financialservices.house.gov/uploadedfiles/hhrg-113-ba04-wstaterrestrepo-20140204.pdf PUNCT cblr-1764 656 1 [ [ X cblr-1764 656 2 http://perma.cc/4jf4-veyw http://perma.cc/4jf4-veyw X cblr-1764 656 3 ] ] X cblr-1764 656 4 ( ( PUNCT cblr-1764 656 5 “ " PUNCT cblr-1764 656 6 the the DET cblr-1764 656 7 u.s u.s PROPN cblr-1764 656 8 . . PROPN cblr-1764 656 9 has have VERB cblr-1764 656 10 the the DET cblr-1764 656 11 largest large ADJ cblr-1764 656 12 and and CCONJ cblr-1764 656 13 most most ADV cblr-1764 656 14 diverse diverse ADJ cblr-1764 656 15 insurance insurance NOUN cblr-1764 656 16 market market NOUN cblr-1764 656 17 in in ADP cblr-1764 656 18 the the DET cblr-1764 656 19 world world NOUN cblr-1764 656 20 , , PUNCT cblr-1764 656 21 with with ADP cblr-1764 656 22 a a DET cblr-1764 656 23 150 150 NUM cblr-1764 656 24 year year NOUN cblr-1764 656 25 track track NOUN cblr-1764 656 26 record record NOUN cblr-1764 656 27 of of ADP cblr-1764 656 28 comprehensive comprehensive ADJ cblr-1764 656 29 state state NOUN cblr-1764 656 30 regulation regulation NOUN cblr-1764 656 31 protecting protect VERB cblr-1764 656 32 consumers consumer NOUN cblr-1764 656 33 . . PUNCT cblr-1764 657 1 the the DET cblr-1764 657 2 insurance insurance NOUN cblr-1764 657 3 sector sector NOUN cblr-1764 657 4 has have AUX cblr-1764 657 5 been be AUX cblr-1764 657 6 stable stable ADJ cblr-1764 657 7 throughout throughout ADP cblr-1764 657 8 the the DET cblr-1764 657 9 last last ADJ cblr-1764 657 10 several several ADJ cblr-1764 657 11 financial financial ADJ cblr-1764 657 12 crises crisis NOUN cblr-1764 657 13 , , PUNCT cblr-1764 657 14 and and CCONJ cblr-1764 657 15 despite despite SCONJ cblr-1764 657 16 a a DET cblr-1764 657 17 confluence confluence NOUN cblr-1764 657 18 in in ADP cblr-1764 657 19 the the DET cblr-1764 657 20 last last ADJ cblr-1764 657 21 decade decade NOUN cblr-1764 657 22 of of ADP cblr-1764 657 23 record record NOUN cblr-1764 657 24 storms storm NOUN cblr-1764 657 25 , , PUNCT cblr-1764 657 26 market market NOUN cblr-1764 657 27 contractions contraction NOUN cblr-1764 657 28 and and CCONJ cblr-1764 657 29 regulatory regulatory ADJ cblr-1764 657 30 changes change NOUN cblr-1764 657 31 . . 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PROPN cblr-1764 662 3 , , PUNCT cblr-1764 662 4 http://www.iii.org/publications/a-firm-foundation-how-insurance-supportsthe-economy/a-50-state-commitment/insurance-companies-by-state http://www.iii.org/publications/a-firm-foundation-how-insurance-supportsthe-economy/a-50-state-commitment/insurance-companies-by-state VERB cblr-1764 663 1 [ [ X cblr-1764 663 2 http://perma.cc/wj8a-x86p http://perma.cc/wj8a-x86p X cblr-1764 663 3 ] ] X cblr-1764 663 4 ( ( PUNCT cblr-1764 663 5 last last ADV cblr-1764 663 6 visited visit VERB cblr-1764 663 7 nov nov PROPN cblr-1764 663 8 . . PROPN cblr-1764 663 9 7 7 NUM cblr-1764 663 10 , , PUNCT cblr-1764 663 11 2015 2015 NUM cblr-1764 663 12 ) ) PUNCT cblr-1764 663 13 . . 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NOUN cblr-1764 664 12 2015 2015 NUM cblr-1764 664 13 state state NOUN cblr-1764 664 14 are be AUX cblr-1764 664 15 also also ADV cblr-1764 664 16 on on ADP cblr-1764 664 17 policies policy NOUN cblr-1764 664 18 written write VERB cblr-1764 664 19 by by ADP cblr-1764 664 20 out out ADV cblr-1764 664 21 - - PUNCT cblr-1764 664 22 of of ADP cblr-1764 664 23 - - PUNCT cblr-1764 664 24 state state NOUN cblr-1764 664 25 insurers.204 insurers.204 PROPN cblr-1764 664 26 and and CCONJ cblr-1764 664 27 the the DET cblr-1764 664 28 market market NOUN cblr-1764 664 29 share share NOUN cblr-1764 664 30 of of ADP cblr-1764 664 31 large large ADJ cblr-1764 664 32 , , PUNCT cblr-1764 664 33 nationwide nationwide ADJ cblr-1764 664 34 insurance insurance NOUN cblr-1764 664 35 firms firm NOUN cblr-1764 664 36 has have AUX cblr-1764 664 37 been be AUX cblr-1764 664 38 increasing increase VERB cblr-1764 664 39 across across ADP cblr-1764 664 40 all all DET cblr-1764 664 41 product product NOUN cblr-1764 664 42 lines.205 lines.205 ADP cblr-1764 664 43 maintaining maintain VERB cblr-1764 664 44 regulatory regulatory ADJ cblr-1764 664 45 diversity diversity NOUN cblr-1764 664 46 amidst amidst ADP cblr-1764 664 47 a a DET cblr-1764 664 48 consolidating consolidate VERB cblr-1764 664 49 national national ADJ cblr-1764 664 50 market market NOUN cblr-1764 664 51 has have AUX cblr-1764 664 52 led lead VERB cblr-1764 664 53 to to ADP cblr-1764 664 54 duplicative duplicative ADJ cblr-1764 664 55 regulations regulation NOUN cblr-1764 664 56 that that PRON cblr-1764 664 57 needlessly needlessly ADV cblr-1764 664 58 raise raise VERB cblr-1764 664 59 compliance compliance NOUN cblr-1764 664 60 costs cost NOUN cblr-1764 664 61 , , PUNCT cblr-1764 664 62 create create VERB cblr-1764 664 63 barriers barrier NOUN cblr-1764 664 64 to to ADP cblr-1764 664 65 entry entry NOUN cblr-1764 664 66 that that PRON cblr-1764 664 67 disadvantage disadvantage VERB cblr-1764 664 68 smaller small ADJ cblr-1764 664 69 firms firm NOUN cblr-1764 664 70 , , PUNCT cblr-1764 664 71 and and CCONJ cblr-1764 664 72 delay delay VERB cblr-1764 664 73 the the DET cblr-1764 664 74 introduction introduction NOUN cblr-1764 664 75 of of ADP cblr-1764 664 76 new new ADJ cblr-1764 664 77 products.206 products.206 NOUN cblr-1764 664 78 licensing licensing NOUN cblr-1764 664 79 requirements requirement NOUN cblr-1764 664 80 , , PUNCT cblr-1764 664 81 for for ADP cblr-1764 664 82 example example NOUN cblr-1764 664 83 , , PUNCT cblr-1764 664 84 vary vary VERB cblr-1764 664 85 from from ADP cblr-1764 664 86 state state NOUN cblr-1764 664 87 to to ADP cblr-1764 664 88 state state VERB cblr-1764 664 89 on on ADP cblr-1764 664 90 minutia minutia NOUN cblr-1764 664 91 concerning concern VERB cblr-1764 664 92 the the DET cblr-1764 664 93 color color NOUN cblr-1764 664 94 of of ADP cblr-1764 664 95 paper paper NOUN cblr-1764 664 96 for for ADP cblr-1764 664 97 applications application NOUN cblr-1764 664 98 and and CCONJ cblr-1764 664 99 the the DET cblr-1764 664 100 manner manner NOUN cblr-1764 664 101 in in ADP cblr-1764 664 102 which which PRON cblr-1764 664 103 they they PRON cblr-1764 664 104 are be AUX cblr-1764 664 105 to to PART cblr-1764 664 106 be be AUX cblr-1764 664 107 stapled staple VERB cblr-1764 664 108 , , PUNCT cblr-1764 664 109 as as ADV cblr-1764 664 110 well well ADV cblr-1764 664 111 as as ADP cblr-1764 664 112 with with ADP cblr-1764 664 113 respect respect NOUN cblr-1764 664 114 to to ADP cblr-1764 664 115 more more ADV cblr-1764 664 116 onerous onerous ADJ cblr-1764 664 117 requirements requirement NOUN cblr-1764 664 118 , , PUNCT cblr-1764 664 119 such such ADJ cblr-1764 664 120 as as ADP cblr-1764 664 121 background background NOUN cblr-1764 664 122 checks check NOUN cblr-1764 664 123 for for ADP cblr-1764 664 124 agents.207 agents.207 NOUN cblr-1764 664 125 insurers insurer NOUN cblr-1764 664 126 are be AUX cblr-1764 664 127 also also ADV cblr-1764 664 128 required require VERB cblr-1764 664 129 to to PART cblr-1764 664 130 navigate navigate VERB cblr-1764 664 131 a a DET cblr-1764 664 132 battery battery NOUN cblr-1764 664 133 of of ADP cblr-1764 664 134 postlicensing postlicensing NOUN cblr-1764 664 135 requirements requirement NOUN cblr-1764 664 136 that that PRON cblr-1764 664 137 differ differ VERB cblr-1764 664 138 widely widely ADV cblr-1764 664 139 across across ADV cblr-1764 664 140 states.208 states.208 VERB cblr-1764 664 141 not not PART cblr-1764 664 142 surprisingly surprisingly ADV cblr-1764 664 143 , , PUNCT cblr-1764 664 144 these these DET cblr-1764 664 145 costs cost NOUN cblr-1764 664 146 add add VERB cblr-1764 664 147 up up ADP cblr-1764 664 148 . . 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PUNCT cblr-1764 677 1 an an DET cblr-1764 677 2 example example NOUN cblr-1764 677 3 of of ADP cblr-1764 677 4 the the DET cblr-1764 677 5 former former ADJ cblr-1764 677 6 phenomenon phenomenon NOUN cblr-1764 677 7 is be AUX cblr-1764 677 8 evident evident ADJ cblr-1764 677 9 in in ADP cblr-1764 677 10 the the DET cblr-1764 677 11 success success NOUN cblr-1764 677 12 that that PRON cblr-1764 677 13 states state VERB cblr-1764 677 14 such such ADJ cblr-1764 677 15 as as ADP cblr-1764 677 16 vermont vermont PROPN cblr-1764 677 17 and and CCONJ cblr-1764 677 18 south south PROPN cblr-1764 677 19 carolina carolina PROPN cblr-1764 677 20 have have AUX cblr-1764 677 21 had have VERB cblr-1764 677 22 in in ADP cblr-1764 677 23 acting act VERB cblr-1764 677 24 as as ADP cblr-1764 677 25 “ " PUNCT cblr-1764 677 26 havens haven NOUN cblr-1764 677 27 ” " PUNCT cblr-1764 677 28 that that PRON cblr-1764 677 29 attract attract VERB cblr-1764 677 30 insurance insurance NOUN cblr-1764 677 31 companies company NOUN cblr-1764 677 32 by by ADP cblr-1764 677 33 diluting dilute VERB cblr-1764 677 34 important important ADJ cblr-1764 677 35 capital capital NOUN cblr-1764 677 36 requirements requirement NOUN cblr-1764 677 37 , , PUNCT cblr-1764 677 38 creating create VERB cblr-1764 677 39 a a DET cblr-1764 677 40 race race NOUN cblr-1764 677 41 - - PUNCT cblr-1764 677 42 to to ADP cblr-1764 677 43 - - PUNCT cblr-1764 677 44 the the DET cblr-1764 677 45 - - PUNCT cblr-1764 677 46 bottom bottom NOUN cblr-1764 677 47 dynamic dynamic NOUN cblr-1764 677 48 that that PRON cblr-1764 677 49 reduces reduce VERB cblr-1764 677 50 the the DET cblr-1764 677 51 stability stability NOUN cblr-1764 677 52 of of ADP cblr-1764 677 53 the the DET cblr-1764 677 54 industry industry NOUN cblr-1764 677 55 nationwide.212 nationwide.212 NUM cblr-1764 677 56 state state NOUN cblr-1764 677 57 insurance insurance NOUN cblr-1764 677 58 supervisors supervisor NOUN cblr-1764 677 59 also also ADV cblr-1764 677 60 played play VERB cblr-1764 677 61 a a DET cblr-1764 677 62 significant significant ADJ cblr-1764 677 63 role role NOUN cblr-1764 677 64 during during ADP cblr-1764 677 65 the the DET cblr-1764 677 66 2008 2008 NUM cblr-1764 677 67 crisis crisis NOUN cblr-1764 677 68 . . 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PUNCT cblr-1764 679 1 lynnley lynnley PROPN cblr-1764 679 2 browning browning PROPN cblr-1764 679 3 , , PUNCT cblr-1764 679 4 vermont vermont PROPN cblr-1764 679 5 becomes become VERB cblr-1764 679 6 “ " PUNCT cblr-1764 679 7 offshore offshore ADJ cblr-1764 679 8 ” " PUNCT cblr-1764 679 9 insurance insurance NOUN cblr-1764 679 10 haven haven PROPN cblr-1764 679 11 , , PUNCT cblr-1764 679 12 n.y n.y PROPN cblr-1764 679 13 . . PROPN cblr-1764 679 14 times times PROPN cblr-1764 679 15 ( ( PUNCT cblr-1764 679 16 apr apr PROPN cblr-1764 679 17 . . PROPN cblr-1764 679 18 4 4 NUM cblr-1764 679 19 , , PUNCT cblr-1764 679 20 2007 2007 NUM cblr-1764 679 21 ) ) PUNCT cblr-1764 679 22 , , PUNCT cblr-1764 679 23 http://www http://www PROPN cblr-1764 679 24 . . PUNCT cblr-1764 680 1 nytimes.com/2007/04/04/business/04vermont.html?pagewanted=print nytimes.com/2007/04/04/business/04vermont.html?pagewanted=print PROPN cblr-1764 681 1 [ [ X cblr-1764 681 2 http://perma.cc/mb4x-ta3r http://perma.cc/mb4x-ta3r X cblr-1764 681 3 ] ] X cblr-1764 681 4 ; ; PUNCT cblr-1764 681 5 see see VERB cblr-1764 681 6 also also ADV cblr-1764 681 7 koijen koijen PROPN cblr-1764 681 8 & & CCONJ cblr-1764 681 9 yogo yogo PROPN cblr-1764 681 10 , , PUNCT cblr-1764 681 11 supra supra PROPN cblr-1764 681 12 note note PROPN cblr-1764 681 13 29 29 NUM cblr-1764 681 14 . . SYM cblr-1764 681 15 213 213 NUM cblr-1764 681 16 see see VERB cblr-1764 681 17 supra supra PROPN cblr-1764 681 18 note note PROPN cblr-1764 681 19 86 86 NUM cblr-1764 681 20 and and CCONJ cblr-1764 681 21 accompanying accompany VERB cblr-1764 681 22 text text NOUN cblr-1764 681 23 . . 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PUNCT cblr-1764 684 1 as as ADP cblr-1764 684 2 a a DET cblr-1764 684 3 voluntary voluntary ADJ cblr-1764 684 4 organization organization NOUN cblr-1764 684 5 , , PUNCT cblr-1764 684 6 the the DET cblr-1764 684 7 naic naic PROPN cblr-1764 684 8 is be AUX cblr-1764 684 9 unable unable ADJ cblr-1764 684 10 to to PART cblr-1764 684 11 compel compel VERB cblr-1764 684 12 adoption adoption NOUN cblr-1764 684 13 of of ADP cblr-1764 684 14 its its PRON cblr-1764 684 15 model model NOUN cblr-1764 684 16 laws law NOUN cblr-1764 684 17 , , PUNCT cblr-1764 684 18 and and CCONJ cblr-1764 684 19 large large ADJ cblr-1764 684 20 market market NOUN cblr-1764 684 21 states state NOUN cblr-1764 684 22 — — PUNCT cblr-1764 684 23 such such ADJ cblr-1764 684 24 as as ADP cblr-1764 684 25 new new PROPN cblr-1764 684 26 york york PROPN cblr-1764 684 27 , , PUNCT cblr-1764 684 28 california california PROPN cblr-1764 684 29 , , PUNCT cblr-1764 684 30 and and CCONJ cblr-1764 684 31 florida florida PROPN cblr-1764 684 32 — — PUNCT cblr-1764 684 33 have have AUX cblr-1764 684 34 opted opt VERB cblr-1764 684 35 out out ADP cblr-1764 684 36 of of ADP cblr-1764 684 37 important important ADJ cblr-1764 684 38 rules rule NOUN cblr-1764 684 39 , , PUNCT cblr-1764 684 40 including include VERB cblr-1764 684 41 reciprocity reciprocity NOUN cblr-1764 684 42 agreements agreement NOUN cblr-1764 684 43 on on ADP cblr-1764 684 44 licensing license VERB cblr-1764 684 45 requirements.216 requirements.216 VERB cblr-1764 684 46 the the DET cblr-1764 684 47 incomplete incomplete ADJ cblr-1764 684 48 implementation implementation NOUN cblr-1764 684 49 of of ADP cblr-1764 684 50 the the DET cblr-1764 684 51 naic naic PROPN cblr-1764 684 52 ’s ’s PART cblr-1764 684 53 harmonization harmonization NOUN cblr-1764 684 54 programs program NOUN cblr-1764 684 55 to to ADP cblr-1764 684 56 date date NOUN cblr-1764 684 57 is be AUX cblr-1764 684 58 also also ADV cblr-1764 684 59 evidenced evidence VERB cblr-1764 684 60 by by ADP cblr-1764 684 61 the the DET cblr-1764 684 62 billions billion NOUN cblr-1764 684 63 of of ADP cblr-1764 684 64 dollars dollar NOUN cblr-1764 684 65 in in ADP cblr-1764 684 66 redundant redundant ADJ cblr-1764 684 67 compliance compliance NOUN cblr-1764 684 68 costs cost NOUN cblr-1764 684 69 identified identify VERB cblr-1764 684 70 in in ADP cblr-1764 684 71 the the DET cblr-1764 684 72 studies study NOUN cblr-1764 684 73 referenced reference VERB cblr-1764 684 74 above above ADV cblr-1764 684 75 . . 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PUNCT cblr-1764 691 1 issues issue NOUN cblr-1764 691 2 1 1 NUM cblr-1764 691 3 ( ( PUNCT cblr-1764 691 4 2013 2013 NUM cblr-1764 691 5 ) ) PUNCT cblr-1764 691 6 ( ( PUNCT cblr-1764 691 7 finding find VERB cblr-1764 691 8 a a DET cblr-1764 691 9 negative negative ADJ cblr-1764 691 10 market market NOUN cblr-1764 691 11 reaction reaction NOUN cblr-1764 691 12 to to ADP cblr-1764 691 13 proposed propose VERB cblr-1764 691 14 federal federal ADJ cblr-1764 691 15 solvency solvency NOUN cblr-1764 691 16 rules rule NOUN cblr-1764 691 17 for for ADP cblr-1764 691 18 certain certain ADJ cblr-1764 691 19 insurers insurer NOUN cblr-1764 691 20 , , PUNCT cblr-1764 691 21 which which PRON cblr-1764 691 22 are be AUX cblr-1764 691 23 the the DET cblr-1764 691 24 naic naic PROPN cblr-1764 691 25 ’s ’s PART cblr-1764 691 26 primary primary ADJ cblr-1764 691 27 constituency constituency NOUN cblr-1764 691 28 ) ) PUNCT cblr-1764 691 29 . . 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PUNCT cblr-1764 694 1 a. a. NOUN cblr-1764 694 2 evaluating evaluate VERB cblr-1764 694 3 possible possible ADJ cblr-1764 694 4 harmonization harmonization NOUN cblr-1764 694 5 models model NOUN cblr-1764 694 6 assuming assume VERB cblr-1764 694 7 the the DET cblr-1764 694 8 need need NOUN cblr-1764 694 9 for for ADP cblr-1764 694 10 some some DET cblr-1764 694 11 degree degree NOUN cblr-1764 694 12 of of ADP cblr-1764 694 13 greater great ADJ cblr-1764 694 14 harmonization harmonization NOUN cblr-1764 694 15 beyond beyond ADP cblr-1764 694 16 the the DET cblr-1764 694 17 status status NOUN cblr-1764 694 18 quo quo NOUN cblr-1764 694 19 , , PUNCT cblr-1764 694 20 the the DET cblr-1764 694 21 full full ADJ cblr-1764 694 22 gamut gamut NOUN cblr-1764 694 23 of of ADP cblr-1764 694 24 options option NOUN cblr-1764 694 25 can can AUX cblr-1764 694 26 be be AUX cblr-1764 694 27 reduced reduce VERB cblr-1764 694 28 to to ADP cblr-1764 694 29 four four NUM cblr-1764 694 30 general general ADJ cblr-1764 694 31 models model NOUN cblr-1764 694 32 , , PUNCT cblr-1764 694 33 some some PRON cblr-1764 694 34 of of ADP cblr-1764 694 35 which which PRON cblr-1764 694 36 have have AUX cblr-1764 694 37 been be AUX cblr-1764 694 38 embodied embody VERB cblr-1764 694 39 in in ADP cblr-1764 694 40 previously previously ADV cblr-1764 694 41 proposed propose VERB cblr-1764 694 42 legislation legislation NOUN cblr-1764 694 43 . . PUNCT cblr-1764 695 1 ( ( PUNCT cblr-1764 695 2 1 1 X cblr-1764 695 3 ) ) PUNCT cblr-1764 695 4 the the DET cblr-1764 695 5 broadest broad ADJ cblr-1764 695 6 form form NOUN cblr-1764 695 7 of of ADP cblr-1764 695 8 harmonization harmonization NOUN cblr-1764 695 9 , , PUNCT cblr-1764 695 10 exemplified exemplify VERB cblr-1764 695 11 by by ADP cblr-1764 695 12 the the DET cblr-1764 695 13 failed fail VERB cblr-1764 695 14 insurance insurance NOUN cblr-1764 695 15 consumer consumer NOUN cblr-1764 695 16 protection protection PROPN cblr-1764 695 17 act act NOUN cblr-1764 695 18 of of ADP cblr-1764 695 19 2003 2003 NUM cblr-1764 695 20 ( ( PUNCT cblr-1764 695 21 “ " PUNCT cblr-1764 695 22 icpa”),219 icpa”),219 PROPN cblr-1764 695 23 would would AUX cblr-1764 695 24 delegate delegate VERB cblr-1764 695 25 regulation regulation NOUN cblr-1764 695 26 to to ADP cblr-1764 695 27 a a DET cblr-1764 695 28 federal federal ADJ cblr-1764 695 29 agency agency NOUN cblr-1764 695 30 with with ADP cblr-1764 695 31 plenary plenary ADJ cblr-1764 695 32 authority authority NOUN cblr-1764 695 33 over over ADP cblr-1764 695 34 all all DET cblr-1764 695 35 areas area NOUN cblr-1764 695 36 of of ADP cblr-1764 695 37 insurance insurance NOUN cblr-1764 695 38 , , PUNCT cblr-1764 695 39 just just ADV cblr-1764 695 40 as as SCONJ cblr-1764 695 41 the the DET cblr-1764 695 42 u.s u.s PROPN cblr-1764 695 43 . . PROPN cblr-1764 695 44 commodity commodity PROPN cblr-1764 695 45 futures futures PROPN cblr-1764 695 46 trading trading NOUN cblr-1764 695 47 commission commission NOUN cblr-1764 695 48 ( ( PUNCT cblr-1764 695 49 “ " PUNCT cblr-1764 695 50 cftc cftc PROPN cblr-1764 695 51 ” " PUNCT cblr-1764 695 52 ) ) PUNCT cblr-1764 695 53 regulates regulate VERB cblr-1764 695 54 commodity commodity NOUN cblr-1764 695 55 futures future NOUN cblr-1764 695 56 transactions transaction NOUN cblr-1764 695 57 on on ADP cblr-1764 695 58 a a DET cblr-1764 695 59 national national ADJ cblr-1764 695 60 scale scale NOUN cblr-1764 695 61 . . 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PUNCT cblr-1764 697 1 ( ( PUNCT cblr-1764 697 2 3 3 X cblr-1764 697 3 ) ) PUNCT cblr-1764 697 4 a a DET cblr-1764 697 5 commonly commonly ADV cblr-1764 697 6 proposed propose VERB cblr-1764 697 7 alternative alternative NOUN cblr-1764 697 8 that that PRON cblr-1764 697 9 would would AUX cblr-1764 697 10 allow allow VERB cblr-1764 697 11 for for ADP cblr-1764 697 12 even even ADV cblr-1764 697 13 more more ADJ cblr-1764 697 14 regulatory regulatory ADJ cblr-1764 697 15 diversity diversity NOUN cblr-1764 697 16 is be AUX cblr-1764 697 17 for for ADP cblr-1764 697 18 an an DET cblr-1764 697 19 optional optional ADJ cblr-1764 697 20 federal federal ADJ cblr-1764 697 21 charter charter NOUN cblr-1764 697 22 ( ( PUNCT cblr-1764 697 23 “ " PUNCT cblr-1764 697 24 ofc ofc NOUN cblr-1764 697 25 ” " PUNCT cblr-1764 697 26 ) ) PUNCT cblr-1764 697 27 , , PUNCT cblr-1764 697 28 which which PRON cblr-1764 697 29 would would AUX cblr-1764 697 30 give give VERB cblr-1764 697 31 insurers insurer NOUN cblr-1764 697 32 the the DET cblr-1764 697 33 choice choice NOUN cblr-1764 697 34 to to ADP cblr-1764 697 35 either either CCONJ cblr-1764 697 36 opt opt VERB cblr-1764 697 37 in in ADP cblr-1764 697 38 to to ADP cblr-1764 697 39 a a DET cblr-1764 697 40 single single ADJ cblr-1764 697 41 federal federal ADJ cblr-1764 697 42 regulatory regulatory ADJ cblr-1764 697 43 regime regime NOUN cblr-1764 697 44 or or CCONJ cblr-1764 697 45 remain remain VERB cblr-1764 697 46 subject subject ADJ cblr-1764 697 47 to to ADP cblr-1764 697 48 the the DET cblr-1764 697 49 diverse diverse ADJ cblr-1764 697 50 set set NOUN cblr-1764 697 51 of of ADP cblr-1764 697 52 state state NOUN cblr-1764 697 53 rules.221 rules.221 NOUN cblr-1764 697 54 ( ( PUNCT cblr-1764 697 55 4 4 NUM cblr-1764 697 56 ) ) PUNCT cblr-1764 697 57 a a DET cblr-1764 697 58 final final ADJ cblr-1764 697 59 prominent prominent ADJ cblr-1764 697 60 idea idea NOUN cblr-1764 697 61 , , PUNCT cblr-1764 697 62 which which PRON cblr-1764 697 63 would would AUX cblr-1764 697 64 provide provide VERB cblr-1764 697 65 the the DET cblr-1764 697 66 greatest great ADJ cblr-1764 697 67 degree degree NOUN cblr-1764 697 68 of of ADP cblr-1764 697 69 regulatory regulatory ADJ cblr-1764 697 70 competition competition NOUN cblr-1764 697 71 and and CCONJ cblr-1764 697 72 is be AUX cblr-1764 697 73 analogous analogous ADJ cblr-1764 697 74 to to ADP cblr-1764 697 75 the the DET cblr-1764 697 76 delaware delaware PROPN cblr-1764 697 77 model model NOUN cblr-1764 697 78 for for ADP cblr-1764 697 79 corporate corporate ADJ cblr-1764 697 80 218 218 NUM cblr-1764 697 81 fio fio NOUN cblr-1764 697 82 modernization modernization NOUN cblr-1764 697 83 report report NOUN cblr-1764 697 84 , , PUNCT cblr-1764 697 85 supra supra PROPN cblr-1764 697 86 note note NOUN cblr-1764 697 87 10 10 NUM cblr-1764 697 88 , , PUNCT cblr-1764 697 89 at at ADP cblr-1764 697 90 8–10 8–10 NOUN cblr-1764 697 91 . . 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PROPN cblr-1764 701 8 24 24 NUM cblr-1764 701 9 , , PUNCT cblr-1764 701 10 2004 2004 NUM cblr-1764 701 11 ) ) PUNCT cblr-1764 701 12 , , PUNCT cblr-1764 701 13 http://www.nasaa.org/wp-content/uploads/2011/08/130-smart.pdf http://www.nasaa.org/wp-content/uploads/2011/08/130-smart.pdf PUNCT cblr-1764 702 1 [ [ X cblr-1764 702 2 http:// http:// PROPN cblr-1764 702 3 perma.cc/lew8-xw7h perma.cc/lew8-xw7h PROPN cblr-1764 702 4 ] ] PUNCT cblr-1764 702 5 . . PUNCT cblr-1764 703 1 221 221 NUM cblr-1764 703 2 see see VERB cblr-1764 703 3 , , PUNCT cblr-1764 703 4 e.g. e.g. ADV cblr-1764 703 5 , , PUNCT cblr-1764 703 6 national national ADJ cblr-1764 703 7 insurance insurance PROPN cblr-1764 703 8 act act NOUN cblr-1764 703 9 of of ADP cblr-1764 703 10 2006 2006 NUM cblr-1764 703 11 , , PUNCT cblr-1764 703 12 s. s. PROPN cblr-1764 703 13 2509 2509 NUM cblr-1764 703 14 , , PUNCT cblr-1764 703 15 109th 109th ADJ cblr-1764 703 16 cong cong NOUN cblr-1764 703 17 . . 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NOUN cblr-1764 707 12 2015 2015 NUM cblr-1764 707 13 charters charter NOUN cblr-1764 707 14 , , PUNCT cblr-1764 707 15 would would AUX cblr-1764 707 16 allow allow VERB cblr-1764 707 17 for for ADP cblr-1764 707 18 a a DET cblr-1764 707 19 single single ADJ cblr-1764 707 20 - - PUNCT cblr-1764 707 21 state state NOUN cblr-1764 707 22 license license NOUN cblr-1764 707 23 to to PART cblr-1764 707 24 preemptively preemptively ADV cblr-1764 707 25 govern govern VERB cblr-1764 707 26 an an DET cblr-1764 707 27 insurer insurer NOUN cblr-1764 707 28 ’s ’s PART cblr-1764 707 29 activities activity NOUN cblr-1764 707 30 nationwide.222 nationwide.222 ADJ cblr-1764 707 31 a a DET cblr-1764 707 32 widely widely ADV cblr-1764 707 33 used use VERB cblr-1764 707 34 distinction distinction NOUN cblr-1764 707 35 between between ADP cblr-1764 707 36 two two NUM cblr-1764 707 37 general general ADJ cblr-1764 707 38 types type NOUN cblr-1764 707 39 of of ADP cblr-1764 707 40 insurance insurance NOUN cblr-1764 707 41 regulation regulation NOUN cblr-1764 707 42 — — PUNCT cblr-1764 707 43 one one NUM cblr-1764 707 44 directed direct VERB cblr-1764 707 45 at at ADP cblr-1764 707 46 the the DET cblr-1764 707 47 “ " PUNCT cblr-1764 707 48 market market NOUN cblr-1764 707 49 conduct conduct NOUN cblr-1764 707 50 ” " PUNCT cblr-1764 707 51 of of ADP cblr-1764 707 52 insurers insurer NOUN cblr-1764 707 53 , , PUNCT cblr-1764 707 54 the the DET cblr-1764 707 55 other other ADJ cblr-1764 707 56 concerning concern VERB cblr-1764 707 57 their their PRON cblr-1764 707 58 solvency solvency NOUN cblr-1764 707 59 — — PUNCT cblr-1764 707 60 suggests suggest VERB cblr-1764 707 61 that that SCONJ cblr-1764 707 62 a a DET cblr-1764 707 63 mixed mixed ADJ cblr-1764 707 64 approach approach NOUN cblr-1764 707 65 would would AUX cblr-1764 707 66 strike strike VERB cblr-1764 707 67 the the DET cblr-1764 707 68 best good ADJ cblr-1764 707 69 balance balance NOUN cblr-1764 707 70 between between ADP cblr-1764 707 71 regulatory regulatory ADJ cblr-1764 707 72 competition competition NOUN cblr-1764 707 73 and and CCONJ cblr-1764 707 74 harmonization harmonization NOUN cblr-1764 707 75 . . PUNCT cblr-1764 708 1 specifically specifically ADV cblr-1764 708 2 , , PUNCT cblr-1764 708 3 model model NOUN cblr-1764 708 4 ( ( PUNCT cblr-1764 708 5 2 2 NUM cblr-1764 708 6 ) ) PUNCT cblr-1764 708 7 is be AUX cblr-1764 708 8 most most ADV cblr-1764 708 9 appropriate appropriate ADJ cblr-1764 708 10 for for ADP cblr-1764 708 11 solvency solvency NOUN cblr-1764 708 12 regulation regulation NOUN cblr-1764 708 13 , , PUNCT cblr-1764 708 14 and and CCONJ cblr-1764 708 15 model model NOUN cblr-1764 708 16 ( ( PUNCT cblr-1764 708 17 3 3 NUM cblr-1764 708 18 ) ) PUNCT cblr-1764 708 19 or or CCONJ cblr-1764 708 20 ( ( PUNCT cblr-1764 708 21 4 4 NUM cblr-1764 708 22 ) ) PUNCT cblr-1764 708 23 for for ADP cblr-1764 708 24 market market NOUN cblr-1764 708 25 conduct conduct NOUN cblr-1764 708 26 rules rule NOUN cblr-1764 708 27 . . PUNCT cblr-1764 709 1 market market NOUN cblr-1764 709 2 conduct conduct NOUN cblr-1764 709 3 regulations regulation NOUN cblr-1764 709 4 are be AUX cblr-1764 709 5 typically typically ADV cblr-1764 709 6 understood understand VERB cblr-1764 709 7 as as ADP cblr-1764 709 8 a a DET cblr-1764 709 9 form form NOUN cblr-1764 709 10 of of ADP cblr-1764 709 11 consumer consumer NOUN cblr-1764 709 12 protection protection NOUN cblr-1764 709 13 ; ; PUNCT cblr-1764 709 14 they they PRON cblr-1764 709 15 cover cover VERB cblr-1764 709 16 a a DET cblr-1764 709 17 vast vast ADJ cblr-1764 709 18 area area NOUN cblr-1764 709 19 , , PUNCT cblr-1764 709 20 including include VERB cblr-1764 709 21 licensing licensing NOUN cblr-1764 709 22 and and CCONJ cblr-1764 709 23 post post ADJ cblr-1764 709 24 - - ADJ cblr-1764 709 25 licensing licensing ADJ cblr-1764 709 26 requirements requirement NOUN cblr-1764 709 27 for for ADP cblr-1764 709 28 agents agent NOUN cblr-1764 709 29 and and CCONJ cblr-1764 709 30 insurers insurer NOUN cblr-1764 709 31 , , PUNCT cblr-1764 709 32 price price NOUN cblr-1764 709 33 and and CCONJ cblr-1764 709 34 rate rate NOUN cblr-1764 709 35 setting setting NOUN cblr-1764 709 36 in in ADP cblr-1764 709 37 certain certain ADJ cblr-1764 709 38 markets market NOUN cblr-1764 709 39 , , PUNCT cblr-1764 709 40 processes process NOUN cblr-1764 709 41 for for ADP cblr-1764 709 42 product product NOUN cblr-1764 709 43 approval approval NOUN cblr-1764 709 44 , , PUNCT cblr-1764 709 45 and and CCONJ cblr-1764 709 46 restrictions restriction NOUN cblr-1764 709 47 on on ADP cblr-1764 709 48 how how SCONJ cblr-1764 709 49 policies policy NOUN cblr-1764 709 50 are be AUX cblr-1764 709 51 underwritten underwritten ADJ cblr-1764 709 52 and and CCONJ cblr-1764 709 53 marketed.223 marketed.223 VERB cblr-1764 709 54 regulatory regulatory ADJ cblr-1764 709 55 diversity diversity NOUN cblr-1764 709 56 in in ADP cblr-1764 709 57 market market NOUN cblr-1764 709 58 conduct conduct NOUN cblr-1764 709 59 rules rule NOUN cblr-1764 709 60 imposes impose VERB cblr-1764 709 61 costs cost NOUN cblr-1764 709 62 relating relate VERB cblr-1764 709 63 to to PART cblr-1764 709 64 redundant redundant ADJ cblr-1764 709 65 regulations regulation NOUN cblr-1764 709 66 , , PUNCT cblr-1764 709 67 compliance compliance NOUN cblr-1764 709 68 with with ADP cblr-1764 709 69 slightly slightly ADV cblr-1764 709 70 different different ADJ cblr-1764 709 71 regulations regulation NOUN cblr-1764 709 72 , , PUNCT cblr-1764 709 73 and and CCONJ cblr-1764 709 74 opportunistic opportunistic ADJ cblr-1764 709 75 fees fee NOUN cblr-1764 709 76 and and CCONJ cblr-1764 709 77 taxation taxation NOUN cblr-1764 709 78 of of ADP cblr-1764 709 79 foreign foreign ADJ cblr-1764 709 80 insurers insurer NOUN cblr-1764 709 81 . . PUNCT cblr-1764 710 1 this this DET cblr-1764 710 2 set set NOUN cblr-1764 710 3 of of ADP cblr-1764 710 4 cross cross ADJ cblr-1764 710 5 - - ADJ cblr-1764 710 6 jurisdictional jurisdictional ADJ cblr-1764 710 7 problems problem NOUN cblr-1764 710 8 is be AUX cblr-1764 710 9 primarily primarily ADV cblr-1764 710 10 a a DET cblr-1764 710 11 question question NOUN cblr-1764 710 12 of of ADP cblr-1764 710 13 streamlining streamline VERB cblr-1764 710 14 to to PART cblr-1764 710 15 obtain obtain VERB cblr-1764 710 16 positive positive ADJ cblr-1764 710 17 network network NOUN cblr-1764 710 18 externalities externality NOUN cblr-1764 710 19 . . PUNCT cblr-1764 711 1 therefore therefore ADV cblr-1764 711 2 , , PUNCT cblr-1764 711 3 for for ADP cblr-1764 711 4 market market NOUN cblr-1764 711 5 conduct conduct NOUN cblr-1764 711 6 regulations regulation NOUN cblr-1764 711 7 , , PUNCT cblr-1764 711 8 a a DET cblr-1764 711 9 reasonable reasonable ADJ cblr-1764 711 10 case case NOUN cblr-1764 711 11 can can AUX cblr-1764 711 12 be be AUX cblr-1764 711 13 made make VERB cblr-1764 711 14 for for ADP cblr-1764 711 15 either either CCONJ cblr-1764 711 16 an an DET cblr-1764 711 17 ofc ofc NOUN cblr-1764 711 18 or or CCONJ cblr-1764 711 19 a a DET cblr-1764 711 20 single single ADJ cblr-1764 711 21 - - PUNCT cblr-1764 711 22 state state NOUN cblr-1764 711 23 license license NOUN cblr-1764 711 24 regime regime NOUN cblr-1764 711 25 , , PUNCT cblr-1764 711 26 both both PRON cblr-1764 711 27 of of ADP cblr-1764 711 28 which which PRON cblr-1764 711 29 preserve preserve VERB cblr-1764 711 30 wide wide ADJ cblr-1764 711 31 latitude latitude NOUN cblr-1764 711 32 for for ADP cblr-1764 711 33 regulatory regulatory ADJ cblr-1764 711 34 competition competition NOUN cblr-1764 711 35 while while SCONJ cblr-1764 711 36 offering offer VERB cblr-1764 711 37 the the DET cblr-1764 711 38 efficiencies efficiency NOUN cblr-1764 711 39 of of ADP cblr-1764 711 40 harmonization harmonization NOUN cblr-1764 711 41 . . PUNCT cblr-1764 712 1 solvency solvency NOUN cblr-1764 712 2 regulations regulation NOUN cblr-1764 712 3 aim aim VERB cblr-1764 712 4 to to PART cblr-1764 712 5 prevent prevent VERB cblr-1764 712 6 insurance insurance NOUN cblr-1764 712 7 firms firm NOUN cblr-1764 712 8 from from ADP cblr-1764 712 9 failing fail VERB cblr-1764 712 10 and and CCONJ cblr-1764 712 11 to to PART cblr-1764 712 12 provide provide VERB cblr-1764 712 13 rules rule NOUN cblr-1764 712 14 for for ADP cblr-1764 712 15 efficiently efficiently ADV cblr-1764 712 16 restructuring restructure VERB cblr-1764 712 17 them they PRON cblr-1764 712 18 should should AUX cblr-1764 712 19 failure failure NOUN cblr-1764 712 20 occur occur VERB cblr-1764 712 21 ; ; PUNCT cblr-1764 712 22 they they PRON cblr-1764 712 23 consist consist VERB cblr-1764 712 24 of of ADP cblr-1764 712 25 quantitative quantitative ADJ cblr-1764 712 26 capital capital NOUN cblr-1764 712 27 and and CCONJ cblr-1764 712 28 reserve reserve NOUN cblr-1764 712 29 requirements requirement NOUN cblr-1764 712 30 , , PUNCT cblr-1764 712 31 prudential prudential ADJ cblr-1764 712 32 oversight oversight NOUN cblr-1764 712 33 rules rule NOUN cblr-1764 712 34 for for ADP cblr-1764 712 35 insurance insurance NOUN cblr-1764 712 36 supervisors supervisor NOUN cblr-1764 712 37 , , PUNCT cblr-1764 712 38 guarantee guarantee VERB cblr-1764 712 39 funds fund NOUN cblr-1764 712 40 that that PRON cblr-1764 712 41 pay pay VERB cblr-1764 712 42 policy policy NOUN cblr-1764 712 43 claims claim NOUN cblr-1764 712 44 for for ADP cblr-1764 712 45 otherwise otherwise ADV cblr-1764 712 46 insolvent insolvent ADJ cblr-1764 712 47 insurers insurer NOUN cblr-1764 712 48 , , PUNCT cblr-1764 712 49 and and CCONJ cblr-1764 712 50 financial financial ADJ cblr-1764 712 51 disclosure disclosure NOUN cblr-1764 712 52 requirements.224 requirements.224 NOUN cblr-1764 712 53 as as ADP cblr-1764 712 54 the the DET cblr-1764 712 55 experience experience NOUN cblr-1764 712 56 with with ADP cblr-1764 712 57 states state NOUN cblr-1764 712 58 like like ADP cblr-1764 712 59 vermont vermont NOUN cblr-1764 712 60 loosening loosen VERB cblr-1764 712 61 capital capital NOUN cblr-1764 712 62 requirements requirement NOUN cblr-1764 712 63 to to PART cblr-1764 712 64 operate operate VERB cblr-1764 712 65 as as SCONJ cblr-1764 712 66 insurance insurance NOUN cblr-1764 712 67 havens haven NOUN cblr-1764 712 68 suggests suggest VERB cblr-1764 712 69 , , PUNCT cblr-1764 712 70 jurisdictional jurisdictional ADJ cblr-1764 712 71 competition competition NOUN cblr-1764 712 72 on on ADP cblr-1764 712 73 222 222 NUM cblr-1764 712 74 see see NOUN cblr-1764 712 75 butler butler PROPN cblr-1764 712 76 & & CCONJ cblr-1764 712 77 ribstein ribstein PROPN cblr-1764 712 78 , , PUNCT cblr-1764 712 79 supra supra PROPN cblr-1764 712 80 note note PROPN cblr-1764 712 81 19 19 NUM cblr-1764 712 82 , , PUNCT cblr-1764 712 83 at at ADP cblr-1764 712 84 14–20 14–20 NUM cblr-1764 712 85 . . PUNCT cblr-1764 712 86 223 223 NUM cblr-1764 712 87 see see VERB cblr-1764 712 88 grace grace NOUN cblr-1764 712 89 & & CCONJ cblr-1764 712 90 klein klein PROPN cblr-1764 712 91 , , PUNCT cblr-1764 712 92 supra supra PROPN cblr-1764 712 93 note note NOUN cblr-1764 712 94 204 204 NUM cblr-1764 712 95 , , PUNCT cblr-1764 712 96 at at ADP cblr-1764 712 97 14–15 14–15 NUM cblr-1764 712 98 . . PUNCT cblr-1764 713 1 224 224 NUM cblr-1764 713 2 see see VERB cblr-1764 713 3 i i PRON cblr-1764 713 4 d. d. PROPN cblr-1764 713 5 at at ADP cblr-1764 713 6 13–14 13–14 PROPN cblr-1764 713 7 . . PUNCT cblr-1764 714 1 turk turk PROPN cblr-1764 714 2 – – PUNCT cblr-1764 714 3 final final ADJ cblr-1764 714 4 no no NOUN cblr-1764 714 5 . . PUNCT cblr-1764 715 1 3:967 3:967 NUM cblr-1764 715 2 ] ] PUNCT cblr-1764 715 3 insurance insurance NOUN cblr-1764 715 4 convergence convergence NOUN cblr-1764 715 5 1027 1027 NUM cblr-1764 715 6 solvency solvency NOUN cblr-1764 715 7 regulations regulation NOUN cblr-1764 715 8 is be AUX cblr-1764 715 9 more more ADV cblr-1764 715 10 susceptible susceptible ADJ cblr-1764 715 11 to to ADP cblr-1764 715 12 a a DET cblr-1764 715 13 race race NOUN cblr-1764 715 14 - - PUNCT cblr-1764 715 15 to to ADP cblr-1764 715 16 - - PUNCT cblr-1764 715 17 thebottom thebottom NOUN cblr-1764 715 18 dynamic dynamic ADJ cblr-1764 715 19 than than SCONJ cblr-1764 715 20 is be AUX cblr-1764 715 21 the the DET cblr-1764 715 22 case case NOUN cblr-1764 715 23 with with ADP cblr-1764 715 24 market market NOUN cblr-1764 715 25 conduct conduct NOUN cblr-1764 715 26 rules rule NOUN cblr-1764 715 27 . . PUNCT cblr-1764 716 1 the the DET cblr-1764 716 2 momentous momentous ADJ cblr-1764 716 3 but but CCONJ cblr-1764 716 4 arguably arguably ADV cblr-1764 716 5 erratic erratic ADJ cblr-1764 716 6 interventions intervention NOUN cblr-1764 716 7 of of ADP cblr-1764 716 8 the the DET cblr-1764 716 9 nyid nyid NOUN cblr-1764 716 10 during during ADP cblr-1764 716 11 the the DET cblr-1764 716 12 2008 2008 NUM cblr-1764 716 13 crisis crisis NOUN cblr-1764 716 14 also also ADV cblr-1764 716 15 demonstrate demonstrate VERB cblr-1764 716 16 that that SCONJ cblr-1764 716 17 , , PUNCT cblr-1764 716 18 in in ADP cblr-1764 716 19 managing manage VERB cblr-1764 716 20 the the DET cblr-1764 716 21 failure failure NOUN cblr-1764 716 22 of of ADP cblr-1764 716 23 large large ADJ cblr-1764 716 24 insurance insurance NOUN cblr-1764 716 25 companies company NOUN cblr-1764 716 26 , , PUNCT cblr-1764 716 27 state state NOUN cblr-1764 716 28 regulators regulator NOUN cblr-1764 716 29 can can AUX cblr-1764 716 30 have have VERB cblr-1764 716 31 an an DET cblr-1764 716 32 outsized outsized ADJ cblr-1764 716 33 influence influence NOUN cblr-1764 716 34 on on ADP cblr-1764 716 35 the the DET cblr-1764 716 36 stability stability NOUN cblr-1764 716 37 of of ADP cblr-1764 716 38 the the DET cblr-1764 716 39 national national ADJ cblr-1764 716 40 financial financial ADJ cblr-1764 716 41 system system NOUN cblr-1764 716 42 . . PUNCT cblr-1764 717 1 in in ADP cblr-1764 717 2 light light NOUN cblr-1764 717 3 of of ADP cblr-1764 717 4 these these DET cblr-1764 717 5 negative negative ADJ cblr-1764 717 6 inter inter ADJ cblr-1764 717 7 - - ADJ cblr-1764 717 8 state state NOUN cblr-1764 717 9 externalities externality NOUN cblr-1764 717 10 , , PUNCT cblr-1764 717 11 the the DET cblr-1764 717 12 most most ADV cblr-1764 717 13 effective effective ADJ cblr-1764 717 14 response response NOUN cblr-1764 717 15 is be AUX cblr-1764 717 16 to to PART cblr-1764 717 17 follow follow VERB cblr-1764 717 18 the the DET cblr-1764 717 19 smart smart ADJ cblr-1764 717 20 act act NOUN cblr-1764 717 21 model model NOUN cblr-1764 717 22 and and CCONJ cblr-1764 717 23 substantially substantially ADV cblr-1764 717 24 restrict restrict VERB cblr-1764 717 25 regulatory regulatory ADJ cblr-1764 717 26 competition competition NOUN cblr-1764 717 27 in in ADP cblr-1764 717 28 this this DET cblr-1764 717 29 area area NOUN cblr-1764 717 30 by by ADP cblr-1764 717 31 administering administer VERB cblr-1764 717 32 preemptive preemptive ADJ cblr-1764 717 33 solvency solvency NOUN cblr-1764 717 34 requirements requirement NOUN cblr-1764 717 35 at at ADP cblr-1764 717 36 the the DET cblr-1764 717 37 federal federal ADJ cblr-1764 717 38 level level NOUN cblr-1764 717 39 . . PUNCT cblr-1764 718 1 i. i. NOUN cblr-1764 718 2 market market PROPN cblr-1764 718 3 conduct conduct NOUN cblr-1764 718 4 regulation regulation NOUN cblr-1764 718 5 proponents proponent NOUN cblr-1764 718 6 of of ADP cblr-1764 718 7 an an DET cblr-1764 718 8 ofc ofc NOUN cblr-1764 718 9 draw draw NOUN cblr-1764 718 10 by by ADP cblr-1764 718 11 analogy analogy NOUN cblr-1764 718 12 on on ADP cblr-1764 718 13 a a DET cblr-1764 718 14 similar similar ADJ cblr-1764 718 15 system system NOUN cblr-1764 718 16 of of ADP cblr-1764 718 17 dual dual ADJ cblr-1764 718 18 chartering chartering NOUN cblr-1764 718 19 in in ADP cblr-1764 718 20 banking.225 banking.225 NOUN cblr-1764 718 21 under under ADP cblr-1764 718 22 the the DET cblr-1764 718 23 dual dual ADJ cblr-1764 718 24 charter charter NOUN cblr-1764 718 25 system system NOUN cblr-1764 718 26 , , PUNCT cblr-1764 718 27 banks bank NOUN cblr-1764 718 28 may may AUX cblr-1764 718 29 either either CCONJ cblr-1764 718 30 be be AUX cblr-1764 718 31 chartered charter VERB cblr-1764 718 32 in in ADP cblr-1764 718 33 a a DET cblr-1764 718 34 particular particular ADJ cblr-1764 718 35 state state NOUN cblr-1764 718 36 , , PUNCT cblr-1764 718 37 or or CCONJ cblr-1764 718 38 chartered charter VERB cblr-1764 718 39 nationally nationally ADV cblr-1764 718 40 and and CCONJ cblr-1764 718 41 subject subject ADJ cblr-1764 718 42 to to ADP cblr-1764 718 43 supervision supervision NOUN cblr-1764 718 44 by by ADP cblr-1764 718 45 the the DET cblr-1764 718 46 federal federal ADJ cblr-1764 718 47 office office NOUN cblr-1764 718 48 of of ADP cblr-1764 718 49 the the DET cblr-1764 718 50 comptroller comptroller NOUN cblr-1764 718 51 of of ADP cblr-1764 718 52 the the DET cblr-1764 718 53 currency currency NOUN cblr-1764 718 54 . . PUNCT cblr-1764 719 1 the the DET cblr-1764 719 2 advantage advantage NOUN cblr-1764 719 3 of of ADP cblr-1764 719 4 the the DET cblr-1764 719 5 ofc ofc NOUN cblr-1764 719 6 proposal proposal NOUN cblr-1764 719 7 is be AUX cblr-1764 719 8 that that SCONJ cblr-1764 719 9 it it PRON cblr-1764 719 10 retains retain VERB cblr-1764 719 11 regulatory regulatory ADJ cblr-1764 719 12 competition competition NOUN cblr-1764 719 13 among among ADP cblr-1764 719 14 states state NOUN cblr-1764 719 15 , , PUNCT cblr-1764 719 16 while while SCONJ cblr-1764 719 17 allowing allow VERB cblr-1764 719 18 firms firm NOUN cblr-1764 719 19 to to PART cblr-1764 719 20 choose choose VERB cblr-1764 719 21 a a DET cblr-1764 719 22 harmonized harmonized ADJ cblr-1764 719 23 federal federal ADJ cblr-1764 719 24 package package NOUN cblr-1764 719 25 of of ADP cblr-1764 719 26 regulations regulation NOUN cblr-1764 719 27 if if SCONJ cblr-1764 719 28 that that PRON cblr-1764 719 29 is be AUX cblr-1764 719 30 perceived perceive VERB cblr-1764 719 31 to to PART cblr-1764 719 32 be be AUX cblr-1764 719 33 more more ADV cblr-1764 719 34 efficient efficient ADJ cblr-1764 719 35 . . PUNCT cblr-1764 720 1 thus thus ADV cblr-1764 720 2 , , PUNCT cblr-1764 720 3 to to ADP cblr-1764 720 4 the the DET cblr-1764 720 5 degree degree NOUN cblr-1764 720 6 that that PRON cblr-1764 720 7 multiplicative multiplicative ADJ cblr-1764 720 8 state state NOUN cblr-1764 720 9 market market NOUN cblr-1764 720 10 conduct conduct NOUN cblr-1764 720 11 regulation regulation NOUN cblr-1764 720 12 is be AUX cblr-1764 720 13 simply simply ADV cblr-1764 720 14 wasteful wasteful ADJ cblr-1764 720 15 rather rather ADV cblr-1764 720 16 than than ADP cblr-1764 720 17 valuably valuably ADV cblr-1764 720 18 calibrated calibrate VERB cblr-1764 720 19 to to ADP cblr-1764 720 20 local local ADJ cblr-1764 720 21 conditions condition NOUN cblr-1764 720 22 of of ADP cblr-1764 720 23 each each DET cblr-1764 720 24 state state NOUN cblr-1764 720 25 , , PUNCT cblr-1764 720 26 consumers consumer NOUN cblr-1764 720 27 can can AUX cblr-1764 720 28 benefit benefit VERB cblr-1764 720 29 if if SCONJ cblr-1764 720 30 insurers insurer NOUN cblr-1764 720 31 are be AUX cblr-1764 720 32 able able ADJ cblr-1764 720 33 to to PART cblr-1764 720 34 opt opt VERB cblr-1764 720 35 in in ADP cblr-1764 720 36 to to ADP cblr-1764 720 37 a a DET cblr-1764 720 38 single single ADJ cblr-1764 720 39 set set NOUN cblr-1764 720 40 of of ADP cblr-1764 720 41 federal federal ADJ cblr-1764 720 42 rules.226 rules.226 NOUN cblr-1764 720 43 although although SCONJ cblr-1764 720 44 banks bank NOUN cblr-1764 720 45 have have AUX cblr-1764 720 46 been be AUX cblr-1764 720 47 able able ADJ cblr-1764 720 48 to to PART cblr-1764 720 49 switch switch VERB cblr-1764 720 50 between between ADP cblr-1764 720 51 state state NOUN cblr-1764 720 52 and and CCONJ cblr-1764 720 53 national national ADJ cblr-1764 720 54 charters charter NOUN cblr-1764 720 55 with with ADP cblr-1764 720 56 225 225 NUM cblr-1764 720 57 see see NOUN cblr-1764 720 58 bair bair PROPN cblr-1764 720 59 , , PUNCT cblr-1764 720 60 supra supra PROPN cblr-1764 720 61 note note PROPN cblr-1764 720 62 19 19 NUM cblr-1764 720 63 , , PUNCT cblr-1764 720 64 at at ADP cblr-1764 720 65 2–4 2–4 NUM cblr-1764 720 66 ; ; PUNCT cblr-1764 720 67 grace grace NOUN cblr-1764 720 68 & & CCONJ cblr-1764 720 69 klein klein PROPN cblr-1764 720 70 , , PUNCT cblr-1764 720 71 supra supra PROPN cblr-1764 720 72 note note NOUN cblr-1764 720 73 204 204 NUM cblr-1764 720 74 , , PUNCT cblr-1764 720 75 at at ADP cblr-1764 720 76 19–22 19–22 NUM cblr-1764 720 77 ; ; PUNCT cblr-1764 720 78 hal hal PROPN cblr-1764 720 79 scott scott PROPN cblr-1764 720 80 , , PUNCT cblr-1764 720 81 option option NOUN cblr-1764 720 82 federal federal ADJ cblr-1764 720 83 chartering chartering NOUN cblr-1764 720 84 of of ADP cblr-1764 720 85 insurance insurance NOUN cblr-1764 720 86 : : PUNCT cblr-1764 720 87 design design NOUN cblr-1764 720 88 of of ADP cblr-1764 720 89 a a DET cblr-1764 720 90 regulatory regulatory ADJ cblr-1764 720 91 structure structure NOUN cblr-1764 720 92 ( ( PUNCT cblr-1764 720 93 harvard harvard NOUN cblr-1764 720 94 pub pub NOUN cblr-1764 720 95 . . PUNCT cblr-1764 721 1 law law NOUN cblr-1764 721 2 , , PUNCT cblr-1764 721 3 working work VERB cblr-1764 721 4 paper paper NOUN cblr-1764 721 5 no no INTJ cblr-1764 721 6 . . PROPN cblr-1764 722 1 07 07 NUM cblr-1764 722 2 - - SYM cblr-1764 722 3 05 05 NUM cblr-1764 722 4 , , PUNCT cblr-1764 722 5 2007 2007 NUM cblr-1764 722 6 ) ) PUNCT cblr-1764 722 7 , , PUNCT cblr-1764 722 8 http://www.law.harvard.edu/programs/about/pifs/research/publications/1sc http://www.law.harvard.edu/programs/about/pifs/research/publications/1sc VERB cblr-1764 722 9 ott.pdf ott.pdf PRON cblr-1764 722 10 [ [ X cblr-1764 722 11 http://perma.cc/k2w7-xz8j http://perma.cc/k2w7-xz8j X cblr-1764 722 12 ] ] PUNCT cblr-1764 722 13 ; ; PUNCT cblr-1764 722 14 scott scott PROPN cblr-1764 722 15 e. e. PROPN cblr-1764 722 16 harrington harrington PROPN cblr-1764 722 17 , , PUNCT cblr-1764 722 18 federal federal ADJ cblr-1764 722 19 chartering chartering NOUN cblr-1764 722 20 of of ADP cblr-1764 722 21 insurance insurance NOUN cblr-1764 722 22 companies company NOUN cblr-1764 722 23 : : PUNCT cblr-1764 722 24 options option NOUN cblr-1764 722 25 and and CCONJ cblr-1764 722 26 alternatives alternative NOUN cblr-1764 722 27 for for ADP cblr-1764 722 28 transforming transform VERB cblr-1764 722 29 insurance insurance NOUN cblr-1764 722 30 regulation regulation NOUN cblr-1764 722 31 ( ( PUNCT cblr-1764 722 32 networks network NOUN cblr-1764 722 33 financial financial PROPN cblr-1764 722 34 institute institute PROPN cblr-1764 722 35 , , PUNCT cblr-1764 722 36 policy policy NOUN cblr-1764 722 37 brief brief NOUN cblr-1764 723 1 no no INTJ cblr-1764 723 2 . . NOUN cblr-1764 723 3 206 206 NUM cblr-1764 723 4 - - PUNCT cblr-1764 723 5 pb-02 pb-02 NUM cblr-1764 723 6 , , PUNCT cblr-1764 723 7 2006 2006 NUM cblr-1764 723 8 ) ) PUNCT cblr-1764 723 9 , , PUNCT cblr-1764 723 10 http://www2.indstate.edu/business/nfi/leader http://www2.indstate.edu/business/nfi/leader NOUN cblr-1764 723 11 ship ship NOUN cblr-1764 723 12 / / SYM cblr-1764 723 13 briefs/2006 briefs/2006 NOUN cblr-1764 723 14 - - NOUN cblr-1764 723 15 pb-02_harrington.pdf pb-02_harrington.pdf NOUN cblr-1764 723 16 [ [ X cblr-1764 723 17 http://perma.cc/8ypc-yazn http://perma.cc/8ypc-yazn PROPN cblr-1764 723 18 ] ] PUNCT cblr-1764 723 19 . . PUNCT cblr-1764 724 1 226 226 NUM cblr-1764 724 2 see see VERB cblr-1764 724 3 scott scott PROPN cblr-1764 724 4 , , PUNCT cblr-1764 724 5 supra supra PROPN cblr-1764 724 6 note note PROPN cblr-1764 724 7 225 225 NUM cblr-1764 724 8 , , PUNCT cblr-1764 724 9 at at ADP cblr-1764 724 10 6–8 6–8 NOUN cblr-1764 724 11 ; ; PUNCT cblr-1764 724 12 grace grace PROPN cblr-1764 724 13 & & CCONJ cblr-1764 724 14 klein klein PROPN cblr-1764 724 15 , , PUNCT cblr-1764 724 16 supra supra PROPN cblr-1764 724 17 note note NOUN cblr-1764 724 18 204 204 NUM cblr-1764 724 19 , , PUNCT cblr-1764 724 20 at at ADP cblr-1764 724 21 19–21 19–21 PROPN cblr-1764 724 22 . . PUNCT cblr-1764 725 1 turk turk PROPN cblr-1764 725 2 – – PUNCT cblr-1764 725 3 final final ADJ cblr-1764 725 4 1028 1028 NUM cblr-1764 725 5 columbia columbia PROPN cblr-1764 725 6 business business NOUN cblr-1764 725 7 law law PROPN cblr-1764 725 8 review review NOUN cblr-1764 725 9 [ [ X cblr-1764 725 10 vol vol NOUN cblr-1764 725 11 . . NOUN cblr-1764 725 12 2015 2015 NUM cblr-1764 725 13 relative relative ADJ cblr-1764 725 14 ease ease NOUN cblr-1764 725 15 , , PUNCT cblr-1764 725 16 one one NUM cblr-1764 725 17 criticism criticism NOUN cblr-1764 725 18 of of ADP cblr-1764 725 19 ofc ofc NOUN cblr-1764 725 20 proposals proposal NOUN cblr-1764 725 21 is be AUX cblr-1764 725 22 that that SCONJ cblr-1764 725 23 switching switch VERB cblr-1764 725 24 between between ADP cblr-1764 725 25 charters charter NOUN cblr-1764 725 26 may may AUX cblr-1764 725 27 be be AUX cblr-1764 725 28 particularly particularly ADV cblr-1764 725 29 costly costly ADJ cblr-1764 725 30 for for ADP cblr-1764 725 31 insurers insurer NOUN cblr-1764 725 32 relative relative ADJ cblr-1764 725 33 to to ADP cblr-1764 725 34 banks bank NOUN cblr-1764 725 35 , , PUNCT cblr-1764 725 36 and and CCONJ cblr-1764 725 37 federal federal ADJ cblr-1764 725 38 regulators regulator NOUN cblr-1764 725 39 will will AUX cblr-1764 725 40 be be AUX cblr-1764 725 41 able able ADJ cblr-1764 725 42 to to PART cblr-1764 725 43 leverage leverage VERB cblr-1764 725 44 their their PRON cblr-1764 725 45 position position NOUN cblr-1764 725 46 to to PART cblr-1764 725 47 make make VERB cblr-1764 725 48 the the DET cblr-1764 725 49 “ " PUNCT cblr-1764 725 50 optional optional ADJ cblr-1764 725 51 charter charter NOUN cblr-1764 725 52 ” " PUNCT cblr-1764 725 53 a a DET cblr-1764 725 54 false false ADJ cblr-1764 725 55 choice.227 choice.227 NOUN cblr-1764 725 56 others other NOUN cblr-1764 725 57 proceed proceed VERB cblr-1764 725 58 from from ADP cblr-1764 725 59 the the DET cblr-1764 725 60 opposite opposite ADJ cblr-1764 725 61 premise premise NOUN cblr-1764 725 62 and and CCONJ cblr-1764 725 63 claim claim VERB cblr-1764 725 64 that that SCONJ cblr-1764 725 65 the the DET cblr-1764 725 66 ability ability NOUN cblr-1764 725 67 of of ADP cblr-1764 725 68 insurers insurer NOUN cblr-1764 725 69 to to PART cblr-1764 725 70 move move VERB cblr-1764 725 71 between between ADP cblr-1764 725 72 state state NOUN cblr-1764 725 73 and and CCONJ cblr-1764 725 74 national national ADJ cblr-1764 725 75 charters charter NOUN cblr-1764 725 76 will will AUX cblr-1764 725 77 give give VERB cblr-1764 725 78 them they PRON cblr-1764 725 79 leverage leverage NOUN cblr-1764 725 80 to to PART cblr-1764 725 81 push push VERB cblr-1764 725 82 regulators regulator NOUN cblr-1764 725 83 into into ADP cblr-1764 725 84 a a DET cblr-1764 725 85 competitive competitive ADJ cblr-1764 725 86 loosening loosening NOUN cblr-1764 725 87 of of ADP cblr-1764 725 88 regulations.228 regulations.228 PROPN cblr-1764 725 89 as as SCONJ cblr-1764 725 90 these these DET cblr-1764 725 91 opposing opposing ADJ cblr-1764 725 92 concerns concern NOUN cblr-1764 725 93 make make VERB cblr-1764 725 94 clear clear ADJ cblr-1764 725 95 , , PUNCT cblr-1764 725 96 the the DET cblr-1764 725 97 question question NOUN cblr-1764 725 98 is be AUX cblr-1764 725 99 one one NUM cblr-1764 725 100 of of ADP cblr-1764 725 101 balance balance NOUN cblr-1764 725 102 . . PUNCT cblr-1764 726 1 the the DET cblr-1764 726 2 limited limited ADJ cblr-1764 726 3 ofc ofc NOUN cblr-1764 726 4 proposed propose VERB cblr-1764 726 5 here here ADV cblr-1764 726 6 strikes strike VERB cblr-1764 726 7 a a DET cblr-1764 726 8 sensible sensible ADJ cblr-1764 726 9 one one NUM cblr-1764 726 10 : : PUNCT cblr-1764 726 11 it it PRON cblr-1764 726 12 retains retain VERB cblr-1764 726 13 some some DET cblr-1764 726 14 degree degree NOUN cblr-1764 726 15 of of ADP cblr-1764 726 16 regulatory regulatory ADJ cblr-1764 726 17 competition competition NOUN cblr-1764 726 18 by by ADP cblr-1764 726 19 allowing allow VERB cblr-1764 726 20 insurers insurer NOUN cblr-1764 726 21 to to PART cblr-1764 726 22 opt opt VERB cblr-1764 726 23 in in ADP cblr-1764 726 24 to to ADP cblr-1764 726 25 harmonized harmonized ADJ cblr-1764 726 26 market market NOUN cblr-1764 726 27 conduct conduct NOUN cblr-1764 726 28 regulations regulation NOUN cblr-1764 726 29 , , PUNCT cblr-1764 726 30 which which PRON cblr-1764 726 31 are be AUX cblr-1764 726 32 “ " PUNCT cblr-1764 726 33 ripe ripe ADJ cblr-1764 726 34 for for ADP cblr-1764 726 35 national national ADJ cblr-1764 726 36 standards,”229 standards,”229 ADV cblr-1764 726 37 while while SCONJ cblr-1764 726 38 at at ADP cblr-1764 726 39 the the DET cblr-1764 726 40 same same ADJ cblr-1764 726 41 time time NOUN cblr-1764 726 42 reserving reserve VERB cblr-1764 726 43 solvency solvency NOUN cblr-1764 726 44 regulations regulation NOUN cblr-1764 726 45 to to PART cblr-1764 726 46 preemptive preemptive VERB cblr-1764 726 47 federal federal ADJ cblr-1764 726 48 rules rule NOUN cblr-1764 726 49 because because SCONJ cblr-1764 726 50 they they PRON cblr-1764 726 51 pose pose VERB cblr-1764 726 52 a a DET cblr-1764 726 53 greater great ADJ cblr-1764 726 54 threat threat NOUN cblr-1764 726 55 of of ADP cblr-1764 726 56 race race NOUN cblr-1764 726 57 - - PUNCT cblr-1764 726 58 to to ADP cblr-1764 726 59 - - PUNCT cblr-1764 726 60 thebottom thebottom ADJ cblr-1764 726 61 competitive competitive ADJ cblr-1764 726 62 deregulation deregulation NOUN cblr-1764 726 63 . . PUNCT cblr-1764 727 1 the the DET cblr-1764 727 2 single single ADJ cblr-1764 727 3 - - PUNCT cblr-1764 727 4 state state NOUN cblr-1764 727 5 licensing licensing NOUN cblr-1764 727 6 proposal proposal NOUN cblr-1764 727 7 is be AUX cblr-1764 727 8 a a DET cblr-1764 727 9 creative creative ADJ cblr-1764 727 10 approach approach NOUN cblr-1764 727 11 that that PRON cblr-1764 727 12 is be AUX cblr-1764 727 13 arguably arguably ADV cblr-1764 727 14 superior superior ADJ cblr-1764 727 15 to to ADP cblr-1764 727 16 an an DET cblr-1764 727 17 ofc ofc NOUN cblr-1764 727 18 because because SCONJ cblr-1764 727 19 it it PRON cblr-1764 727 20 provides provide VERB cblr-1764 727 21 the the DET cblr-1764 727 22 benefits benefit NOUN cblr-1764 727 23 of of ADP cblr-1764 727 24 both both CCONJ cblr-1764 727 25 pure pure ADJ cblr-1764 727 26 harmonization harmonization NOUN cblr-1764 727 27 and and CCONJ cblr-1764 727 28 pure pure ADJ cblr-1764 727 29 competition competition NOUN cblr-1764 727 30 along along ADP cblr-1764 727 31 some some DET cblr-1764 727 32 dimensions.230 dimensions.230 PROPN cblr-1764 727 33 on on ADP cblr-1764 727 34 one one NUM cblr-1764 727 35 hand hand NOUN cblr-1764 727 36 , , PUNCT cblr-1764 727 37 insurers insurer NOUN cblr-1764 727 38 would would AUX cblr-1764 727 39 only only ADV cblr-1764 727 40 have have VERB cblr-1764 727 41 to to PART cblr-1764 727 42 comply comply VERB cblr-1764 727 43 with with ADP cblr-1764 727 44 a a DET cblr-1764 727 45 single single ADJ cblr-1764 727 46 , , PUNCT cblr-1764 727 47 harmonized harmonized ADJ cblr-1764 727 48 set set NOUN cblr-1764 727 49 of of ADP cblr-1764 727 50 regulations regulation NOUN cblr-1764 727 51 promulgated promulgate VERB cblr-1764 727 52 under under ADP cblr-1764 727 53 the the DET cblr-1764 727 54 particular particular ADJ cblr-1764 727 55 state state NOUN cblr-1764 727 56 license license NOUN cblr-1764 727 57 they they PRON cblr-1764 727 58 chose choose VERB cblr-1764 727 59 , , PUNCT cblr-1764 727 60 thus thus ADV cblr-1764 727 61 eliminating eliminate VERB cblr-1764 727 62 the the DET cblr-1764 727 63 redundancies redundancy NOUN cblr-1764 727 64 and and CCONJ cblr-1764 727 65 transaction transaction NOUN cblr-1764 727 66 costs cost NOUN cblr-1764 727 67 plaguing plague VERB cblr-1764 727 68 the the DET cblr-1764 727 69 current current ADJ cblr-1764 727 70 system.231 system.231 NOUN cblr-1764 727 71 at at ADP cblr-1764 727 72 the the DET cblr-1764 727 73 same same ADJ cblr-1764 727 74 time time NOUN cblr-1764 727 75 , , PUNCT cblr-1764 727 76 the the DET cblr-1764 727 77 option option NOUN cblr-1764 727 78 to to PART cblr-1764 727 79 exit exit VERB cblr-1764 727 80 and and CCONJ cblr-1764 727 81 choose choose VERB cblr-1764 727 82 among among ADP cblr-1764 727 83 over over ADP cblr-1764 727 84 fifty fifty NUM cblr-1764 727 85 competing compete VERB cblr-1764 727 86 packages package NOUN cblr-1764 727 87 of of ADP cblr-1764 727 88 regulation regulation NOUN cblr-1764 727 89 mitigates mitigate VERB cblr-1764 727 90 the the DET cblr-1764 727 91 concern concern NOUN cblr-1764 727 92 associated associate VERB cblr-1764 727 93 with with ADP cblr-1764 727 94 the the DET cblr-1764 727 95 ofc ofc NOUN cblr-1764 727 96 227 227 NUM cblr-1764 727 97 see see VERB cblr-1764 727 98 robert robert PROPN cblr-1764 727 99 detlefsen detlefsen PROPN cblr-1764 727 100 , , PUNCT cblr-1764 727 101 dual dual ADJ cblr-1764 727 102 income income NOUN cblr-1764 727 103 chartering chartering NOUN cblr-1764 727 104 : : PUNCT cblr-1764 727 105 potential potential ADJ cblr-1764 727 106 consequences consequence NOUN cblr-1764 727 107 , , PUNCT cblr-1764 727 108 in in ADP cblr-1764 727 109 the the DET cblr-1764 727 110 future future NOUN cblr-1764 727 111 of of ADP cblr-1764 727 112 insurance insurance NOUN cblr-1764 727 113 regulation regulation NOUN cblr-1764 727 114 in in ADP cblr-1764 727 115 the the DET cblr-1764 727 116 united united PROPN cblr-1764 727 117 states states PROPN cblr-1764 727 118 97 97 NUM cblr-1764 727 119 , , PUNCT cblr-1764 727 120 102–03 102–03 PROPN cblr-1764 727 121 ( ( PUNCT cblr-1764 727 122 martin martin PROPN cblr-1764 727 123 f. f. PROPN cblr-1764 727 124 grace grace PROPN cblr-1764 727 125 & & CCONJ cblr-1764 727 126 robert robert PROPN cblr-1764 727 127 w. w. PROPN cblr-1764 727 128 klein klein PROPN cblr-1764 727 129 eds eds PROPN cblr-1764 727 130 . . PROPN cblr-1764 727 131 , , PUNCT cblr-1764 727 132 2009 2009 NUM cblr-1764 727 133 ) ) PUNCT cblr-1764 727 134 ; ; PUNCT cblr-1764 727 135 broome broome PROPN cblr-1764 727 136 , , PUNCT cblr-1764 727 137 supra supra PROPN cblr-1764 727 138 note note PROPN cblr-1764 727 139 202 202 NUM cblr-1764 727 140 , , PUNCT cblr-1764 727 141 at at ADP cblr-1764 727 142 220–21 220–21 NUM cblr-1764 727 143 ; ; PUNCT cblr-1764 727 144 but but CCONJ cblr-1764 727 145 see see VERB cblr-1764 727 146 harrington harrington PROPN cblr-1764 727 147 , , PUNCT cblr-1764 727 148 supra supra PROPN cblr-1764 727 149 note note NOUN cblr-1764 727 150 225 225 NUM cblr-1764 727 151 , , PUNCT cblr-1764 727 152 at at ADP cblr-1764 727 153 22 22 NUM cblr-1764 727 154 ( ( PUNCT cblr-1764 727 155 describing describe VERB cblr-1764 727 156 how how SCONJ cblr-1764 727 157 “ " PUNCT cblr-1764 727 158 [ [ X cblr-1764 727 159 s]tate s]tate ADJ cblr-1764 727 160 banks bank NOUN cblr-1764 727 161 have have AUX cblr-1764 727 162 thrived thrive VERB cblr-1764 727 163 under under ADP cblr-1764 727 164 dual dual ADJ cblr-1764 727 165 chartering chartering NOUN cblr-1764 727 166 ” " PUNCT cblr-1764 727 167 ) ) PUNCT cblr-1764 727 168 . . PUNCT cblr-1764 728 1 228 228 NUM cblr-1764 728 2 see see VERB cblr-1764 728 3 bair bair PROPN cblr-1764 728 4 , , PUNCT cblr-1764 728 5 supra supra PROPN cblr-1764 728 6 note note PROPN cblr-1764 728 7 19 19 NUM cblr-1764 728 8 , , PUNCT cblr-1764 728 9 at at ADP cblr-1764 728 10 72–74 72–74 PROPN cblr-1764 728 11 ( ( PUNCT cblr-1764 728 12 stating state VERB cblr-1764 728 13 but but CCONJ cblr-1764 728 14 not not PART cblr-1764 728 15 adopting adopt VERB cblr-1764 728 16 this this DET cblr-1764 728 17 argument argument NOUN cblr-1764 728 18 ) ) PUNCT cblr-1764 728 19 . . PUNCT cblr-1764 729 1 229 229 NUM cblr-1764 729 2 see see VERB cblr-1764 729 3 danielle danielle PROPN cblr-1764 729 4 f. f. PROPN cblr-1764 729 5 waterfield waterfield PROPN cblr-1764 729 6 , , PUNCT cblr-1764 729 7 insurers insurer NOUN cblr-1764 729 8 jump jump VERB cblr-1764 729 9 on on ADP cblr-1764 729 10 train train NOUN cblr-1764 729 11 for for ADP cblr-1764 729 12 federal federal ADJ cblr-1764 729 13 insurance insurance NOUN cblr-1764 729 14 regulation regulation NOUN cblr-1764 729 15 , , PUNCT cblr-1764 729 16 9 9 NUM cblr-1764 729 17 conn conn NOUN cblr-1764 729 18 . . PUNCT cblr-1764 730 1 ins ins PROPN cblr-1764 730 2 . . PUNCT cblr-1764 731 1 l.j l.j PROPN cblr-1764 731 2 . . PROPN cblr-1764 731 3 283 283 NUM cblr-1764 731 4 , , PUNCT cblr-1764 731 5 320–28 320–28 NUM cblr-1764 731 6 ( ( PUNCT cblr-1764 731 7 2003 2003 NUM cblr-1764 731 8 ) ) PUNCT cblr-1764 731 9 ( ( PUNCT cblr-1764 731 10 using use VERB cblr-1764 731 11 the the DET cblr-1764 731 12 phrase phrase NOUN cblr-1764 731 13 to to PART cblr-1764 731 14 describe describe VERB cblr-1764 731 15 certain certain ADJ cblr-1764 731 16 market market NOUN cblr-1764 731 17 conduct conduct NOUN cblr-1764 731 18 regulations regulation NOUN cblr-1764 731 19 such such ADJ cblr-1764 731 20 as as ADP cblr-1764 731 21 licensing licensing NOUN cblr-1764 731 22 requirements requirement NOUN cblr-1764 731 23 ) ) PUNCT cblr-1764 731 24 . . PUNCT cblr-1764 732 1 230 230 NUM cblr-1764 732 2 see see VERB cblr-1764 732 3 generally generally ADV cblr-1764 732 4 butler butler PROPN cblr-1764 732 5 & & CCONJ cblr-1764 732 6 ribstein ribstein PROPN cblr-1764 732 7 , , PUNCT cblr-1764 732 8 supra supra PROPN cblr-1764 732 9 note note PROPN cblr-1764 732 10 19 19 NUM cblr-1764 732 11 . . NOUN cblr-1764 732 12 231 231 NUM cblr-1764 733 1 i i PRON cblr-1764 733 2 d. d. PROPN cblr-1764 733 3 at at ADP cblr-1764 733 4 14–20 14–20 PROPN cblr-1764 733 5 . . PUNCT cblr-1764 734 1 turk turk PROPN cblr-1764 734 2 – – PUNCT cblr-1764 734 3 final final ADJ cblr-1764 734 4 no no NOUN cblr-1764 734 5 . . PUNCT cblr-1764 735 1 3:967 3:967 NUM cblr-1764 735 2 ] ] PUNCT cblr-1764 735 3 insurance insurance NOUN cblr-1764 735 4 convergence convergence NOUN cblr-1764 735 5 1029 1029 NUM cblr-1764 735 6 that that PRON cblr-1764 735 7 a a DET cblr-1764 735 8 federal federal ADJ cblr-1764 735 9 charter charter NOUN cblr-1764 735 10 would would AUX cblr-1764 735 11 effectively effectively ADV cblr-1764 735 12 crowd crowd VERB cblr-1764 735 13 out out ADP cblr-1764 735 14 state state NOUN cblr-1764 735 15 regulations regulation NOUN cblr-1764 735 16 in in ADP cblr-1764 735 17 practice practice NOUN cblr-1764 735 18 . . PUNCT cblr-1764 736 1 a a DET cblr-1764 736 2 single single ADJ cblr-1764 736 3 - - PUNCT cblr-1764 736 4 state state NOUN cblr-1764 736 5 license license NOUN cblr-1764 736 6 regime regime NOUN cblr-1764 736 7 even even ADV cblr-1764 736 8 subsumes subsume VERB cblr-1764 736 9 the the DET cblr-1764 736 10 ofc ofc NOUN cblr-1764 736 11 option option NOUN cblr-1764 736 12 in in ADP cblr-1764 736 13 a a DET cblr-1764 736 14 sense sense NOUN cblr-1764 736 15 , , PUNCT cblr-1764 736 16 because because SCONJ cblr-1764 736 17 a a DET cblr-1764 736 18 federal federal ADJ cblr-1764 736 19 license license NOUN cblr-1764 736 20 could could AUX cblr-1764 736 21 also also ADV cblr-1764 736 22 be be AUX cblr-1764 736 23 created create VERB cblr-1764 736 24 that that PRON cblr-1764 736 25 competes compete VERB cblr-1764 736 26 alongside alongside ADP cblr-1764 736 27 those those PRON cblr-1764 736 28 of of ADP cblr-1764 736 29 the the DET cblr-1764 736 30 states.232 states.232 NOUN cblr-1764 736 31 because because SCONJ cblr-1764 736 32 the the DET cblr-1764 736 33 single single ADJ cblr-1764 736 34 - - PUNCT cblr-1764 736 35 state state NOUN cblr-1764 736 36 license license NOUN cblr-1764 736 37 framework framework NOUN cblr-1764 736 38 for for ADP cblr-1764 736 39 insurance insurance NOUN cblr-1764 736 40 parallels parallel NOUN cblr-1764 736 41 calls call VERB cblr-1764 736 42 to to PART cblr-1764 736 43 apply apply VERB cblr-1764 736 44 the the DET cblr-1764 736 45 delaware delaware PROPN cblr-1764 736 46 model model NOUN cblr-1764 736 47 of of ADP cblr-1764 736 48 competitive competitive ADJ cblr-1764 736 49 state state NOUN cblr-1764 736 50 chartering chartering NOUN cblr-1764 736 51 to to ADP cblr-1764 737 1 securities security NOUN cblr-1764 737 2 regulations,233 regulations,233 NOUN cblr-1764 738 1 the the DET cblr-1764 738 2 same same ADJ cblr-1764 738 3 objections objection NOUN cblr-1764 738 4 are be AUX cblr-1764 738 5 raised raise VERB cblr-1764 738 6 in in ADP cblr-1764 738 7 both both DET cblr-1764 738 8 contexts context NOUN cblr-1764 738 9 . . PUNCT cblr-1764 739 1 namely namely ADV cblr-1764 739 2 , , PUNCT cblr-1764 739 3 critics critic NOUN cblr-1764 739 4 argue argue VERB cblr-1764 739 5 that that SCONJ cblr-1764 739 6 the the DET cblr-1764 739 7 analogy analogy NOUN cblr-1764 739 8 to to ADP cblr-1764 739 9 delaware delaware PROPN cblr-1764 739 10 corporate corporate PROPN cblr-1764 739 11 law law NOUN cblr-1764 739 12 breaks break VERB cblr-1764 739 13 down down ADP cblr-1764 739 14 because because SCONJ cblr-1764 739 15 corporate corporate ADJ cblr-1764 739 16 governance governance NOUN cblr-1764 739 17 rules rule NOUN cblr-1764 739 18 are be AUX cblr-1764 739 19 rightly rightly ADV cblr-1764 739 20 designed design VERB cblr-1764 739 21 to to PART cblr-1764 739 22 maximize maximize VERB cblr-1764 739 23 firm firm ADJ cblr-1764 739 24 value value NOUN cblr-1764 739 25 for for ADP cblr-1764 739 26 shareholders shareholder NOUN cblr-1764 739 27 , , PUNCT cblr-1764 739 28 whereas whereas SCONJ cblr-1764 739 29 securities security NOUN cblr-1764 739 30 laws law NOUN cblr-1764 739 31 seek seek VERB cblr-1764 739 32 to to PART cblr-1764 739 33 correct correct VERB cblr-1764 739 34 information information NOUN cblr-1764 739 35 asymmetries asymmetry NOUN cblr-1764 739 36 between between ADP cblr-1764 739 37 investors investor NOUN cblr-1764 739 38 and and CCONJ cblr-1764 739 39 firms firm NOUN cblr-1764 739 40 issuing issue VERB cblr-1764 739 41 securities security NOUN cblr-1764 739 42 , , PUNCT cblr-1764 739 43 not not PART cblr-1764 739 44 to to PART cblr-1764 739 45 maximize maximize VERB cblr-1764 739 46 the the DET cblr-1764 739 47 shareholder shareholder NOUN cblr-1764 739 48 value value NOUN cblr-1764 739 49 of of ADP cblr-1764 739 50 those those DET cblr-1764 739 51 firms.234 firms.234 NOUN cblr-1764 739 52 likewise likewise ADV cblr-1764 739 53 , , PUNCT cblr-1764 739 54 skeptics skeptic NOUN cblr-1764 739 55 of of ADP cblr-1764 739 56 a a DET cblr-1764 739 57 single single ADJ cblr-1764 739 58 - - PUNCT cblr-1764 739 59 state state NOUN cblr-1764 739 60 license license NOUN cblr-1764 739 61 reason reason NOUN cblr-1764 739 62 that that SCONJ cblr-1764 739 63 market market NOUN cblr-1764 739 64 conduct conduct NOUN cblr-1764 739 65 regulations regulation NOUN cblr-1764 739 66 seek seek VERB cblr-1764 739 67 to to PART cblr-1764 739 68 correct correct VERB cblr-1764 739 69 information information NOUN cblr-1764 739 70 asymmetries asymmetry NOUN cblr-1764 739 71 between between ADP cblr-1764 739 72 consumers consumer NOUN cblr-1764 739 73 and and CCONJ cblr-1764 739 74 insurers insurer NOUN cblr-1764 739 75 selling sell VERB cblr-1764 739 76 policies policy NOUN cblr-1764 739 77 , , PUNCT cblr-1764 739 78 not not PART cblr-1764 739 79 maximize maximize VERB cblr-1764 739 80 the the DET cblr-1764 739 81 return return NOUN cblr-1764 739 82 to to ADP cblr-1764 739 83 insurance insurance NOUN cblr-1764 739 84 company company NOUN cblr-1764 739 85 shareholders.235 shareholders.235 VERB cblr-1764 739 86 again again ADV cblr-1764 739 87 , , PUNCT cblr-1764 739 88 the the DET cblr-1764 739 89 question question NOUN cblr-1764 739 90 is be AUX cblr-1764 739 91 one one NUM cblr-1764 739 92 of of ADP cblr-1764 739 93 balance balance NOUN cblr-1764 739 94 . . PUNCT cblr-1764 740 1 for for ADP cblr-1764 740 2 those those PRON cblr-1764 740 3 with with ADP cblr-1764 740 4 greater great ADJ cblr-1764 740 5 skepticism skepticism NOUN cblr-1764 740 6 over over ADP cblr-1764 740 7 the the DET cblr-1764 740 8 merits merit NOUN cblr-1764 740 9 of of ADP cblr-1764 740 10 regulatory regulatory ADJ cblr-1764 740 11 competition competition NOUN cblr-1764 740 12 in in ADP cblr-1764 740 13 the the DET cblr-1764 740 14 area area NOUN cblr-1764 740 15 of of ADP cblr-1764 740 16 consumer consumer NOUN cblr-1764 740 17 protection,236 protection,236 PROPN cblr-1764 740 18 an an DET cblr-1764 740 19 ofc ofc NOUN cblr-1764 740 20 framework framework NOUN cblr-1764 740 21 is be AUX cblr-1764 740 22 preferable preferable ADJ cblr-1764 740 23 because because SCONJ cblr-1764 740 24 it it PRON cblr-1764 740 25 provides provide VERB cblr-1764 740 26 somewhat somewhat ADV cblr-1764 740 27 more more ADV cblr-1764 740 28 limited limited ADJ cblr-1764 740 29 regulatory regulatory ADJ cblr-1764 740 30 competition competition NOUN cblr-1764 740 31 than than ADP cblr-1764 740 32 a a DET cblr-1764 740 33 single single ADJ cblr-1764 740 34 - - PUNCT cblr-1764 740 35 state state NOUN cblr-1764 740 36 license license NOUN cblr-1764 740 37 regime regime NOUN cblr-1764 740 38 . . PUNCT cblr-1764 741 1 for for ADP cblr-1764 741 2 advocates advocate NOUN cblr-1764 741 3 of of ADP cblr-1764 741 4 a a DET cblr-1764 741 5 delaware delaware PROPN cblr-1764 741 6 - - PUNCT cblr-1764 741 7 style style NOUN cblr-1764 741 8 regime regime NOUN cblr-1764 741 9 for for ADP cblr-1764 741 10 securities security NOUN cblr-1764 741 11 regulation regulation NOUN cblr-1764 741 12 , , PUNCT cblr-1764 741 13 who who PRON cblr-1764 741 14 argue argue VERB cblr-1764 741 15 that that SCONJ cblr-1764 741 16 competition competition NOUN cblr-1764 741 17 among among ADP cblr-1764 741 18 jurisdictions jurisdiction NOUN cblr-1764 741 19 would would AUX cblr-1764 741 20 provide provide VERB cblr-1764 741 21 a a DET cblr-1764 741 22 signal signal NOUN cblr-1764 741 23 of of ADP cblr-1764 741 24 issuer issuer NOUN cblr-1764 741 25 - - PUNCT cblr-1764 741 26 transparency transparency NOUN cblr-1764 741 27 for for ADP cblr-1764 741 28 investors investor NOUN cblr-1764 741 29 , , PUNCT cblr-1764 741 30 a a DET cblr-1764 741 31 single single ADJ cblr-1764 741 32 - - PUNCT cblr-1764 741 33 state state NOUN cblr-1764 741 34 232 232 NUM cblr-1764 741 35 henry henry PROPN cblr-1764 741 36 n. n. PROPN cblr-1764 741 37 butler butler PROPN cblr-1764 741 38 & & CCONJ cblr-1764 741 39 larry larry PROPN cblr-1764 741 40 e. e. PROPN cblr-1764 741 41 ribstein ribstein PROPN cblr-1764 741 42 , , PUNCT cblr-1764 741 43 the the DET cblr-1764 741 44 single single ADJ cblr-1764 741 45 - - PUNCT cblr-1764 741 46 license license NOUN cblr-1764 741 47 solution solution NOUN cblr-1764 741 48 , , PUNCT cblr-1764 741 49 31 31 NUM cblr-1764 741 50 reg reg NOUN cblr-1764 741 51 . . PUNCT cblr-1764 741 52 36 36 NUM cblr-1764 741 53 , , PUNCT cblr-1764 741 54 42 42 NUM cblr-1764 741 55 ( ( PUNCT cblr-1764 741 56 2008 2008 NUM cblr-1764 741 57 ) ) PUNCT cblr-1764 741 58 . . PUNCT cblr-1764 742 1 233 233 NUM cblr-1764 742 2 see see VERB cblr-1764 742 3 stephen stephen PROPN cblr-1764 742 4 j. j. PROPN cblr-1764 742 5 choi choi PROPN cblr-1764 742 6 & & CCONJ cblr-1764 742 7 andrew andrew PROPN cblr-1764 742 8 guzman guzman PROPN cblr-1764 742 9 , , PUNCT cblr-1764 742 10 portable portable ADJ cblr-1764 742 11 reciprocity reciprocity NOUN cblr-1764 742 12 : : PUNCT cblr-1764 742 13 rethinking rethink VERB cblr-1764 742 14 the the DET cblr-1764 742 15 international international ADJ cblr-1764 742 16 reach reach NOUN cblr-1764 742 17 of of ADP cblr-1764 742 18 securities security NOUN cblr-1764 742 19 regulations regulation NOUN cblr-1764 742 20 , , PUNCT cblr-1764 742 21 71 71 NUM cblr-1764 742 22 s. s. PROPN cblr-1764 742 23 cal cal PROPN cblr-1764 742 24 . . PUNCT cblr-1764 743 1 l. l. PROPN cblr-1764 743 2 rev rev PROPN cblr-1764 743 3 . . PROPN cblr-1764 743 4 903 903 NUM cblr-1764 743 5 , , PUNCT cblr-1764 743 6 935 935 NUM cblr-1764 743 7 ( ( PUNCT cblr-1764 743 8 1998 1998 NUM cblr-1764 743 9 ) ) PUNCT cblr-1764 743 10 ; ; PUNCT cblr-1764 743 11 roberta roberta PROPN cblr-1764 743 12 romano romano PROPN cblr-1764 743 13 , , PUNCT cblr-1764 743 14 empowering empower VERB cblr-1764 743 15 investors investor NOUN cblr-1764 743 16 : : PUNCT cblr-1764 743 17 a a DET cblr-1764 743 18 market market NOUN cblr-1764 743 19 approach approach NOUN cblr-1764 743 20 to to ADP cblr-1764 743 21 securities security NOUN cblr-1764 743 22 regulation regulation NOUN cblr-1764 743 23 , , PUNCT cblr-1764 743 24 107 107 NUM cblr-1764 743 25 yale yale PROPN cblr-1764 743 26 l.j l.j PROPN cblr-1764 743 27 . . PROPN cblr-1764 743 28 2359 2359 NUM cblr-1764 743 29 , , PUNCT cblr-1764 743 30 2388–93 2388–93 NUM cblr-1764 743 31 ( ( PUNCT cblr-1764 743 32 1998 1998 NUM cblr-1764 743 33 ) ) PUNCT cblr-1764 743 34 . . PUNCT cblr-1764 744 1 234 234 NUM cblr-1764 744 2 see see VERB cblr-1764 744 3 coffee coffee NOUN cblr-1764 744 4 , , PUNCT cblr-1764 744 5 supra supra PROPN cblr-1764 744 6 note note NOUN cblr-1764 744 7 198 198 NUM cblr-1764 744 8 , , PUNCT cblr-1764 744 9 at at ADP cblr-1764 744 10 1730–35 1730–35 NUM cblr-1764 744 11 ; ; PUNCT cblr-1764 744 12 merritt merritt PROPN cblr-1764 744 13 b. b. PROPN cblr-1764 744 14 fox fox PROPN cblr-1764 744 15 , , PUNCT cblr-1764 744 16 retaining retain VERB cblr-1764 744 17 mandatory mandatory ADJ cblr-1764 744 18 disclosure disclosure NOUN cblr-1764 744 19 : : PUNCT cblr-1764 744 20 why why SCONJ cblr-1764 744 21 issuer issuer ADJ cblr-1764 744 22 choice choice NOUN cblr-1764 744 23 is be AUX cblr-1764 744 24 not not PART cblr-1764 744 25 investor investor NOUN cblr-1764 744 26 empowerment empowerment NOUN cblr-1764 744 27 , , PUNCT cblr-1764 744 28 85 85 NUM cblr-1764 744 29 va va NOUN cblr-1764 744 30 . . PUNCT cblr-1764 745 1 l. l. PROPN cblr-1764 745 2 rev rev PROPN cblr-1764 745 3 . . PROPN cblr-1764 745 4 1335 1335 NUM cblr-1764 745 5 , , PUNCT cblr-1764 745 6 1393 1393 NUM cblr-1764 745 7 ( ( PUNCT cblr-1764 745 8 1999 1999 NUM cblr-1764 745 9 ) ) PUNCT cblr-1764 745 10 . . PUNCT cblr-1764 746 1 235 235 NUM cblr-1764 746 2 see see VERB cblr-1764 746 3 daniel daniel PROPN cblr-1764 746 4 schwarcz schwarcz PROPN cblr-1764 746 5 , , PUNCT cblr-1764 746 6 regulating regulate VERB cblr-1764 746 7 insurance insurance NOUN cblr-1764 746 8 sales sale NOUN cblr-1764 746 9 or or CCONJ cblr-1764 746 10 selling sell VERB cblr-1764 746 11 insurance insurance NOUN cblr-1764 746 12 regulation regulation NOUN cblr-1764 746 13 ? ? PUNCT cblr-1764 746 14 : : PUNCT cblr-1764 746 15 against against ADP cblr-1764 746 16 regulatory regulatory ADJ cblr-1764 746 17 competition competition NOUN cblr-1764 746 18 in in ADP cblr-1764 746 19 insurance insurance NOUN cblr-1764 746 20 , , PUNCT cblr-1764 746 21 94 94 NUM cblr-1764 746 22 minn minn PROPN cblr-1764 746 23 . . PUNCT cblr-1764 747 1 l. l. PROPN cblr-1764 747 2 rev rev PROPN cblr-1764 747 3 . . PROPN cblr-1764 747 4 1707 1707 NUM cblr-1764 747 5 , , PUNCT cblr-1764 747 6 1737 1737 NUM cblr-1764 747 7 ( ( PUNCT cblr-1764 747 8 2010 2010 NUM cblr-1764 747 9 ) ) PUNCT cblr-1764 747 10 . . PUNCT cblr-1764 748 1 236 236 NUM cblr-1764 748 2 see see VERB cblr-1764 748 3 generally generally ADV cblr-1764 748 4 i i PRON cblr-1764 748 5 d. d. PROPN cblr-1764 748 6 turk turk PROPN cblr-1764 748 7 – – PUNCT cblr-1764 748 8 final final ADJ cblr-1764 748 9 1030 1030 NUM cblr-1764 748 10 columbia columbia PROPN cblr-1764 748 11 business business NOUN cblr-1764 748 12 law law PROPN cblr-1764 748 13 review review NOUN cblr-1764 748 14 [ [ X cblr-1764 748 15 vol vol NOUN cblr-1764 748 16 . . NOUN cblr-1764 748 17 2015 2015 NUM cblr-1764 748 18 licensing licensing NOUN cblr-1764 748 19 regime regime NOUN cblr-1764 748 20 in in ADP cblr-1764 748 21 insurance insurance NOUN cblr-1764 748 22 consumer consumer NOUN cblr-1764 748 23 protection protection NOUN cblr-1764 748 24 would would AUX cblr-1764 748 25 be be AUX cblr-1764 748 26 more more ADV cblr-1764 748 27 efficient efficient ADJ cblr-1764 748 28 . . PUNCT cblr-1764 749 1 ii ii PROPN cblr-1764 749 2 . . PUNCT cblr-1764 750 1 solvency solvency NOUN cblr-1764 750 2 regulation regulation NOUN cblr-1764 750 3 the the DET cblr-1764 750 4 analysis analysis NOUN cblr-1764 750 5 above above ADV cblr-1764 750 6 indicates indicate VERB cblr-1764 750 7 that that SCONJ cblr-1764 750 8 a a DET cblr-1764 750 9 state state NOUN cblr-1764 750 10 race race NOUN cblr-1764 750 11 - - PUNCT cblr-1764 750 12 to to ADP cblr-1764 750 13 - - PUNCT cblr-1764 750 14 thebottom thebottom NOUN cblr-1764 750 15 in in ADP cblr-1764 750 16 capital capital NOUN cblr-1764 750 17 requirements requirement NOUN cblr-1764 750 18 and and CCONJ cblr-1764 750 19 decentralized decentralized ADJ cblr-1764 750 20 crisis crisis NOUN cblr-1764 750 21 management management NOUN cblr-1764 750 22 can can AUX cblr-1764 750 23 impose impose VERB cblr-1764 750 24 serious serious ADJ cblr-1764 750 25 inter inter ADJ cblr-1764 750 26 - - ADJ cblr-1764 750 27 state state ADJ cblr-1764 750 28 externalities externality NOUN cblr-1764 750 29 , , PUNCT cblr-1764 750 30 which which PRON cblr-1764 750 31 make make VERB cblr-1764 750 32 mandatory mandatory ADJ cblr-1764 750 33 , , PUNCT cblr-1764 750 34 rather rather ADV cblr-1764 750 35 than than ADP cblr-1764 750 36 optional optional ADJ cblr-1764 750 37 , , PUNCT cblr-1764 750 38 federal federal ADJ cblr-1764 750 39 solvency solvency NOUN cblr-1764 750 40 rules rule NOUN cblr-1764 750 41 advisable advisable ADJ cblr-1764 750 42 . . PUNCT cblr-1764 751 1 along along ADP cblr-1764 751 2 with with ADP cblr-1764 751 3 the the DET cblr-1764 751 4 ofc ofc NOUN cblr-1764 751 5 model model NOUN cblr-1764 751 6 , , PUNCT cblr-1764 751 7 preemptive preemptive ADJ cblr-1764 751 8 federal federal ADJ cblr-1764 751 9 solvency solvency NOUN cblr-1764 751 10 regulation regulation NOUN cblr-1764 751 11 would would AUX cblr-1764 751 12 draw draw VERB cblr-1764 751 13 on on ADP cblr-1764 751 14 previously previously ADV cblr-1764 751 15 proposed propose VERB cblr-1764 751 16 insurance insurance NOUN cblr-1764 751 17 legislation legislation NOUN cblr-1764 751 18 , , PUNCT cblr-1764 751 19 along along ADP cblr-1764 751 20 with with ADP cblr-1764 751 21 regulatory regulatory ADJ cblr-1764 751 22 mechanisms mechanism NOUN cblr-1764 751 23 that that PRON cblr-1764 751 24 already already ADV cblr-1764 751 25 apply apply VERB cblr-1764 751 26 to to ADP cblr-1764 751 27 banking banking NOUN cblr-1764 751 28 . . PUNCT cblr-1764 752 1 as as SCONJ cblr-1764 752 2 contemplated contemplate VERB cblr-1764 752 3 by by ADP cblr-1764 752 4 the the DET cblr-1764 752 5 smart smart ADJ cblr-1764 752 6 act act NOUN cblr-1764 752 7 , , PUNCT cblr-1764 752 8 both both CCONJ cblr-1764 752 9 state state NOUN cblr-1764 752 10 and and CCONJ cblr-1764 752 11 federally federally ADV cblr-1764 752 12 chartered charter VERB cblr-1764 752 13 insurers insurer NOUN cblr-1764 752 14 could could AUX cblr-1764 752 15 be be AUX cblr-1764 752 16 made make VERB cblr-1764 752 17 subject subject ADJ cblr-1764 752 18 to to ADP cblr-1764 752 19 federal federal ADJ cblr-1764 752 20 minimum minimum ADJ cblr-1764 752 21 requirements requirement NOUN cblr-1764 752 22 for for ADP cblr-1764 752 23 capital capital NOUN cblr-1764 752 24 and and CCONJ cblr-1764 752 25 liquidity liquidity NOUN cblr-1764 752 26 levels level NOUN cblr-1764 752 27 and and CCONJ cblr-1764 752 28 mandatory mandatory ADJ cblr-1764 752 29 financial financial ADJ cblr-1764 752 30 reporting reporting NOUN cblr-1764 752 31 to to ADP cblr-1764 752 32 federal federal ADJ cblr-1764 752 33 insurance insurance NOUN cblr-1764 752 34 supervisors.237 supervisors.237 ADV cblr-1764 752 35 for for ADP cblr-1764 752 36 larger large ADJ cblr-1764 752 37 insurers insurer NOUN cblr-1764 752 38 , , PUNCT cblr-1764 752 39 at at ADP cblr-1764 752 40 least least ADJ cblr-1764 752 41 , , PUNCT cblr-1764 752 42 this this PRON cblr-1764 752 43 would would AUX cblr-1764 752 44 not not PART cblr-1764 752 45 necessarily necessarily ADV cblr-1764 752 46 imply imply VERB cblr-1764 752 47 a a DET cblr-1764 752 48 drastic drastic ADJ cblr-1764 752 49 change change NOUN cblr-1764 752 50 . . PUNCT cblr-1764 753 1 insurance insurance NOUN cblr-1764 753 2 conglomerates conglomerate NOUN cblr-1764 753 3 that that PRON cblr-1764 753 4 were be AUX cblr-1764 753 5 structured structure VERB cblr-1764 753 6 as as SCONJ cblr-1764 753 7 fhcs fhcs PROPN cblr-1764 753 8 were be AUX cblr-1764 753 9 previously previously ADV cblr-1764 753 10 made make VERB cblr-1764 753 11 subject subject ADJ cblr-1764 753 12 to to ADP cblr-1764 753 13 capital capital NOUN cblr-1764 753 14 requirements requirement NOUN cblr-1764 753 15 and and CCONJ cblr-1764 753 16 supervision supervision NOUN cblr-1764 753 17 by by ADP cblr-1764 753 18 the the DET cblr-1764 753 19 federal federal PROPN cblr-1764 753 20 reserve reserve PROPN cblr-1764 753 21 pursuant pursuant ADJ cblr-1764 753 22 to to ADP cblr-1764 753 23 the the DET cblr-1764 753 24 glb glb NOUN cblr-1764 753 25 act act NOUN cblr-1764 753 26 , , PUNCT cblr-1764 753 27 and and CCONJ cblr-1764 753 28 dodd dodd PROPN cblr-1764 753 29 - - PUNCT cblr-1764 753 30 frank frank PROPN cblr-1764 753 31 brings bring VERB cblr-1764 753 32 that that DET cblr-1764 753 33 oversight oversight NOUN cblr-1764 753 34 to to PART cblr-1764 753 35 insurers insurer NOUN cblr-1764 753 36 that that PRON cblr-1764 753 37 are be AUX cblr-1764 753 38 not not PART cblr-1764 753 39 fhcs fhcs ADJ cblr-1764 753 40 yet yet ADV cblr-1764 753 41 nonetheless nonetheless ADV cblr-1764 753 42 are be AUX cblr-1764 753 43 considered consider VERB cblr-1764 753 44 systemically systemically ADV cblr-1764 753 45 important.238 important.238 VERB cblr-1764 753 46 in in ADP cblr-1764 753 47 contrast contrast NOUN cblr-1764 753 48 to to ADP cblr-1764 753 49 the the DET cblr-1764 753 50 current current ADJ cblr-1764 753 51 framework framework NOUN cblr-1764 753 52 , , PUNCT cblr-1764 753 53 federal federal ADJ cblr-1764 753 54 solvency solvency NOUN cblr-1764 753 55 and and CCONJ cblr-1764 753 56 resolution resolution NOUN cblr-1764 753 57 rules rule NOUN cblr-1764 753 58 should should AUX cblr-1764 753 59 not not PART cblr-1764 753 60 be be AUX cblr-1764 753 61 limited limit VERB cblr-1764 753 62 to to ADP cblr-1764 753 63 a a DET cblr-1764 753 64 handful handful NOUN cblr-1764 753 65 of of ADP cblr-1764 753 66 too too ADV cblr-1764 753 67 big big ADJ cblr-1764 753 68 to to PART cblr-1764 753 69 fail fail VERB cblr-1764 753 70 insurers insurer NOUN cblr-1764 753 71 , , PUNCT cblr-1764 753 72 because because SCONJ cblr-1764 753 73 the the DET cblr-1764 753 74 contemporaneous contemporaneous ADJ cblr-1764 753 75 collapse collapse NOUN cblr-1764 753 76 of of ADP cblr-1764 753 77 nearly nearly ADV cblr-1764 753 78 all all PRON cblr-1764 753 79 private private ADJ cblr-1764 753 80 mortgage mortgage NOUN cblr-1764 753 81 and and CCONJ cblr-1764 753 82 monoline monoline NOUN cblr-1764 753 83 insurance insurance NOUN cblr-1764 753 84 companies company NOUN cblr-1764 753 85 illustrates illustrate VERB cblr-1764 753 86 that that SCONJ cblr-1764 753 87 a a DET cblr-1764 753 88 cluster cluster NOUN cblr-1764 753 89 of of ADP cblr-1764 753 90 firms firm NOUN cblr-1764 753 91 can can AUX cblr-1764 753 92 be be AUX cblr-1764 753 93 collectively collectively ADV cblr-1764 753 94 “ " PUNCT cblr-1764 753 95 too too ADV cblr-1764 753 96 numerous numerous ADJ cblr-1764 753 97 to to PART cblr-1764 753 98 fail fail VERB cblr-1764 753 99 . . PUNCT cblr-1764 753 100 ” " PUNCT cblr-1764 754 1 the the DET cblr-1764 754 2 second second ADJ cblr-1764 754 3 major major ADJ cblr-1764 754 4 piece piece NOUN cblr-1764 754 5 of of ADP cblr-1764 754 6 federal federal ADJ cblr-1764 754 7 solvency solvency NOUN cblr-1764 754 8 regulation regulation NOUN cblr-1764 754 9 would would AUX cblr-1764 754 10 be be AUX cblr-1764 754 11 to to PART cblr-1764 754 12 displace displace VERB cblr-1764 754 13 state state NOUN cblr-1764 754 14 guarantee guarantee NOUN cblr-1764 754 15 funds fund NOUN cblr-1764 754 16 with with ADP cblr-1764 754 17 a a DET cblr-1764 754 18 common common ADJ cblr-1764 754 19 federal federal ADJ cblr-1764 754 20 resolution resolution NOUN cblr-1764 754 21 authority authority NOUN cblr-1764 754 22 . . PUNCT cblr-1764 755 1 such such DET cblr-1764 755 2 an an DET cblr-1764 755 3 arrangement arrangement NOUN cblr-1764 755 4 is be AUX cblr-1764 755 5 237 237 NUM cblr-1764 755 6 see see VERB cblr-1764 755 7 smart smart ADJ cblr-1764 755 8 act act NOUN cblr-1764 755 9 discussion discussion NOUN cblr-1764 755 10 draft draft NOUN cblr-1764 755 11 , , PUNCT cblr-1764 755 12 supra supra PROPN cblr-1764 755 13 note note PROPN cblr-1764 755 14 220 220 NUM cblr-1764 755 15 ; ; PUNCT cblr-1764 755 16 grace grace NOUN cblr-1764 755 17 & & CCONJ cblr-1764 755 18 klein klein PROPN cblr-1764 755 19 , , PUNCT cblr-1764 755 20 supra supra PROPN cblr-1764 755 21 note note NOUN cblr-1764 755 22 204 204 NUM cblr-1764 755 23 , , PUNCT cblr-1764 755 24 at at ADP cblr-1764 755 25 18–19 18–19 NUM cblr-1764 755 26 ( ( PUNCT cblr-1764 755 27 discussing discuss VERB cblr-1764 755 28 the the DET cblr-1764 755 29 option option NOUN cblr-1764 755 30 of of ADP cblr-1764 755 31 federal federal ADJ cblr-1764 755 32 minimum minimum NOUN cblr-1764 755 33 standards standard NOUN cblr-1764 755 34 ) ) PUNCT cblr-1764 755 35 ; ; PUNCT cblr-1764 755 36 harrington harrington PROPN cblr-1764 755 37 , , PUNCT cblr-1764 755 38 supra supra PROPN cblr-1764 755 39 note note NOUN cblr-1764 755 40 225 225 NUM cblr-1764 755 41 , , PUNCT cblr-1764 755 42 at at ADP cblr-1764 755 43 25–28 25–28 NUM cblr-1764 755 44 ( ( PUNCT cblr-1764 755 45 same same ADJ cblr-1764 755 46 ) ) PUNCT cblr-1764 755 47 ; ; PUNCT cblr-1764 755 48 schwarcz schwarcz NOUN cblr-1764 755 49 , , PUNCT cblr-1764 755 50 supra supra ADJ cblr-1764 755 51 note note PROPN cblr-1764 755 52 235 235 NUM cblr-1764 755 53 , , PUNCT cblr-1764 755 54 1780–87 1780–87 NUM cblr-1764 755 55 ( ( PUNCT cblr-1764 755 56 same same ADJ cblr-1764 755 57 ) ) PUNCT cblr-1764 755 58 . . PUNCT cblr-1764 756 1 238 238 NUM cblr-1764 756 2 see see VERB cblr-1764 756 3 supra supra PROPN cblr-1764 756 4 note note NOUN cblr-1764 756 5 131 131 NUM cblr-1764 756 6 and and CCONJ cblr-1764 756 7 accompanying accompany VERB cblr-1764 756 8 text text NOUN cblr-1764 756 9 . . PUNCT cblr-1764 757 1 turk turk PROPN cblr-1764 757 2 – – PUNCT cblr-1764 757 3 final final ADJ cblr-1764 757 4 no no NOUN cblr-1764 757 5 . . PUNCT cblr-1764 758 1 3:967 3:967 NUM cblr-1764 758 2 ] ] X cblr-1764 758 3 insurance insurance NOUN cblr-1764 758 4 convergence convergence NOUN cblr-1764 758 5 1031 1031 NUM cblr-1764 758 6 currently currently ADV cblr-1764 758 7 in in ADP cblr-1764 758 8 place place NOUN cblr-1764 758 9 in in ADP cblr-1764 758 10 banking banking NOUN cblr-1764 758 11 regulation regulation NOUN cblr-1764 758 12 , , PUNCT cblr-1764 758 13 where where SCONJ cblr-1764 758 14 the the DET cblr-1764 758 15 fdic fdic PROPN cblr-1764 758 16 has have VERB cblr-1764 758 17 authority authority NOUN cblr-1764 758 18 over over ADP cblr-1764 758 19 failed fail VERB cblr-1764 758 20 banks bank NOUN cblr-1764 758 21 with with ADP cblr-1764 758 22 federally federally ADV cblr-1764 758 23 insured insure VERB cblr-1764 758 24 deposits deposit NOUN cblr-1764 758 25 whether whether SCONJ cblr-1764 758 26 they they PRON cblr-1764 758 27 are be AUX cblr-1764 758 28 established establish VERB cblr-1764 758 29 pursuant pursuant ADV cblr-1764 758 30 to to ADP cblr-1764 758 31 a a DET cblr-1764 758 32 state state NOUN cblr-1764 758 33 or or CCONJ cblr-1764 758 34 national national ADJ cblr-1764 758 35 charter.239 charter.239 NUM cblr-1764 758 36 as as ADP cblr-1764 758 37 with with ADP cblr-1764 758 38 capital capital NOUN cblr-1764 758 39 requirements requirement NOUN cblr-1764 758 40 and and CCONJ cblr-1764 758 41 supervision supervision NOUN cblr-1764 758 42 , , PUNCT cblr-1764 758 43 dodd dodd PROPN cblr-1764 758 44 - - PUNCT cblr-1764 758 45 frank frank PROPN cblr-1764 758 46 already already ADV cblr-1764 758 47 partially partially ADV cblr-1764 758 48 incorporates incorporate VERB cblr-1764 758 49 this this DET cblr-1764 758 50 proposal proposal NOUN cblr-1764 758 51 with with ADP cblr-1764 758 52 respect respect NOUN cblr-1764 758 53 to to ADP cblr-1764 758 54 systemically systemically ADV cblr-1764 758 55 important important ADJ cblr-1764 758 56 insurers insurer NOUN cblr-1764 758 57 as as ADP cblr-1764 758 58 part part NOUN cblr-1764 758 59 of of ADP cblr-1764 758 60 the the DET cblr-1764 758 61 fdic fdic PROPN cblr-1764 758 62 ’s ’s PART cblr-1764 758 63 new new ADJ cblr-1764 758 64 orderly orderly ADJ cblr-1764 758 65 liquidation liquidation NOUN cblr-1764 758 66 authority authority NOUN cblr-1764 758 67 . . PUNCT cblr-1764 759 1 under under ADP cblr-1764 759 2 the the DET cblr-1764 759 3 ola ola PROPN cblr-1764 759 4 , , PUNCT cblr-1764 759 5 the the DET cblr-1764 759 6 fdic fdic PROPN cblr-1764 759 7 will will AUX cblr-1764 759 8 take take VERB cblr-1764 759 9 into into ADP cblr-1764 759 10 receivership receivership NOUN cblr-1764 759 11 any any DET cblr-1764 759 12 insolvent insolvent ADJ cblr-1764 759 13 insurance insurance NOUN cblr-1764 759 14 company company NOUN cblr-1764 759 15 of of ADP cblr-1764 759 16 systemic systemic ADJ cblr-1764 759 17 importance importance NOUN cblr-1764 759 18 if if SCONJ cblr-1764 759 19 a a DET cblr-1764 759 20 state state NOUN cblr-1764 759 21 insurance insurance NOUN cblr-1764 759 22 department department NOUN cblr-1764 759 23 does do AUX cblr-1764 759 24 not not PART cblr-1764 759 25 take take VERB cblr-1764 759 26 sufficient sufficient ADJ cblr-1764 759 27 measures measure NOUN cblr-1764 759 28 to to PART cblr-1764 759 29 do do VERB cblr-1764 759 30 so so SCONJ cblr-1764 759 31 itself itself PRON cblr-1764 759 32 within within ADP cblr-1764 759 33 ninety ninety NUM cblr-1764 759 34 days day NOUN cblr-1764 759 35 of of ADP cblr-1764 759 36 the the DET cblr-1764 759 37 institution institution NOUN cblr-1764 759 38 ’s ’s PART cblr-1764 759 39 failure.240 failure.240 NOUN cblr-1764 759 40 a a DET cblr-1764 759 41 federal federal ADJ cblr-1764 759 42 resolution resolution NOUN cblr-1764 759 43 authority authority NOUN cblr-1764 759 44 for for ADP cblr-1764 759 45 insurance insurance NOUN cblr-1764 759 46 companies company NOUN cblr-1764 759 47 would would AUX cblr-1764 759 48 remove remove VERB cblr-1764 759 49 this this DET cblr-1764 759 50 first first ADJ cblr-1764 759 51 - - PUNCT cblr-1764 759 52 instance instance NOUN cblr-1764 759 53 delegation delegation NOUN cblr-1764 759 54 to to ADP cblr-1764 759 55 state state NOUN cblr-1764 759 56 insurance insurance NOUN cblr-1764 759 57 funds fund NOUN cblr-1764 759 58 and and CCONJ cblr-1764 759 59 complement complement VERB cblr-1764 759 60 federal federal ADJ cblr-1764 759 61 solvency solvency NOUN cblr-1764 759 62 supervision supervision NOUN cblr-1764 759 63 and and CCONJ cblr-1764 759 64 capital capital NOUN cblr-1764 759 65 requirements.241 requirements.241 NOUN cblr-1764 759 66 although although SCONJ cblr-1764 759 67 the the DET cblr-1764 759 68 analysis analysis NOUN cblr-1764 759 69 above above ADP cblr-1764 759 70 evaluates evaluate VERB cblr-1764 759 71 harmonization harmonization NOUN cblr-1764 759 72 models model NOUN cblr-1764 759 73 at at ADP cblr-1764 759 74 an an DET cblr-1764 759 75 abstract abstract ADJ cblr-1764 759 76 level level NOUN cblr-1764 759 77 , , PUNCT cblr-1764 759 78 each each DET cblr-1764 759 79 reform reform NOUN cblr-1764 759 80 draws draw VERB cblr-1764 759 81 on on ADP cblr-1764 759 82 existing exist VERB cblr-1764 759 83 regulatory regulatory ADJ cblr-1764 759 84 structures structure NOUN cblr-1764 759 85 that that PRON cblr-1764 759 86 are be AUX cblr-1764 759 87 in in ADP cblr-1764 759 88 place place NOUN cblr-1764 759 89 for for ADP cblr-1764 759 90 banking banking NOUN cblr-1764 759 91 or or CCONJ cblr-1764 759 92 other other ADJ cblr-1764 759 93 financial financial ADJ cblr-1764 759 94 services service NOUN cblr-1764 759 95 , , PUNCT cblr-1764 759 96 which which PRON cblr-1764 759 97 could could AUX cblr-1764 759 98 be be AUX cblr-1764 759 99 emulated emulate VERB cblr-1764 759 100 by by ADP cblr-1764 759 101 the the DET cblr-1764 759 102 fio fio NOUN cblr-1764 759 103 if if SCONJ cblr-1764 759 104 it it PRON cblr-1764 759 105 is be AUX cblr-1764 759 106 given give VERB cblr-1764 759 107 a a DET cblr-1764 759 108 broader broad ADJ cblr-1764 759 109 mandate mandate NOUN cblr-1764 759 110 . . PUNCT cblr-1764 760 1 the the DET cblr-1764 760 2 analysis analysis NOUN cblr-1764 760 3 also also ADV cblr-1764 760 4 rules rule VERB cblr-1764 760 5 out out ADP cblr-1764 760 6 two two NUM cblr-1764 760 7 regimes regime NOUN cblr-1764 760 8 as as ADP cblr-1764 760 9 strictly strictly ADV cblr-1764 760 10 inferior inferior ADJ cblr-1764 760 11 . . PUNCT cblr-1764 761 1 first first ADV cblr-1764 761 2 , , PUNCT cblr-1764 761 3 the the DET cblr-1764 761 4 status status NOUN cblr-1764 761 5 quo quo NOUN cblr-1764 761 6 of of ADP cblr-1764 761 7 pure pure ADJ cblr-1764 761 8 regulatory regulatory ADJ cblr-1764 761 9 competition competition NOUN cblr-1764 761 10 is be AUX cblr-1764 761 11 patently patently ADV cblr-1764 761 12 dysfunctional dysfunctional ADJ cblr-1764 761 13 , , PUNCT cblr-1764 761 14 and and CCONJ cblr-1764 761 15 would would AUX cblr-1764 761 16 be be AUX cblr-1764 761 17 improved improve VERB cblr-1764 761 18 by by ADP cblr-1764 761 19 some some DET cblr-1764 761 20 degree degree NOUN cblr-1764 761 21 of of ADP cblr-1764 761 22 harmonization harmonization NOUN cblr-1764 761 23 across across ADP cblr-1764 761 24 state state NOUN cblr-1764 761 25 jurisdictions jurisdiction NOUN cblr-1764 761 26 . . PUNCT cblr-1764 762 1 second second ADJ cblr-1764 762 2 , , PUNCT cblr-1764 762 3 it it PRON cblr-1764 762 4 is be AUX cblr-1764 762 5 unwise unwise ADJ cblr-1764 762 6 to to PART cblr-1764 762 7 move move VERB cblr-1764 762 8 to to ADP cblr-1764 762 9 the the DET cblr-1764 762 10 opposite opposite ADJ cblr-1764 762 11 extreme extreme NOUN cblr-1764 762 12 of of ADP cblr-1764 762 13 complete complete ADJ cblr-1764 762 14 harmonization harmonization NOUN cblr-1764 762 15 by by ADP cblr-1764 762 16 granting grant VERB cblr-1764 762 17 the the DET cblr-1764 762 18 fio fio NOUN cblr-1764 762 19 plenary plenary ADJ cblr-1764 762 20 authority authority NOUN cblr-1764 762 21 over over ADP cblr-1764 762 22 insurance insurance NOUN cblr-1764 762 23 regulation regulation NOUN cblr-1764 762 24 . . PUNCT cblr-1764 763 1 the the DET cblr-1764 763 2 most most ADV cblr-1764 763 3 effective effective ADJ cblr-1764 763 4 way way NOUN cblr-1764 763 5 forward forward ADV cblr-1764 763 6 is be AUX cblr-1764 763 7 to to PART cblr-1764 763 8 leverage leverage VERB cblr-1764 763 9 the the DET cblr-1764 763 10 fio fio NOUN cblr-1764 763 11 as as ADP cblr-1764 763 12 a a DET cblr-1764 763 13 platform platform NOUN cblr-1764 763 14 for for ADP cblr-1764 763 15 a a DET cblr-1764 763 16 mixed mixed ADJ cblr-1764 763 17 approach approach NOUN cblr-1764 763 18 , , PUNCT cblr-1764 763 19 which which PRON cblr-1764 763 20 consists consist VERB cblr-1764 763 21 of of ADP cblr-1764 763 22 preemptive preemptive ADJ cblr-1764 763 23 federal federal ADJ cblr-1764 763 24 solvency solvency NOUN cblr-1764 763 25 rules rule NOUN cblr-1764 763 26 but but CCONJ cblr-1764 763 27 retains retain VERB cblr-1764 763 28 a a DET cblr-1764 763 29 degree degree NOUN cblr-1764 763 30 of of ADP cblr-1764 763 31 regulatory regulatory ADJ cblr-1764 763 32 competition competition NOUN cblr-1764 763 33 through through ADP cblr-1764 763 34 optional optional ADJ cblr-1764 763 35 charters charter NOUN cblr-1764 763 36 governing govern VERB cblr-1764 763 37 market market NOUN cblr-1764 763 38 conduct conduct NOUN cblr-1764 763 39 rules rule NOUN cblr-1764 763 40 . . PUNCT cblr-1764 764 1 239 239 NUM cblr-1764 764 2 see see VERB cblr-1764 764 3 federal federal ADJ cblr-1764 764 4 deposit deposit NOUN cblr-1764 764 5 insurance insurance NOUN cblr-1764 764 6 improvement improvement NOUN cblr-1764 764 7 act act NOUN cblr-1764 764 8 of of ADP cblr-1764 764 9 1991 1991 NUM cblr-1764 764 10 ( ( PUNCT cblr-1764 764 11 fdicia fdicia PROPN cblr-1764 764 12 ) ) PUNCT cblr-1764 764 13 , , PUNCT cblr-1764 764 14 pub pub NOUN cblr-1764 764 15 . . PUNCT cblr-1764 765 1 l. l. PROPN cblr-1764 765 2 no no INTJ cblr-1764 765 3 . . PROPN cblr-1764 766 1 102 102 NUM cblr-1764 766 2 - - SYM cblr-1764 766 3 242 242 NUM cblr-1764 766 4 , , PUNCT cblr-1764 766 5 105 105 NUM cblr-1764 766 6 stat stat NOUN cblr-1764 766 7 . . PUNCT cblr-1764 767 1 2236 2236 NUM cblr-1764 767 2 ( ( PUNCT cblr-1764 767 3 codified codify VERB cblr-1764 767 4 in in ADP cblr-1764 767 5 scattered scatter VERB cblr-1764 767 6 sections section NOUN cblr-1764 767 7 of of ADP cblr-1764 767 8 12 12 NUM cblr-1764 767 9 u.s.c u.s.c ADJ cblr-1764 767 10 . . PUNCT cblr-1764 768 1 ( ( PUNCT cblr-1764 768 2 2012 2012 NUM cblr-1764 768 3 ) ) PUNCT cblr-1764 768 4 ) ) PUNCT cblr-1764 768 5 . . PUNCT cblr-1764 769 1 240 240 NUM cblr-1764 769 2 dodd dodd PROPN cblr-1764 769 3 - - PUNCT cblr-1764 769 4 frank frank PROPN cblr-1764 769 5 § § PROPN cblr-1764 769 6 204 204 NUM cblr-1764 769 7 ( ( PUNCT cblr-1764 769 8 providing provide VERB cblr-1764 769 9 for for ADP cblr-1764 769 10 the the DET cblr-1764 769 11 fdic fdic PROPN cblr-1764 769 12 ’s ’s PART cblr-1764 769 13 new new PROPN cblr-1764 769 14 ola ola PROPN cblr-1764 769 15 ) ) PUNCT cblr-1764 769 16 . . PUNCT cblr-1764 770 1 241 241 NUM cblr-1764 770 2 see see VERB cblr-1764 770 3 harrington harrington PROPN cblr-1764 770 4 , , PUNCT cblr-1764 770 5 supra supra PROPN cblr-1764 770 6 note note NOUN cblr-1764 770 7 225 225 NUM cblr-1764 770 8 , , PUNCT cblr-1764 770 9 at at ADP cblr-1764 770 10 21 21 NUM cblr-1764 770 11 . . PUNCT cblr-1764 771 1 turk turk PROPN cblr-1764 771 2 – – PUNCT cblr-1764 771 3 final final ADJ cblr-1764 771 4 1032 1032 NUM cblr-1764 771 5 columbia columbia PROPN cblr-1764 771 6 business business NOUN cblr-1764 771 7 law law PROPN cblr-1764 771 8 review review NOUN cblr-1764 771 9 [ [ X cblr-1764 771 10 vol vol NOUN cblr-1764 771 11 . . NOUN cblr-1764 771 12 2015 2015 NUM cblr-1764 771 13 2 2 NUM cblr-1764 771 14 . . PUNCT cblr-1764 771 15 international international ADJ cblr-1764 771 16 harmonization harmonization NOUN cblr-1764 771 17 the the DET cblr-1764 771 18 2008 2008 NUM cblr-1764 771 19 crisis crisis NOUN cblr-1764 771 20 revealed reveal VERB cblr-1764 771 21 the the DET cblr-1764 771 22 depth depth NOUN cblr-1764 771 23 of of ADP cblr-1764 771 24 the the DET cblr-1764 771 25 insurance insurance NOUN cblr-1764 771 26 industry industry NOUN cblr-1764 771 27 ’s ’s PART cblr-1764 771 28 interconnection interconnection NOUN cblr-1764 771 29 with with ADP cblr-1764 771 30 the the DET cblr-1764 771 31 global global ADJ cblr-1764 771 32 financial financial ADJ cblr-1764 771 33 system system NOUN cblr-1764 771 34 , , PUNCT cblr-1764 771 35 and and CCONJ cblr-1764 771 36 as as ADP cblr-1764 771 37 a a DET cblr-1764 771 38 consequence consequence NOUN cblr-1764 771 39 , , PUNCT cblr-1764 771 40 cross cross ADJ cblr-1764 771 41 - - ADJ cblr-1764 771 42 border border ADJ cblr-1764 771 43 cooperation cooperation NOUN cblr-1764 771 44 on on ADP cblr-1764 771 45 insurance insurance NOUN cblr-1764 771 46 regulation regulation NOUN cblr-1764 771 47 has have AUX cblr-1764 771 48 appeared appear VERB cblr-1764 771 49 on on ADP cblr-1764 771 50 the the DET cblr-1764 771 51 post post ADJ cblr-1764 771 52 - - ADJ cblr-1764 771 53 crisis crisis ADJ cblr-1764 771 54 reform reform NOUN cblr-1764 771 55 agenda.242 agenda.242 VERB cblr-1764 771 56 at at ADP cblr-1764 771 57 the the DET cblr-1764 771 58 international international ADJ cblr-1764 771 59 level level NOUN cblr-1764 771 60 , , PUNCT cblr-1764 771 61 however however ADV cblr-1764 771 62 , , PUNCT cblr-1764 771 63 the the DET cblr-1764 771 64 dilemma dilemma NOUN cblr-1764 771 65 of of ADP cblr-1764 771 66 regulatory regulatory ADJ cblr-1764 771 67 competition competition NOUN cblr-1764 771 68 versus versus ADP cblr-1764 771 69 harmonization harmonization NOUN cblr-1764 771 70 raises raise VERB cblr-1764 771 71 a a DET cblr-1764 771 72 number number NOUN cblr-1764 771 73 of of ADP cblr-1764 771 74 threshold threshold NOUN cblr-1764 771 75 considerations consideration NOUN cblr-1764 771 76 that that PRON cblr-1764 771 77 are be AUX cblr-1764 771 78 not not PART cblr-1764 771 79 present present ADJ cblr-1764 771 80 in in ADP cblr-1764 771 81 the the DET cblr-1764 771 82 domestic domestic ADJ cblr-1764 771 83 context context NOUN cblr-1764 771 84 , , PUNCT cblr-1764 771 85 all all PRON cblr-1764 771 86 of of ADP cblr-1764 771 87 which which PRON cblr-1764 771 88 tend tend VERB cblr-1764 771 89 to to PART cblr-1764 771 90 favor favor VERB cblr-1764 771 91 maintaining maintain VERB cblr-1764 771 92 a a DET cblr-1764 771 93 greater great ADJ cblr-1764 771 94 sphere sphere NOUN cblr-1764 771 95 of of ADP cblr-1764 771 96 regulatory regulatory ADJ cblr-1764 771 97 competition competition NOUN cblr-1764 771 98 . . PUNCT cblr-1764 772 1 the the DET cblr-1764 772 2 first first ADJ cblr-1764 772 3 is be AUX cblr-1764 772 4 the the DET cblr-1764 772 5 familiar familiar ADJ cblr-1764 772 6 point point NOUN cblr-1764 772 7 that that SCONJ cblr-1764 772 8 obtaining obtain VERB cblr-1764 772 9 meaningful meaningful ADJ cblr-1764 772 10 enforcement enforcement NOUN cblr-1764 772 11 of of ADP cblr-1764 772 12 international international ADJ cblr-1764 772 13 agreements agreement NOUN cblr-1764 772 14 is be AUX cblr-1764 772 15 more more ADV cblr-1764 772 16 difficult difficult ADJ cblr-1764 772 17 than than SCONJ cblr-1764 772 18 it it PRON cblr-1764 772 19 is be AUX cblr-1764 772 20 for for ADP cblr-1764 772 21 federal federal ADJ cblr-1764 772 22 regulations regulation NOUN cblr-1764 772 23 , , PUNCT cblr-1764 772 24 leaving leave VERB cblr-1764 772 25 the the DET cblr-1764 772 26 actual actual ADJ cblr-1764 772 27 extent extent NOUN cblr-1764 772 28 of of ADP cblr-1764 772 29 cross cross ADJ cblr-1764 772 30 - - ADJ cblr-1764 772 31 border border ADJ cblr-1764 772 32 harmonization harmonization NOUN cblr-1764 772 33 uncertain.243 uncertain.243 ADV cblr-1764 772 34 second second ADV cblr-1764 772 35 , , PUNCT cblr-1764 772 36 the the DET cblr-1764 772 37 heterogeneity heterogeneity NOUN cblr-1764 772 38 of of ADP cblr-1764 772 39 populations population NOUN cblr-1764 772 40 and and CCONJ cblr-1764 772 41 their their PRON cblr-1764 772 42 preferences preference NOUN cblr-1764 772 43 is be AUX cblr-1764 772 44 typically typically ADV cblr-1764 772 45 greater great ADJ cblr-1764 772 46 among among ADP cblr-1764 772 47 countries country NOUN cblr-1764 772 48 than than ADP cblr-1764 772 49 within within ADP cblr-1764 772 50 them they PRON cblr-1764 772 51 , , PUNCT cblr-1764 772 52 which which PRON cblr-1764 772 53 also also ADV cblr-1764 772 54 tends tend VERB cblr-1764 772 55 to to PART cblr-1764 772 56 reduce reduce VERB cblr-1764 772 57 the the DET cblr-1764 772 58 benefits benefit NOUN cblr-1764 772 59 of of ADP cblr-1764 772 60 internationally internationally ADV cblr-1764 772 61 uniform uniform ADJ cblr-1764 772 62 policies.244 policies.244 PROPN cblr-1764 772 63 third third ADV cblr-1764 772 64 , , PUNCT cblr-1764 772 65 even even ADV cblr-1764 772 66 in in ADP cblr-1764 772 67 our our PRON cblr-1764 772 68 era era NOUN cblr-1764 772 69 of of ADP cblr-1764 772 70 globalization globalization NOUN cblr-1764 772 71 , , PUNCT cblr-1764 772 72 market market NOUN cblr-1764 772 73 integration integration NOUN cblr-1764 772 74 remains remain VERB cblr-1764 772 75 deeper deeply ADV cblr-1764 772 76 within within ADP cblr-1764 772 77 countries country NOUN cblr-1764 772 78 than than ADP cblr-1764 772 79 among among ADP cblr-1764 772 80 them they PRON cblr-1764 772 81 and and CCONJ cblr-1764 772 82 therefore therefore ADV cblr-1764 772 83 the the DET cblr-1764 772 84 incidence incidence NOUN cblr-1764 772 85 of of ADP cblr-1764 772 86 market market NOUN cblr-1764 772 87 externalities externality NOUN cblr-1764 772 88 is be AUX cblr-1764 772 89 greater great ADJ cblr-1764 772 90 domestically.245 domestically.245 NOUN cblr-1764 772 91 fourth fourth ADV cblr-1764 772 92 , , PUNCT cblr-1764 772 93 the the DET cblr-1764 772 94 cost cost NOUN cblr-1764 772 95 of of ADP cblr-1764 772 96 regulatory regulatory ADJ cblr-1764 772 97 failure failure NOUN cblr-1764 772 98 is be AUX cblr-1764 772 99 magnified magnify VERB cblr-1764 772 100 by by ADP cblr-1764 772 101 international international ADJ cblr-1764 772 102 agreements agreement NOUN cblr-1764 772 103 to to PART cblr-1764 772 104 be be AUX cblr-1764 772 105 global global ADJ cblr-1764 772 106 in in ADP cblr-1764 772 107 scale.246 scale.246 PROPN cblr-1764 772 108 fifth fifth ADJ cblr-1764 772 109 , , PUNCT cblr-1764 772 110 and and CCONJ cblr-1764 772 111 somewhat somewhat ADV cblr-1764 772 112 speculatively speculatively ADV cblr-1764 772 113 , , PUNCT cblr-1764 772 114 regulatory regulatory ADJ cblr-1764 772 115 failure failure NOUN cblr-1764 772 116 as as ADP cblr-1764 772 117 a a DET cblr-1764 772 118 result result NOUN cblr-1764 772 119 of of ADP cblr-1764 772 120 interest interest NOUN cblr-1764 772 121 group group NOUN cblr-1764 772 122 capture capture NOUN cblr-1764 772 123 is be AUX cblr-1764 772 124 arguably arguably ADV cblr-1764 772 125 more more ADV cblr-1764 772 126 likely likely ADJ cblr-1764 772 127 at at ADP cblr-1764 772 128 the the DET cblr-1764 772 129 242 242 NUM cblr-1764 772 130 see see NOUN cblr-1764 772 131 supra supra PROPN cblr-1764 772 132 parts part NOUN cblr-1764 772 133 ii.b ii.b PROPN cblr-1764 772 134 , , PUNCT cblr-1764 772 135 iii.b iii.b X cblr-1764 772 136 . . 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PUNCT cblr-1764 779 1 246 246 NUM cblr-1764 779 2 see see VERB cblr-1764 779 3 romano romano NOUN cblr-1764 779 4 , , PUNCT cblr-1764 779 5 supra supra PROPN cblr-1764 779 6 note note NOUN cblr-1764 779 7 194 194 NUM cblr-1764 779 8 , , PUNCT cblr-1764 779 9 at at ADP cblr-1764 779 10 5 5 NUM cblr-1764 779 11 , , PUNCT cblr-1764 779 12 17–18 17–18 NUM cblr-1764 779 13 . . PUNCT cblr-1764 779 14 turk turk PROPN cblr-1764 779 15 – – PUNCT cblr-1764 779 16 final final ADJ cblr-1764 779 17 no no NOUN cblr-1764 779 18 . . PUNCT cblr-1764 780 1 3:967 3:967 NUM cblr-1764 780 2 ] ] PUNCT cblr-1764 780 3 insurance insurance NOUN cblr-1764 780 4 convergence convergence NOUN cblr-1764 780 5 1033 1033 NUM cblr-1764 780 6 international international ADJ cblr-1764 780 7 level level NOUN cblr-1764 780 8 , , PUNCT cblr-1764 780 9 where where SCONJ cblr-1764 780 10 political political ADJ cblr-1764 780 11 organizations organization NOUN cblr-1764 780 12 operate operate VERB cblr-1764 780 13 with with ADP cblr-1764 780 14 less less ADJ cblr-1764 780 15 transparency transparency NOUN cblr-1764 780 16 and and CCONJ cblr-1764 780 17 democratic democratic ADJ cblr-1764 780 18 accountability.247 accountability.247 PROPN cblr-1764 780 19 taken take VERB cblr-1764 780 20 together together ADV cblr-1764 780 21 , , PUNCT cblr-1764 780 22 the the DET cblr-1764 780 23 unique unique ADJ cblr-1764 780 24 features feature NOUN cblr-1764 780 25 of of ADP cblr-1764 780 26 international international ADJ cblr-1764 780 27 regulatory regulatory ADJ cblr-1764 780 28 cooperation cooperation NOUN cblr-1764 780 29 that that SCONJ cblr-1764 780 30 disfavor disfavor NOUN cblr-1764 780 31 harmonization harmonization NOUN cblr-1764 780 32 carry carry VERB cblr-1764 780 33 at at ADV cblr-1764 780 34 least least ADV cblr-1764 780 35 one one NUM cblr-1764 780 36 important important ADJ cblr-1764 780 37 implication implication NOUN cblr-1764 780 38 : : PUNCT cblr-1764 780 39 contrary contrary ADJ cblr-1764 780 40 to to ADP cblr-1764 780 41 what what PRON cblr-1764 780 42 many many ADJ cblr-1764 780 43 commentators commentator NOUN cblr-1764 780 44 suggest suggest VERB cblr-1764 780 45 or or CCONJ cblr-1764 780 46 anticipate anticipate VERB cblr-1764 780 47 , , PUNCT cblr-1764 780 48 the the DET cblr-1764 780 49 fio fio NOUN cblr-1764 780 50 should should AUX cblr-1764 780 51 not not PART cblr-1764 780 52 use use VERB cblr-1764 780 53 its its PRON cblr-1764 780 54 authority authority NOUN cblr-1764 780 55 to to PART cblr-1764 780 56 negotiate negotiate VERB cblr-1764 780 57 international international ADJ cblr-1764 780 58 agreements agreement NOUN cblr-1764 780 59 as as ADP cblr-1764 780 60 a a DET cblr-1764 780 61 springboard springboard NOUN cblr-1764 780 62 for for ADP cblr-1764 780 63 achieving achieve VERB cblr-1764 780 64 domestic domestic ADJ cblr-1764 780 65 regulatory regulatory ADJ cblr-1764 780 66 uniformity.248 uniformity.248 PROPN cblr-1764 780 67 rather rather ADV cblr-1764 780 68 , , PUNCT cblr-1764 780 69 the the DET cblr-1764 780 70 fio fio NOUN cblr-1764 780 71 should should AUX cblr-1764 780 72 follow follow VERB cblr-1764 780 73 the the DET cblr-1764 780 74 opposite opposite ADJ cblr-1764 780 75 approach approach NOUN cblr-1764 780 76 and and CCONJ cblr-1764 780 77 only only ADV cblr-1764 780 78 pursue pursue VERB cblr-1764 780 79 international international ADJ cblr-1764 780 80 harmonization harmonization NOUN cblr-1764 780 81 of of ADP cblr-1764 780 82 those those DET cblr-1764 780 83 rules rule NOUN cblr-1764 780 84 that that SCONJ cblr-1764 780 85 : : PUNCT cblr-1764 780 86 ( ( PUNCT cblr-1764 780 87 1 1 X cblr-1764 780 88 ) ) PUNCT cblr-1764 780 89 meet meet VERB cblr-1764 780 90 the the DET cblr-1764 780 91 prior prior ADJ cblr-1764 780 92 test test NOUN cblr-1764 780 93 of of ADP cblr-1764 780 94 making make VERB cblr-1764 780 95 sense sense NOUN cblr-1764 780 96 as as ADP cblr-1764 780 97 domestic domestic ADJ cblr-1764 780 98 reforms reform NOUN cblr-1764 780 99 ; ; PUNCT cblr-1764 780 100 and and CCONJ cblr-1764 780 101 , , PUNCT cblr-1764 780 102 in in ADP cblr-1764 780 103 addition addition NOUN cblr-1764 780 104 , , PUNCT cblr-1764 780 105 ( ( PUNCT cblr-1764 780 106 2 2 X cblr-1764 780 107 ) ) PUNCT cblr-1764 780 108 are be AUX cblr-1764 780 109 not not PART cblr-1764 780 110 particularly particularly ADV cblr-1764 780 111 susceptible susceptible ADJ cblr-1764 780 112 to to ADP cblr-1764 780 113 the the DET cblr-1764 780 114 problems problem NOUN cblr-1764 780 115 that that PRON cblr-1764 780 116 often often ADV cblr-1764 780 117 accompany accompany VERB cblr-1764 780 118 international international ADJ cblr-1764 780 119 law law NOUN cblr-1764 780 120 - - PUNCT cblr-1764 780 121 making making NOUN cblr-1764 780 122 . . PUNCT cblr-1764 781 1 this this DET cblr-1764 781 2 point point NOUN cblr-1764 781 3 applies apply VERB cblr-1764 781 4 most most ADV cblr-1764 781 5 directly directly ADV cblr-1764 781 6 to to ADP cblr-1764 781 7 the the DET cblr-1764 781 8 international international ADJ cblr-1764 781 9 harmonization harmonization NOUN cblr-1764 781 10 of of ADP cblr-1764 781 11 solvency solvency NOUN cblr-1764 781 12 standards standard NOUN cblr-1764 781 13 and and CCONJ cblr-1764 781 14 capital capital NOUN cblr-1764 781 15 requirements requirement NOUN cblr-1764 781 16 for for ADP cblr-1764 781 17 insurers insurer NOUN cblr-1764 781 18 , , PUNCT cblr-1764 781 19 which which PRON cblr-1764 781 20 is be AUX cblr-1764 781 21 currently currently ADV cblr-1764 781 22 being be AUX cblr-1764 781 23 pursued pursue VERB cblr-1764 781 24 in in ADP cblr-1764 781 25 multiple multiple ADJ cblr-1764 781 26 venues venue NOUN cblr-1764 781 27 . . PUNCT cblr-1764 782 1 in in ADP cblr-1764 782 2 particular particular ADJ cblr-1764 782 3 , , PUNCT cblr-1764 782 4 the the DET cblr-1764 782 5 eu eu PROPN cblr-1764 782 6 - - PROPN cblr-1764 782 7 u.s u.s PROPN cblr-1764 782 8 . . PROPN cblr-1764 782 9 dialogue dialogue NOUN cblr-1764 782 10 project project NOUN cblr-1764 782 11 is be AUX cblr-1764 782 12 working work VERB cblr-1764 782 13 to to PART cblr-1764 782 14 close close VERB cblr-1764 782 15 the the DET cblr-1764 782 16 gap gap NOUN cblr-1764 782 17 between between ADP cblr-1764 782 18 u.s u.s PROPN cblr-1764 782 19 . . PROPN cblr-1764 782 20 insurance insurance NOUN cblr-1764 782 21 regulations regulation NOUN cblr-1764 782 22 and and CCONJ cblr-1764 782 23 the the DET cblr-1764 782 24 eu eu PROPN cblr-1764 782 25 ’s ’s PART cblr-1764 782 26 new new ADJ cblr-1764 782 27 solvency solvency NOUN cblr-1764 782 28 ii ii NOUN cblr-1764 782 29 regime regime NOUN cblr-1764 782 30 , , PUNCT cblr-1764 782 31 and and CCONJ cblr-1764 782 32 the the DET cblr-1764 782 33 fsb fsb NOUN cblr-1764 782 34 is be AUX cblr-1764 782 35 also also ADV cblr-1764 782 36 formulating formulate VERB cblr-1764 782 37 binding bind VERB cblr-1764 782 38 capital capital NOUN cblr-1764 782 39 requirements requirement NOUN cblr-1764 782 40 for for ADP cblr-1764 782 41 a a DET cblr-1764 782 42 set set NOUN cblr-1764 782 43 of of ADP cblr-1764 782 44 multinational multinational ADJ cblr-1764 782 45 insurance insurance NOUN cblr-1764 782 46 groups group NOUN cblr-1764 782 47 that that SCONJ cblr-1764 782 48 it it PRON cblr-1764 782 49 has have AUX cblr-1764 782 50 designated designate VERB cblr-1764 782 51 as as ADP cblr-1764 782 52 g g NOUN cblr-1764 782 53 - - PUNCT cblr-1764 782 54 siis.249 siis.249 NOUN cblr-1764 782 55 although although SCONJ cblr-1764 782 56 the the DET cblr-1764 782 57 preceding precede VERB cblr-1764 782 58 section section NOUN cblr-1764 782 59 recommended recommend VERB cblr-1764 782 60 the the DET cblr-1764 782 61 development development NOUN cblr-1764 782 62 of of ADP cblr-1764 782 63 uniform uniform ADJ cblr-1764 782 64 federal federal ADJ cblr-1764 782 65 solvency solvency NOUN cblr-1764 782 66 rules rule NOUN cblr-1764 782 67 , , PUNCT cblr-1764 782 68 the the DET cblr-1764 782 69 case case NOUN cblr-1764 782 70 for for ADP cblr-1764 782 71 aggressively aggressively ADV cblr-1764 782 72 pursuing pursue VERB cblr-1764 782 73 harmonization harmonization NOUN cblr-1764 782 74 in in ADP cblr-1764 782 75 this this DET cblr-1764 782 76 area area NOUN cblr-1764 782 77 at at ADP cblr-1764 782 78 the the DET cblr-1764 782 79 international international ADJ cblr-1764 782 80 level level NOUN cblr-1764 782 81 implicates implicate VERB cblr-1764 782 82 several several ADJ cblr-1764 782 83 of of ADP cblr-1764 782 84 the the DET cblr-1764 782 85 concerns concern NOUN cblr-1764 782 86 raised raise VERB cblr-1764 782 87 above above ADV cblr-1764 782 88 and and CCONJ cblr-1764 782 89 is be AUX cblr-1764 782 90 therefore therefore ADV cblr-1764 782 91 much much ADV cblr-1764 782 92 weaker weak ADJ cblr-1764 782 93 . . PUNCT cblr-1764 783 1 a a DET cblr-1764 783 2 primary primary ADJ cblr-1764 783 3 reason reason NOUN cblr-1764 783 4 is be AUX cblr-1764 783 5 the the DET cblr-1764 783 6 experience experience NOUN cblr-1764 783 7 with with ADP cblr-1764 783 8 harmonizing harmonize VERB cblr-1764 783 9 solvency solvency NOUN cblr-1764 783 10 requirements requirement NOUN cblr-1764 783 11 for for ADP cblr-1764 783 12 banks bank NOUN cblr-1764 783 13 under under ADP cblr-1764 783 14 the the DET cblr-1764 783 15 international international ADJ cblr-1764 783 16 basel basel PROPN cblr-1764 783 17 i i PROPN cblr-1764 783 18 and and CCONJ cblr-1764 783 19 basel basel PROPN cblr-1764 783 20 ii ii PROPN cblr-1764 783 21 rules rule NOUN cblr-1764 783 22 , , PUNCT cblr-1764 783 23 which which PRON cblr-1764 783 24 provides provide VERB cblr-1764 783 25 a a DET cblr-1764 783 26 powerful powerful ADJ cblr-1764 783 27 precedent precedent NOUN cblr-1764 783 28 and and CCONJ cblr-1764 783 29 cautionary cautionary ADJ cblr-1764 783 30 tale tale NOUN cblr-1764 783 31 . . PUNCT cblr-1764 784 1 most most ADV cblr-1764 784 2 notably notably ADV cblr-1764 784 3 , , PUNCT cblr-1764 784 4 the the DET cblr-1764 784 5 bulk bulk NOUN cblr-1764 784 6 of of ADP cblr-1764 784 7 the the DET cblr-1764 784 8 evidence evidence NOUN cblr-1764 784 9 indicates indicate VERB cblr-1764 784 10 that that SCONJ cblr-1764 784 11 the the DET cblr-1764 784 12 basel basel PROPN cblr-1764 784 13 rules rule NOUN cblr-1764 784 14 were be AUX cblr-1764 784 15 not not PART cblr-1764 784 16 successfully successfully ADV cblr-1764 784 17 enforced enforce VERB cblr-1764 784 18 in in ADP cblr-1764 784 19 a a DET cblr-1764 784 20 manner manner NOUN cblr-1764 784 21 that that PRON cblr-1764 784 22 mitigated mitigate VERB cblr-1764 784 23 the the DET cblr-1764 784 24 race race NOUN cblr-1764 784 25 - - PUNCT cblr-1764 784 26 to to ADP cblr-1764 784 27 - - PUNCT cblr-1764 784 28 the the DET cblr-1764 784 29 - - PUNCT cblr-1764 784 30 bottom bottom NOUN cblr-1764 784 31 dynamic dynamic NOUN cblr-1764 784 32 in in ADP cblr-1764 784 33 banks bank NOUN cblr-1764 784 34 ’ ’ PART cblr-1764 784 35 risk risk NOUN cblr-1764 784 36 - - PUNCT cblr-1764 784 37 taking taking NOUN cblr-1764 784 38 , , PUNCT cblr-1764 784 39 as as SCONJ cblr-1764 784 40 was be AUX cblr-1764 784 41 intended intend VERB cblr-1764 784 42 by by ADP cblr-1764 784 43 the the DET cblr-1764 784 44 247 247 NUM cblr-1764 784 45 see see NOUN cblr-1764 784 46 paul paul PROPN cblr-1764 784 47 b. b. PROPN cblr-1764 784 48 stephan stephan PROPN cblr-1764 784 49 , , PUNCT cblr-1764 784 50 accountability accountability NOUN cblr-1764 784 51 and and CCONJ cblr-1764 784 52 international international ADJ cblr-1764 784 53 lawmaking lawmaking NOUN cblr-1764 784 54 : : PUNCT cblr-1764 784 55 rules rule NOUN cblr-1764 784 56 , , PUNCT cblr-1764 784 57 rents rent NOUN cblr-1764 784 58 and and CCONJ cblr-1764 784 59 legitimacy legitimacy NOUN cblr-1764 784 60 , , PUNCT cblr-1764 785 1 17 17 NUM cblr-1764 785 2 nw nw PROPN cblr-1764 785 3 . . PROPN cblr-1764 785 4 j. j. PROPN cblr-1764 785 5 int’l int’l PROPN cblr-1764 785 6 l. l. PROPN cblr-1764 785 7 & & CCONJ cblr-1764 785 8 bus bus PROPN cblr-1764 785 9 . . PUNCT cblr-1764 786 1 681 681 NUM cblr-1764 786 2 , , PUNCT cblr-1764 786 3 699 699 NUM cblr-1764 786 4 ( ( PUNCT cblr-1764 786 5 1997 1997 NUM cblr-1764 786 6 ) ) PUNCT cblr-1764 786 7 . . PUNCT cblr-1764 787 1 248 248 NUM cblr-1764 787 2 see see VERB cblr-1764 787 3 , , PUNCT cblr-1764 787 4 e.g. e.g. ADV cblr-1764 787 5 , , PUNCT cblr-1764 787 6 brown brown ADJ cblr-1764 787 7 , , PUNCT cblr-1764 787 8 supra supra PROPN cblr-1764 787 9 note note NOUN cblr-1764 787 10 7 7 NUM cblr-1764 787 11 , , PUNCT cblr-1764 787 12 at at ADP cblr-1764 787 13 583 583 NUM cblr-1764 787 14 . . PUNCT cblr-1764 788 1 249 249 NUM cblr-1764 788 2 see see VERB cblr-1764 788 3 supra supra PROPN cblr-1764 788 4 part part PROPN cblr-1764 788 5 iii.b.2 iii.b.2 PROPN cblr-1764 788 6 . . PUNCT cblr-1764 788 7 turk turk PROPN cblr-1764 788 8 – – PUNCT cblr-1764 788 9 final final ADJ cblr-1764 788 10 1034 1034 NUM cblr-1764 788 11 columbia columbia PROPN cblr-1764 788 12 business business NOUN cblr-1764 788 13 law law PROPN cblr-1764 788 14 review review NOUN cblr-1764 788 15 [ [ X cblr-1764 788 16 vol vol NOUN cblr-1764 788 17 . . NOUN cblr-1764 788 18 2015 2015 NUM cblr-1764 788 19 advanced advanced ADJ cblr-1764 788 20 economies economy NOUN cblr-1764 788 21 that that PRON cblr-1764 788 22 were be AUX cblr-1764 788 23 parties party NOUN cblr-1764 788 24 to to ADP cblr-1764 788 25 those those PRON cblr-1764 788 26 agreements.250 agreements.250 VERB cblr-1764 788 27 nor nor CCONJ cblr-1764 788 28 does do AUX cblr-1764 788 29 it it PRON cblr-1764 788 30 appear appear VERB cblr-1764 788 31 that that SCONJ cblr-1764 788 32 non non ADJ cblr-1764 788 33 - - ADJ cblr-1764 788 34 signatory signatory ADJ cblr-1764 788 35 countries country NOUN cblr-1764 788 36 that that PRON cblr-1764 788 37 purported purport VERB cblr-1764 788 38 to to PART cblr-1764 788 39 apply apply VERB cblr-1764 788 40 the the DET cblr-1764 788 41 basel basel PROPN cblr-1764 788 42 rules rule NOUN cblr-1764 788 43 engaged engage VERB cblr-1764 788 44 in in ADP cblr-1764 788 45 anything anything PRON cblr-1764 788 46 more more ADJ cblr-1764 788 47 than than ADP cblr-1764 788 48 “ " PUNCT cblr-1764 788 49 mock mock ADJ cblr-1764 788 50 compliance compliance NOUN cblr-1764 788 51 . . PUNCT cblr-1764 789 1 ”251 ”251 PUNCT cblr-1764 790 1 moreover moreover ADV cblr-1764 790 2 , , PUNCT cblr-1764 790 3 basel basel PROPN cblr-1764 790 4 i i PROPN cblr-1764 790 5 and and CCONJ cblr-1764 790 6 ii ii PROPN cblr-1764 790 7 represent represent VERB cblr-1764 790 8 an an DET cblr-1764 790 9 example example NOUN cblr-1764 790 10 of of ADP cblr-1764 790 11 regulatory regulatory ADJ cblr-1764 790 12 failure failure NOUN cblr-1764 790 13 that that PRON cblr-1764 790 14 was be AUX cblr-1764 790 15 made make VERB cblr-1764 790 16 international international ADJ cblr-1764 790 17 in in ADP cblr-1764 790 18 magnitude magnitude NOUN cblr-1764 790 19 . . PUNCT cblr-1764 791 1 this this PRON cblr-1764 791 2 is be AUX cblr-1764 791 3 because because SCONJ cblr-1764 791 4 the the DET cblr-1764 791 5 riskweighting riskweighting NOUN cblr-1764 791 6 mechanisms mechanism NOUN cblr-1764 791 7 in in ADP cblr-1764 791 8 those those DET cblr-1764 791 9 agreements agreement NOUN cblr-1764 791 10 unintentionally unintentionally ADV cblr-1764 791 11 invited invite VERB cblr-1764 791 12 regulatory regulatory ADJ cblr-1764 791 13 arbitrage arbitrage NOUN cblr-1764 791 14 , , PUNCT cblr-1764 791 15 herded herd VERB cblr-1764 791 16 banks bank NOUN cblr-1764 791 17 into into ADP cblr-1764 791 18 assets asset NOUN cblr-1764 791 19 with with ADP cblr-1764 791 20 under under ADV cblr-1764 791 21 - - PUNCT cblr-1764 791 22 appreciated appreciated ADJ cblr-1764 791 23 risks risk NOUN cblr-1764 791 24 , , PUNCT cblr-1764 791 25 and and CCONJ cblr-1764 791 26 amplified amplify VERB cblr-1764 791 27 banks bank NOUN cblr-1764 791 28 ’ ’ PART cblr-1764 791 29 susceptibility susceptibility NOUN cblr-1764 791 30 to to ADP cblr-1764 791 31 movements movement NOUN cblr-1764 791 32 in in ADP cblr-1764 791 33 the the DET cblr-1764 791 34 business business NOUN cblr-1764 791 35 cycle.252 cycle.252 VERB cblr-1764 791 36 lastly lastly ADV cblr-1764 791 37 , , PUNCT cblr-1764 791 38 it it PRON cblr-1764 791 39 is be AUX cblr-1764 791 40 also also ADV cblr-1764 791 41 plausibly plausibly ADV cblr-1764 791 42 asserted assert VERB cblr-1764 791 43 that that SCONJ cblr-1764 791 44 the the DET cblr-1764 791 45 entire entire ADJ cblr-1764 791 46 process process NOUN cblr-1764 791 47 was be AUX cblr-1764 791 48 undermined undermine VERB cblr-1764 791 49 by by ADP cblr-1764 791 50 industry industry NOUN cblr-1764 791 51 capture.253 capture.253 PROPN cblr-1764 791 52 solvency solvency NOUN cblr-1764 791 53 ii ii NOUN cblr-1764 791 54 is be AUX cblr-1764 791 55 explicitly explicitly ADV cblr-1764 791 56 modeled model VERB cblr-1764 791 57 on on ADP cblr-1764 791 58 the the DET cblr-1764 791 59 basel basel PROPN cblr-1764 791 60 frameworks,254 frameworks,254 PUNCT cblr-1764 791 61 and and CCONJ cblr-1764 791 62 capital capital NOUN cblr-1764 791 63 requirements requirement NOUN cblr-1764 791 64 formulated formulate VERB cblr-1764 791 65 by by ADP cblr-1764 791 66 the the DET cblr-1764 791 67 fsb fsb NOUN cblr-1764 791 68 for for ADP cblr-1764 791 69 g g NOUN cblr-1764 791 70 - - PUNCT cblr-1764 791 71 siis siis NOUN cblr-1764 791 72 will will AUX cblr-1764 791 73 no no ADV cblr-1764 791 74 doubt doubt ADV cblr-1764 791 75 be be AUX cblr-1764 791 76 to to ADP cblr-1764 791 77 a a DET cblr-1764 791 78 significant significant ADJ cblr-1764 791 79 extent extent NOUN cblr-1764 791 80 as as ADP cblr-1764 791 81 well.255 well.255 NOUN cblr-1764 791 82 but but CCONJ cblr-1764 791 83 there there PRON cblr-1764 791 84 are be VERB cblr-1764 791 85 no no DET cblr-1764 791 86 characteristics characteristic NOUN cblr-1764 791 87 unique unique ADJ cblr-1764 791 88 to to ADP cblr-1764 791 89 insurance insurance NOUN cblr-1764 791 90 that that PRON cblr-1764 791 91 indicate indicate VERB cblr-1764 791 92 such such DET cblr-1764 791 93 a a DET cblr-1764 791 94 framework framework NOUN cblr-1764 791 95 would would AUX cblr-1764 791 96 proceed proceed VERB cblr-1764 791 97 noticeably noticeably ADV cblr-1764 791 98 more more ADV cblr-1764 791 99 effectively effectively ADV cblr-1764 791 100 in in ADP cblr-1764 791 101 the the DET cblr-1764 791 102 insurance insurance NOUN cblr-1764 791 103 context context NOUN cblr-1764 791 104 than than SCONJ cblr-1764 791 105 it it PRON cblr-1764 791 106 did do VERB cblr-1764 791 107 for for ADP cblr-1764 791 108 banks bank NOUN cblr-1764 791 109 . . PUNCT cblr-1764 792 1 in in ADP cblr-1764 792 2 response response NOUN cblr-1764 792 3 to to ADP cblr-1764 792 4 the the DET cblr-1764 792 5 basel basel PROPN cblr-1764 792 6 ii ii PROPN cblr-1764 792 7 experience experience NOUN cblr-1764 792 8 , , PUNCT cblr-1764 792 9 dodd dodd PROPN cblr-1764 792 10 - - PUNCT cblr-1764 792 11 frank frank ADJ cblr-1764 792 12 reserves reserve NOUN cblr-1764 792 13 the the DET cblr-1764 792 14 authority authority NOUN cblr-1764 792 15 of of ADP cblr-1764 792 16 federal federal ADJ cblr-1764 792 17 regulators regulator NOUN cblr-1764 792 18 to to PART cblr-1764 792 19 depart depart VERB cblr-1764 792 20 from from ADP cblr-1764 792 21 basel basel PROPN cblr-1764 792 22 iii iii PROPN cblr-1764 792 23 ’s ’s PART cblr-1764 792 24 requirements requirement NOUN cblr-1764 792 25 for for ADP cblr-1764 792 26 banks bank NOUN cblr-1764 792 27 where where SCONJ cblr-1764 792 28 they they PRON cblr-1764 792 29 believe believe VERB cblr-1764 792 30 doing do VERB cblr-1764 792 31 250 250 NUM cblr-1764 792 32 see see VERB cblr-1764 792 33 romano romano NOUN cblr-1764 792 34 , , PUNCT cblr-1764 792 35 supra supra ADJ cblr-1764 792 36 note note NOUN cblr-1764 792 37 192 192 NUM cblr-1764 792 38 , , PUNCT cblr-1764 792 39 at at ADP cblr-1764 792 40 103–17 103–17 NUM cblr-1764 792 41 ; ; PUNCT cblr-1764 792 42 jeffrey jeffrey PROPN cblr-1764 792 43 atik atik PROPN cblr-1764 792 44 , , PUNCT cblr-1764 792 45 basel basel PROPN cblr-1764 792 46 ii ii PROPN cblr-1764 792 47 : : PUNCT cblr-1764 792 48 a a DET cblr-1764 792 49 post post ADJ cblr-1764 792 50 - - ADJ cblr-1764 792 51 crisis crisis ADJ cblr-1764 792 52 post post NOUN cblr-1764 792 53 - - ADJ cblr-1764 792 54 mortem mortem ADJ cblr-1764 792 55 , , PUNCT cblr-1764 792 56 19 19 NUM cblr-1764 792 57 transnat’l transnat’l NOUN cblr-1764 792 58 l. l. PROPN cblr-1764 792 59 & & CCONJ cblr-1764 792 60 contem contem PROPN cblr-1764 792 61 . . PUNCT cblr-1764 793 1 probs prob NOUN cblr-1764 793 2 . . PUNCT cblr-1764 794 1 731 731 NUM cblr-1764 794 2 , , PUNCT cblr-1764 794 3 733 733 NUM cblr-1764 794 4 ( ( PUNCT cblr-1764 794 5 2011 2011 NUM cblr-1764 794 6 ) ) PUNCT cblr-1764 794 7 . . PUNCT cblr-1764 795 1 251 251 NUM cblr-1764 795 2 see see VERB cblr-1764 795 3 andrew andrew PROPN cblr-1764 795 4 walter walter PROPN cblr-1764 795 5 , , PUNCT cblr-1764 795 6 governing govern VERB cblr-1764 795 7 finance finance NOUN cblr-1764 795 8 : : PUNCT cblr-1764 795 9 east east PROPN cblr-1764 795 10 asia asia PROPN cblr-1764 795 11 ’s ’s PART cblr-1764 795 12 adoption adoption NOUN cblr-1764 795 13 of of ADP cblr-1764 795 14 international international ADJ cblr-1764 795 15 standards standard NOUN cblr-1764 795 16 32 32 NUM cblr-1764 795 17 ( ( PUNCT cblr-1764 795 18 2008 2008 NUM cblr-1764 795 19 ) ) PUNCT cblr-1764 795 20 ( ( PUNCT cblr-1764 795 21 referring refer VERB cblr-1764 795 22 to to ADP cblr-1764 795 23 the the DET cblr-1764 795 24 “ " PUNCT cblr-1764 795 25 mock mock ADJ cblr-1764 795 26 compliance compliance NOUN cblr-1764 795 27 ” " PUNCT cblr-1764 795 28 with with ADP cblr-1764 795 29 basel basel PROPN cblr-1764 795 30 ii ii PROPN cblr-1764 795 31 standards standard NOUN cblr-1764 795 32 ) ) PUNCT cblr-1764 795 33 . . PUNCT cblr-1764 796 1 252 252 NUM cblr-1764 796 2 see see VERB cblr-1764 796 3 generally generally ADV cblr-1764 796 4 john john PROPN cblr-1764 796 5 f. f. PROPN cblr-1764 796 6 rosato rosato PROPN cblr-1764 796 7 , , PUNCT cblr-1764 796 8 down down ADP cblr-1764 796 9 the the DET cblr-1764 796 10 road road NOUN cblr-1764 796 11 to to ADP cblr-1764 796 12 perdition perdition NOUN cblr-1764 796 13 : : PUNCT cblr-1764 796 14 how how SCONJ cblr-1764 796 15 the the DET cblr-1764 796 16 flaws flaw NOUN cblr-1764 796 17 of of ADP cblr-1764 796 18 basel basel PROPN cblr-1764 796 19 ii ii PROPN cblr-1764 796 20 led lead VERB cblr-1764 796 21 to to ADP cblr-1764 796 22 the the DET cblr-1764 796 23 collapse collapse NOUN cblr-1764 796 24 of of ADP cblr-1764 796 25 bear bear PROPN cblr-1764 796 26 stearns stearns PROPN cblr-1764 796 27 and and CCONJ cblr-1764 796 28 lehman lehman PROPN cblr-1764 796 29 brothers brother NOUN cblr-1764 796 30 , , PUNCT cblr-1764 796 31 17 17 NUM cblr-1764 796 32 conn conn PROPN cblr-1764 796 33 . . PUNCT cblr-1764 796 34 ins ins PROPN cblr-1764 796 35 . . PUNCT cblr-1764 797 1 l.j l.j PROPN cblr-1764 797 2 . . PROPN cblr-1764 797 3 475 475 NUM cblr-1764 797 4 ( ( PUNCT cblr-1764 797 5 2011 2011 NUM cblr-1764 797 6 ) ) PUNCT cblr-1764 797 7 . . PUNCT cblr-1764 798 1 253 253 NUM cblr-1764 798 2 see see VERB cblr-1764 798 3 , , PUNCT cblr-1764 798 4 e.g. e.g. ADV cblr-1764 798 5 , , PUNCT cblr-1764 798 6 ranjit ranjit PROPN cblr-1764 798 7 lall lall PROPN cblr-1764 798 8 , , PUNCT cblr-1764 798 9 why why SCONJ cblr-1764 798 10 basel basel PROPN cblr-1764 798 11 ii ii PROPN cblr-1764 798 12 failed fail VERB cblr-1764 798 13 and and CCONJ cblr-1764 798 14 why why SCONJ cblr-1764 798 15 any any DET cblr-1764 798 16 basel basel PROPN cblr-1764 798 17 iii iii PROPN cblr-1764 798 18 is be AUX cblr-1764 798 19 doomed doom VERB cblr-1764 798 20 ( ( PUNCT cblr-1764 798 21 glob glob PROPN cblr-1764 798 22 . . PUNCT cblr-1764 798 23 econ econ PROPN cblr-1764 798 24 . . PUNCT cblr-1764 799 1 governance governance NOUN cblr-1764 799 2 programme programme NOUN cblr-1764 799 3 , , PUNCT cblr-1764 799 4 working work VERB cblr-1764 799 5 paper paper NOUN cblr-1764 799 6 no no NOUN cblr-1764 799 7 . . PROPN cblr-1764 799 8 2009/52 2009/52 NUM cblr-1764 799 9 , , PUNCT cblr-1764 799 10 2009 2009 NUM cblr-1764 799 11 ) ) PUNCT cblr-1764 799 12 , , PUNCT cblr-1764 800 1 http://www.globaleconomicgovernance.org/sites/geg/files/lall_ge http://www.globaleconomicgovernance.org/sites/geg/files/lall_ge PROPN cblr-1764 800 2 g%20wp%202009_52.pdf g%20wp%202009_52.pdf PUNCT cblr-1764 801 1 [ [ X cblr-1764 801 2 http://perma.cc/6x8e-grv2 http://perma.cc/6x8e-grv2 X cblr-1764 801 3 ] ] X cblr-1764 801 4 . . PUNCT cblr-1764 802 1 254 254 NUM cblr-1764 802 2 see see VERB cblr-1764 802 3 johan johan PROPN cblr-1764 802 4 jacobs jacobs PROPN cblr-1764 802 5 & & CCONJ cblr-1764 802 6 gary gary PROPN cblr-1764 802 7 van van PROPN cblr-1764 802 8 vuuren vuuren PROPN cblr-1764 802 9 , , PUNCT cblr-1764 802 10 lessons lesson NOUN cblr-1764 802 11 learnt learn VERB cblr-1764 802 12 from from ADP cblr-1764 802 13 the the DET cblr-1764 802 14 deficiencies deficiency NOUN cblr-1764 802 15 of of ADP cblr-1764 802 16 the the DET cblr-1764 802 17 basel basel PROPN cblr-1764 802 18 accords accord NOUN cblr-1764 802 19 as as SCONJ cblr-1764 802 20 they they PRON cblr-1764 802 21 apply apply VERB cblr-1764 802 22 to to ADP cblr-1764 802 23 solvency solvency PROPN cblr-1764 802 24 ii ii PROPN cblr-1764 802 25 , , PUNCT cblr-1764 802 26 6 6 NUM cblr-1764 802 27 j. j. PROPN cblr-1764 802 28 econ econ PROPN cblr-1764 802 29 . . PROPN cblr-1764 802 30 & & CCONJ cblr-1764 802 31 fin fin PROPN cblr-1764 802 32 . . PUNCT cblr-1764 803 1 sci sci PROPN cblr-1764 803 2 . . PROPN cblr-1764 803 3 309 309 NUM cblr-1764 803 4 , , PUNCT cblr-1764 803 5 311 311 NUM cblr-1764 803 6 ( ( PUNCT cblr-1764 803 7 2013 2013 NUM cblr-1764 803 8 ) ) PUNCT cblr-1764 803 9 . . PUNCT cblr-1764 804 1 255 255 NUM cblr-1764 804 2 see see VERB cblr-1764 804 3 fsb fsb NOUN cblr-1764 804 4 , , PUNCT cblr-1764 804 5 supra supra ADJ cblr-1764 804 6 note note NOUN cblr-1764 804 7 183 183 NUM cblr-1764 804 8 , , PUNCT cblr-1764 804 9 at at ADP cblr-1764 804 10 1 1 NUM cblr-1764 804 11 . . PUNCT cblr-1764 804 12 turk turk PROPN cblr-1764 804 13 – – PUNCT cblr-1764 804 14 final final ADJ cblr-1764 804 15 no no NOUN cblr-1764 804 16 . . PUNCT cblr-1764 805 1 3:967 3:967 NUM cblr-1764 805 2 ] ] PUNCT cblr-1764 805 3 insurance insurance NOUN cblr-1764 805 4 convergence convergence NOUN cblr-1764 805 5 1035 1035 NUM cblr-1764 805 6 so so ADV cblr-1764 805 7 is be AUX cblr-1764 805 8 advisable.256 advisable.256 ADJ cblr-1764 805 9 likewise likewise ADV cblr-1764 805 10 , , PUNCT cblr-1764 805 11 the the DET cblr-1764 805 12 fio fio NOUN cblr-1764 805 13 should should AUX cblr-1764 805 14 pursue pursue VERB cblr-1764 805 15 negotiations negotiation NOUN cblr-1764 805 16 on on ADP cblr-1764 805 17 international international ADJ cblr-1764 805 18 solvency solvency NOUN cblr-1764 805 19 standards standard NOUN cblr-1764 805 20 with with ADP cblr-1764 805 21 an an DET cblr-1764 805 22 eye eye NOUN cblr-1764 805 23 toward toward ADP cblr-1764 805 24 maintaining maintain VERB cblr-1764 805 25 a a DET cblr-1764 805 26 substantial substantial ADJ cblr-1764 805 27 degree degree NOUN cblr-1764 805 28 of of ADP cblr-1764 805 29 discretion discretion NOUN cblr-1764 805 30 in in ADP cblr-1764 805 31 their their PRON cblr-1764 805 32 implementation implementation NOUN cblr-1764 805 33 , , PUNCT cblr-1764 805 34 and and CCONJ cblr-1764 805 35 also also ADV cblr-1764 805 36 avoid avoid VERB cblr-1764 805 37 using use VERB cblr-1764 805 38 commitments commitment NOUN cblr-1764 805 39 to to ADP cblr-1764 805 40 international international ADJ cblr-1764 805 41 harmonization harmonization NOUN cblr-1764 805 42 agreements agreement NOUN cblr-1764 805 43 as as ADP cblr-1764 805 44 an an DET cblr-1764 805 45 instrument instrument NOUN cblr-1764 805 46 to to PART cblr-1764 805 47 bind bind VERB cblr-1764 805 48 states state NOUN cblr-1764 805 49 to to ADP cblr-1764 805 50 a a DET cblr-1764 805 51 common common ADJ cblr-1764 805 52 set set NOUN cblr-1764 805 53 of of ADP cblr-1764 805 54 solvency solvency NOUN cblr-1764 805 55 rules rule NOUN cblr-1764 805 56 . . PUNCT cblr-1764 806 1 a a DET cblr-1764 806 2 more more ADV cblr-1764 806 3 modest modest ADJ cblr-1764 806 4 effort effort NOUN cblr-1764 806 5 at at ADP cblr-1764 806 6 harmonization harmonization NOUN cblr-1764 806 7 is be AUX cblr-1764 806 8 the the DET cblr-1764 806 9 fsb fsb NOUN cblr-1764 806 10 ’s ’s PART cblr-1764 806 11 project project NOUN cblr-1764 806 12 to to PART cblr-1764 806 13 develop develop VERB cblr-1764 806 14 internationally internationally ADV cblr-1764 806 15 harmonized harmonize VERB cblr-1764 806 16 resolution resolution NOUN cblr-1764 806 17 plans plan NOUN cblr-1764 806 18 for for ADP cblr-1764 806 19 g g NOUN cblr-1764 806 20 - - PUNCT cblr-1764 806 21 siis.257 siis.257 NOUN cblr-1764 806 22 resolution resolution NOUN cblr-1764 806 23 plans plan NOUN cblr-1764 806 24 , , PUNCT cblr-1764 806 25 often often ADV cblr-1764 806 26 referred refer VERB cblr-1764 806 27 to to ADP cblr-1764 806 28 as as ADP cblr-1764 806 29 “ " PUNCT cblr-1764 806 30 living living NOUN cblr-1764 806 31 wills will NOUN cblr-1764 806 32 , , PUNCT cblr-1764 806 33 ” " PUNCT cblr-1764 806 34 are be AUX cblr-1764 806 35 documents document NOUN cblr-1764 806 36 that that PRON cblr-1764 806 37 specify specify VERB cblr-1764 806 38 a a DET cblr-1764 806 39 financial financial ADJ cblr-1764 806 40 institution institution NOUN cblr-1764 806 41 ’s ’s PART cblr-1764 806 42 corporate corporate ADJ cblr-1764 806 43 structure structure NOUN cblr-1764 806 44 , , PUNCT cblr-1764 806 45 identify identify VERB cblr-1764 806 46 its its PRON cblr-1764 806 47 counterparties counterpartie NOUN cblr-1764 806 48 , , PUNCT cblr-1764 806 49 and and CCONJ cblr-1764 806 50 provide provide VERB cblr-1764 806 51 a a DET cblr-1764 806 52 roadmap roadmap NOUN cblr-1764 806 53 for for ADP cblr-1764 806 54 a a DET cblr-1764 806 55 hypothetical hypothetical ADJ cblr-1764 806 56 emergency emergency NOUN cblr-1764 806 57 restructuring restructuring NOUN cblr-1764 806 58 . . PUNCT cblr-1764 807 1 in in ADP cblr-1764 807 2 light light NOUN cblr-1764 807 3 of of ADP cblr-1764 807 4 the the DET cblr-1764 807 5 disorderly disorderly ADJ cblr-1764 807 6 failure failure NOUN cblr-1764 807 7 of of ADP cblr-1764 807 8 large large ADJ cblr-1764 807 9 , , PUNCT cblr-1764 807 10 interconnected interconnected ADJ cblr-1764 807 11 financial financial ADJ cblr-1764 807 12 firms firm NOUN cblr-1764 807 13 such such ADJ cblr-1764 807 14 as as ADP cblr-1764 807 15 lehman lehman PROPN cblr-1764 807 16 brothers brother NOUN cblr-1764 807 17 during during ADP cblr-1764 807 18 the the DET cblr-1764 807 19 2008 2008 NUM cblr-1764 807 20 crisis crisis NOUN cblr-1764 807 21 , , PUNCT cblr-1764 807 22 dodd dodd PROPN cblr-1764 807 23 - - PUNCT cblr-1764 807 24 frank frank PROPN cblr-1764 807 25 has have AUX cblr-1764 807 26 required require VERB cblr-1764 807 27 systemically systemically ADV cblr-1764 807 28 important important ADJ cblr-1764 807 29 domestic domestic ADJ cblr-1764 807 30 firms firm NOUN cblr-1764 807 31 to to PART cblr-1764 807 32 develop develop VERB cblr-1764 807 33 living live VERB cblr-1764 807 34 wills.258 wills.258 NOUN cblr-1764 807 35 as as SCONJ cblr-1764 807 36 aig aig PROPN cblr-1764 807 37 dramatically dramatically ADV cblr-1764 807 38 showed show VERB cblr-1764 807 39 , , PUNCT cblr-1764 807 40 the the DET cblr-1764 807 41 cross cross ADJ cblr-1764 807 42 - - ADJ cblr-1764 807 43 border border ADJ cblr-1764 807 44 resolution resolution NOUN cblr-1764 807 45 of of ADP cblr-1764 807 46 multinational multinational ADJ cblr-1764 807 47 institutions institution NOUN cblr-1764 807 48 during during ADP cblr-1764 807 49 the the DET cblr-1764 807 50 crisis crisis NOUN cblr-1764 807 51 was be AUX cblr-1764 807 52 no no PRON cblr-1764 807 53 less less ADV cblr-1764 807 54 chaotic chaotic ADJ cblr-1764 807 55 than than SCONJ cblr-1764 807 56 it it PRON cblr-1764 807 57 was be AUX cblr-1764 807 58 domestically domestically ADV cblr-1764 807 59 . . PUNCT cblr-1764 808 1 the the DET cblr-1764 808 2 dodd dodd PROPN cblr-1764 808 3 - - PUNCT cblr-1764 808 4 frank frank ADJ cblr-1764 808 5 resolution resolution NOUN cblr-1764 808 6 plans plan NOUN cblr-1764 808 7 could could AUX cblr-1764 808 8 serve serve VERB cblr-1764 808 9 as as ADP cblr-1764 808 10 the the DET cblr-1764 808 11 fio fio NOUN cblr-1764 808 12 ’s ’s PART cblr-1764 808 13 template template NOUN cblr-1764 808 14 for for ADP cblr-1764 808 15 negotiating negotiate VERB cblr-1764 808 16 cross cross ADJ cblr-1764 808 17 - - ADJ cblr-1764 808 18 border border ADJ cblr-1764 808 19 harmonization harmonization NOUN cblr-1764 808 20 of of ADP cblr-1764 808 21 living living NOUN cblr-1764 808 22 wills will NOUN cblr-1764 808 23 for for ADP cblr-1764 808 24 multinational multinational ADJ cblr-1764 808 25 insurance insurance NOUN cblr-1764 808 26 groups group NOUN cblr-1764 808 27 , , PUNCT cblr-1764 808 28 which which PRON cblr-1764 808 29 is be AUX cblr-1764 808 30 likely likely ADJ cblr-1764 808 31 to to PART cblr-1764 808 32 be be AUX cblr-1764 808 33 a a DET cblr-1764 808 34 useful useful ADJ cblr-1764 808 35 exercise.259 exercise.259 NOUN cblr-1764 808 36 if if SCONJ cblr-1764 808 37 countries country NOUN cblr-1764 808 38 can can AUX cblr-1764 808 39 coordinate coordinate VERB cblr-1764 808 40 to to PART cblr-1764 808 41 standardize standardize VERB cblr-1764 808 42 the the DET cblr-1764 808 43 form form NOUN cblr-1764 808 44 of of ADP cblr-1764 808 45 resolution resolution NOUN cblr-1764 808 46 plans plan NOUN cblr-1764 808 47 that that SCONJ cblr-1764 808 48 multinational multinational ADJ cblr-1764 808 49 firms firm NOUN cblr-1764 808 50 must must AUX cblr-1764 808 51 draft draft VERB cblr-1764 808 52 , , PUNCT cblr-1764 808 53 they they PRON cblr-1764 808 54 may may AUX cblr-1764 808 55 streamline streamline VERB cblr-1764 808 56 regulatory regulatory ADJ cblr-1764 808 57 compliance compliance NOUN cblr-1764 808 58 across across ADP cblr-1764 808 59 borders border NOUN cblr-1764 808 60 and and CCONJ cblr-1764 808 61 thereby thereby ADV cblr-1764 808 62 capture capture VERB cblr-1764 808 63 the the DET cblr-1764 808 64 positive positive ADJ cblr-1764 808 65 externalities externality NOUN cblr-1764 808 66 of of ADP cblr-1764 808 67 using use VERB cblr-1764 808 68 a a DET cblr-1764 808 69 common common ADJ cblr-1764 808 70 “ " PUNCT cblr-1764 808 71 regulatory regulatory ADJ cblr-1764 808 72 language language NOUN cblr-1764 808 73 . . PUNCT cblr-1764 808 74 ”260 ”260 PUNCT cblr-1764 809 1 in in ADP cblr-1764 809 2 addition addition NOUN cblr-1764 809 3 , , PUNCT cblr-1764 809 4 international international ADJ cblr-1764 809 5 harmonization harmonization NOUN cblr-1764 809 6 of of ADP cblr-1764 809 7 living living NOUN cblr-1764 809 8 wills will NOUN cblr-1764 809 9 could could AUX cblr-1764 809 10 facilitate facilitate VERB cblr-1764 809 11 256 256 NUM cblr-1764 809 12 dodd dodd PROPN cblr-1764 809 13 - - PUNCT cblr-1764 809 14 frank frank PROPN cblr-1764 809 15 § § PROPN cblr-1764 809 16 § § PROPN cblr-1764 809 17 171 171 NUM cblr-1764 809 18 , , PUNCT cblr-1764 809 19 939a 939a PROPN cblr-1764 809 20 , , PUNCT cblr-1764 809 21 12 12 NUM cblr-1764 809 22 u.s.c u.s.c ADJ cblr-1764 809 23 . . PUNCT cblr-1764 810 1 § § PROPN cblr-1764 810 2 5371 5371 NUM cblr-1764 810 3 , , PUNCT cblr-1764 810 4 15 15 NUM cblr-1764 810 5 u.s.c u.s.c NOUN cblr-1764 810 6 . . PUNCT cblr-1764 811 1 § § PROPN cblr-1764 811 2 78o-7 78o-7 PROPN cblr-1764 811 3 ( ( PUNCT cblr-1764 811 4 2012 2012 NUM cblr-1764 811 5 ) ) PUNCT cblr-1764 811 6 . . PUNCT cblr-1764 812 1 257 257 NUM cblr-1764 812 2 see see VERB cblr-1764 812 3 fsb fsb NOUN cblr-1764 812 4 , , PUNCT cblr-1764 812 5 supra supra ADJ cblr-1764 812 6 note note NOUN cblr-1764 812 7 183 183 NUM cblr-1764 812 8 and and CCONJ cblr-1764 812 9 accompanying accompany VERB cblr-1764 812 10 text text NOUN cblr-1764 812 11 . . PUNCT cblr-1764 813 1 258 258 NUM cblr-1764 813 2 dodd dodd PROPN cblr-1764 813 3 - - PUNCT cblr-1764 813 4 frank frank PROPN cblr-1764 813 5 § § PROPN cblr-1764 813 6 165(d 165(d PROPN cblr-1764 813 7 ) ) PUNCT cblr-1764 813 8 , , PUNCT cblr-1764 813 9 12 12 NUM cblr-1764 813 10 u.s.c u.s.c ADJ cblr-1764 813 11 § § PROPN cblr-1764 813 12 5365(d 5365(d PROPN cblr-1764 813 13 ) ) PUNCT cblr-1764 813 14 ( ( PUNCT cblr-1764 813 15 2012 2012 NUM cblr-1764 813 16 ) ) PUNCT cblr-1764 813 17 . . 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PUNCT cblr-1764 815 1 on on ADP cblr-1764 815 2 banking banking NOUN cblr-1764 815 3 supervision supervision NOUN cblr-1764 815 4 , , PUNCT cblr-1764 815 5 report report NOUN cblr-1764 815 6 and and CCONJ cblr-1764 815 7 recommendations recommendation NOUN cblr-1764 815 8 of of ADP cblr-1764 815 9 the the DET cblr-1764 815 10 cross cross ADJ cblr-1764 815 11 - - ADJ cblr-1764 815 12 border border ADJ cblr-1764 815 13 bank bank NOUN cblr-1764 815 14 resolution resolution NOUN cblr-1764 815 15 group group NOUN cblr-1764 815 16 15 15 NUM cblr-1764 815 17 ( ( PUNCT cblr-1764 815 18 2010 2010 NUM cblr-1764 815 19 ) ) PUNCT cblr-1764 815 20 , , PUNCT cblr-1764 815 21 http://www.bis.org/publ/bcbs169.pdf http://www.bis.org/publ/bcbs169.pdf NOUN cblr-1764 816 1 [ [ X cblr-1764 816 2 https://perma.cc/rmm65arp https://perma.cc/rmm65arp NOUN cblr-1764 816 3 ] ] X cblr-1764 816 4 ( ( PUNCT cblr-1764 816 5 “ " PUNCT cblr-1764 816 6 coordination coordination NOUN cblr-1764 816 7 among among ADP cblr-1764 816 8 [ [ X cblr-1764 816 9 international international ADJ cblr-1764 816 10 resolution resolution NOUN cblr-1764 816 11 ] ] PUNCT cblr-1764 816 12 proceedings proceeding NOUN cblr-1764 816 13 has have AUX cblr-1764 816 14 been be AUX cblr-1764 816 15 limited limit VERB cblr-1764 816 16 , , PUNCT cblr-1764 816 17 at at ADP cblr-1764 816 18 best good ADJ cblr-1764 816 19 . . PUNCT cblr-1764 816 20 ” " PUNCT cblr-1764 816 21 ) ) PUNCT cblr-1764 816 22 . . PUNCT cblr-1764 817 1 260 260 NUM cblr-1764 817 2 see see VERB cblr-1764 817 3 supra supra PROPN cblr-1764 817 4 note note PROPN cblr-1764 817 5 196 196 NUM cblr-1764 817 6 and and CCONJ cblr-1764 817 7 accompanying accompany VERB cblr-1764 817 8 text text NOUN cblr-1764 817 9 . . PUNCT cblr-1764 818 1 turk turk PROPN cblr-1764 818 2 – – PUNCT cblr-1764 818 3 final final ADJ cblr-1764 818 4 1036 1036 NUM cblr-1764 818 5 columbia columbia PROPN cblr-1764 818 6 business business PROPN cblr-1764 818 7 law law PROPN cblr-1764 818 8 review review NOUN cblr-1764 818 9 [ [ X cblr-1764 818 10 vol vol NOUN cblr-1764 818 11 . . NOUN cblr-1764 818 12 2015 2015 NUM cblr-1764 818 13 cooperation cooperation NOUN cblr-1764 818 14 during during ADP cblr-1764 818 15 emergency emergency NOUN cblr-1764 818 16 cross cross ADJ cblr-1764 818 17 - - ADJ cblr-1764 818 18 border border ADJ cblr-1764 818 19 resolutions resolution NOUN cblr-1764 818 20 by by ADP cblr-1764 818 21 allowing allow VERB cblr-1764 818 22 regulators regulator NOUN cblr-1764 818 23 in in ADP cblr-1764 818 24 different different ADJ cblr-1764 818 25 countries country NOUN cblr-1764 818 26 to to PART cblr-1764 818 27 operate operate VERB cblr-1764 818 28 from from ADP cblr-1764 818 29 a a DET cblr-1764 818 30 common common ADJ cblr-1764 818 31 factual factual ADJ cblr-1764 818 32 understanding.261 understanding.261 NOUN cblr-1764 818 33 because because SCONJ cblr-1764 818 34 harmonization harmonization NOUN cblr-1764 818 35 of of ADP cblr-1764 818 36 resolution resolution NOUN cblr-1764 818 37 plans plan NOUN cblr-1764 818 38 seeks seek VERB cblr-1764 818 39 to to PART cblr-1764 818 40 capture capture VERB cblr-1764 818 41 the the DET cblr-1764 818 42 positive positive ADJ cblr-1764 818 43 externalities externality NOUN cblr-1764 818 44 of of ADP cblr-1764 818 45 standardization standardization NOUN cblr-1764 818 46 , , PUNCT cblr-1764 818 47 they they PRON cblr-1764 818 48 can can AUX cblr-1764 818 49 be be AUX cblr-1764 818 50 understood understand VERB cblr-1764 818 51 as as ADP cblr-1764 818 52 coordination coordination NOUN cblr-1764 818 53 problems problem NOUN cblr-1764 818 54 in in ADP cblr-1764 818 55 game game NOUN cblr-1764 818 56 theory theory NOUN cblr-1764 818 57 terms,262 terms,262 INTJ cblr-1764 819 1 and and CCONJ cblr-1764 819 2 therefore therefore ADV cblr-1764 819 3 should should AUX cblr-1764 819 4 present present VERB cblr-1764 819 5 less less ADJ cblr-1764 819 6 compliance compliance NOUN cblr-1764 819 7 issues issue NOUN cblr-1764 819 8 than than SCONJ cblr-1764 819 9 do do VERB cblr-1764 819 10 agreements agreement NOUN cblr-1764 819 11 to to PART cblr-1764 819 12 reduce reduce VERB cblr-1764 819 13 negative negative ADJ cblr-1764 819 14 race race NOUN cblr-1764 819 15 - - PUNCT cblr-1764 819 16 to to ADP cblr-1764 819 17 - - PUNCT cblr-1764 819 18 the the DET cblr-1764 819 19 - - PUNCT cblr-1764 819 20 bottom bottom NOUN cblr-1764 819 21 externalities externality NOUN cblr-1764 819 22 such such ADJ cblr-1764 819 23 as as ADP cblr-1764 819 24 the the DET cblr-1764 819 25 basel basel PROPN cblr-1764 819 26 accords.263 accords.263 PROPN cblr-1764 819 27 finally finally ADV cblr-1764 819 28 , , PUNCT cblr-1764 819 29 unlike unlike ADP cblr-1764 819 30 the the DET cblr-1764 819 31 costly costly ADJ cblr-1764 819 32 regulatory regulatory ADJ cblr-1764 819 33 directives directive NOUN cblr-1764 819 34 of of ADP cblr-1764 819 35 the the DET cblr-1764 819 36 basel basel PROPN cblr-1764 819 37 accords accord NOUN cblr-1764 819 38 , , PUNCT cblr-1764 819 39 resolution resolution NOUN cblr-1764 819 40 plans plan NOUN cblr-1764 819 41 are be AUX cblr-1764 819 42 essentially essentially ADV cblr-1764 819 43 information information NOUN cblr-1764 819 44 disclosures disclosure NOUN cblr-1764 819 45 . . PUNCT cblr-1764 820 1 as as ADP cblr-1764 820 2 a a DET cblr-1764 820 3 result result NOUN cblr-1764 820 4 , , PUNCT cblr-1764 820 5 they they PRON cblr-1764 820 6 are be AUX cblr-1764 820 7 not not PART cblr-1764 820 8 likely likely ADJ cblr-1764 820 9 to to PART cblr-1764 820 10 encourage encourage VERB cblr-1764 820 11 regulatory regulatory ADJ cblr-1764 820 12 arbitrage arbitrage NOUN cblr-1764 820 13 or or CCONJ cblr-1764 820 14 herd herd NOUN cblr-1764 820 15 firms firm NOUN cblr-1764 820 16 into into ADP cblr-1764 820 17 risky risky ADJ cblr-1764 820 18 avoidance avoidance NOUN cblr-1764 820 19 strategies strategy NOUN cblr-1764 820 20 , , PUNCT cblr-1764 820 21 and and CCONJ cblr-1764 820 22 the the DET cblr-1764 820 23 threat threat NOUN cblr-1764 820 24 of of ADP cblr-1764 820 25 regulatory regulatory ADJ cblr-1764 820 26 failure failure NOUN cblr-1764 820 27 is be AUX cblr-1764 820 28 less less ADV cblr-1764 820 29 pronounced pronounced ADJ cblr-1764 820 30 . . PUNCT cblr-1764 821 1 a a DET cblr-1764 821 2 final final ADJ cblr-1764 821 3 area area NOUN cblr-1764 821 4 of of ADP cblr-1764 821 5 insurance insurance NOUN cblr-1764 821 6 regulation regulation NOUN cblr-1764 821 7 harmonization harmonization NOUN cblr-1764 821 8 that that PRON cblr-1764 821 9 is be AUX cblr-1764 821 10 currently currently ADV cblr-1764 821 11 underway underway ADJ cblr-1764 821 12 consists consist NOUN cblr-1764 821 13 of of ADP cblr-1764 821 14 a a DET cblr-1764 821 15 variety variety NOUN cblr-1764 821 16 of of ADP cblr-1764 821 17 efforts effort NOUN cblr-1764 821 18 by by ADP cblr-1764 821 19 the the DET cblr-1764 821 20 iais iais NOUN cblr-1764 821 21 — — PUNCT cblr-1764 821 22 through through ADP cblr-1764 821 23 its its PRON cblr-1764 821 24 insurance insurance NOUN cblr-1764 821 25 core core NOUN cblr-1764 821 26 principles principle NOUN cblr-1764 821 27 revisions revision NOUN cblr-1764 821 28 , , PUNCT cblr-1764 821 29 joint joint ADJ cblr-1764 821 30 forum forum NOUN cblr-1764 821 31 participation participation NOUN cblr-1764 821 32 , , PUNCT cblr-1764 821 33 and and CCONJ cblr-1764 821 34 comframe comframe PROPN cblr-1764 821 35 — — PUNCT cblr-1764 821 36 to to PART cblr-1764 821 37 revise revise VERB cblr-1764 821 38 and and CCONJ cblr-1764 821 39 develop develop VERB cblr-1764 821 40 a a DET cblr-1764 821 41 myriad myriad NOUN cblr-1764 821 42 of of ADP cblr-1764 821 43 codes code NOUN cblr-1764 821 44 and and CCONJ cblr-1764 821 45 standards standard NOUN cblr-1764 821 46 documents document NOUN cblr-1764 821 47 that that PRON cblr-1764 821 48 outline outline VERB cblr-1764 821 49 best good ADJ cblr-1764 821 50 practices practice NOUN cblr-1764 821 51 for for ADP cblr-1764 821 52 insurance insurance NOUN cblr-1764 821 53 supervisors.264 supervisors.264 NOUN cblr-1764 821 54 like like ADP cblr-1764 821 55 the the DET cblr-1764 821 56 fsb fsb NOUN cblr-1764 821 57 ’s ’s PART cblr-1764 821 58 261 261 NUM cblr-1764 821 59 see see NOUN cblr-1764 821 60 emilious emilious ADJ cblr-1764 821 61 avgouleas avgoulea NOUN cblr-1764 821 62 , , PUNCT cblr-1764 821 63 charles charles PROPN cblr-1764 821 64 goodhart goodhart PROPN cblr-1764 821 65 & & CCONJ cblr-1764 821 66 dirk dirk PROPN cblr-1764 821 67 schoenmaker schoenmaker PROPN cblr-1764 821 68 , , PUNCT cblr-1764 821 69 bank bank NOUN cblr-1764 821 70 resolution resolution NOUN cblr-1764 821 71 plans plan NOUN cblr-1764 821 72 as as ADP cblr-1764 821 73 catalyst catalyst NOUN cblr-1764 821 74 for for ADP cblr-1764 821 75 global global ADJ cblr-1764 821 76 financial financial ADJ cblr-1764 821 77 reform reform NOUN cblr-1764 821 78 , , PUNCT cblr-1764 821 79 9 9 NUM cblr-1764 821 80 j. j. PROPN cblr-1764 821 81 fin fin PROPN cblr-1764 821 82 . . PUNCT cblr-1764 822 1 stability stability NOUN cblr-1764 822 2 210 210 NUM cblr-1764 822 3 , , PUNCT cblr-1764 822 4 215 215 NUM cblr-1764 822 5 ( ( PUNCT cblr-1764 822 6 2013 2013 NUM cblr-1764 822 7 ) ) PUNCT cblr-1764 822 8 ; ; PUNCT cblr-1764 822 9 richard richard PROPN cblr-1764 822 10 j. j. PROPN cblr-1764 822 11 herring herring PROPN cblr-1764 822 12 , , PUNCT cblr-1764 822 13 the the DET cblr-1764 822 14 central central ADJ cblr-1764 822 15 role role NOUN cblr-1764 822 16 of of ADP cblr-1764 822 17 resolution resolution NOUN cblr-1764 822 18 policy policy NOUN cblr-1764 822 19 in in ADP cblr-1764 822 20 dealing deal VERB cblr-1764 822 21 with with ADP cblr-1764 822 22 systemically systemically ADV cblr-1764 822 23 important important ADJ cblr-1764 822 24 financial financial ADJ cblr-1764 822 25 institutions institution NOUN cblr-1764 822 26 ( ( PUNCT cblr-1764 822 27 wharton wharton PROPN cblr-1764 822 28 fin fin PROPN cblr-1764 822 29 . . PUNCT cblr-1764 823 1 insts inst NOUN cblr-1764 823 2 . . PUNCT cblr-1764 824 1 ctr ctr PROPN cblr-1764 824 2 . . PROPN cblr-1764 824 3 , , PUNCT cblr-1764 824 4 working working NOUN cblr-1764 824 5 paper paper NOUN cblr-1764 824 6 series series PROPN cblr-1764 824 7 no no PROPN cblr-1764 824 8 . . PROPN cblr-1764 825 1 11 11 NUM cblr-1764 825 2 - - SYM cblr-1764 825 3 71 71 NUM cblr-1764 825 4 , , PUNCT cblr-1764 825 5 2011 2011 NUM cblr-1764 825 6 ) ) PUNCT cblr-1764 826 1 , , PUNCT cblr-1764 826 2 http://fic.wharton.upenn.edu/fic/papers/11/11-71.pdf http://fic.wharton.upenn.edu/fic/papers/11/11-71.pdf X cblr-1764 827 1 [ [ X cblr-1764 827 2 http://perma http://perma NOUN cblr-1764 827 3 . . PUNCT cblr-1764 827 4 cc/74es cc/74es ADV cblr-1764 827 5 - - PUNCT cblr-1764 827 6 xcuf xcuf PROPN cblr-1764 827 7 ] ] PUNCT cblr-1764 827 8 . . PUNCT cblr-1764 828 1 262 262 NUM cblr-1764 828 2 richard richard PROPN cblr-1764 828 3 mcadams mcadams PROPN cblr-1764 828 4 , , PUNCT cblr-1764 828 5 beyond beyond ADP cblr-1764 828 6 the the DET cblr-1764 828 7 prisoner prisoner NOUN cblr-1764 828 8 ’s ’s PART cblr-1764 828 9 dilemma dilemma NOUN cblr-1764 828 10 , , PUNCT cblr-1764 828 11 82 82 NUM cblr-1764 828 12 s. s. PROPN cblr-1764 828 13 cal cal PROPN cblr-1764 828 14 . . PUNCT cblr-1764 829 1 l. l. PROPN cblr-1764 829 2 rev rev PROPN cblr-1764 829 3 . . PROPN cblr-1764 829 4 209 209 NUM cblr-1764 829 5 , , PUNCT cblr-1764 829 6 222 222 NUM cblr-1764 829 7 , , PUNCT cblr-1764 829 8 230 230 NUM cblr-1764 829 9 ( ( PUNCT cblr-1764 829 10 2009 2009 NUM cblr-1764 829 11 ) ) PUNCT cblr-1764 829 12 ( ( PUNCT cblr-1764 829 13 arguing argue VERB cblr-1764 829 14 that that PRON cblr-1764 829 15 agreement agreement NOUN cblr-1764 829 16 on on ADP cblr-1764 829 17 common common ADJ cblr-1764 829 18 standards standard NOUN cblr-1764 829 19 takes take VERB cblr-1764 829 20 the the DET cblr-1764 829 21 form form NOUN cblr-1764 829 22 of of ADP cblr-1764 829 23 a a DET cblr-1764 829 24 battle battle NOUN cblr-1764 829 25 - - PUNCT cblr-1764 829 26 of of ADP cblr-1764 829 27 - - PUNCT cblr-1764 829 28 the the DET cblr-1764 829 29 - - PUNCT cblr-1764 829 30 sexes sex NOUN cblr-1764 829 31 coordination coordination NOUN cblr-1764 829 32 game game NOUN cblr-1764 829 33 ) ) PUNCT cblr-1764 829 34 ; ; PUNCT cblr-1764 829 35 walter walter PROPN cblr-1764 829 36 mattli mattli PROPN cblr-1764 829 37 & & CCONJ cblr-1764 829 38 tim tim PROPN cblr-1764 829 39 buthe buthe PROPN cblr-1764 829 40 , , PUNCT cblr-1764 829 41 setting set VERB cblr-1764 829 42 international international ADJ cblr-1764 829 43 standards standard NOUN cblr-1764 829 44 : : PUNCT cblr-1764 829 45 technological technological ADJ cblr-1764 829 46 rationality rationality NOUN cblr-1764 829 47 or or CCONJ cblr-1764 829 48 primacy primacy NOUN cblr-1764 829 49 of of ADP cblr-1764 829 50 power power NOUN cblr-1764 829 51 ? ? PUNCT cblr-1764 829 52 , , PUNCT cblr-1764 829 53 56 56 NUM cblr-1764 829 54 world world NOUN cblr-1764 829 55 pol pol NOUN cblr-1764 829 56 . . PUNCT cblr-1764 830 1 1 1 NUM cblr-1764 830 2 , , PUNCT cblr-1764 830 3 9 9 NUM cblr-1764 830 4 ( ( PUNCT cblr-1764 830 5 2003 2003 NUM cblr-1764 830 6 ) ) PUNCT cblr-1764 830 7 . . PUNCT cblr-1764 831 1 263 263 NUM cblr-1764 831 2 see see VERB cblr-1764 831 3 ethan ethan PROPN cblr-1764 831 4 b. b. PROPN cblr-1764 831 5 kapstein kapstein PROPN cblr-1764 831 6 , , PUNCT cblr-1764 831 7 resolving resolve VERB cblr-1764 831 8 the the DET cblr-1764 831 9 regulator regulator NOUN cblr-1764 831 10 ’s ’s PART cblr-1764 831 11 dilemma dilemma NOUN cblr-1764 831 12 : : PUNCT cblr-1764 831 13 international international ADJ cblr-1764 831 14 coordination coordination NOUN cblr-1764 831 15 of of ADP cblr-1764 831 16 banking banking NOUN cblr-1764 831 17 regulations regulation NOUN cblr-1764 831 18 , , PUNCT cblr-1764 831 19 43 43 NUM cblr-1764 831 20 int’l int’l NUM cblr-1764 831 21 org org NOUN cblr-1764 831 22 . . PUNCT cblr-1764 831 23 323 323 NUM cblr-1764 831 24 , , PUNCT cblr-1764 831 25 323–24 323–24 NUM cblr-1764 831 26 ( ( PUNCT cblr-1764 831 27 1989 1989 NUM cblr-1764 831 28 ) ) PUNCT cblr-1764 831 29 ( ( PUNCT cblr-1764 831 30 arguing argue VERB cblr-1764 831 31 that that SCONJ cblr-1764 831 32 the the DET cblr-1764 831 33 basel basel PROPN cblr-1764 831 34 accords accord NOUN cblr-1764 831 35 created create VERB cblr-1764 831 36 a a DET cblr-1764 831 37 prisoner prisoner NOUN cblr-1764 831 38 ’s ’s PART cblr-1764 831 39 dilemma dilemma NOUN cblr-1764 831 40 , , PUNCT cblr-1764 831 41 which which PRON cblr-1764 831 42 kapstein kapstein ADV cblr-1764 831 43 refers refer VERB cblr-1764 831 44 to to ADP cblr-1764 831 45 as as ADP cblr-1764 831 46 a a DET cblr-1764 831 47 “ " PUNCT cblr-1764 831 48 regulators regulator NOUN cblr-1764 831 49 dilemma dilemma NOUN cblr-1764 831 50 ” " PUNCT cblr-1764 831 51 ) ) PUNCT cblr-1764 831 52 ; ; PUNCT cblr-1764 831 53 daniel daniel PROPN cblr-1764 831 54 tarullo tarullo PROPN cblr-1764 831 55 , , PUNCT cblr-1764 831 56 banking banking NOUN cblr-1764 831 57 on on ADP cblr-1764 831 58 basel basel PROPN cblr-1764 831 59 : : PUNCT cblr-1764 831 60 the the DET cblr-1764 831 61 future future NOUN cblr-1764 831 62 of of ADP cblr-1764 831 63 international international ADJ cblr-1764 831 64 financial financial ADJ cblr-1764 831 65 regulation regulation NOUN cblr-1764 831 66 53 53 NUM cblr-1764 831 67 , , PUNCT cblr-1764 831 68 200 200 NUM cblr-1764 831 69 ( ( PUNCT cblr-1764 831 70 2008 2008 NUM cblr-1764 831 71 ) ) PUNCT cblr-1764 831 72 ( ( PUNCT cblr-1764 831 73 noting note VERB cblr-1764 831 74 that that SCONJ cblr-1764 831 75 “ " PUNCT cblr-1764 831 76 race race NOUN cblr-1764 831 77 to to ADP cblr-1764 831 78 the the DET cblr-1764 831 79 bottom bottom ADJ cblr-1764 831 80 ” " PUNCT cblr-1764 831 81 concerns concern NOUN cblr-1764 831 82 animated animate VERB cblr-1764 831 83 the the DET cblr-1764 831 84 basel basel PROPN cblr-1764 831 85 committee committee PROPN cblr-1764 831 86 ’s ’s PART cblr-1764 831 87 capital capital NOUN cblr-1764 831 88 adequacy adequacy NOUN cblr-1764 831 89 agenda agenda NOUN cblr-1764 831 90 ) ) PUNCT cblr-1764 831 91 . . PUNCT cblr-1764 832 1 264 264 NUM cblr-1764 832 2 see see VERB cblr-1764 832 3 supra supra PROPN cblr-1764 832 4 part part PROPN cblr-1764 832 5 iii.b.2 iii.b.2 PROPN cblr-1764 832 6 . . PUNCT cblr-1764 832 7 turk turk PROPN cblr-1764 832 8 – – PUNCT cblr-1764 832 9 final final ADJ cblr-1764 832 10 no no NOUN cblr-1764 832 11 . . PUNCT cblr-1764 833 1 3:967 3:967 NUM cblr-1764 833 2 ] ] PUNCT cblr-1764 833 3 insurance insurance NOUN cblr-1764 833 4 convergence convergence NOUN cblr-1764 833 5 1037 1037 NUM cblr-1764 833 6 harmonization harmonization NOUN cblr-1764 833 7 of of ADP cblr-1764 833 8 living living NOUN cblr-1764 833 9 wills will NOUN cblr-1764 834 1 , , PUNCT cblr-1764 834 2 these these DET cblr-1764 834 3 efforts effort NOUN cblr-1764 834 4 do do AUX cblr-1764 834 5 not not PART cblr-1764 834 6 raise raise VERB cblr-1764 834 7 intractable intractable ADJ cblr-1764 834 8 enforcement enforcement NOUN cblr-1764 834 9 issues issue NOUN cblr-1764 834 10 or or CCONJ cblr-1764 834 11 represent represent VERB cblr-1764 834 12 a a DET cblr-1764 834 13 substantial substantial ADJ cblr-1764 834 14 threat threat NOUN cblr-1764 834 15 of of ADP cblr-1764 834 16 costly costly ADJ cblr-1764 834 17 regulatory regulatory ADJ cblr-1764 834 18 failure failure NOUN cblr-1764 834 19 in in ADP cblr-1764 834 20 the the DET cblr-1764 834 21 way way NOUN cblr-1764 834 22 that that PRON cblr-1764 834 23 basel basel NOUN cblr-1764 834 24 - - PUNCT cblr-1764 834 25 style style NOUN cblr-1764 834 26 capital capital NOUN cblr-1764 834 27 rules rule NOUN cblr-1764 834 28 do do VERB cblr-1764 834 29 . . PUNCT cblr-1764 835 1 on on ADP cblr-1764 835 2 the the DET cblr-1764 835 3 other other ADJ cblr-1764 835 4 hand hand NOUN cblr-1764 835 5 , , PUNCT cblr-1764 835 6 it it PRON cblr-1764 835 7 is be AUX cblr-1764 835 8 somewhat somewhat ADV cblr-1764 835 9 difficult difficult ADJ cblr-1764 835 10 to to PART cblr-1764 835 11 discern discern VERB cblr-1764 835 12 what what PRON cblr-1764 835 13 concrete concrete ADJ cblr-1764 835 14 benefits benefit NOUN cblr-1764 835 15 , , PUNCT cblr-1764 835 16 if if SCONJ cblr-1764 835 17 any any PRON cblr-1764 835 18 , , PUNCT cblr-1764 835 19 these these DET cblr-1764 835 20 efforts effort NOUN cblr-1764 835 21 will will AUX cblr-1764 835 22 yield yield VERB cblr-1764 835 23 . . PUNCT cblr-1764 836 1 this this PRON cblr-1764 836 2 is be AUX cblr-1764 836 3 because because SCONJ cblr-1764 836 4 previous previous ADJ cblr-1764 836 5 generations generation NOUN cblr-1764 836 6 of of ADP cblr-1764 836 7 codes code NOUN cblr-1764 836 8 and and CCONJ cblr-1764 836 9 standards standard NOUN cblr-1764 836 10 were be AUX cblr-1764 836 11 merely merely ADV cblr-1764 836 12 hortatory hortatory ADJ cblr-1764 836 13 documents document NOUN cblr-1764 836 14 and and CCONJ cblr-1764 836 15 pitched pitch VERB cblr-1764 836 16 at at ADP cblr-1764 836 17 such such DET cblr-1764 836 18 a a DET cblr-1764 836 19 high high ADJ cblr-1764 836 20 level level NOUN cblr-1764 836 21 of of ADP cblr-1764 836 22 abstraction abstraction NOUN cblr-1764 836 23 that that SCONJ cblr-1764 836 24 they they PRON cblr-1764 836 25 did do AUX cblr-1764 836 26 not not PART cblr-1764 836 27 offer offer VERB cblr-1764 836 28 guidance guidance NOUN cblr-1764 836 29 that that PRON cblr-1764 836 30 could could AUX cblr-1764 836 31 be be AUX cblr-1764 836 32 used use VERB cblr-1764 836 33 by by ADP cblr-1764 836 34 regulators regulator NOUN cblr-1764 836 35 in in ADP cblr-1764 836 36 practice.265 practice.265 NOUN cblr-1764 836 37 thus thus ADV cblr-1764 836 38 , , PUNCT cblr-1764 836 39 the the DET cblr-1764 836 40 greatest great ADJ cblr-1764 836 41 danger danger NOUN cblr-1764 836 42 posed pose VERB cblr-1764 836 43 by by ADP cblr-1764 836 44 these these DET cblr-1764 836 45 otherwise otherwise ADV cblr-1764 836 46 innocuous innocuous ADJ cblr-1764 836 47 projects project NOUN cblr-1764 836 48 is be AUX cblr-1764 836 49 to to PART cblr-1764 836 50 overestimate overestimate VERB cblr-1764 836 51 their their PRON cblr-1764 836 52 importance importance NOUN cblr-1764 836 53 . . PUNCT cblr-1764 837 1 regardless regardless ADV cblr-1764 837 2 of of ADP cblr-1764 837 3 direct direct ADJ cblr-1764 837 4 impact impact NOUN cblr-1764 837 5 , , PUNCT cblr-1764 837 6 though though ADV cblr-1764 837 7 , , PUNCT cblr-1764 837 8 post-2008 post-2008 NOUN cblr-1764 837 9 efforts effort NOUN cblr-1764 837 10 at at ADP cblr-1764 837 11 revising revise VERB cblr-1764 837 12 international international ADJ cblr-1764 837 13 insurance insurance NOUN cblr-1764 837 14 principles principle NOUN cblr-1764 837 15 may may AUX cblr-1764 837 16 be be AUX cblr-1764 837 17 indirectly indirectly ADV cblr-1764 837 18 valuable valuable ADJ cblr-1764 837 19 to to ADP cblr-1764 837 20 the the DET cblr-1764 837 21 extent extent NOUN cblr-1764 837 22 that that SCONJ cblr-1764 837 23 they they PRON cblr-1764 837 24 facilitate facilitate VERB cblr-1764 837 25 the the DET cblr-1764 837 26 development development NOUN cblr-1764 837 27 of of ADP cblr-1764 837 28 information information NOUN cblr-1764 837 29 - - PUNCT cblr-1764 837 30 sharing share VERB cblr-1764 837 31 fora forum NOUN cblr-1764 837 32 , , PUNCT cblr-1764 837 33 known know VERB cblr-1764 837 34 as as ADP cblr-1764 837 35 international international ADJ cblr-1764 837 36 supervisory supervisory ADJ cblr-1764 837 37 colleges college NOUN cblr-1764 837 38 . . PUNCT cblr-1764 838 1 similar similar ADJ cblr-1764 838 2 to to ADP cblr-1764 838 3 the the DET cblr-1764 838 4 harmonization harmonization NOUN cblr-1764 838 5 of of ADP cblr-1764 838 6 living living NOUN cblr-1764 838 7 wills will NOUN cblr-1764 838 8 , , PUNCT cblr-1764 838 9 active active ADJ cblr-1764 838 10 cross cross ADJ cblr-1764 838 11 - - ADJ cblr-1764 838 12 border border ADJ cblr-1764 838 13 supervisory supervisory ADJ cblr-1764 838 14 colleges college NOUN cblr-1764 838 15 would would AUX cblr-1764 838 16 allow allow VERB cblr-1764 838 17 national national ADJ cblr-1764 838 18 regulators regulator NOUN cblr-1764 838 19 to to ADP cblr-1764 838 20 pool pool NOUN cblr-1764 838 21 expertise expertise NOUN cblr-1764 838 22 and and CCONJ cblr-1764 838 23 gain gain VERB cblr-1764 838 24 a a DET cblr-1764 838 25 broader broad ADJ cblr-1764 838 26 perspective perspective NOUN cblr-1764 838 27 on on ADP cblr-1764 838 28 the the DET cblr-1764 838 29 complex complex ADJ cblr-1764 838 30 , , PUNCT cblr-1764 838 31 global global ADJ cblr-1764 838 32 institutions institution NOUN cblr-1764 838 33 that that PRON cblr-1764 838 34 they they PRON cblr-1764 838 35 are be AUX cblr-1764 838 36 supervising.266 supervising.266 ADV cblr-1764 838 37 in in ADP cblr-1764 838 38 summary summary NOUN cblr-1764 838 39 , , PUNCT cblr-1764 838 40 the the DET cblr-1764 838 41 jurisdictional jurisdictional ADJ cblr-1764 838 42 boundaries boundary NOUN cblr-1764 838 43 of of ADP cblr-1764 838 44 insurance insurance NOUN cblr-1764 838 45 regulation regulation NOUN cblr-1764 838 46 are be AUX cblr-1764 838 47 more more ADV cblr-1764 838 48 fragmented fragmented ADJ cblr-1764 838 49 than than ADP cblr-1764 838 50 banking banking NOUN cblr-1764 838 51 and and CCONJ cblr-1764 838 52 securities security NOUN cblr-1764 838 53 rules rule NOUN cblr-1764 838 54 , , PUNCT cblr-1764 838 55 both both CCONJ cblr-1764 838 56 at at ADP cblr-1764 838 57 the the DET cblr-1764 838 58 domestic domestic ADJ cblr-1764 838 59 and and CCONJ cblr-1764 838 60 international international ADJ cblr-1764 838 61 levels level NOUN cblr-1764 838 62 . . PUNCT cblr-1764 839 1 however however ADV cblr-1764 839 2 , , PUNCT cblr-1764 839 3 the the DET cblr-1764 839 4 past past ADJ cblr-1764 839 5 decade decade NOUN cblr-1764 839 6 of of ADP cblr-1764 839 7 convergence convergence NOUN cblr-1764 839 8 means mean VERB cblr-1764 839 9 that that SCONJ cblr-1764 839 10 insurance insurance NOUN cblr-1764 839 11 is be AUX cblr-1764 839 12 no no ADV cblr-1764 839 13 longer long ADV cblr-1764 839 14 less less ADV cblr-1764 839 15 interconnected interconnected ADJ cblr-1764 839 16 with with ADP cblr-1764 839 17 the the DET cblr-1764 839 18 financial financial ADJ cblr-1764 839 19 system system NOUN cblr-1764 839 20 than than SCONJ cblr-1764 839 21 are be AUX cblr-1764 839 22 other other ADJ cblr-1764 839 23 financial financial ADJ cblr-1764 839 24 services service NOUN cblr-1764 839 25 industries industry NOUN cblr-1764 839 26 . . PUNCT cblr-1764 840 1 this this PRON cblr-1764 840 2 creates create VERB cblr-1764 840 3 pressure pressure NOUN cblr-1764 840 4 to to PART cblr-1764 840 5 shift shift VERB cblr-1764 840 6 regulatory regulatory ADJ cblr-1764 840 7 boundaries boundary NOUN cblr-1764 840 8 at at ADP cblr-1764 840 9 both both DET cblr-1764 840 10 tiers tier NOUN cblr-1764 840 11 towards towards ADP cblr-1764 840 12 a a DET cblr-1764 840 13 more more ADV cblr-1764 840 14 harmonized harmonized ADJ cblr-1764 840 15 approach approach NOUN cblr-1764 840 16 . . PUNCT cblr-1764 841 1 the the DET cblr-1764 841 2 response response NOUN cblr-1764 841 3 to to ADP cblr-1764 841 4 the the DET cblr-1764 841 5 2008 2008 NUM cblr-1764 841 6 crisis crisis NOUN cblr-1764 841 7 has have AUX cblr-1764 841 8 consisted consist VERB cblr-1764 841 9 of of ADP cblr-1764 841 10 considerable considerable ADJ cblr-1764 841 11 institutional institutional ADJ cblr-1764 841 12 265 265 NUM cblr-1764 841 13 see see NOUN cblr-1764 841 14 , , PUNCT cblr-1764 841 15 e.g. e.g. ADV cblr-1764 841 16 , , PUNCT cblr-1764 841 17 supra supra PROPN cblr-1764 841 18 note note NOUN cblr-1764 841 19 168 168 NUM cblr-1764 841 20 ( ( PUNCT cblr-1764 841 21 citing cite VERB cblr-1764 841 22 iais iais PROPN cblr-1764 841 23 core core NOUN cblr-1764 841 24 principles principle NOUN cblr-1764 841 25 , , PUNCT cblr-1764 841 26 supra supra PROPN cblr-1764 841 27 note note NOUN cblr-1764 841 28 165 165 NUM cblr-1764 841 29 ( ( PUNCT cblr-1764 841 30 quoting quote VERB cblr-1764 841 31 principle principle NOUN cblr-1764 841 32 no no INTJ cblr-1764 841 33 . . PROPN cblr-1764 841 34 12 12 NUM cblr-1764 841 35 ) ) PUNCT cblr-1764 841 36 and and CCONJ cblr-1764 841 37 iais iais NOUN cblr-1764 841 38 solvency solvency NOUN cblr-1764 841 39 principles principle NOUN cblr-1764 841 40 , , PUNCT cblr-1764 841 41 supra supra PROPN cblr-1764 841 42 note note NOUN cblr-1764 841 43 166 166 NUM cblr-1764 841 44 ( ( PUNCT cblr-1764 841 45 quoting quote VERB cblr-1764 841 46 principle principle NOUN cblr-1764 841 47 no no INTJ cblr-1764 841 48 . . NOUN cblr-1764 841 49 3.1.1 3.1.1 NUM cblr-1764 841 50 ) ) PUNCT cblr-1764 841 51 ) ) PUNCT cblr-1764 841 52 ; ; PUNCT cblr-1764 841 53 see see VERB cblr-1764 841 54 also also ADV cblr-1764 841 55 drezner drezner NOUN cblr-1764 841 56 , , PUNCT cblr-1764 841 57 supra supra PROPN cblr-1764 841 58 note note NOUN cblr-1764 841 59 168 168 NUM cblr-1764 841 60 , , PUNCT cblr-1764 841 61 at at ADP cblr-1764 841 62 81 81 NUM cblr-1764 841 63 – – SYM cblr-1764 841 64 85 85 NUM cblr-1764 841 65 . . NOUN cblr-1764 841 66 266 266 NUM cblr-1764 841 67 see see VERB cblr-1764 841 68 comframe comframe NOUN cblr-1764 841 69 working working NOUN cblr-1764 841 70 draft draft NOUN cblr-1764 841 71 , , PUNCT cblr-1764 841 72 supra supra PROPN cblr-1764 841 73 note note NOUN cblr-1764 841 74 182 182 NUM cblr-1764 841 75 , , PUNCT cblr-1764 841 76 at at ADP cblr-1764 841 77 154–63 154–63 PROPN cblr-1764 841 78 ( ( PUNCT cblr-1764 841 79 providing provide VERB cblr-1764 841 80 guidance guidance NOUN cblr-1764 841 81 on on ADP cblr-1764 841 82 supervisory supervisory ADJ cblr-1764 841 83 colleges college NOUN cblr-1764 841 84 for for ADP cblr-1764 841 85 internationally internationally ADV cblr-1764 841 86 active active ADJ cblr-1764 841 87 insurance insurance NOUN cblr-1764 841 88 groups group NOUN cblr-1764 841 89 ) ) PUNCT cblr-1764 841 90 ; ; PUNCT cblr-1764 841 91 duncan duncan PROPN cblr-1764 841 92 e. e. PROPN cblr-1764 841 93 alford alford PROPN cblr-1764 841 94 , , PUNCT cblr-1764 841 95 supervisory supervisory ADJ cblr-1764 841 96 colleges college NOUN cblr-1764 841 97 : : PUNCT cblr-1764 841 98 the the DET cblr-1764 841 99 global global ADJ cblr-1764 841 100 financial financial ADJ cblr-1764 841 101 crisis crisis NOUN cblr-1764 841 102 and and CCONJ cblr-1764 841 103 improving improve VERB cblr-1764 841 104 international international ADJ cblr-1764 841 105 supervisory supervisory ADJ cblr-1764 841 106 coordination coordination NOUN cblr-1764 841 107 , , PUNCT cblr-1764 841 108 24 24 NUM cblr-1764 841 109 emory emory PROPN cblr-1764 841 110 int’l int’l NUM cblr-1764 841 111 l. l. PROPN cblr-1764 841 112 rev rev PROPN cblr-1764 841 113 . . PROPN cblr-1764 841 114 57 57 NUM cblr-1764 841 115 , , PUNCT cblr-1764 841 116 58 58 NUM cblr-1764 841 117 ( ( PUNCT cblr-1764 841 118 2010 2010 NUM cblr-1764 841 119 ) ) PUNCT cblr-1764 841 120 ; ; PUNCT cblr-1764 841 121 kirby kirby PROPN cblr-1764 841 122 , , PUNCT cblr-1764 841 123 supra supra PROPN cblr-1764 841 124 note note PROPN cblr-1764 841 125 152 152 NUM cblr-1764 841 126 , , PUNCT cblr-1764 841 127 at at ADP cblr-1764 841 128 166–68 166–68 PROPN cblr-1764 841 129 . . PUNCT cblr-1764 842 1 turk turk PROPN cblr-1764 842 2 – – PUNCT cblr-1764 842 3 final final ADJ cblr-1764 842 4 1038 1038 NUM cblr-1764 842 5 columbia columbia PROPN cblr-1764 842 6 business business NOUN cblr-1764 842 7 law law PROPN cblr-1764 842 8 review review NOUN cblr-1764 842 9 [ [ X cblr-1764 842 10 vol vol NOUN cblr-1764 842 11 . . NOUN cblr-1764 842 12 2015 2015 NUM cblr-1764 842 13 innovation innovation NOUN cblr-1764 842 14 that that PRON cblr-1764 842 15 nonetheless nonetheless ADV cblr-1764 842 16 leaves leave VERB cblr-1764 842 17 substantive substantive ADJ cblr-1764 842 18 insurance insurance NOUN cblr-1764 842 19 regulation regulation NOUN cblr-1764 842 20 unchanged unchanged ADJ cblr-1764 842 21 . . PUNCT cblr-1764 843 1 a a DET cblr-1764 843 2 more more ADV cblr-1764 843 3 efficient efficient ADJ cblr-1764 843 4 balance balance NOUN cblr-1764 843 5 between between ADP cblr-1764 843 6 regulatory regulatory ADJ cblr-1764 843 7 competition competition NOUN cblr-1764 843 8 and and CCONJ cblr-1764 843 9 harmonization harmonization NOUN cblr-1764 843 10 could could AUX cblr-1764 843 11 be be AUX cblr-1764 843 12 obtained obtain VERB cblr-1764 843 13 by by ADP cblr-1764 843 14 re re VERB cblr-1764 843 15 - - VERB cblr-1764 843 16 orienting orient VERB cblr-1764 843 17 the the DET cblr-1764 843 18 fio fio NOUN cblr-1764 843 19 to to PART cblr-1764 843 20 first first ADV cblr-1764 843 21 formulate formulate VERB cblr-1764 843 22 a a DET cblr-1764 843 23 substantial substantial ADJ cblr-1764 843 24 body body NOUN cblr-1764 843 25 of of ADP cblr-1764 843 26 federal federal ADJ cblr-1764 843 27 insurance insurance NOUN cblr-1764 843 28 regulation regulation NOUN cblr-1764 843 29 , , PUNCT cblr-1764 843 30 and and CCONJ cblr-1764 843 31 only only ADV cblr-1764 843 32 then then ADV cblr-1764 843 33 pursue pursue VERB cblr-1764 843 34 crossborder crossborder NOUN cblr-1764 843 35 harmonization harmonization NOUN cblr-1764 843 36 of of ADP cblr-1764 843 37 a a DET cblr-1764 843 38 more more ADV cblr-1764 843 39 modest modest ADJ cblr-1764 843 40 subset subset NOUN cblr-1764 843 41 of of ADP cblr-1764 843 42 those those DET cblr-1764 843 43 rules rule NOUN cblr-1764 843 44 . . PUNCT cblr-1764 844 1 b. b. VERB cblr-1764 844 2 the the DET cblr-1764 844 3 definitional definitional ADJ cblr-1764 844 4 boundary boundary ADJ cblr-1764 844 5 problem problem NOUN cblr-1764 844 6 : : PUNCT cblr-1764 844 7 regulation regulation NOUN cblr-1764 844 8 of of ADP cblr-1764 844 9 legal legal ADJ cblr-1764 844 10 form form NOUN cblr-1764 844 11 versus versus ADP cblr-1764 844 12 economic economic ADJ cblr-1764 844 13 function function NOUN cblr-1764 844 14 the the DET cblr-1764 844 15 degree degree NOUN cblr-1764 844 16 of of ADP cblr-1764 844 17 regulatory regulatory ADJ cblr-1764 844 18 divergence divergence NOUN cblr-1764 844 19 across across ADP cblr-1764 844 20 jurisdictions jurisdiction NOUN cblr-1764 844 21 represents represent VERB cblr-1764 844 22 a a DET cblr-1764 844 23 kind kind NOUN cblr-1764 844 24 of of ADP cblr-1764 844 25 literal literal ADJ cblr-1764 844 26 , , PUNCT cblr-1764 844 27 geographic geographic ADJ cblr-1764 844 28 boundary boundary ADJ cblr-1764 844 29 problem problem NOUN cblr-1764 844 30 , , PUNCT cblr-1764 844 31 but but CCONJ cblr-1764 844 32 there there PRON cblr-1764 844 33 is be VERB cblr-1764 844 34 a a DET cblr-1764 844 35 definitional definitional ADJ cblr-1764 844 36 boundary boundary ADJ cblr-1764 844 37 problem problem NOUN cblr-1764 844 38 that that PRON cblr-1764 844 39 takes take VERB cblr-1764 844 40 place place NOUN cblr-1764 844 41 within within ADP cblr-1764 844 42 jurisdictions jurisdiction NOUN cblr-1764 844 43 as as ADV cblr-1764 844 44 well well ADV cblr-1764 844 45 , , PUNCT cblr-1764 844 46 and and CCONJ cblr-1764 844 47 it it PRON cblr-1764 844 48 is be AUX cblr-1764 844 49 equally equally ADV cblr-1764 844 50 fundamental fundamental ADJ cblr-1764 844 51 . . PUNCT cblr-1764 845 1 the the DET cblr-1764 845 2 drafting drafting NOUN cblr-1764 845 3 and and CCONJ cblr-1764 845 4 enforcement enforcement NOUN cblr-1764 845 5 of of ADP cblr-1764 845 6 any any DET cblr-1764 845 7 legal legal ADJ cblr-1764 845 8 rule rule NOUN cblr-1764 845 9 necessarily necessarily ADV cblr-1764 845 10 involves involve VERB cblr-1764 845 11 drawing draw VERB cblr-1764 845 12 a a DET cblr-1764 845 13 boundary boundary NOUN cblr-1764 845 14 that that PRON cblr-1764 845 15 defines define VERB cblr-1764 845 16 the the DET cblr-1764 845 17 set set NOUN cblr-1764 845 18 of of ADP cblr-1764 845 19 actors actor NOUN cblr-1764 845 20 and and CCONJ cblr-1764 845 21 activities activity NOUN cblr-1764 845 22 to to PART cblr-1764 845 23 which which PRON cblr-1764 845 24 the the DET cblr-1764 845 25 rules rule NOUN cblr-1764 845 26 applies apply VERB cblr-1764 845 27 . . PUNCT cblr-1764 846 1 for for ADP cblr-1764 846 2 many many ADJ cblr-1764 846 3 areas area NOUN cblr-1764 846 4 of of ADP cblr-1764 846 5 regulation regulation NOUN cblr-1764 846 6 , , PUNCT cblr-1764 846 7 this this PRON cblr-1764 846 8 is be AUX cblr-1764 846 9 not not PART cblr-1764 846 10 a a DET cblr-1764 846 11 particularly particularly ADV cblr-1764 846 12 profound profound ADJ cblr-1764 846 13 issue issue NOUN cblr-1764 846 14 : : PUNCT cblr-1764 846 15 municipal municipal ADJ cblr-1764 846 16 legislators legislator NOUN cblr-1764 846 17 and and CCONJ cblr-1764 846 18 park park NOUN cblr-1764 846 19 management management NOUN cblr-1764 846 20 personnel personnel NOUN cblr-1764 846 21 are be AUX cblr-1764 846 22 not not PART cblr-1764 846 23 as as ADP cblr-1764 846 24 a a DET cblr-1764 846 25 practical practical ADJ cblr-1764 846 26 matter matter NOUN cblr-1764 846 27 regularly regularly ADV cblr-1764 846 28 entangled entangle VERB cblr-1764 846 29 in in ADP cblr-1764 846 30 quandaries quandary NOUN cblr-1764 846 31 over over ADP cblr-1764 846 32 the the DET cblr-1764 846 33 applicable applicable ADJ cblr-1764 846 34 scope scope NOUN cblr-1764 846 35 of of ADP cblr-1764 846 36 signs sign NOUN cblr-1764 846 37 declaring declare VERB cblr-1764 846 38 that that SCONJ cblr-1764 846 39 there there PRON cblr-1764 846 40 shall shall AUX cblr-1764 846 41 be be AUX cblr-1764 846 42 “ " PUNCT cblr-1764 846 43 no no DET cblr-1764 846 44 vehicles vehicle NOUN cblr-1764 846 45 in in ADP cblr-1764 846 46 the the DET cblr-1764 846 47 park park NOUN cblr-1764 846 48 . . PUNCT cblr-1764 847 1 ”267 ”267 VERB cblr-1764 847 2 by by ADP cblr-1764 847 3 contrast contrast NOUN cblr-1764 847 4 , , PUNCT cblr-1764 847 5 financial financial ADJ cblr-1764 847 6 services service NOUN cblr-1764 847 7 often often ADV cblr-1764 847 8 squarely squarely ADV cblr-1764 847 9 present present VERB cblr-1764 847 10 the the DET cblr-1764 847 11 definitional definitional ADJ cblr-1764 847 12 boundary boundary ADJ cblr-1764 847 13 problem problem NOUN cblr-1764 847 14 , , PUNCT cblr-1764 847 15 because because SCONJ cblr-1764 847 16 contracts contract NOUN cblr-1764 847 17 that that PRON cblr-1764 847 18 allocate allocate VERB cblr-1764 847 19 financial financial ADJ cblr-1764 847 20 risks risk NOUN cblr-1764 847 21 are be AUX cblr-1764 847 22 malleable malleable ADJ cblr-1764 847 23 in in ADP cblr-1764 847 24 how how SCONJ cblr-1764 847 25 they they PRON cblr-1764 847 26 can can AUX cblr-1764 847 27 be be AUX cblr-1764 847 28 characterized characterize VERB cblr-1764 847 29 , , PUNCT cblr-1764 847 30 especially especially ADV cblr-1764 847 31 relative relative ADJ cblr-1764 847 32 to to ADP cblr-1764 847 33 contracts contract NOUN cblr-1764 847 34 relating relate VERB cblr-1764 847 35 to to ADP cblr-1764 847 36 physical physical ADJ cblr-1764 847 37 goods good NOUN cblr-1764 847 38 and and CCONJ cblr-1764 847 39 services service NOUN cblr-1764 847 40 . . PUNCT cblr-1764 848 1 definitional definitional ADJ cblr-1764 848 2 boundaries boundary NOUN cblr-1764 848 3 in in ADP cblr-1764 848 4 finance finance NOUN cblr-1764 848 5 can can AUX cblr-1764 848 6 be be AUX cblr-1764 848 7 characterized characterize VERB cblr-1764 848 8 as as SCONJ cblr-1764 848 9 drawn draw VERB cblr-1764 848 10 in in ADP cblr-1764 848 11 a a DET cblr-1764 848 12 “ " PUNCT cblr-1764 848 13 formal formal ADJ cblr-1764 848 14 ” " PUNCT cblr-1764 848 15 way way NOUN cblr-1764 848 16 that that PRON cblr-1764 848 17 retains retain VERB cblr-1764 848 18 clear clear ADJ cblr-1764 848 19 distinctions distinction NOUN cblr-1764 848 20 between between ADP cblr-1764 848 21 traditional traditional ADJ cblr-1764 848 22 legal legal ADJ cblr-1764 848 23 categories category NOUN cblr-1764 848 24 , , PUNCT cblr-1764 848 25 or or CCONJ cblr-1764 848 26 in in ADP cblr-1764 848 27 a a DET cblr-1764 848 28 “ " PUNCT cblr-1764 848 29 functional functional ADJ cblr-1764 848 30 ” " PUNCT cblr-1764 848 31 manner manner NOUN cblr-1764 848 32 so so SCONJ cblr-1764 848 33 that that SCONJ cblr-1764 848 34 regulatory regulatory ADJ cblr-1764 848 35 categories category NOUN cblr-1764 848 36 track track VERB cblr-1764 848 37 the the DET cblr-1764 848 38 economic economic ADJ cblr-1764 848 39 purpose purpose NOUN cblr-1764 848 40 of of ADP cblr-1764 848 41 the the DET cblr-1764 848 42 activity activity NOUN cblr-1764 848 43 at at ADP cblr-1764 848 44 issue issue NOUN cblr-1764 848 45 . . PUNCT cblr-1764 849 1 for for ADP cblr-1764 849 2 example example NOUN cblr-1764 849 3 , , PUNCT cblr-1764 849 4 under under ADP cblr-1764 849 5 a a DET cblr-1764 849 6 functional functional ADJ cblr-1764 849 7 approach approach NOUN cblr-1764 849 8 , , PUNCT cblr-1764 849 9 if if SCONJ cblr-1764 849 10 a a DET cblr-1764 849 11 particular particular ADJ cblr-1764 849 12 contract contract NOUN cblr-1764 849 13 is be AUX cblr-1764 849 14 sold sell VERB cblr-1764 849 15 by by ADP cblr-1764 849 16 an an DET cblr-1764 849 17 insurance insurance NOUN cblr-1764 849 18 company company NOUN cblr-1764 849 19 and and CCONJ cblr-1764 849 20 is be AUX cblr-1764 849 21 labeled label VERB cblr-1764 849 22 as as ADP cblr-1764 849 23 “ " PUNCT cblr-1764 849 24 life life NOUN cblr-1764 849 25 insurance insurance NOUN cblr-1764 849 26 ” " PUNCT cblr-1764 849 27 but but CCONJ cblr-1764 849 28 267 267 NUM cblr-1764 849 29 see see VERB cblr-1764 849 30 h.l.a h.l.a ADJ cblr-1764 849 31 . . PUNCT cblr-1764 850 1 hart hart PROPN cblr-1764 850 2 , , PUNCT cblr-1764 850 3 positivism positivism NOUN cblr-1764 850 4 and and CCONJ cblr-1764 850 5 the the DET cblr-1764 850 6 separation separation NOUN cblr-1764 850 7 of of ADP cblr-1764 850 8 law law NOUN cblr-1764 850 9 and and CCONJ cblr-1764 850 10 morals moral NOUN cblr-1764 850 11 , , PUNCT cblr-1764 850 12 71 71 NUM cblr-1764 850 13 harv harv NOUN cblr-1764 850 14 . . PUNCT cblr-1764 851 1 l. l. PROPN cblr-1764 851 2 rev rev PROPN cblr-1764 851 3 . . PROPN cblr-1764 851 4 593 593 NUM cblr-1764 851 5 , , PUNCT cblr-1764 851 6 607 607 NUM cblr-1764 851 7 ( ( PUNCT cblr-1764 851 8 1958 1958 NUM cblr-1764 851 9 ) ) PUNCT cblr-1764 851 10 ( ( PUNCT cblr-1764 851 11 providing provide VERB cblr-1764 851 12 the the DET cblr-1764 851 13 famous famous ADJ cblr-1764 851 14 “ " PUNCT cblr-1764 851 15 no no DET cblr-1764 851 16 vehicles vehicle NOUN cblr-1764 851 17 ” " PUNCT cblr-1764 851 18 example example NOUN cblr-1764 851 19 in in ADP cblr-1764 851 20 his his PRON cblr-1764 851 21 discussion discussion NOUN cblr-1764 851 22 of of ADP cblr-1764 851 23 legal legal ADJ cblr-1764 851 24 interpretation interpretation NOUN cblr-1764 851 25 ) ) PUNCT cblr-1764 851 26 ; ; PUNCT cblr-1764 851 27 see see VERB cblr-1764 851 28 also also ADV cblr-1764 851 29 pierre pierre NOUN cblr-1764 851 30 schlag schlag NOUN cblr-1764 851 31 , , PUNCT cblr-1764 851 32 no no DET cblr-1764 851 33 vehicles vehicle NOUN cblr-1764 851 34 in in ADP cblr-1764 851 35 the the DET cblr-1764 851 36 park park NOUN cblr-1764 851 37 , , PUNCT cblr-1764 851 38 23 23 NUM cblr-1764 851 39 seattle seattle PROPN cblr-1764 851 40 u. u. PROPN cblr-1764 851 41 l. l. PROPN cblr-1764 851 42 rev rev PROPN cblr-1764 851 43 . . PROPN cblr-1764 851 44 381 381 NUM cblr-1764 851 45 , , PUNCT cblr-1764 851 46 383 383 NUM cblr-1764 851 47 n.13 n.13 NOUN cblr-1764 851 48 ( ( PUNCT cblr-1764 851 49 1999 1999 NUM cblr-1764 851 50 ) ) PUNCT cblr-1764 851 51 . . PUNCT cblr-1764 852 1 turk turk PROPN cblr-1764 852 2 – – PUNCT cblr-1764 852 3 final final ADJ cblr-1764 852 4 no no NOUN cblr-1764 852 5 . . PUNCT cblr-1764 853 1 3:967 3:967 NUM cblr-1764 853 2 ] ] PUNCT cblr-1764 853 3 insurance insurance NOUN cblr-1764 853 4 convergence convergence NOUN cblr-1764 853 5 1039 1039 NUM cblr-1764 853 6 functions function NOUN cblr-1764 853 7 more more ADJ cblr-1764 853 8 like like ADP cblr-1764 853 9 an an DET cblr-1764 853 10 investment investment NOUN cblr-1764 853 11 , , PUNCT cblr-1764 853 12 it it PRON cblr-1764 853 13 should should AUX cblr-1764 853 14 be be AUX cblr-1764 853 15 regulated regulate VERB cblr-1764 853 16 as as ADP cblr-1764 853 17 a a DET cblr-1764 853 18 security security NOUN cblr-1764 853 19 , , PUNCT cblr-1764 853 20 not not PART cblr-1764 853 21 an an DET cblr-1764 853 22 insurance insurance NOUN cblr-1764 853 23 policy.268 policy.268 NOUN cblr-1764 853 24 with with ADP cblr-1764 853 25 a a DET cblr-1764 853 26 more more ADV cblr-1764 853 27 formal formal ADJ cblr-1764 853 28 regime regime NOUN cblr-1764 853 29 , , PUNCT cblr-1764 853 30 if if SCONJ cblr-1764 853 31 a a DET cblr-1764 853 32 firm firm NOUN cblr-1764 853 33 is be AUX cblr-1764 853 34 established establish VERB cblr-1764 853 35 pursuant pursuant ADV cblr-1764 853 36 to to ADP cblr-1764 853 37 a a DET cblr-1764 853 38 state state NOUN cblr-1764 853 39 banking banking NOUN cblr-1764 853 40 charter charter NOUN cblr-1764 853 41 and and CCONJ cblr-1764 853 42 takes take VERB cblr-1764 853 43 deposits deposit NOUN cblr-1764 853 44 , , PUNCT cblr-1764 853 45 it it PRON cblr-1764 853 46 is be AUX cblr-1764 853 47 to to PART cblr-1764 853 48 be be AUX cblr-1764 853 49 regulated regulate VERB cblr-1764 853 50 as as ADP cblr-1764 853 51 a a DET cblr-1764 853 52 “ " PUNCT cblr-1764 853 53 bank bank NOUN cblr-1764 853 54 ” " PUNCT cblr-1764 853 55 and and CCONJ cblr-1764 853 56 subject subject ADJ cblr-1764 853 57 to to ADP cblr-1764 853 58 the the DET cblr-1764 853 59 fdic fdic PROPN cblr-1764 853 60 ’s ’s PART cblr-1764 853 61 deposit deposit NOUN cblr-1764 853 62 guarantees guarantee NOUN cblr-1764 853 63 , , PUNCT cblr-1764 853 64 regardless regardless ADV cblr-1764 853 65 of of ADP cblr-1764 853 66 whether whether SCONJ cblr-1764 853 67 it it PRON cblr-1764 853 68 also also ADV cblr-1764 853 69 provides provide VERB cblr-1764 853 70 insurance insurance NOUN cblr-1764 853 71 or or CCONJ cblr-1764 853 72 investment investment NOUN cblr-1764 853 73 services service NOUN cblr-1764 853 74 . . PUNCT cblr-1764 854 1 as as SCONJ cblr-1764 854 2 the the DET cblr-1764 854 3 preceding precede VERB cblr-1764 854 4 examples example NOUN cblr-1764 854 5 illustrate illustrate VERB cblr-1764 854 6 , , PUNCT cblr-1764 854 7 regulatory regulatory ADJ cblr-1764 854 8 definitions definition NOUN cblr-1764 854 9 can can AUX cblr-1764 854 10 demarcate demarcate VERB cblr-1764 854 11 a a DET cblr-1764 854 12 set set NOUN cblr-1764 854 13 of of ADP cblr-1764 854 14 transactions transaction NOUN cblr-1764 854 15 or or CCONJ cblr-1764 854 16 operate operate VERB cblr-1764 854 17 at at ADP cblr-1764 854 18 the the DET cblr-1764 854 19 higher high ADJ cblr-1764 854 20 level level NOUN cblr-1764 854 21 of of ADP cblr-1764 854 22 grouping group VERB cblr-1764 854 23 institutions institution NOUN cblr-1764 854 24 . . PUNCT cblr-1764 855 1 that that DET cblr-1764 855 2 commercial commercial ADJ cblr-1764 855 3 regulation regulation NOUN cblr-1764 855 4 should should AUX cblr-1764 855 5 follow follow VERB cblr-1764 855 6 an an DET cblr-1764 855 7 entity entity NOUN cblr-1764 855 8 or or CCONJ cblr-1764 855 9 activity activity NOUN cblr-1764 855 10 ’s ’s PART cblr-1764 855 11 economic economic ADJ cblr-1764 855 12 function function NOUN cblr-1764 855 13 rather rather ADV cblr-1764 855 14 than than ADP cblr-1764 855 15 its its PRON cblr-1764 855 16 legal legal ADJ cblr-1764 855 17 form form NOUN cblr-1764 855 18 would would AUX cblr-1764 855 19 appear appear VERB cblr-1764 855 20 to to PART cblr-1764 855 21 be be AUX cblr-1764 855 22 a a DET cblr-1764 855 23 truism truism NOUN cblr-1764 855 24 and and CCONJ cblr-1764 855 25 an an DET cblr-1764 855 26 expression expression NOUN cblr-1764 855 27 of of ADP cblr-1764 855 28 the the DET cblr-1764 855 29 uncontroversial uncontroversial ADJ cblr-1764 855 30 principle principle NOUN cblr-1764 855 31 that that SCONJ cblr-1764 855 32 applying apply VERB cblr-1764 855 33 different different ADJ cblr-1764 855 34 laws law NOUN cblr-1764 855 35 to to PART cblr-1764 855 36 like like VERB cblr-1764 855 37 things thing NOUN cblr-1764 855 38 is be AUX cblr-1764 855 39 arbitrary.269 arbitrary.269 PRON cblr-1764 855 40 the the DET cblr-1764 855 41 benefit benefit NOUN cblr-1764 855 42 of of ADP cblr-1764 855 43 functional functional ADJ cblr-1764 855 44 definitions definition NOUN cblr-1764 855 45 is be AUX cblr-1764 855 46 that that SCONJ cblr-1764 855 47 they they PRON cblr-1764 855 48 preserve preserve VERB cblr-1764 855 49 the the DET cblr-1764 855 50 policy policy NOUN cblr-1764 855 51 rationale rationale NOUN cblr-1764 855 52 underlying underlie VERB cblr-1764 855 53 a a DET cblr-1764 855 54 given give VERB cblr-1764 855 55 rule rule NOUN cblr-1764 855 56 , , PUNCT cblr-1764 855 57 and and CCONJ cblr-1764 855 58 reduce reduce VERB cblr-1764 855 59 opportunities opportunity NOUN cblr-1764 855 60 for for ADP cblr-1764 855 61 market market NOUN cblr-1764 855 62 actors actor NOUN cblr-1764 855 63 to to PART cblr-1764 855 64 avoid avoid VERB cblr-1764 855 65 the the DET cblr-1764 855 66 private private ADJ cblr-1764 855 67 cost cost NOUN cblr-1764 855 68 of of ADP cblr-1764 855 69 a a DET cblr-1764 855 70 regulation regulation NOUN cblr-1764 855 71 by by ADP cblr-1764 855 72 simply simply ADV cblr-1764 855 73 re re VERB cblr-1764 855 74 - - VERB cblr-1764 855 75 labelling label VERB cblr-1764 855 76 an an DET cblr-1764 855 77 activity activity NOUN cblr-1764 855 78 ’s ’s PART cblr-1764 855 79 legal legal ADJ cblr-1764 856 1 form.270 form.270 NOUN cblr-1764 856 2 not not PART cblr-1764 856 3 surprisingly surprisingly ADV cblr-1764 856 4 , , PUNCT cblr-1764 856 5 then then ADV cblr-1764 856 6 , , PUNCT cblr-1764 856 7 calls call VERB cblr-1764 856 8 for for ADP cblr-1764 856 9 a a DET cblr-1764 856 10 move move NOUN cblr-1764 856 11 towards towards ADP cblr-1764 856 12 greater great ADJ cblr-1764 856 13 functionalism functionalism NOUN cblr-1764 856 14 are be AUX cblr-1764 856 15 a a DET cblr-1764 856 16 staple staple NOUN cblr-1764 856 17 of of ADP cblr-1764 856 18 legal legal ADJ cblr-1764 856 19 scholarship scholarship NOUN cblr-1764 856 20 on on ADP cblr-1764 856 21 financial financial ADJ cblr-1764 856 22 regulation.271 regulation.271 NOUN cblr-1764 856 23 however however ADV cblr-1764 856 24 , , PUNCT cblr-1764 856 25 this this DET cblr-1764 856 26 literature literature NOUN cblr-1764 856 27 often often ADV cblr-1764 856 28 fails fail VERB cblr-1764 856 29 to to PART cblr-1764 856 30 appreciate appreciate VERB cblr-1764 856 31 that that SCONJ cblr-1764 856 32 , , PUNCT cblr-1764 856 33 when when SCONJ cblr-1764 856 34 pursuing pursue VERB cblr-1764 856 35 the the DET cblr-1764 856 36 principle principle NOUN cblr-1764 856 37 of of ADP cblr-1764 856 38 functional functional ADJ cblr-1764 856 39 regulation regulation NOUN cblr-1764 856 40 in in ADP cblr-1764 856 41 practice practice NOUN cblr-1764 856 42 , , PUNCT cblr-1764 856 43 several several ADJ cblr-1764 856 44 problems problem NOUN cblr-1764 856 45 appear appear VERB cblr-1764 856 46 . . PUNCT cblr-1764 857 1 for for ADP cblr-1764 857 2 one one NUM cblr-1764 857 3 , , PUNCT cblr-1764 857 4 functional functional ADJ cblr-1764 857 5 criteria criterion NOUN cblr-1764 857 6 can can AUX cblr-1764 857 7 often often ADV cblr-1764 857 8 be be AUX cblr-1764 857 9 indeterminate indeterminate ADJ cblr-1764 857 10 and and CCONJ cblr-1764 857 11 arbitrary arbitrary ADJ cblr-1764 857 12 themselves.272 themselves.272 NOUN cblr-1764 857 13 second second ADV cblr-1764 857 14 , , PUNCT cblr-1764 857 15 arguing argue VERB cblr-1764 857 16 by by ADP cblr-1764 857 17 analogy analogy NOUN cblr-1764 857 18 that that SCONJ cblr-1764 857 19 different different ADJ cblr-1764 857 20 products product NOUN cblr-1764 857 21 have have VERB cblr-1764 857 22 similar similar ADJ cblr-1764 857 23 economic economic ADJ cblr-1764 857 24 uses use NOUN cblr-1764 857 25 can can AUX cblr-1764 857 26 lead lead VERB cblr-1764 857 27 to to AUX cblr-1764 857 28 overinclusive overinclusive VERB cblr-1764 857 29 categorizations.273 categorizations.273 PROPN cblr-1764 857 30 both both DET cblr-1764 857 31 issues issue NOUN cblr-1764 857 32 pose pose VERB cblr-1764 857 33 a a DET cblr-1764 857 34 risk risk NOUN cblr-1764 857 35 of of ADP cblr-1764 857 36 regulatory regulatory ADJ cblr-1764 857 37 overlap overlap NOUN cblr-1764 857 38 , , PUNCT cblr-1764 857 39 in in ADP cblr-1764 857 40 which which PRON cblr-1764 857 41 rules rule NOUN cblr-1764 857 42 or or CCONJ cblr-1764 857 43 bureaucratic bureaucratic ADJ cblr-1764 857 44 supervision supervision NOUN cblr-1764 857 45 can can AUX cblr-1764 857 46 be be AUX cblr-1764 857 47 redundant redundant ADJ cblr-1764 857 48 at at ADP cblr-1764 857 49 minimum minimum NOUN cblr-1764 857 50 and and CCONJ cblr-1764 857 51 possibly possibly ADV cblr-1764 857 52 so so ADV cblr-1764 857 53 268 268 NUM cblr-1764 857 54 see see VERB cblr-1764 857 55 jackson jackson PROPN cblr-1764 857 56 , , PUNCT cblr-1764 857 57 supra supra PROPN cblr-1764 857 58 note note PROPN cblr-1764 857 59 8 8 NUM cblr-1764 857 60 , , PUNCT cblr-1764 857 61 at at ADP cblr-1764 857 62 69–70 69–70 NUM cblr-1764 857 63 . . PUNCT cblr-1764 858 1 269 269 NUM cblr-1764 858 2 see see VERB cblr-1764 858 3 i i PRON cblr-1764 858 4 d. d. PROPN cblr-1764 858 5 at at ADP cblr-1764 858 6 65–75 65–75 NUM cblr-1764 858 7 ; ; PUNCT cblr-1764 858 8 cf cf X cblr-1764 858 9 . . PUNCT cblr-1764 858 10 lon lon PROPN cblr-1764 858 11 l. l. PROPN cblr-1764 858 12 fuller fuller PROPN cblr-1764 858 13 , , PUNCT cblr-1764 858 14 the the DET cblr-1764 858 15 morality morality NOUN cblr-1764 858 16 of of ADP cblr-1764 858 17 the the DET cblr-1764 858 18 law law NOUN cblr-1764 858 19 33 33 NUM cblr-1764 858 20 – – PUNCT cblr-1764 858 21 38 38 NUM cblr-1764 858 22 ( ( PUNCT cblr-1764 858 23 2d 2d NUM cblr-1764 858 24 ed ed NOUN cblr-1764 858 25 . . PROPN cblr-1764 858 26 1964 1964 NUM cblr-1764 858 27 ) ) PUNCT cblr-1764 858 28 . . PUNCT cblr-1764 859 1 270 270 NUM cblr-1764 859 2 see see VERB cblr-1764 859 3 jackson jackson PROPN cblr-1764 859 4 , , PUNCT cblr-1764 859 5 supra supra PROPN cblr-1764 859 6 note note PROPN cblr-1764 859 7 8 8 NUM cblr-1764 859 8 , , PUNCT cblr-1764 859 9 at at ADP cblr-1764 859 10 68 68 NUM cblr-1764 859 11 , , PUNCT cblr-1764 859 12 73 73 NUM cblr-1764 859 13 . . PUNCT cblr-1764 859 14 271 271 NUM cblr-1764 859 15 see see VERB cblr-1764 859 16 , , PUNCT cblr-1764 859 17 e.g. e.g. ADV cblr-1764 859 18 , , PUNCT cblr-1764 859 19 charles charles PROPN cblr-1764 859 20 k. k. PROPN cblr-1764 859 21 whitehead whitehead PROPN cblr-1764 859 22 , , PUNCT cblr-1764 859 23 reframing reframe VERB cblr-1764 859 24 financial financial ADJ cblr-1764 859 25 regulation regulation NOUN cblr-1764 859 26 , , PUNCT cblr-1764 859 27 90 90 NUM cblr-1764 859 28 bos bo NOUN cblr-1764 859 29 . . PUNCT cblr-1764 859 30 u. u. PROPN cblr-1764 859 31 l. l. PROPN cblr-1764 859 32 rev rev PROPN cblr-1764 859 33 . . PROPN cblr-1764 859 34 1 1 NUM cblr-1764 859 35 , , PUNCT cblr-1764 859 36 40–41 40–41 NUM cblr-1764 859 37 ( ( PUNCT cblr-1764 859 38 2010 2010 NUM cblr-1764 859 39 ) ) PUNCT cblr-1764 859 40 ; ; PUNCT cblr-1764 859 41 paulson paulson PROPN cblr-1764 859 42 plan plan PROPN cblr-1764 859 43 , , PUNCT cblr-1764 859 44 supra supra PROPN cblr-1764 859 45 note note PROPN cblr-1764 859 46 119 119 NUM cblr-1764 859 47 . . PROPN cblr-1764 859 48 272 272 NUM cblr-1764 859 49 see see VERB cblr-1764 859 50 broome broome PROPN cblr-1764 859 51 & & CCONJ cblr-1764 859 52 markham markham PROPN cblr-1764 859 53 , , PUNCT cblr-1764 859 54 supra supra PROPN cblr-1764 859 55 note note PROPN cblr-1764 859 56 8 8 NUM cblr-1764 859 57 , , PUNCT cblr-1764 859 58 at at ADP cblr-1764 859 59 777 777 NUM cblr-1764 859 60 . . PUNCT cblr-1764 860 1 273 273 NUM cblr-1764 860 2 see see PROPN cblr-1764 860 3 jackson jackson PROPN cblr-1764 860 4 , , PUNCT cblr-1764 860 5 supra supra PROPN cblr-1764 860 6 note note PROPN cblr-1764 860 7 8 8 NUM cblr-1764 860 8 , , PUNCT cblr-1764 860 9 at at ADP cblr-1764 860 10 74–75 74–75 NUM cblr-1764 860 11 . . PUNCT cblr-1764 861 1 turk turk PROPN cblr-1764 861 2 – – PUNCT cblr-1764 861 3 final final ADJ cblr-1764 861 4 1040 1040 NUM cblr-1764 861 5 columbia columbia PROPN cblr-1764 861 6 business business NOUN cblr-1764 861 7 law law PROPN cblr-1764 861 8 review review NOUN cblr-1764 861 9 [ [ X cblr-1764 861 10 vol vol NOUN cblr-1764 861 11 . . NOUN cblr-1764 861 12 2015 2015 NUM cblr-1764 861 13 inconsistent inconsistent NOUN cblr-1764 861 14 as as SCONJ cblr-1764 861 15 to to PART cblr-1764 861 16 work work VERB cblr-1764 861 17 at at ADP cblr-1764 861 18 cross cross ADJ cblr-1764 861 19 - - ADJ cblr-1764 861 20 purposes.274 purposes.274 ADJ cblr-1764 861 21 a a DET cblr-1764 861 22 roving rove VERB cblr-1764 861 23 functionalism functionalism NOUN cblr-1764 861 24 may may AUX cblr-1764 861 25 also also ADV cblr-1764 861 26 preclude preclude VERB cblr-1764 861 27 the the DET cblr-1764 861 28 benefits benefit NOUN cblr-1764 861 29 of of ADP cblr-1764 861 30 specialization specialization NOUN cblr-1764 861 31 and and CCONJ cblr-1764 861 32 accumulation accumulation NOUN cblr-1764 861 33 of of ADP cblr-1764 861 34 industry industry NOUN cblr-1764 861 35 expertise expertise NOUN cblr-1764 861 36 , , PUNCT cblr-1764 861 37 which which PRON cblr-1764 861 38 formal formal ADJ cblr-1764 861 39 definitions definition NOUN cblr-1764 861 40 provide provide VERB cblr-1764 861 41 by by ADP cblr-1764 861 42 allowing allow VERB cblr-1764 861 43 a a DET cblr-1764 861 44 single single ADJ cblr-1764 861 45 regulator regulator NOUN cblr-1764 861 46 to to PART cblr-1764 861 47 monitor monitor VERB cblr-1764 861 48 developments development NOUN cblr-1764 861 49 in in ADP cblr-1764 861 50 a a DET cblr-1764 861 51 particular particular ADJ cblr-1764 861 52 market market NOUN cblr-1764 861 53 or or CCONJ cblr-1764 861 54 firm firm ADJ cblr-1764 861 55 over over ADP cblr-1764 861 56 a a DET cblr-1764 861 57 longer long ADJ cblr-1764 861 58 period period NOUN cblr-1764 861 59 of of ADP cblr-1764 861 60 time.275 time.275 PROPN cblr-1764 861 61 most most ADV cblr-1764 861 62 importantly importantly ADV cblr-1764 861 63 , , PUNCT cblr-1764 861 64 functional functional ADJ cblr-1764 861 65 regulation regulation NOUN cblr-1764 861 66 can can AUX cblr-1764 861 67 give give VERB cblr-1764 861 68 rise rise NOUN cblr-1764 861 69 to to ADP cblr-1764 861 70 a a DET cblr-1764 861 71 self self NOUN cblr-1764 861 72 - - PUNCT cblr-1764 861 73 defeating defeat VERB cblr-1764 861 74 dynamic dynamic NOUN cblr-1764 861 75 : : PUNCT cblr-1764 861 76 wherever wherever SCONJ cblr-1764 861 77 a a DET cblr-1764 861 78 functional functional ADJ cblr-1764 861 79 definition definition NOUN cblr-1764 861 80 sets set VERB cblr-1764 861 81 a a DET cblr-1764 861 82 new new ADJ cblr-1764 861 83 boundary boundary NOUN cblr-1764 861 84 , , PUNCT cblr-1764 861 85 financial financial ADJ cblr-1764 861 86 engineers engineer NOUN cblr-1764 861 87 have have VERB cblr-1764 861 88 an an DET cblr-1764 861 89 incentive incentive NOUN cblr-1764 861 90 to to PART cblr-1764 861 91 redesign redesign VERB cblr-1764 861 92 transactions transaction NOUN cblr-1764 861 93 so so SCONJ cblr-1764 861 94 that that SCONJ cblr-1764 861 95 they they PRON cblr-1764 861 96 fall fall VERB cblr-1764 861 97 outside outside ADP cblr-1764 861 98 that that DET cblr-1764 861 99 boundary boundary NOUN cblr-1764 861 100 , , PUNCT cblr-1764 861 101 thereby thereby ADV cblr-1764 861 102 negating negate VERB cblr-1764 861 103 the the DET cblr-1764 861 104 primary primary ADJ cblr-1764 861 105 advantage advantage NOUN cblr-1764 861 106 that that SCONJ cblr-1764 861 107 functional functional ADJ cblr-1764 861 108 regulation regulation NOUN cblr-1764 861 109 provides.276 provides.276 NOUN cblr-1764 861 110 in in ADP cblr-1764 861 111 this this DET cblr-1764 861 112 race race NOUN cblr-1764 861 113 , , PUNCT cblr-1764 861 114 the the DET cblr-1764 861 115 pace pace NOUN cblr-1764 861 116 of of ADP cblr-1764 861 117 market market NOUN cblr-1764 861 118 innovation innovation NOUN cblr-1764 861 119 is be AUX cblr-1764 861 120 likely likely ADJ cblr-1764 861 121 to to PART cblr-1764 861 122 outstrip outstrip VERB cblr-1764 861 123 regulator regulator NOUN cblr-1764 861 124 categories category NOUN cblr-1764 861 125 intended intend VERB cblr-1764 861 126 to to PART cblr-1764 861 127 map map VERB cblr-1764 861 128 onto onto ADP cblr-1764 861 129 the the DET cblr-1764 861 130 economic economic ADJ cblr-1764 861 131 purpose purpose NOUN cblr-1764 861 132 that that SCONJ cblr-1764 861 133 particular particular ADJ cblr-1764 861 134 transactions transaction NOUN cblr-1764 861 135 serve serve VERB cblr-1764 861 136 , , PUNCT cblr-1764 861 137 because because SCONJ cblr-1764 861 138 even even ADV cblr-1764 861 139 functional functional ADJ cblr-1764 861 140 regulation regulation NOUN cblr-1764 861 141 is be AUX cblr-1764 861 142 typically typically ADV cblr-1764 861 143 backwardlooking backwardlooke VERB cblr-1764 861 144 and and CCONJ cblr-1764 861 145 formulated formulate VERB cblr-1764 861 146 to to PART cblr-1764 861 147 address address VERB cblr-1764 861 148 market market NOUN cblr-1764 861 149 failures failure NOUN cblr-1764 861 150 that that PRON cblr-1764 861 151 characterized characterize VERB cblr-1764 861 152 the the DET cblr-1764 861 153 immediately immediately ADV cblr-1764 861 154 preceding precede VERB cblr-1764 861 155 crisis crisis NOUN cblr-1764 861 156 . . PUNCT cblr-1764 862 1 as as ADP cblr-1764 862 2 a a DET cblr-1764 862 3 result result NOUN cblr-1764 862 4 , , PUNCT cblr-1764 862 5 wielding wield VERB cblr-1764 862 6 functional functional ADJ cblr-1764 862 7 definitions definition NOUN cblr-1764 862 8 can can AUX cblr-1764 862 9 carry carry VERB cblr-1764 862 10 the the DET cblr-1764 862 11 abovementioned abovementione VERB cblr-1764 862 12 costs cost NOUN cblr-1764 862 13 that that PRON cblr-1764 862 14 exacerbate exacerbate VERB cblr-1764 862 15 regulatory regulatory ADJ cblr-1764 862 16 over over ADP cblr-1764 862 17 - - PUNCT cblr-1764 862 18 complexity complexity NOUN cblr-1764 862 19 , , PUNCT cblr-1764 862 20 while while SCONJ cblr-1764 862 21 at at ADP cblr-1764 862 22 the the DET cblr-1764 862 23 same same ADJ cblr-1764 862 24 time time NOUN cblr-1764 862 25 providing provide VERB cblr-1764 862 26 only only ADJ cblr-1764 862 27 small small ADJ cblr-1764 862 28 benefits benefit NOUN cblr-1764 862 29 in in ADP cblr-1764 862 30 terms term NOUN cblr-1764 862 31 of of ADP cblr-1764 862 32 the the DET cblr-1764 862 33 increased increase VERB cblr-1764 862 34 proportion proportion NOUN cblr-1764 862 35 of of ADP cblr-1764 862 36 significant significant ADJ cblr-1764 862 37 activities activity NOUN cblr-1764 862 38 covered cover VERB cblr-1764 862 39 . . PUNCT cblr-1764 863 1 the the DET cblr-1764 863 2 cumulative cumulative ADJ cblr-1764 863 3 significance significance NOUN cblr-1764 863 4 of of ADP cblr-1764 863 5 these these DET cblr-1764 863 6 tradeoffs tradeoff NOUN cblr-1764 863 7 is be AUX cblr-1764 863 8 that that SCONJ cblr-1764 863 9 identifying identify VERB cblr-1764 863 10 an an DET cblr-1764 863 11 undeniable undeniable ADJ cblr-1764 863 12 economic economic ADJ cblr-1764 863 13 commonality commonality NOUN cblr-1764 863 14 across across ADP cblr-1764 863 15 products product NOUN cblr-1764 863 16 or or CCONJ cblr-1764 863 17 firms firm NOUN cblr-1764 863 18 is be AUX cblr-1764 863 19 not not PART cblr-1764 863 20 sufficient sufficient ADJ cblr-1764 863 21 to to PART cblr-1764 863 22 justify justify VERB cblr-1764 863 23 adopting adopt VERB cblr-1764 863 24 a a DET cblr-1764 863 25 functional functional ADJ cblr-1764 863 26 definitional definitional ADJ cblr-1764 863 27 boundary boundary NOUN cblr-1764 863 28 . . PUNCT cblr-1764 864 1 even even ADV cblr-1764 864 2 in in ADP cblr-1764 864 3 the the DET cblr-1764 864 4 face face NOUN cblr-1764 864 5 of of ADP cblr-1764 864 6 market market NOUN cblr-1764 864 7 convergence convergence NOUN cblr-1764 864 8 , , PUNCT cblr-1764 864 9 there there PRON cblr-1764 864 10 will will AUX cblr-1764 864 11 remain remain VERB cblr-1764 864 12 a a DET cblr-1764 864 13 substantial substantial ADJ cblr-1764 864 14 domain domain NOUN cblr-1764 864 15 where where SCONJ cblr-1764 864 16 the the DET cblr-1764 864 17 subtle subtle ADJ cblr-1764 864 18 advantages advantage NOUN cblr-1764 864 19 of of ADP cblr-1764 864 20 formal formal ADJ cblr-1764 864 21 definitions definition NOUN cblr-1764 864 22 apply apply VERB cblr-1764 864 23 . . PUNCT cblr-1764 865 1 as as ADP cblr-1764 865 2 a a DET cblr-1764 865 3 result result NOUN cblr-1764 865 4 , , PUNCT cblr-1764 865 5 optimal optimal ADJ cblr-1764 865 6 definitional definitional ADJ cblr-1764 865 7 boundaries boundary NOUN cblr-1764 865 8 will will AUX cblr-1764 865 9 depart depart VERB cblr-1764 865 10 significantly significantly ADV cblr-1764 865 11 from from ADP cblr-1764 865 12 the the DET cblr-1764 865 13 pure pure ADJ cblr-1764 865 14 functional functional ADJ cblr-1764 865 15 ideal ideal NOUN cblr-1764 865 16 and and CCONJ cblr-1764 865 17 rest rest VERB cblr-1764 865 18 on on ADP cblr-1764 865 19 some some DET cblr-1764 865 20 middle middle ADJ cblr-1764 865 21 ground ground NOUN cblr-1764 865 22 between between ADP cblr-1764 865 23 functional functional ADJ cblr-1764 865 24 and and CCONJ cblr-1764 865 25 formal formal ADJ cblr-1764 865 26 regulation regulation NOUN cblr-1764 865 27 . . PUNCT cblr-1764 866 1 nonetheless nonetheless ADV cblr-1764 866 2 , , PUNCT cblr-1764 866 3 the the DET cblr-1764 866 4 economic economic ADJ cblr-1764 866 5 convergence convergence NOUN cblr-1764 866 6 of of ADP cblr-1764 866 7 insurance insurance NOUN cblr-1764 866 8 puts put VERB cblr-1764 866 9 pressure pressure NOUN cblr-1764 866 10 on on ADP cblr-1764 866 11 preexisting preexist VERB cblr-1764 866 12 definitional definitional ADJ cblr-1764 866 13 boundaries boundary NOUN cblr-1764 866 14 , , PUNCT cblr-1764 866 15 which which PRON cblr-1764 866 16 take take VERB cblr-1764 866 17 a a DET cblr-1764 866 18 predominately predominately ADV cblr-1764 866 19 formalistic formalistic ADJ cblr-1764 866 20 approach approach NOUN cblr-1764 866 21 and and CCONJ cblr-1764 866 22 trigger trigger VERB cblr-1764 866 23 a a DET cblr-1764 866 24 relatively relatively ADV cblr-1764 866 25 274 274 NUM cblr-1764 866 26 broome broome PROPN cblr-1764 866 27 & & CCONJ cblr-1764 866 28 markham markham PROPN cblr-1764 866 29 , , PUNCT cblr-1764 866 30 supra supra PROPN cblr-1764 866 31 note note PROPN cblr-1764 866 32 8 8 NUM cblr-1764 866 33 , , PUNCT cblr-1764 866 34 at at ADP cblr-1764 866 35 778–79 778–79 ADV cblr-1764 866 36 . . PUNCT cblr-1764 867 1 275 275 NUM cblr-1764 867 2 see see VERB cblr-1764 867 3 paulson paulson PROPN cblr-1764 867 4 plan plan PROPN cblr-1764 867 5 , , PUNCT cblr-1764 867 6 supra supra PROPN cblr-1764 867 7 note note PROPN cblr-1764 867 8 119 119 NUM cblr-1764 867 9 , , PUNCT cblr-1764 867 10 at at ADP cblr-1764 867 11 141–42 141–42 NUM cblr-1764 867 12 . . PUNCT cblr-1764 867 13 276 276 NUM cblr-1764 867 14 see see VERB cblr-1764 867 15 goodhart goodhart NOUN cblr-1764 867 16 , , PUNCT cblr-1764 867 17 supra supra PROPN cblr-1764 867 18 note note NOUN cblr-1764 867 19 12 12 NUM cblr-1764 867 20 . . PUNCT cblr-1764 868 1 turk turk PROPN cblr-1764 868 2 – – PUNCT cblr-1764 868 3 final final ADJ cblr-1764 868 4 no no NOUN cblr-1764 868 5 . . PUNCT cblr-1764 869 1 3:967 3:967 NUM cblr-1764 869 2 ] ] PUNCT cblr-1764 869 3 insurance insurance NOUN cblr-1764 869 4 convergence convergence NOUN cblr-1764 869 5 1041 1041 NUM cblr-1764 869 6 idiosyncratic idiosyncratic ADJ cblr-1764 869 7 set set NOUN cblr-1764 869 8 of of ADP cblr-1764 869 9 regulations regulation NOUN cblr-1764 869 10 for for ADP cblr-1764 869 11 financial financial ADJ cblr-1764 869 12 services service NOUN cblr-1764 869 13 falling fall VERB cblr-1764 869 14 under under ADP cblr-1764 869 15 the the DET cblr-1764 869 16 category category NOUN cblr-1764 869 17 of of ADP cblr-1764 869 18 “ " PUNCT cblr-1764 869 19 insurance insurance NOUN cblr-1764 869 20 . . PUNCT cblr-1764 869 21 ” " PUNCT cblr-1764 870 1 as as ADP cblr-1764 870 2 in in ADP cblr-1764 870 3 the the DET cblr-1764 870 4 case case NOUN cblr-1764 870 5 of of ADP cblr-1764 870 6 jurisdictional jurisdictional ADJ cblr-1764 870 7 boundaries boundary NOUN cblr-1764 870 8 , , PUNCT cblr-1764 870 9 dodd dodd PROPN cblr-1764 870 10 - - PUNCT cblr-1764 870 11 frank frank PROPN cblr-1764 870 12 has have AUX cblr-1764 870 13 left leave VERB cblr-1764 870 14 definitional definitional ADJ cblr-1764 870 15 boundaries boundary NOUN cblr-1764 870 16 for for ADP cblr-1764 870 17 insurance insurance NOUN cblr-1764 870 18 at at ADP cblr-1764 870 19 a a DET cblr-1764 870 20 potential potential ADJ cblr-1764 870 21 tipping tipping NOUN cblr-1764 870 22 point point NOUN cblr-1764 870 23 , , PUNCT cblr-1764 870 24 because because SCONJ cblr-1764 870 25 it it PRON cblr-1764 870 26 preserves preserve VERB cblr-1764 870 27 the the DET cblr-1764 870 28 status status NOUN cblr-1764 870 29 quo quo NOUN cblr-1764 870 30 under under ADP cblr-1764 870 31 gramm gramm PROPN cblr-1764 870 32 - - PUNCT cblr-1764 870 33 leachbliley leachbliley NOUN cblr-1764 870 34 while while SCONJ cblr-1764 870 35 at at ADP cblr-1764 870 36 the the DET cblr-1764 870 37 same same ADJ cblr-1764 870 38 time time NOUN cblr-1764 870 39 investing invest VERB cblr-1764 870 40 regulators regulator NOUN cblr-1764 870 41 with with ADP cblr-1764 870 42 a a DET cblr-1764 870 43 potentially potentially ADV cblr-1764 870 44 vast vast ADJ cblr-1764 870 45 new new ADJ cblr-1764 870 46 discretion discretion NOUN cblr-1764 870 47 to to PART cblr-1764 870 48 take take VERB cblr-1764 870 49 a a DET cblr-1764 870 50 more more ADV cblr-1764 870 51 functional functional ADJ cblr-1764 870 52 approach.277 approach.277 NOUN cblr-1764 870 53 the the DET cblr-1764 870 54 discussion discussion NOUN cblr-1764 870 55 below below ADP cblr-1764 870 56 analyzes analyze VERB cblr-1764 870 57 several several ADJ cblr-1764 870 58 areas area NOUN cblr-1764 870 59 where where SCONJ cblr-1764 870 60 the the DET cblr-1764 870 61 traditional traditional ADJ cblr-1764 870 62 definitions definition NOUN cblr-1764 870 63 of of ADP cblr-1764 870 64 what what PRON cblr-1764 870 65 constitutes constitute VERB cblr-1764 870 66 insurance insurance NOUN cblr-1764 870 67 have have AUX cblr-1764 870 68 been be AUX cblr-1764 870 69 put put VERB cblr-1764 870 70 into into ADP cblr-1764 870 71 question question NOUN cblr-1764 870 72 by by ADP cblr-1764 870 73 the the DET cblr-1764 870 74 past past ADJ cblr-1764 870 75 decade decade NOUN cblr-1764 870 76 ’s ’s PART cblr-1764 870 77 wave wave NOUN cblr-1764 870 78 of of ADP cblr-1764 870 79 convergence convergence NOUN cblr-1764 870 80 , , PUNCT cblr-1764 870 81 first first ADV cblr-1764 870 82 at at ADP cblr-1764 870 83 the the DET cblr-1764 870 84 product product NOUN cblr-1764 870 85 , , PUNCT cblr-1764 870 86 then then ADV cblr-1764 870 87 at at ADP cblr-1764 870 88 the the DET cblr-1764 870 89 firm firm ADJ cblr-1764 870 90 level level NOUN cblr-1764 870 91 . . PUNCT cblr-1764 871 1 1 1 X cblr-1764 871 2 . . X cblr-1764 871 3 functional functional ADJ cblr-1764 871 4 regulation regulation NOUN cblr-1764 871 5 of of ADP cblr-1764 871 6 products product NOUN cblr-1764 871 7 an an DET cblr-1764 871 8 important important ADJ cblr-1764 871 9 exception exception NOUN cblr-1764 871 10 to to ADP cblr-1764 871 11 the the DET cblr-1764 871 12 formal formal ADJ cblr-1764 871 13 - - PUNCT cblr-1764 871 14 institutional institutional ADJ cblr-1764 871 15 framework framework NOUN cblr-1764 871 16 of of ADP cblr-1764 871 17 the the DET cblr-1764 871 18 glb glb NOUN cblr-1764 871 19 and and CCONJ cblr-1764 871 20 dodd dodd PROPN cblr-1764 871 21 - - PUNCT cblr-1764 871 22 frank frank PROPN cblr-1764 871 23 acts act NOUN cblr-1764 871 24 has have AUX cblr-1764 871 25 been be AUX cblr-1764 871 26 attempts attempt NOUN cblr-1764 871 27 to to PART cblr-1764 871 28 carve carve VERB cblr-1764 871 29 out out ADP cblr-1764 871 30 functional functional ADJ cblr-1764 871 31 regulatory regulatory ADJ cblr-1764 871 32 definitions definition NOUN cblr-1764 871 33 for for ADP cblr-1764 871 34 two two NUM cblr-1764 871 35 financial financial ADJ cblr-1764 871 36 products product NOUN cblr-1764 871 37 commonly commonly ADV cblr-1764 871 38 sold sell VERB cblr-1764 871 39 by by ADP cblr-1764 871 40 insurance insurance NOUN cblr-1764 871 41 companies company NOUN cblr-1764 871 42 : : PUNCT cblr-1764 872 1 annuities annuity NOUN cblr-1764 872 2 and and CCONJ cblr-1764 872 3 credit credit NOUN cblr-1764 872 4 default default NOUN cblr-1764 872 5 swaps swap NOUN cblr-1764 872 6 . . PUNCT cblr-1764 873 1 this this DET cblr-1764 873 2 subsection subsection NOUN cblr-1764 873 3 explains explain VERB cblr-1764 873 4 how how SCONJ cblr-1764 873 5 definitional definitional ADJ cblr-1764 873 6 boundaries boundary NOUN cblr-1764 873 7 have have AUX cblr-1764 873 8 been be AUX cblr-1764 873 9 drawn draw VERB cblr-1764 873 10 with with ADP cblr-1764 873 11 respect respect NOUN cblr-1764 873 12 to to ADP cblr-1764 873 13 these these DET cblr-1764 873 14 products product NOUN cblr-1764 873 15 , , PUNCT cblr-1764 873 16 examines examine VERB cblr-1764 873 17 the the DET cblr-1764 873 18 relevant relevant ADJ cblr-1764 873 19 tradeoffs tradeoff NOUN cblr-1764 873 20 , , PUNCT cblr-1764 873 21 and and CCONJ cblr-1764 873 22 in in ADP cblr-1764 873 23 both both DET cblr-1764 873 24 contexts contexts NOUN cblr-1764 873 25 cautions caution VERB cblr-1764 873 26 against against ADP cblr-1764 873 27 imposing impose VERB cblr-1764 873 28 a a DET cblr-1764 873 29 broadly broadly ADV cblr-1764 873 30 functional functional ADJ cblr-1764 873 31 definition definition NOUN cblr-1764 873 32 of of ADP cblr-1764 873 33 “ " PUNCT cblr-1764 873 34 insurance insurance NOUN cblr-1764 873 35 . . PUNCT cblr-1764 873 36 ” " PUNCT cblr-1764 874 1 a. a. NOUN cblr-1764 874 2 annuities annuity NOUN cblr-1764 874 3 annuities annuity NOUN cblr-1764 874 4 are be AUX cblr-1764 874 5 products product NOUN cblr-1764 874 6 sold sell VERB cblr-1764 874 7 by by ADP cblr-1764 874 8 life life NOUN cblr-1764 874 9 insurance insurance NOUN cblr-1764 874 10 companies company NOUN cblr-1764 874 11 that that PRON cblr-1764 874 12 have have AUX cblr-1764 874 13 been be AUX cblr-1764 874 14 subject subject ADJ cblr-1764 874 15 to to ADP cblr-1764 874 16 securities security NOUN cblr-1764 874 17 regulation regulation NOUN cblr-1764 874 18 because because SCONJ cblr-1764 874 19 of of ADP cblr-1764 874 20 their their PRON cblr-1764 874 21 perceived perceive VERB cblr-1764 874 22 function function NOUN cblr-1764 874 23 as as SCONJ cblr-1764 874 24 investments.278 investments.278 ADJ cblr-1764 874 25 annuities annuity NOUN cblr-1764 874 26 are be AUX cblr-1764 874 27 usually usually ADV cblr-1764 874 28 divided divide VERB cblr-1764 874 29 into into ADP cblr-1764 874 30 “ " PUNCT cblr-1764 874 31 variable variable NOUN cblr-1764 874 32 ” " PUNCT cblr-1764 874 33 and and CCONJ cblr-1764 874 34 “ " PUNCT cblr-1764 874 35 fixed fix VERB cblr-1764 874 36 ” " PUNCT cblr-1764 874 37 types type NOUN cblr-1764 874 38 . . PUNCT cblr-1764 875 1 with with ADP cblr-1764 875 2 a a DET cblr-1764 875 3 variable variable ADJ cblr-1764 875 4 annuity annuity NOUN cblr-1764 875 5 , , PUNCT cblr-1764 875 6 the the DET cblr-1764 875 7 insured insure VERB cblr-1764 875 8 contributes contribute VERB cblr-1764 875 9 an an DET cblr-1764 875 10 upfront upfront ADJ cblr-1764 875 11 premium premium NOUN cblr-1764 875 12 payment payment NOUN cblr-1764 875 13 that that PRON cblr-1764 875 14 is be AUX cblr-1764 875 15 then then ADV cblr-1764 875 16 invested invest VERB cblr-1764 875 17 by by ADP cblr-1764 875 18 the the DET cblr-1764 875 19 insurer insurer NOUN cblr-1764 875 20 , , PUNCT cblr-1764 875 21 which which PRON cblr-1764 875 22 provides provide VERB cblr-1764 875 23 a a DET cblr-1764 875 24 future future ADJ cblr-1764 875 25 stream stream NOUN cblr-1764 875 26 of of ADP cblr-1764 875 27 periodic periodic ADJ cblr-1764 875 28 payments payment NOUN cblr-1764 875 29 to to ADP cblr-1764 875 30 the the DET cblr-1764 875 31 insured insure VERB cblr-1764 875 32 based base VERB cblr-1764 875 33 on on ADP cblr-1764 875 34 the the DET cblr-1764 875 35 performance performance NOUN cblr-1764 875 36 of of ADP cblr-1764 875 37 a a DET cblr-1764 875 38 reference reference NOUN cblr-1764 875 39 portfolio portfolio NOUN cblr-1764 875 40 in in ADP cblr-1764 875 41 277 277 NUM cblr-1764 875 42 see see VERB cblr-1764 875 43 supra supra PROPN cblr-1764 875 44 part part PROPN cblr-1764 875 45 iii.a iii.a PROPN cblr-1764 875 46 . . PROPN cblr-1764 876 1 278 278 NUM cblr-1764 876 2 hasan hasan PROPN cblr-1764 876 3 , , PUNCT cblr-1764 876 4 supra supra PROPN cblr-1764 876 5 note note PROPN cblr-1764 876 6 24 24 NUM cblr-1764 876 7 , , PUNCT cblr-1764 876 8 at at ADP cblr-1764 876 9 253–54 253–54 NUM cblr-1764 876 10 . . PUNCT cblr-1764 877 1 turk turk PROPN cblr-1764 877 2 – – PUNCT cblr-1764 877 3 final final ADJ cblr-1764 877 4 1042 1042 NUM cblr-1764 877 5 columbia columbia PROPN cblr-1764 877 6 business business NOUN cblr-1764 877 7 law law PROPN cblr-1764 877 8 review review NOUN cblr-1764 877 9 [ [ X cblr-1764 877 10 vol vol NOUN cblr-1764 877 11 . . NOUN cblr-1764 877 12 2015 2015 NUM cblr-1764 877 13 which which PRON cblr-1764 877 14 the the DET cblr-1764 877 15 premium premium NOUN cblr-1764 877 16 is be AUX cblr-1764 877 17 invested.279 invested.279 ADJ cblr-1764 877 18 as as ADP cblr-1764 877 19 a a DET cblr-1764 877 20 result result NOUN cblr-1764 877 21 , , PUNCT cblr-1764 877 22 variable variable ADJ cblr-1764 877 23 annuities annuity NOUN cblr-1764 877 24 can can AUX cblr-1764 877 25 be be AUX cblr-1764 877 26 understood understand VERB cblr-1764 877 27 to to PART cblr-1764 877 28 serve serve VERB cblr-1764 877 29 as as ADP cblr-1764 877 30 investment investment NOUN cblr-1764 877 31 products product NOUN cblr-1764 877 32 similar similar ADJ cblr-1764 877 33 to to ADP cblr-1764 877 34 mutual mutual ADJ cblr-1764 877 35 funds fund NOUN cblr-1764 877 36 , , PUNCT cblr-1764 877 37 rather rather ADV cblr-1764 877 38 than than ADP cblr-1764 877 39 insurance.280 insurance.280 ADJ cblr-1764 877 40 fixed fix VERB cblr-1764 877 41 annuities annuity NOUN cblr-1764 877 42 , , PUNCT cblr-1764 877 43 by by ADP cblr-1764 877 44 comparison comparison NOUN cblr-1764 877 45 , , PUNCT cblr-1764 877 46 are be AUX cblr-1764 877 47 often often ADV cblr-1764 877 48 distinguished distinguish VERB cblr-1764 877 49 from from ADP cblr-1764 877 50 mutual mutual ADJ cblr-1764 877 51 funds fund NOUN cblr-1764 877 52 and and CCONJ cblr-1764 877 53 variable variable ADJ cblr-1764 877 54 annuities annuity NOUN cblr-1764 877 55 because because SCONJ cblr-1764 877 56 they they PRON cblr-1764 877 57 : : PUNCT cblr-1764 877 58 ( ( PUNCT cblr-1764 877 59 1 1 X cblr-1764 877 60 ) ) PUNCT cblr-1764 877 61 provide provide VERB cblr-1764 877 62 the the DET cblr-1764 877 63 insured insure VERB cblr-1764 877 64 with with ADP cblr-1764 877 65 a a DET cblr-1764 877 66 fixed fix VERB cblr-1764 877 67 , , PUNCT cblr-1764 877 68 guaranteed guarantee VERB cblr-1764 877 69 stream stream NOUN cblr-1764 877 70 of of ADP cblr-1764 877 71 payments payment NOUN cblr-1764 877 72 ; ; PUNCT cblr-1764 877 73 and and CCONJ cblr-1764 877 74 ( ( PUNCT cblr-1764 877 75 2 2 X cblr-1764 877 76 ) ) PUNCT cblr-1764 877 77 the the DET cblr-1764 877 78 insurer insurer NOUN cblr-1764 877 79 does do AUX cblr-1764 877 80 not not PART cblr-1764 877 81 invest invest VERB cblr-1764 877 82 the the DET cblr-1764 877 83 premiums premium NOUN cblr-1764 877 84 directly directly ADV cblr-1764 877 85 in in ADP cblr-1764 877 86 a a DET cblr-1764 877 87 reference reference NOUN cblr-1764 877 88 portfolio portfolio NOUN cblr-1764 877 89 held hold VERB cblr-1764 877 90 in in ADP cblr-1764 877 91 a a DET cblr-1764 877 92 “ " PUNCT cblr-1764 877 93 separate separate ADJ cblr-1764 877 94 account account NOUN cblr-1764 877 95 , , PUNCT cblr-1764 877 96 ” " PUNCT cblr-1764 877 97 which which PRON cblr-1764 877 98 insulates insulate VERB cblr-1764 877 99 losses loss NOUN cblr-1764 877 100 on on ADP cblr-1764 877 101 the the DET cblr-1764 877 102 investment investment NOUN cblr-1764 877 103 from from ADP cblr-1764 877 104 reserves reserve NOUN cblr-1764 877 105 held hold VERB cblr-1764 877 106 for for ADP cblr-1764 877 107 other other ADJ cblr-1764 877 108 life life NOUN cblr-1764 877 109 insurance insurance NOUN cblr-1764 877 110 policies policy NOUN cblr-1764 877 111 , , PUNCT cblr-1764 877 112 but but CCONJ cblr-1764 877 113 instead instead ADV cblr-1764 877 114 supports support VERB cblr-1764 877 115 the the DET cblr-1764 877 116 annuity annuity NOUN cblr-1764 877 117 payments payment NOUN cblr-1764 877 118 from from ADP cblr-1764 877 119 the the DET cblr-1764 877 120 return return NOUN cblr-1764 877 121 on on ADP cblr-1764 877 122 its its PRON cblr-1764 877 123 general general ADJ cblr-1764 877 124 pool pool NOUN cblr-1764 877 125 of of ADP cblr-1764 877 126 assets.281 assets.281 ADV cblr-1764 877 127 however however ADV cblr-1764 877 128 , , PUNCT cblr-1764 877 129 as as SCONJ cblr-1764 877 130 annuities annuity NOUN cblr-1764 877 131 markets market NOUN cblr-1764 877 132 have have AUX cblr-1764 877 133 evolved evolve VERB cblr-1764 877 134 , , PUNCT cblr-1764 877 135 these these DET cblr-1764 877 136 functional functional ADJ cblr-1764 877 137 distinctions distinction NOUN cblr-1764 877 138 have have AUX cblr-1764 877 139 become become VERB cblr-1764 877 140 blurred blurred ADJ cblr-1764 877 141 . . PUNCT cblr-1764 878 1 on on ADP cblr-1764 878 2 the the DET cblr-1764 878 3 one one NUM cblr-1764 878 4 hand hand NOUN cblr-1764 878 5 , , PUNCT cblr-1764 878 6 variable variable ADJ cblr-1764 878 7 annuity annuity NOUN cblr-1764 878 8 policies policy NOUN cblr-1764 878 9 have have AUX cblr-1764 878 10 begun begin VERB cblr-1764 878 11 to to PART cblr-1764 878 12 offer offer VERB cblr-1764 878 13 a a DET cblr-1764 878 14 variety variety NOUN cblr-1764 878 15 of of ADP cblr-1764 878 16 riders rider NOUN cblr-1764 878 17 that that PRON cblr-1764 878 18 provide provide VERB cblr-1764 878 19 “ " PUNCT cblr-1764 878 20 guarantees”—in guarantees”—in VERB cblr-1764 878 21 the the DET cblr-1764 878 22 form form NOUN cblr-1764 878 23 of of ADP cblr-1764 878 24 guaranteed guarantee VERB cblr-1764 878 25 minimum minimum ADJ cblr-1764 878 26 income income NOUN cblr-1764 878 27 benefits benefit NOUN cblr-1764 878 28 and and CCONJ cblr-1764 878 29 guaranteed guarantee VERB cblr-1764 878 30 minimum minimum NOUN cblr-1764 878 31 withdrawal withdrawal NOUN cblr-1764 878 32 benefits benefit NOUN cblr-1764 878 33 — — PUNCT cblr-1764 878 34 and and CCONJ cblr-1764 878 35 thereby thereby ADV cblr-1764 878 36 partially partially ADV cblr-1764 878 37 mimic mimic VERB cblr-1764 878 38 the the DET cblr-1764 878 39 guaranteed guarantee VERB cblr-1764 878 40 payments payment NOUN cblr-1764 878 41 provided provide VERB cblr-1764 878 42 by by ADP cblr-1764 878 43 fixed fix VERB cblr-1764 878 44 annuities.282 annuities.282 PROPN cblr-1764 878 45 on on ADP cblr-1764 878 46 the the DET cblr-1764 878 47 other other ADJ cblr-1764 878 48 hand hand NOUN cblr-1764 878 49 , , PUNCT cblr-1764 878 50 fixed fix VERB cblr-1764 878 51 annuities annuity NOUN cblr-1764 878 52 have have AUX cblr-1764 878 53 been be AUX cblr-1764 878 54 developed develop VERB cblr-1764 878 55 that that PRON cblr-1764 878 56 offer offer VERB cblr-1764 878 57 the the DET cblr-1764 878 58 insured insure VERB cblr-1764 878 59 a a DET cblr-1764 878 60 portion portion NOUN cblr-1764 878 61 of of ADP cblr-1764 878 62 the the DET cblr-1764 878 63 upside upside NOUN cblr-1764 878 64 above above ADP cblr-1764 878 65 a a DET cblr-1764 878 66 guaranteed guarantee VERB cblr-1764 878 67 minimum minimum NOUN cblr-1764 878 68 , , PUNCT cblr-1764 878 69 thus thus ADV cblr-1764 878 70 providing provide VERB cblr-1764 878 71 the the DET cblr-1764 878 72 possibility possibility NOUN cblr-1764 878 73 of of ADP cblr-1764 878 74 a a DET cblr-1764 878 75 variable variable ADJ cblr-1764 878 76 return return NOUN cblr-1764 878 77 based base VERB cblr-1764 878 78 on on ADP cblr-1764 878 79 market market NOUN cblr-1764 878 80 performance performance NOUN cblr-1764 878 81 . . PUNCT cblr-1764 879 1 definitional definitional ADJ cblr-1764 879 2 boundaries boundary NOUN cblr-1764 879 3 concerning concern VERB cblr-1764 879 4 annuities annuity NOUN cblr-1764 879 5 have have AUX cblr-1764 879 6 grown grow VERB cblr-1764 879 7 more more ADV cblr-1764 879 8 functional functional ADJ cblr-1764 879 9 over over ADP cblr-1764 879 10 the the DET cblr-1764 879 11 years year NOUN cblr-1764 879 12 , , PUNCT cblr-1764 879 13 as as SCONJ cblr-1764 879 14 the the DET cblr-1764 879 15 sec sec PROPN cblr-1764 879 16 has have AUX cblr-1764 879 17 persistently persistently ADV cblr-1764 879 18 pushed push VERB cblr-1764 879 19 the the DET cblr-1764 879 20 courts court NOUN cblr-1764 879 21 to to PART cblr-1764 879 22 define define VERB cblr-1764 879 23 an an DET cblr-1764 879 24 ever ever ADV cblr-1764 879 25 greater great ADJ cblr-1764 879 26 proportion proportion NOUN cblr-1764 879 27 of of ADP cblr-1764 879 28 policies policy NOUN cblr-1764 879 29 as as ADP cblr-1764 879 30 “ " PUNCT cblr-1764 879 31 securities security NOUN cblr-1764 879 32 ” " PUNCT cblr-1764 879 33 that that PRON cblr-1764 879 34 are be AUX cblr-1764 879 35 subject subject ADJ cblr-1764 879 36 to to ADP cblr-1764 879 37 the the DET cblr-1764 879 38 disclosure disclosure NOUN cblr-1764 879 39 rules rule VERB cblr-1764 879 40 279 279 NUM cblr-1764 879 41 see see VERB cblr-1764 879 42 james james PROPN cblr-1764 879 43 m. m. PROPN cblr-1764 879 44 poterba poterba PROPN cblr-1764 879 45 , , PUNCT cblr-1764 879 46 a a DET cblr-1764 879 47 brief brief ADJ cblr-1764 879 48 history history NOUN cblr-1764 879 49 of of ADP cblr-1764 879 50 annuity annuity NOUN cblr-1764 879 51 markets market NOUN cblr-1764 879 52 , , PUNCT cblr-1764 879 53 in in ADP cblr-1764 879 54 the the DET cblr-1764 879 55 role role NOUN cblr-1764 879 56 of of ADP cblr-1764 879 57 annuity annuity NOUN cblr-1764 879 58 markets market NOUN cblr-1764 879 59 in in ADP cblr-1764 879 60 financing finance VERB cblr-1764 879 61 retirement retirement NOUN cblr-1764 879 62 23–24 23–24 PROPN cblr-1764 879 63 ( ( PUNCT cblr-1764 880 1 jeffrey jeffrey PROPN cblr-1764 880 2 r. r. PROPN cblr-1764 880 3 brown brown PROPN cblr-1764 880 4 ed ed PROPN cblr-1764 880 5 . . PROPN cblr-1764 880 6 , , PUNCT cblr-1764 880 7 2001 2001 NUM cblr-1764 880 8 ) ) PUNCT cblr-1764 880 9 . . PUNCT cblr-1764 881 1 280 280 NUM cblr-1764 881 2 see see VERB cblr-1764 881 3 matt matt PROPN cblr-1764 881 4 van van PROPN cblr-1764 881 5 heuvelen heuvelen PROPN cblr-1764 881 6 , , PUNCT cblr-1764 881 7 duplicative duplicative ADJ cblr-1764 881 8 , , PUNCT cblr-1764 881 9 confusing confusing ADJ cblr-1764 881 10 , , PUNCT cblr-1764 881 11 and and CCONJ cblr-1764 881 12 legally legally ADV cblr-1764 881 13 inaccurate inaccurate ADJ cblr-1764 881 14 : : PUNCT cblr-1764 881 15 the the DET cblr-1764 881 16 sec sec PROPN cblr-1764 881 17 ’s ’s PART cblr-1764 881 18 attempt attempt NOUN cblr-1764 881 19 to to PART cblr-1764 881 20 regulate regulate VERB cblr-1764 881 21 fixed fix VERB cblr-1764 881 22 indexed index VERB cblr-1764 881 23 annuities annuity NOUN cblr-1764 881 24 , , PUNCT cblr-1764 881 25 35 35 NUM cblr-1764 881 26 j. j. PROPN cblr-1764 881 27 corp corp PROPN cblr-1764 881 28 . . PROPN cblr-1764 881 29 l. l. PROPN cblr-1764 881 30 663 663 NUM cblr-1764 881 31 , , PUNCT cblr-1764 881 32 672 672 NUM cblr-1764 881 33 ( ( PUNCT cblr-1764 881 34 2010 2010 NUM cblr-1764 881 35 ) ) PUNCT cblr-1764 881 36 . . PUNCT cblr-1764 882 1 281 281 NUM cblr-1764 882 2 see see VERB cblr-1764 882 3 hasan hasan PROPN cblr-1764 882 4 , , PUNCT cblr-1764 882 5 supra supra PROPN cblr-1764 882 6 note note PROPN cblr-1764 882 7 24 24 NUM cblr-1764 882 8 , , PUNCT cblr-1764 882 9 at at ADP cblr-1764 882 10 267 267 NUM cblr-1764 882 11 ; ; PUNCT cblr-1764 882 12 gary gary PROPN cblr-1764 882 13 o. o. PROPN cblr-1764 882 14 cohen cohen PROPN cblr-1764 882 15 , , PUNCT cblr-1764 882 16 indexed index VERB cblr-1764 882 17 insurance insurance NOUN cblr-1764 882 18 products product NOUN cblr-1764 882 19 : : PUNCT cblr-1764 882 20 are be AUX cblr-1764 882 21 they they PRON cblr-1764 882 22 securities security NOUN cblr-1764 882 23 ? ? PUNCT cblr-1764 882 24 , , PUNCT cblr-1764 882 25 inv inv ADJ cblr-1764 882 26 . . PUNCT cblr-1764 883 1 law law NOUN cblr-1764 883 2 . . PUNCT cblr-1764 883 3 , , PUNCT cblr-1764 883 4 feb feb PROPN cblr-1764 883 5 . . PROPN cblr-1764 883 6 2007 2007 NUM cblr-1764 883 7 , , PUNCT cblr-1764 883 8 at at ADP cblr-1764 883 9 3 3 NUM cblr-1764 883 10 , , PUNCT cblr-1764 883 11 3–4 3–4 NUM cblr-1764 883 12 . . NOUN cblr-1764 883 13 282 282 NUM cblr-1764 883 14 see see VERB cblr-1764 883 15 letter letter NOUN cblr-1764 883 16 from from ADP cblr-1764 883 17 eugene eugene PROPN cblr-1764 883 18 scalia scalia PROPN cblr-1764 883 19 & & CCONJ cblr-1764 883 20 daniel daniel PROPN cblr-1764 883 21 j. j. PROPN cblr-1764 883 22 davis davis PROPN cblr-1764 883 23 , , PUNCT cblr-1764 883 24 gibson gibson PROPN cblr-1764 883 25 , , PUNCT cblr-1764 883 26 dunn dunn PROPN cblr-1764 883 27 & & CCONJ cblr-1764 883 28 crutcher crutcher PROPN cblr-1764 883 29 llp llp PROPN cblr-1764 883 30 , , PUNCT cblr-1764 883 31 to to ADP cblr-1764 883 32 florence florence PROPN cblr-1764 883 33 harmon harmon PROPN cblr-1764 883 34 , , PUNCT cblr-1764 883 35 acting acting NOUN cblr-1764 883 36 secretary secretary NOUN cblr-1764 883 37 , , PUNCT cblr-1764 883 38 sec sec PROPN cblr-1764 883 39 ( ( PUNCT cblr-1764 883 40 nov nov PROPN cblr-1764 883 41 . . PROPN cblr-1764 883 42 17 17 NUM cblr-1764 883 43 , , PUNCT cblr-1764 883 44 2008 2008 NUM cblr-1764 883 45 ) ) PUNCT cblr-1764 883 46 ( ( PUNCT cblr-1764 883 47 on on ADP cblr-1764 883 48 file file NOUN cblr-1764 883 49 with with ADP cblr-1764 883 50 author author NOUN cblr-1764 883 51 ) ) PUNCT cblr-1764 883 52 ( ( PUNCT cblr-1764 883 53 enclosing enclose VERB cblr-1764 883 54 comments comment NOUN cblr-1764 883 55 of of ADP cblr-1764 883 56 the the DET cblr-1764 883 57 coalition coalition NOUN cblr-1764 883 58 for for ADP cblr-1764 883 59 indexed indexed ADJ cblr-1764 883 60 products product NOUN cblr-1764 883 61 regarding regard VERB cblr-1764 883 62 proposed propose VERB cblr-1764 883 63 rule rule NOUN cblr-1764 883 64 151a 151a NUM cblr-1764 883 65 ) ) PUNCT cblr-1764 883 66 . . PUNCT cblr-1764 884 1 turk turk PROPN cblr-1764 884 2 – – PUNCT cblr-1764 884 3 final final ADJ cblr-1764 884 4 no no NOUN cblr-1764 884 5 . . PUNCT cblr-1764 885 1 3:967 3:967 NUM cblr-1764 885 2 ] ] PUNCT cblr-1764 885 3 insurance insurance NOUN cblr-1764 885 4 convergence convergence NOUN cblr-1764 885 5 1043 1043 NUM cblr-1764 885 6 of of ADP cblr-1764 885 7 federal federal ADJ cblr-1764 885 8 securities security NOUN cblr-1764 885 9 laws law NOUN cblr-1764 885 10 , , PUNCT cblr-1764 885 11 rather rather ADV cblr-1764 885 12 than than ADP cblr-1764 885 13 “ " PUNCT cblr-1764 885 14 insurance insurance NOUN cblr-1764 885 15 . . PUNCT cblr-1764 885 16 ”283 ”283 PUNCT cblr-1764 886 1 section section NOUN cblr-1764 886 2 3(a)(8 3(a)(8 NUM cblr-1764 886 3 ) ) PUNCT cblr-1764 886 4 of of ADP cblr-1764 886 5 the the DET cblr-1764 886 6 securities security NOUN cblr-1764 886 7 act act NOUN cblr-1764 886 8 of of ADP cblr-1764 886 9 1933 1933 NUM cblr-1764 886 10 explicitly explicitly ADV cblr-1764 886 11 exempts exempt VERB cblr-1764 886 12 “ " PUNCT cblr-1764 886 13 insurance insurance NOUN cblr-1764 886 14 ” " PUNCT cblr-1764 886 15 from from ADP cblr-1764 886 16 the the DET cblr-1764 886 17 securities security NOUN cblr-1764 886 18 laws law NOUN cblr-1764 886 19 and and CCONJ cblr-1764 886 20 an an DET cblr-1764 886 21 sec sec PROPN cblr-1764 886 22 regulation regulation NOUN cblr-1764 886 23 , , PUNCT cblr-1764 886 24 known know VERB cblr-1764 886 25 as as ADP cblr-1764 886 26 rule rule NOUN cblr-1764 886 27 151 151 NUM cblr-1764 886 28 , , PUNCT cblr-1764 886 29 provides provide VERB cblr-1764 886 30 an an DET cblr-1764 886 31 additional additional ADJ cblr-1764 886 32 “ " PUNCT cblr-1764 886 33 safe safe ADJ cblr-1764 886 34 harbor harbor NOUN cblr-1764 886 35 ” " PUNCT cblr-1764 886 36 exception exception NOUN cblr-1764 886 37 for for ADP cblr-1764 886 38 insurance.284 insurance.284 PROPN cblr-1764 886 39 however however ADV cblr-1764 886 40 , , PUNCT cblr-1764 886 41 ever ever ADV cblr-1764 886 42 since since SCONJ cblr-1764 886 43 the the DET cblr-1764 886 44 sec sec PROPN cblr-1764 886 45 v. v. ADP cblr-1764 886 46 variable variable ADJ cblr-1764 886 47 annuity annuity NOUN cblr-1764 886 48 life life NOUN cblr-1764 886 49 insurance insurance NOUN cblr-1764 886 50 company company PROPN cblr-1764 886 51 of of ADP cblr-1764 886 52 america america PROPN cblr-1764 886 53 case case NOUN cblr-1764 886 54 in in ADP cblr-1764 886 55 1959 1959 NUM cblr-1764 886 56 , , PUNCT cblr-1764 886 57 courts court NOUN cblr-1764 886 58 have have AUX cblr-1764 886 59 held hold VERB cblr-1764 886 60 that that SCONJ cblr-1764 886 61 variable variable ADJ cblr-1764 886 62 annuities annuity NOUN cblr-1764 886 63 sold sell VERB cblr-1764 886 64 by by ADP cblr-1764 886 65 life life NOUN cblr-1764 886 66 insurers insurer NOUN cblr-1764 886 67 constitute constitute VERB cblr-1764 886 68 “ " PUNCT cblr-1764 886 69 securities security NOUN cblr-1764 886 70 ” " PUNCT cblr-1764 886 71 that that PRON cblr-1764 886 72 are be AUX cblr-1764 886 73 not not PART cblr-1764 886 74 covered cover VERB cblr-1764 886 75 by by ADP cblr-1764 886 76 section section NOUN cblr-1764 886 77 3(a)(8 3(a)(8 NUM cblr-1764 886 78 ) ) PUNCT cblr-1764 886 79 ’s ’s PART cblr-1764 886 80 insurance insurance NOUN cblr-1764 886 81 exemption.285 exemption.285 PROPN cblr-1764 886 82 in in ADP cblr-1764 886 83 the the DET cblr-1764 886 84 1967 1967 NUM cblr-1764 886 85 case case NOUN cblr-1764 886 86 sec sec PROPN cblr-1764 886 87 v. v. CCONJ cblr-1764 886 88 united united PROPN cblr-1764 886 89 benefit benefit PROPN cblr-1764 886 90 life life PROPN cblr-1764 886 91 insurance insurance NOUN cblr-1764 886 92 company company NOUN cblr-1764 886 93 , , PUNCT cblr-1764 886 94 the the DET cblr-1764 886 95 supreme supreme PROPN cblr-1764 886 96 court court PROPN cblr-1764 886 97 expanded expand VERB cblr-1764 886 98 this this DET cblr-1764 886 99 definition definition NOUN cblr-1764 886 100 to to PART cblr-1764 886 101 cover cover VERB cblr-1764 886 102 variable variable ADJ cblr-1764 886 103 annuity annuity NOUN cblr-1764 886 104 policies policy NOUN cblr-1764 886 105 that that PRON cblr-1764 886 106 also also ADV cblr-1764 886 107 contained contain VERB cblr-1764 886 108 some some DET cblr-1764 886 109 guaranteed guarantee VERB cblr-1764 886 110 component component NOUN cblr-1764 886 111 , , PUNCT cblr-1764 886 112 holding hold VERB cblr-1764 886 113 that that SCONJ cblr-1764 886 114 although although SCONJ cblr-1764 886 115 the the DET cblr-1764 886 116 guarantee guarantee NOUN cblr-1764 886 117 had have VERB cblr-1764 886 118 an an DET cblr-1764 886 119 insurance insurance NOUN cblr-1764 886 120 aspect aspect NOUN cblr-1764 886 121 , , PUNCT cblr-1764 886 122 it it PRON cblr-1764 886 123 was be AUX cblr-1764 886 124 conceptually conceptually ADV cblr-1764 886 125 severable severable ADJ cblr-1764 886 126 from from ADP cblr-1764 886 127 the the DET cblr-1764 886 128 variable variable ADJ cblr-1764 886 129 portion portion NOUN cblr-1764 886 130 of of ADP cblr-1764 886 131 the the DET cblr-1764 886 132 policy.286 policy.286 ADJ cblr-1764 886 133 fixed fix VERB cblr-1764 886 134 annuities annuity NOUN cblr-1764 886 135 that that PRON cblr-1764 886 136 allow allow VERB cblr-1764 886 137 variable variable ADJ cblr-1764 886 138 returns return NOUN cblr-1764 886 139 to to ADP cblr-1764 886 140 the the DET cblr-1764 886 141 policyholder policyholder NOUN cblr-1764 886 142 were be AUX cblr-1764 886 143 first first ADV cblr-1764 886 144 sold sell VERB cblr-1764 886 145 in in ADP cblr-1764 886 146 1995 1995 NUM cblr-1764 886 147 , , PUNCT cblr-1764 886 148 but but CCONJ cblr-1764 886 149 in in ADP cblr-1764 886 150 contrast contrast NOUN cblr-1764 886 151 to to ADP cblr-1764 886 152 traditional traditional ADJ cblr-1764 886 153 variable variable ADJ cblr-1764 886 154 annuities annuity NOUN cblr-1764 886 155 , , PUNCT cblr-1764 886 156 were be AUX cblr-1764 886 157 initially initially ADV cblr-1764 886 158 considered consider VERB cblr-1764 886 159 to to PART cblr-1764 886 160 be be AUX cblr-1764 886 161 “ " PUNCT cblr-1764 886 162 insurance insurance NOUN cblr-1764 886 163 ” " PUNCT cblr-1764 886 164 exempted exempt VERB cblr-1764 886 165 under under ADP cblr-1764 886 166 section section NOUN cblr-1764 886 167 3(a)(8 3(a)(8 NUM cblr-1764 886 168 ) ) PUNCT cblr-1764 886 169 and/or and/or CCONJ cblr-1764 886 170 the the DET cblr-1764 886 171 safe safe ADJ cblr-1764 886 172 harbor harbor NOUN cblr-1764 886 173 of of ADP cblr-1764 886 174 rule rule NOUN cblr-1764 886 175 151 151 NUM cblr-1764 886 176 . . PUNCT cblr-1764 887 1 the the DET cblr-1764 887 2 sec sec PROPN cblr-1764 887 3 , , PUNCT cblr-1764 887 4 after after ADP cblr-1764 887 5 seeking seek VERB cblr-1764 887 6 comment comment NOUN cblr-1764 887 7 on on ADP cblr-1764 887 8 the the DET cblr-1764 887 9 issue issue NOUN cblr-1764 887 10 in in ADP cblr-1764 887 11 1997 1997 NUM cblr-1764 887 12 , , PUNCT cblr-1764 887 13 remained remain VERB cblr-1764 887 14 silent.287 silent.287 NOUN cblr-1764 887 15 but but CCONJ cblr-1764 887 16 in in ADP cblr-1764 887 17 the the DET cblr-1764 887 18 malone malone PROPN cblr-1764 887 19 v. v. PROPN cblr-1764 887 20 addison addison PROPN cblr-1764 887 21 case case PROPN cblr-1764 887 22 of of ADP cblr-1764 887 23 2002 2002 NUM cblr-1764 887 24 , , PUNCT cblr-1764 887 25 a a DET cblr-1764 887 26 federal federal ADJ cblr-1764 887 27 district district NOUN cblr-1764 887 28 court court NOUN cblr-1764 887 29 intervened intervene VERB cblr-1764 887 30 in in ADP cblr-1764 887 31 283 283 NUM cblr-1764 887 32 section section NOUN cblr-1764 887 33 2(a)(1 2(a)(1 NUM cblr-1764 887 34 ) ) PUNCT cblr-1764 887 35 of of ADP cblr-1764 887 36 the the DET cblr-1764 887 37 securities security NOUN cblr-1764 887 38 act act NOUN cblr-1764 887 39 of of ADP cblr-1764 887 40 1933 1933 NUM cblr-1764 887 41 defines define NOUN cblr-1764 887 42 a a DET cblr-1764 887 43 long long ADJ cblr-1764 887 44 list list NOUN cblr-1764 887 45 of of ADP cblr-1764 887 46 assets asset NOUN cblr-1764 887 47 as as ADP cblr-1764 887 48 “ " PUNCT cblr-1764 887 49 securities security NOUN cblr-1764 887 50 , , PUNCT cblr-1764 887 51 ” " PUNCT cblr-1764 887 52 including include VERB cblr-1764 887 53 those those PRON cblr-1764 887 54 that that PRON cblr-1764 887 55 are be AUX cblr-1764 887 56 “ " PUNCT cblr-1764 887 57 investment investment NOUN cblr-1764 887 58 contracts contract NOUN cblr-1764 887 59 . . PUNCT cblr-1764 887 60 ” " PUNCT cblr-1764 888 1 securities security NOUN cblr-1764 888 2 act act NOUN cblr-1764 888 3 of of ADP cblr-1764 888 4 1933 1933 NUM cblr-1764 888 5 , , PUNCT cblr-1764 888 6 15 15 NUM cblr-1764 888 7 u.s.c u.s.c ADJ cblr-1764 888 8 . . PUNCT cblr-1764 889 1 § § PROPN cblr-1764 889 2 77b(a)(1 77b(a)(1 NUM cblr-1764 889 3 ) ) PUNCT cblr-1764 889 4 ( ( PUNCT cblr-1764 889 5 2012 2012 NUM cblr-1764 889 6 ) ) PUNCT cblr-1764 889 7 ; ; PUNCT cblr-1764 889 8 see see VERB cblr-1764 889 9 also also ADV cblr-1764 889 10 sec sec PROPN cblr-1764 889 11 v. v. PROPN cblr-1764 889 12 w.j w.j PROPN cblr-1764 889 13 . . PROPN cblr-1764 889 14 howey howey PROPN cblr-1764 889 15 co. co. PROPN cblr-1764 889 16 , , PUNCT cblr-1764 889 17 328 328 NUM cblr-1764 889 18 u.s u.s PROPN cblr-1764 889 19 . . PROPN cblr-1764 889 20 293 293 NUM cblr-1764 889 21 ( ( PUNCT cblr-1764 889 22 1946 1946 NUM cblr-1764 889 23 ) ) PUNCT cblr-1764 889 24 ( ( PUNCT cblr-1764 889 25 providing provide VERB cblr-1764 889 26 the the DET cblr-1764 889 27 controlling control VERB cblr-1764 889 28 interpretation interpretation NOUN cblr-1764 889 29 of of ADP cblr-1764 889 30 that that DET cblr-1764 889 31 provision provision NOUN cblr-1764 889 32 ) ) PUNCT cblr-1764 889 33 . . PUNCT cblr-1764 890 1 284 284 NUM cblr-1764 890 2 15 15 NUM cblr-1764 890 3 u.s.c u.s.c NOUN cblr-1764 890 4 . . PUNCT cblr-1764 891 1 § § PROPN cblr-1764 891 2 77(c)(a)(8 77(c)(a)(8 NUM cblr-1764 891 3 ) ) PUNCT cblr-1764 891 4 ( ( PUNCT cblr-1764 891 5 2012 2012 NUM cblr-1764 891 6 ) ) PUNCT cblr-1764 891 7 . . PUNCT cblr-1764 892 1 the the DET cblr-1764 892 2 rule rule NOUN cblr-1764 892 3 151 151 NUM cblr-1764 892 4 safe safe ADJ cblr-1764 892 5 harbor harbor NOUN cblr-1764 892 6 applies apply VERB cblr-1764 892 7 section section NOUN cblr-1764 892 8 3(a)(8 3(a)(8 NUM cblr-1764 892 9 ) ) PUNCT cblr-1764 892 10 ’s ’s PART cblr-1764 892 11 exemption exemption NOUN cblr-1764 892 12 to to ADP cblr-1764 892 13 all all DET cblr-1764 892 14 products product NOUN cblr-1764 892 15 that that SCONJ cblr-1764 892 16 : : PUNCT cblr-1764 892 17 ( ( PUNCT cblr-1764 892 18 1 1 X cblr-1764 892 19 ) ) PUNCT cblr-1764 892 20 are be AUX cblr-1764 892 21 sold sell VERB cblr-1764 892 22 by by ADP cblr-1764 892 23 insurance insurance NOUN cblr-1764 892 24 companies company NOUN cblr-1764 892 25 as as ADP cblr-1764 892 26 annuities annuity NOUN cblr-1764 892 27 ; ; PUNCT cblr-1764 892 28 ( ( PUNCT cblr-1764 892 29 2 2 X cblr-1764 892 30 ) ) PUNCT cblr-1764 892 31 require require VERB cblr-1764 892 32 that that SCONJ cblr-1764 892 33 the the DET cblr-1764 892 34 “ " PUNCT cblr-1764 892 35 insurer insurer NOUN cblr-1764 892 36 assumes assume VERB cblr-1764 892 37 the the DET cblr-1764 892 38 investment investment NOUN cblr-1764 892 39 risk risk NOUN cblr-1764 892 40 under under ADP cblr-1764 892 41 the the DET cblr-1764 892 42 contract contract NOUN cblr-1764 892 43 ” " PUNCT cblr-1764 892 44 ; ; PUNCT cblr-1764 892 45 and and CCONJ cblr-1764 892 46 ( ( PUNCT cblr-1764 892 47 3 3 X cblr-1764 892 48 ) ) PUNCT cblr-1764 892 49 are be AUX cblr-1764 892 50 not not PART cblr-1764 892 51 marketed market VERB cblr-1764 892 52 by by ADP cblr-1764 892 53 insurers insurer NOUN cblr-1764 892 54 as as ADP cblr-1764 892 55 investments investment NOUN cblr-1764 892 56 . . PUNCT cblr-1764 893 1 17 17 NUM cblr-1764 893 2 c.f.r c.f.r NOUN cblr-1764 893 3 . . PUNCT cblr-1764 894 1 § § PROPN cblr-1764 894 2 230.151 230.151 NUM cblr-1764 894 3 . . PUNCT cblr-1764 894 4 285 285 NUM cblr-1764 894 5 sec sec PROPN cblr-1764 894 6 v. v. ADP cblr-1764 894 7 variable variable ADJ cblr-1764 894 8 annuity annuity NOUN cblr-1764 894 9 life life NOUN cblr-1764 894 10 ins ins PROPN cblr-1764 894 11 . . PUNCT cblr-1764 894 12 co. co. PROPN cblr-1764 894 13 of of ADP cblr-1764 894 14 am am PROPN cblr-1764 894 15 . . PUNCT cblr-1764 894 16 , , PUNCT cblr-1764 894 17 359 359 NUM cblr-1764 894 18 u.s u.s PROPN cblr-1764 894 19 . . PROPN cblr-1764 894 20 65 65 NUM cblr-1764 894 21 ( ( PUNCT cblr-1764 894 22 1959 1959 NUM cblr-1764 894 23 ) ) PUNCT cblr-1764 894 24 . . PUNCT cblr-1764 895 1 286 286 NUM cblr-1764 895 2 sec sec PROPN cblr-1764 895 3 v. v. ADP cblr-1764 895 4 united united PROPN cblr-1764 895 5 benefit benefit PROPN cblr-1764 895 6 life life PROPN cblr-1764 895 7 ins ins PROPN cblr-1764 895 8 . . PUNCT cblr-1764 895 9 co. co. PROPN cblr-1764 895 10 , , PUNCT cblr-1764 895 11 387 387 NUM cblr-1764 895 12 u.s u.s PROPN cblr-1764 895 13 . . PROPN cblr-1764 895 14 202 202 NUM cblr-1764 895 15 ( ( PUNCT cblr-1764 895 16 1967 1967 NUM cblr-1764 895 17 ) ) PUNCT cblr-1764 895 18 . . PUNCT cblr-1764 896 1 287 287 NUM cblr-1764 896 2 the the DET cblr-1764 896 3 sec sec PROPN cblr-1764 896 4 took take VERB cblr-1764 896 5 no no DET cblr-1764 896 6 action action NOUN cblr-1764 896 7 in in ADP cblr-1764 896 8 response response NOUN cblr-1764 896 9 to to ADP cblr-1764 896 10 comments comment NOUN cblr-1764 896 11 it it PRON cblr-1764 896 12 received receive VERB cblr-1764 896 13 pursuant pursuant ADV cblr-1764 896 14 to to ADP cblr-1764 896 15 its its PRON cblr-1764 896 16 1997 1997 NUM cblr-1764 896 17 concept concept NOUN cblr-1764 896 18 release release NOUN cblr-1764 896 19 , , PUNCT cblr-1764 896 20 resulting result VERB cblr-1764 896 21 in in ADP cblr-1764 896 22 an an DET cblr-1764 896 23 implicit implicit ADJ cblr-1764 896 24 rule rule NOUN cblr-1764 896 25 in in ADP cblr-1764 896 26 which which PRON cblr-1764 896 27 the the DET cblr-1764 896 28 sec sec PROPN cblr-1764 896 29 would would AUX cblr-1764 896 30 evaluate evaluate VERB cblr-1764 896 31 these these DET cblr-1764 896 32 products product NOUN cblr-1764 896 33 on on ADP cblr-1764 896 34 a a DET cblr-1764 896 35 case case NOUN cblr-1764 896 36 - - PUNCT cblr-1764 896 37 by by ADP cblr-1764 896 38 - - PUNCT cblr-1764 896 39 case case NOUN cblr-1764 896 40 basis basis NOUN cblr-1764 896 41 . . PUNCT cblr-1764 897 1 see see VERB cblr-1764 897 2 gary gary PROPN cblr-1764 897 3 o. o. PROPN cblr-1764 897 4 cohen cohen PROPN cblr-1764 897 5 , , PUNCT cblr-1764 897 6 fixed fix VERB cblr-1764 897 7 indexed indexed ADJ cblr-1764 897 8 insurance insurance NOUN cblr-1764 897 9 products product NOUN cblr-1764 897 10 : : PUNCT cblr-1764 897 11 perspectives perspective NOUN cblr-1764 897 12 on on ADP cblr-1764 897 13 their their PRON cblr-1764 897 14 status status NOUN cblr-1764 897 15 as as ADP cblr-1764 897 16 insurance insurance NOUN cblr-1764 897 17 or or CCONJ cblr-1764 897 18 securities security NOUN cblr-1764 897 19 under under ADP cblr-1764 897 20 the the DET cblr-1764 897 21 federal federal ADJ cblr-1764 897 22 securities security NOUN cblr-1764 897 23 laws law NOUN cblr-1764 897 24 404 404 NUM cblr-1764 897 25 ( ( PUNCT cblr-1764 897 26 nov nov PROPN cblr-1764 897 27 . . PROPN cblr-1764 897 28 16 16 NUM cblr-1764 897 29 , , PUNCT cblr-1764 897 30 2006 2006 NUM cblr-1764 897 31 ) ) PUNCT cblr-1764 897 32 , , PUNCT cblr-1764 897 33 sm sm PROPN cblr-1764 897 34 039 039 NUM cblr-1764 897 35 ali ali PROPN cblr-1764 897 36 - - PROPN cblr-1764 897 37 aba aba PROPN cblr-1764 897 38 381 381 NUM cblr-1764 897 39 . . PUNCT cblr-1764 898 1 turk turk PROPN cblr-1764 898 2 – – PUNCT cblr-1764 898 3 final final ADJ cblr-1764 898 4 1044 1044 NUM cblr-1764 898 5 columbia columbia PROPN cblr-1764 898 6 business business PROPN cblr-1764 898 7 law law PROPN cblr-1764 898 8 review review NOUN cblr-1764 898 9 [ [ X cblr-1764 898 10 vol vol NOUN cblr-1764 898 11 . . NOUN cblr-1764 898 12 2015 2015 NUM cblr-1764 898 13 the the DET cblr-1764 898 14 grey grey PROPN cblr-1764 898 15 area area NOUN cblr-1764 898 16 by by ADP cblr-1764 898 17 holding hold VERB cblr-1764 898 18 that that SCONJ cblr-1764 898 19 fixed fix VERB cblr-1764 898 20 - - PUNCT cblr-1764 898 21 income income NOUN cblr-1764 898 22 annuities annuity NOUN cblr-1764 898 23 were be AUX cblr-1764 898 24 not not PART cblr-1764 898 25 “ " PUNCT cblr-1764 898 26 securities security NOUN cblr-1764 898 27 . . PUNCT cblr-1764 898 28 ”288 ”288 PROPN cblr-1764 899 1 the the DET cblr-1764 899 2 sec sec PROPN cblr-1764 899 3 eventually eventually ADV cblr-1764 899 4 responded respond VERB cblr-1764 899 5 with with ADP cblr-1764 899 6 a a DET cblr-1764 899 7 proposed propose VERB cblr-1764 899 8 rule rule NOUN cblr-1764 899 9 151a 151a NOUN cblr-1764 899 10 in in ADP cblr-1764 899 11 2008 2008 NUM cblr-1764 899 12 , , PUNCT cblr-1764 899 13 which which PRON cblr-1764 899 14 narrowed narrow VERB cblr-1764 899 15 the the DET cblr-1764 899 16 definition definition NOUN cblr-1764 899 17 of of ADP cblr-1764 899 18 rule rule NOUN cblr-1764 899 19 151 151 NUM cblr-1764 899 20 to to PART cblr-1764 899 21 exclude exclude VERB cblr-1764 899 22 any any DET cblr-1764 899 23 fixed fix VERB cblr-1764 899 24 annuity annuity NOUN cblr-1764 899 25 policies policy NOUN cblr-1764 899 26 with with ADP cblr-1764 899 27 amounts amount NOUN cblr-1764 899 28 payable payable ADJ cblr-1764 899 29 that that PRON cblr-1764 899 30 are be AUX cblr-1764 899 31 : : PUNCT cblr-1764 899 32 ( ( PUNCT cblr-1764 899 33 1 1 X cblr-1764 899 34 ) ) PUNCT cblr-1764 899 35 calculated calculate VERB cblr-1764 899 36 retrospectively retrospectively ADV cblr-1764 899 37 at at ADP cblr-1764 899 38 the the DET cblr-1764 899 39 end end NOUN cblr-1764 899 40 of of ADP cblr-1764 899 41 crediting crediting NOUN cblr-1764 899 42 period period NOUN cblr-1764 899 43 by by ADP cblr-1764 899 44 reference reference NOUN cblr-1764 899 45 to to ADP cblr-1764 899 46 the the DET cblr-1764 899 47 performance performance NOUN cblr-1764 899 48 of of ADP cblr-1764 899 49 a a DET cblr-1764 899 50 security security NOUN cblr-1764 899 51 or or CCONJ cblr-1764 899 52 index index NOUN cblr-1764 899 53 during during ADP cblr-1764 899 54 that that DET cblr-1764 899 55 period period NOUN cblr-1764 899 56 ; ; PUNCT cblr-1764 899 57 and and CCONJ cblr-1764 899 58 ( ( PUNCT cblr-1764 899 59 2 2 X cblr-1764 899 60 ) ) PUNCT cblr-1764 899 61 “ " PUNCT cblr-1764 899 62 more more ADV cblr-1764 899 63 likely likely ADJ cblr-1764 899 64 than than SCONJ cblr-1764 899 65 not not PART cblr-1764 899 66 to to PART cblr-1764 899 67 exceed exceed VERB cblr-1764 899 68 the the DET cblr-1764 899 69 amounts amount NOUN cblr-1764 899 70 guaranteed guarantee VERB cblr-1764 899 71 under under ADP cblr-1764 899 72 the the DET cblr-1764 899 73 contract contract NOUN cblr-1764 899 74 . . PUNCT cblr-1764 900 1 ”289 ”289 VERB cblr-1764 901 1 after after ADP cblr-1764 901 2 a a DET cblr-1764 901 3 notice notice NOUN cblr-1764 901 4 - - PUNCT cblr-1764 901 5 and and CCONJ cblr-1764 901 6 - - PUNCT cblr-1764 901 7 comment comment NOUN cblr-1764 901 8 period period NOUN cblr-1764 901 9 , , PUNCT cblr-1764 901 10 the the DET cblr-1764 901 11 sec sec PROPN cblr-1764 901 12 formally formally ADV cblr-1764 901 13 adopted adopt VERB cblr-1764 901 14 rule rule NOUN cblr-1764 901 15 151a 151a NOUN cblr-1764 901 16 , , PUNCT cblr-1764 901 17 to to PART cblr-1764 901 18 take take VERB cblr-1764 901 19 effect effect NOUN cblr-1764 901 20 on on ADP cblr-1764 901 21 january january PROPN cblr-1764 901 22 2011 2011 NUM cblr-1764 901 23 . . PUNCT cblr-1764 902 1 its its PRON cblr-1764 902 2 rulemaking rulemaking NOUN cblr-1764 902 3 was be AUX cblr-1764 902 4 blessed bless VERB cblr-1764 902 5 that that DET cblr-1764 902 6 same same ADJ cblr-1764 902 7 year year NOUN cblr-1764 902 8 by by ADP cblr-1764 902 9 the the DET cblr-1764 902 10 d.c d.c PROPN cblr-1764 902 11 . . PROPN cblr-1764 902 12 circuit circuit PROPN cblr-1764 902 13 in in ADP cblr-1764 902 14 american american PROPN cblr-1764 902 15 equity equity PROPN cblr-1764 902 16 investment investment PROPN cblr-1764 902 17 life life NOUN cblr-1764 902 18 insurance insurance NOUN cblr-1764 902 19 company company PROPN cblr-1764 902 20 v. v. ADP cblr-1764 902 21 sec sec PROPN cblr-1764 902 22 , , PUNCT cblr-1764 902 23 which which PRON cblr-1764 902 24 applied apply VERB cblr-1764 902 25 chevron chevron NOUN cblr-1764 902 26 deference deference NOUN cblr-1764 902 27 in in ADP cblr-1764 902 28 holding hold VERB cblr-1764 902 29 that that PRON cblr-1764 902 30 , , PUNCT cblr-1764 902 31 with with ADP cblr-1764 902 32 rule rule NOUN cblr-1764 902 33 151a 151a PROPN cblr-1764 902 34 , , PUNCT cblr-1764 902 35 the the DET cblr-1764 902 36 sec sec PROPN cblr-1764 902 37 had have AUX cblr-1764 902 38 not not PART cblr-1764 902 39 applied apply VERB cblr-1764 902 40 an an DET cblr-1764 902 41 unreasonable unreasonable ADJ cblr-1764 902 42 interpretation interpretation NOUN cblr-1764 902 43 of of ADP cblr-1764 902 44 the the DET cblr-1764 902 45 1933 1933 NUM cblr-1764 902 46 securities security NOUN cblr-1764 902 47 act.290 act.290 NOUN cblr-1764 903 1 briefly briefly ADV cblr-1764 903 2 thereafter thereafter ADV cblr-1764 903 3 , , PUNCT cblr-1764 903 4 however however ADV cblr-1764 903 5 , , PUNCT cblr-1764 903 6 the the DET cblr-1764 903 7 d.c d.c PROPN cblr-1764 903 8 . . PROPN cblr-1764 903 9 circuit circuit PROPN cblr-1764 903 10 reheard reheard PROPN cblr-1764 903 11 the the DET cblr-1764 903 12 case case NOUN cblr-1764 903 13 and and CCONJ cblr-1764 903 14 reversed reverse VERB cblr-1764 903 15 itself itself PRON cblr-1764 903 16 a a DET cblr-1764 903 17 year year NOUN cblr-1764 903 18 later later ADV cblr-1764 903 19 , , PUNCT cblr-1764 903 20 holding hold VERB cblr-1764 903 21 that that SCONJ cblr-1764 903 22 the the DET cblr-1764 903 23 sec sec PROPN cblr-1764 903 24 ’s ’s PART cblr-1764 903 25 rulemaking rulemaking NOUN cblr-1764 903 26 was be AUX cblr-1764 903 27 arbitrary arbitrary ADJ cblr-1764 903 28 and and CCONJ cblr-1764 903 29 capricious.291 capricious.291 ADJ cblr-1764 903 30 putting put VERB cblr-1764 903 31 aside aside ADP cblr-1764 903 32 the the DET cblr-1764 903 33 d.c d.c PROPN cblr-1764 903 34 . . PROPN cblr-1764 903 35 circuit circuit PROPN cblr-1764 903 36 ’s ’s PART cblr-1764 903 37 curious curious ADJ cblr-1764 903 38 pair pair NOUN cblr-1764 903 39 of of ADP cblr-1764 903 40 rulings ruling NOUN cblr-1764 903 41 in in ADP cblr-1764 903 42 american american PROPN cblr-1764 903 43 equity equity PROPN cblr-1764 903 44 — — PUNCT cblr-1764 903 45 and and CCONJ cblr-1764 903 46 granting grant VERB cblr-1764 903 47 the the DET cblr-1764 903 48 economic economic ADJ cblr-1764 903 49 similarities similarity NOUN cblr-1764 903 50 among among ADP cblr-1764 903 51 index index NOUN cblr-1764 903 52 mutual mutual ADJ cblr-1764 903 53 funds fund NOUN cblr-1764 903 54 , , PUNCT cblr-1764 903 55 variable variable ADJ cblr-1764 903 56 annuities annuity NOUN cblr-1764 903 57 , , PUNCT cblr-1764 903 58 and and CCONJ cblr-1764 903 59 fixed fixed ADJ cblr-1764 903 60 annuities annuity NOUN cblr-1764 903 61 — — PUNCT cblr-1764 903 62 it it PRON cblr-1764 903 63 is be AUX cblr-1764 903 64 unclear unclear ADJ cblr-1764 903 65 that that SCONJ cblr-1764 903 66 rule rule NOUN cblr-1764 903 67 151a 151a PROPN cblr-1764 903 68 ’s ’s PART cblr-1764 903 69 attempted attempt VERB cblr-1764 903 70 shift shift NOUN cblr-1764 903 71 to to ADP cblr-1764 903 72 a a DET cblr-1764 903 73 more more ADV cblr-1764 903 74 functional functional ADJ cblr-1764 903 75 definition definition NOUN cblr-1764 903 76 of of ADP cblr-1764 903 77 annuities annuity NOUN cblr-1764 903 78 sold sell VERB cblr-1764 903 79 by by ADP cblr-1764 903 80 insurance insurance NOUN cblr-1764 903 81 companies company NOUN cblr-1764 903 82 is be AUX cblr-1764 903 83 wise wise ADJ cblr-1764 903 84 policy policy NOUN cblr-1764 903 85 . . PUNCT cblr-1764 904 1 in in ADP cblr-1764 904 2 its its PRON cblr-1764 904 3 rulemaking rulemaking NOUN cblr-1764 904 4 , , PUNCT cblr-1764 904 5 the the DET cblr-1764 904 6 sec sec PROPN cblr-1764 904 7 argued argue VERB cblr-1764 904 8 that that SCONJ cblr-1764 904 9 rule rule NOUN cblr-1764 904 10 151a 151a NOUN cblr-1764 904 11 would would AUX cblr-1764 904 12 improve improve VERB cblr-1764 904 13 the the DET cblr-1764 904 14 market market NOUN cblr-1764 904 15 for for ADP cblr-1764 904 16 fixed fix VERB cblr-1764 904 17 annuities annuity NOUN cblr-1764 904 18 by by ADP cblr-1764 904 19 providing provide VERB cblr-1764 904 20 better well ADJ cblr-1764 904 21 disclosure disclosure NOUN cblr-1764 904 22 requirements requirement NOUN cblr-1764 904 23 , , PUNCT cblr-1764 904 24 greater great ADJ cblr-1764 904 25 sales sale NOUN cblr-1764 904 26 practice practice NOUN cblr-1764 904 27 protections protection NOUN cblr-1764 904 28 , , PUNCT cblr-1764 904 29 increased increase VERB cblr-1764 904 30 regulatory regulatory ADJ cblr-1764 904 31 certainty certainty NOUN cblr-1764 904 32 , , PUNCT cblr-1764 904 33 and and CCONJ cblr-1764 904 34 enhanced enhanced ADJ cblr-1764 904 35 competition competition NOUN cblr-1764 904 36 between between ADP cblr-1764 904 37 annuities annuity NOUN cblr-1764 904 38 and and CCONJ cblr-1764 904 39 mutual mutual ADJ cblr-1764 904 40 288 288 NUM cblr-1764 904 41 see see VERB cblr-1764 904 42 malone malone PROPN cblr-1764 904 43 v. v. PROPN cblr-1764 904 44 addison addison PROPN cblr-1764 904 45 , , PUNCT cblr-1764 904 46 225 225 NUM cblr-1764 904 47 f. f. PROPN cblr-1764 904 48 supp supp PROPN cblr-1764 904 49 . . PUNCT cblr-1764 905 1 2d 2d PROPN cblr-1764 905 2 743 743 NUM cblr-1764 905 3 , , PUNCT cblr-1764 905 4 754 754 NUM cblr-1764 905 5 ( ( PUNCT cblr-1764 905 6 w.d w.d PROPN cblr-1764 905 7 . . PROPN cblr-1764 905 8 ky ky PROPN cblr-1764 905 9 . . PROPN cblr-1764 905 10 2002 2002 NUM cblr-1764 905 11 ) ) PUNCT cblr-1764 906 1 ( ( PUNCT cblr-1764 906 2 considering consider VERB cblr-1764 906 3 both both DET cblr-1764 906 4 section section NOUN cblr-1764 906 5 3(a)(8 3(a)(8 NUM cblr-1764 906 6 ) ) PUNCT cblr-1764 906 7 and and CCONJ cblr-1764 906 8 the the DET cblr-1764 906 9 rule rule NOUN cblr-1764 906 10 151 151 NUM cblr-1764 906 11 safe safe ADJ cblr-1764 906 12 harbor harbor NOUN cblr-1764 906 13 in in ADP cblr-1764 906 14 the the DET cblr-1764 906 15 alternative alternative NOUN cblr-1764 906 16 , , PUNCT cblr-1764 906 17 and and CCONJ cblr-1764 906 18 concluding conclude VERB cblr-1764 906 19 that that SCONJ cblr-1764 906 20 both both DET cblr-1764 906 21 provisions provision NOUN cblr-1764 906 22 compelled compel VERB cblr-1764 906 23 the the DET cblr-1764 906 24 same same ADJ cblr-1764 906 25 result result NOUN cblr-1764 906 26 ) ) PUNCT cblr-1764 906 27 . . PUNCT cblr-1764 907 1 289 289 NUM cblr-1764 907 2 indexed index VERB cblr-1764 907 3 annuities annuity NOUN cblr-1764 907 4 and and CCONJ cblr-1764 907 5 certain certain ADJ cblr-1764 907 6 other other ADJ cblr-1764 907 7 insurance insurance NOUN cblr-1764 907 8 contracts contract NOUN cblr-1764 907 9 , , PUNCT cblr-1764 907 10 73 73 NUM cblr-1764 907 11 fed fed PROPN cblr-1764 907 12 . . PUNCT cblr-1764 908 1 reg reg PROPN cblr-1764 908 2 . . PUNCT cblr-1764 909 1 37,752 37,752 NUM cblr-1764 909 2 ( ( PUNCT cblr-1764 909 3 proposed propose VERB cblr-1764 909 4 july july PROPN cblr-1764 909 5 1 1 NUM cblr-1764 909 6 , , PUNCT cblr-1764 909 7 2008 2008 NUM cblr-1764 909 8 ) ) PUNCT cblr-1764 909 9 ( ( PUNCT cblr-1764 909 10 to to PART cblr-1764 909 11 be be AUX cblr-1764 909 12 codified codify VERB cblr-1764 909 13 at at ADP cblr-1764 909 14 17 17 NUM cblr-1764 909 15 c.f.r c.f.r NOUN cblr-1764 909 16 . . PUNCT cblr-1764 910 1 pts pts PROPN cblr-1764 910 2 . . PROPN cblr-1764 910 3 230 230 NUM cblr-1764 910 4 , , PUNCT cblr-1764 910 5 240 240 NUM cblr-1764 910 6 ) ) PUNCT cblr-1764 911 1 [ [ X cblr-1764 911 2 hereinafter hereinafter NOUN cblr-1764 911 3 sec sec PROPN cblr-1764 911 4 proposed propose VERB cblr-1764 911 5 rule rule NOUN cblr-1764 911 6 ] ] PUNCT cblr-1764 911 7 . . PUNCT cblr-1764 912 1 290 290 NUM cblr-1764 912 2 17 17 NUM cblr-1764 912 3 c.f.r c.f.r NOUN cblr-1764 912 4 . . PUNCT cblr-1764 913 1 § § PROPN cblr-1764 913 2 230.151a(a 230.151a(a NUM cblr-1764 913 3 ) ) PUNCT cblr-1764 913 4 ; ; PUNCT cblr-1764 913 5 am be AUX cblr-1764 913 6 . . PUNCT cblr-1764 914 1 equity equity NOUN cblr-1764 914 2 inv inv PROPN cblr-1764 914 3 . . PUNCT cblr-1764 915 1 life life NOUN cblr-1764 915 2 ins ins PROPN cblr-1764 915 3 . . PUNCT cblr-1764 915 4 co. co. PROPN cblr-1764 915 5 v. v. ADP cblr-1764 915 6 sec sec PROPN cblr-1764 915 7 , , PUNCT cblr-1764 915 8 572 572 NUM cblr-1764 915 9 f.3d f.3d NUM cblr-1764 915 10 923 923 NUM cblr-1764 915 11 , , PUNCT cblr-1764 915 12 930–31 930–31 PROPN cblr-1764 915 13 ( ( PUNCT cblr-1764 915 14 d.c d.c PROPN cblr-1764 915 15 . . PROPN cblr-1764 915 16 cir cir PROPN cblr-1764 915 17 . . PROPN cblr-1764 915 18 2009 2009 NUM cblr-1764 915 19 ) ) PUNCT cblr-1764 915 20 . . PUNCT cblr-1764 916 1 291 291 NUM cblr-1764 916 2 am am NOUN cblr-1764 916 3 . . PUNCT cblr-1764 917 1 equity equity NOUN cblr-1764 917 2 inv inv PROPN cblr-1764 917 3 . . PUNCT cblr-1764 918 1 life life NOUN cblr-1764 918 2 ins ins PROPN cblr-1764 918 3 . . PUNCT cblr-1764 918 4 co. co. PROPN cblr-1764 918 5 v. v. ADP cblr-1764 918 6 sec sec PROPN cblr-1764 918 7 , , PUNCT cblr-1764 918 8 613 613 NUM cblr-1764 918 9 f.3d f.3d NUM cblr-1764 918 10 166 166 NUM cblr-1764 918 11 ( ( PUNCT cblr-1764 918 12 d.c d.c PROPN cblr-1764 918 13 . . PROPN cblr-1764 918 14 cir cir PROPN cblr-1764 918 15 . . PUNCT cblr-1764 918 16 2010 2010 NUM cblr-1764 918 17 ) ) PUNCT cblr-1764 918 18 . . PUNCT cblr-1764 919 1 turk turk PROPN cblr-1764 919 2 – – PUNCT cblr-1764 919 3 final final ADJ cblr-1764 919 4 no no NOUN cblr-1764 919 5 . . PUNCT cblr-1764 920 1 3:967 3:967 NUM cblr-1764 920 2 ] ] PUNCT cblr-1764 920 3 insurance insurance NOUN cblr-1764 920 4 convergence convergence NOUN cblr-1764 920 5 1045 1045 NUM cblr-1764 920 6 funds.292 funds.292 NOUN cblr-1764 920 7 however however ADV cblr-1764 920 8 , , PUNCT cblr-1764 920 9 the the DET cblr-1764 920 10 sec sec PROPN cblr-1764 920 11 ’s ’s PART cblr-1764 920 12 decision decision NOUN cblr-1764 920 13 appears appear VERB cblr-1764 920 14 to to PART cblr-1764 920 15 reflect reflect VERB cblr-1764 920 16 several several ADJ cblr-1764 920 17 of of ADP cblr-1764 920 18 the the DET cblr-1764 920 19 disadvantages disadvantage NOUN cblr-1764 920 20 of of ADP cblr-1764 920 21 aggressively aggressively ADV cblr-1764 920 22 pursuing pursue VERB cblr-1764 920 23 functional functional ADJ cblr-1764 920 24 regulatory regulatory ADJ cblr-1764 920 25 boundaries boundary NOUN cblr-1764 920 26 . . PUNCT cblr-1764 921 1 for for ADP cblr-1764 921 2 one one NUM cblr-1764 921 3 , , PUNCT cblr-1764 921 4 there there PRON cblr-1764 921 5 is be VERB cblr-1764 921 6 a a DET cblr-1764 921 7 risk risk NOUN cblr-1764 921 8 of of ADP cblr-1764 921 9 redundancy redundancy NOUN cblr-1764 921 10 in in ADP cblr-1764 921 11 applying apply VERB cblr-1764 921 12 an an DET cblr-1764 921 13 additional additional ADJ cblr-1764 921 14 layer layer NOUN cblr-1764 921 15 of of ADP cblr-1764 921 16 regulation regulation NOUN cblr-1764 921 17 to to ADP cblr-1764 921 18 products product NOUN cblr-1764 921 19 already already ADV cblr-1764 921 20 regulated regulate VERB cblr-1764 921 21 under under ADP cblr-1764 921 22 insurance insurance NOUN cblr-1764 921 23 laws law NOUN cblr-1764 921 24 , , PUNCT cblr-1764 921 25 which which PRON cblr-1764 921 26 have have VERB cblr-1764 921 27 expansive expansive ADJ cblr-1764 921 28 disclosure disclosure NOUN cblr-1764 921 29 and and CCONJ cblr-1764 921 30 consumer consumer NOUN cblr-1764 921 31 protection protection NOUN cblr-1764 921 32 rules rule NOUN cblr-1764 921 33 that that PRON cblr-1764 921 34 overlap overlap VERB cblr-1764 921 35 substantially substantially ADV cblr-1764 921 36 with with ADP cblr-1764 921 37 requirements requirement NOUN cblr-1764 921 38 under under ADP cblr-1764 921 39 the the DET cblr-1764 921 40 securities security NOUN cblr-1764 921 41 laws.293 laws.293 ADV cblr-1764 921 42 such such ADJ cblr-1764 921 43 redundancy redundancy NOUN cblr-1764 921 44 would would AUX cblr-1764 921 45 appear appear VERB cblr-1764 921 46 to to PART cblr-1764 921 47 provide provide VERB cblr-1764 921 48 few few ADJ cblr-1764 921 49 benefits benefit NOUN cblr-1764 921 50 because because SCONJ cblr-1764 921 51 there there PRON cblr-1764 921 52 is be VERB cblr-1764 921 53 not not PART cblr-1764 921 54 strong strong ADJ cblr-1764 921 55 evidence evidence NOUN cblr-1764 921 56 that that SCONJ cblr-1764 921 57 fixed fix VERB cblr-1764 921 58 indexed index VERB cblr-1764 921 59 annuities annuity NOUN cblr-1764 921 60 markets market NOUN cblr-1764 921 61 are be AUX cblr-1764 921 62 particularly particularly ADV cblr-1764 921 63 prone prone ADJ cblr-1764 921 64 to to ADP cblr-1764 921 65 abusive abusive ADJ cblr-1764 921 66 sales sale NOUN cblr-1764 921 67 practices.294 practices.294 NOUN cblr-1764 921 68 at at ADP cblr-1764 921 69 the the DET cblr-1764 921 70 same same ADJ cblr-1764 921 71 time time NOUN cblr-1764 921 72 , , PUNCT cblr-1764 921 73 by by ADP cblr-1764 921 74 the the DET cblr-1764 921 75 sec sec PROPN cblr-1764 921 76 ’s ’s PART cblr-1764 921 77 own own ADJ cblr-1764 921 78 admission admission NOUN cblr-1764 921 79 , , PUNCT cblr-1764 921 80 rule rule NOUN cblr-1764 921 81 151a 151a NOUN cblr-1764 921 82 will will AUX cblr-1764 921 83 impose impose VERB cblr-1764 921 84 large large ADJ cblr-1764 921 85 compliance compliance NOUN cblr-1764 921 86 costs cost NOUN cblr-1764 921 87 on on ADP cblr-1764 921 88 insurers insurer NOUN cblr-1764 921 89 selling sell VERB cblr-1764 921 90 fixed fix VERB cblr-1764 921 91 annuities.295 annuities.295 NOUN cblr-1764 921 92 moreover moreover ADV cblr-1764 921 93 , , PUNCT cblr-1764 921 94 contrary contrary ADV cblr-1764 921 95 to to ADP cblr-1764 921 96 the the DET cblr-1764 921 97 sec sec PROPN cblr-1764 921 98 ’s ’s PART cblr-1764 921 99 assertion assertion NOUN cblr-1764 921 100 , , PUNCT cblr-1764 921 101 because because SCONJ cblr-1764 921 102 fixed fixed ADJ cblr-1764 921 103 indexed indexed ADJ cblr-1764 921 104 annuities annuity NOUN cblr-1764 921 105 are be AUX cblr-1764 921 106 commonly commonly ADV cblr-1764 921 107 sold sell VERB cblr-1764 921 108 by by ADP cblr-1764 921 109 individual individual ADJ cblr-1764 921 110 agents agent NOUN cblr-1764 921 111 — — PUNCT cblr-1764 921 112 who who PRON cblr-1764 921 113 at at ADP cblr-1764 921 114 least least ADJ cblr-1764 921 115 in in ADP cblr-1764 921 116 some some DET cblr-1764 921 117 number number NOUN cblr-1764 921 118 will will AUX cblr-1764 921 119 be be AUX cblr-1764 921 120 driven drive VERB cblr-1764 921 121 out out ADP cblr-1764 921 122 of of ADP cblr-1764 921 123 business business NOUN cblr-1764 921 124 due due ADP cblr-1764 921 125 to to ADP cblr-1764 921 126 the the DET cblr-1764 921 127 new new ADJ cblr-1764 921 128 compliance compliance NOUN cblr-1764 921 129 costs cost NOUN cblr-1764 921 130 — — PUNCT cblr-1764 921 131 rule rule NOUN cblr-1764 921 132 151a 151a NOUN cblr-1764 921 133 will will AUX cblr-1764 921 134 reduce reduce VERB cblr-1764 921 135 , , PUNCT cblr-1764 921 136 not not PART cblr-1764 921 137 enhance enhance VERB cblr-1764 921 138 , , PUNCT cblr-1764 921 139 competition.296 competition.296 VERB cblr-1764 921 140 in in ADP cblr-1764 921 141 addition addition NOUN cblr-1764 921 142 , , PUNCT cblr-1764 921 143 there there PRON cblr-1764 921 144 does do AUX cblr-1764 921 145 not not PART cblr-1764 921 146 appear appear VERB cblr-1764 921 147 to to PART cblr-1764 921 148 be be AUX cblr-1764 921 149 a a DET cblr-1764 921 150 significant significant ADJ cblr-1764 921 151 decrease decrease NOUN cblr-1764 921 152 in in ADP cblr-1764 921 153 definitional definitional ADJ cblr-1764 921 154 indeterminacy indeterminacy NOUN cblr-1764 921 155 under under ADP cblr-1764 921 156 the the DET cblr-1764 921 157 new new ADJ cblr-1764 921 158 rule rule NOUN cblr-1764 921 159 , , PUNCT cblr-1764 921 160 which which PRON cblr-1764 921 161 will will AUX cblr-1764 921 162 cover cover VERB cblr-1764 921 163 policies policy NOUN cblr-1764 921 164 based base VERB cblr-1764 921 165 on on ADP cblr-1764 921 166 a a DET cblr-1764 921 167 speculative speculative ADJ cblr-1764 921 168 assessment assessment NOUN cblr-1764 921 169 of of ADP cblr-1764 921 170 the the DET cblr-1764 921 171 proportion proportion NOUN cblr-1764 921 172 of of ADP cblr-1764 921 173 future future ADJ cblr-1764 921 174 market market NOUN cblr-1764 921 175 returns return NOUN cblr-1764 921 176 that that PRON cblr-1764 921 177 are be AUX cblr-1764 921 178 “ " PUNCT cblr-1764 921 179 more more ADV cblr-1764 921 180 likely likely ADJ cblr-1764 921 181 than than ADP cblr-1764 921 182 not not PART cblr-1764 921 183 ” " PUNCT cblr-1764 921 184 to to PART cblr-1764 921 185 exceed exceed VERB cblr-1764 921 186 guaranteed guarantee VERB cblr-1764 921 187 minimums.297 minimums.297 NOUN cblr-1764 921 188 finally finally ADV cblr-1764 921 189 , , PUNCT cblr-1764 921 190 some some PRON cblr-1764 921 191 argue argue VERB cblr-1764 921 192 that that SCONJ cblr-1764 921 193 the the DET cblr-1764 921 194 sec sec PROPN cblr-1764 921 195 ’s ’s PART cblr-1764 921 196 everexpanding everexpanding NOUN cblr-1764 921 197 reach reach VERB cblr-1764 921 198 into into ADP cblr-1764 921 199 annuities annuity NOUN cblr-1764 921 200 markets market NOUN cblr-1764 921 201 is be AUX cblr-1764 921 202 leaving leave VERB cblr-1764 921 203 the the DET cblr-1764 921 204 agency agency NOUN cblr-1764 921 205 overburdened overburden VERB cblr-1764 921 206 and and CCONJ cblr-1764 921 207 extending extend VERB cblr-1764 921 208 its its PRON cblr-1764 921 209 jurisdiction jurisdiction NOUN cblr-1764 921 210 past past ADP cblr-1764 921 211 the the DET cblr-1764 921 212 limits limit NOUN cblr-1764 921 213 of of ADP cblr-1764 921 214 its its PRON cblr-1764 921 215 core core NOUN cblr-1764 921 216 competency competency NOUN cblr-1764 921 217 and and CCONJ cblr-1764 921 218 expertise.298 expertise.298 PROPN cblr-1764 921 219 thus thus ADV cblr-1764 921 220 , , PUNCT cblr-1764 921 221 the the DET cblr-1764 921 222 292 292 NUM cblr-1764 921 223 see see VERB cblr-1764 921 224 sec sec PROPN cblr-1764 921 225 proposed propose VERB cblr-1764 921 226 rule rule NOUN cblr-1764 921 227 , , PUNCT cblr-1764 921 228 supra supra PROPN cblr-1764 921 229 note note NOUN cblr-1764 921 230 289 289 NUM cblr-1764 921 231 , , PUNCT cblr-1764 921 232 at at ADP cblr-1764 921 233 37,768–69 37,768–69 NUM cblr-1764 921 234 . . NOUN cblr-1764 921 235 293 293 NUM cblr-1764 921 236 see see VERB cblr-1764 921 237 scalia scalia PROPN cblr-1764 921 238 & & CCONJ cblr-1764 921 239 davis davis PROPN cblr-1764 921 240 , , PUNCT cblr-1764 921 241 supra supra PROPN cblr-1764 921 242 note note PROPN cblr-1764 921 243 282 282 NUM cblr-1764 921 244 ; ; PUNCT cblr-1764 921 245 van van PROPN cblr-1764 921 246 heuvelen heuvelen NOUN cblr-1764 921 247 , , PUNCT cblr-1764 921 248 supra supra PROPN cblr-1764 921 249 note note NOUN cblr-1764 921 250 280 280 NUM cblr-1764 921 251 , , PUNCT cblr-1764 921 252 at at ADP cblr-1764 921 253 683–87 683–87 NUM cblr-1764 921 254 . . PUNCT cblr-1764 922 1 294 294 NUM cblr-1764 922 2 see see VERB cblr-1764 922 3 van van PROPN cblr-1764 922 4 heuvelen heuvelen PROPN cblr-1764 922 5 , , PUNCT cblr-1764 922 6 supra supra PROPN cblr-1764 922 7 note note NOUN cblr-1764 922 8 280 280 NUM cblr-1764 922 9 , , PUNCT cblr-1764 922 10 at at ADP cblr-1764 922 11 683–87 683–87 NUM cblr-1764 922 12 . . PUNCT cblr-1764 923 1 295 295 NUM cblr-1764 923 2 see see VERB cblr-1764 923 3 indexed index VERB cblr-1764 923 4 annuities annuity NOUN cblr-1764 923 5 and and CCONJ cblr-1764 923 6 certain certain ADJ cblr-1764 923 7 other other ADJ cblr-1764 923 8 insurance insurance NOUN cblr-1764 923 9 contracts contract NOUN cblr-1764 923 10 , , PUNCT cblr-1764 923 11 74 74 NUM cblr-1764 923 12 fed feed VERB cblr-1764 923 13 . . PUNCT cblr-1764 924 1 reg reg PROPN cblr-1764 924 2 . . PUNCT cblr-1764 925 1 3138 3138 NUM cblr-1764 925 2 , , PUNCT cblr-1764 925 3 3168 3168 NUM cblr-1764 925 4 ( ( PUNCT cblr-1764 925 5 jan jan PROPN cblr-1764 925 6 . . PROPN cblr-1764 925 7 16 16 NUM cblr-1764 925 8 , , PUNCT cblr-1764 925 9 2009 2009 NUM cblr-1764 925 10 ) ) PUNCT cblr-1764 925 11 ( ( PUNCT cblr-1764 925 12 to to PART cblr-1764 925 13 be be AUX cblr-1764 925 14 codified codify VERB cblr-1764 925 15 at at ADP cblr-1764 925 16 17 17 NUM cblr-1764 925 17 c.f.r c.f.r NOUN cblr-1764 925 18 . . PUNCT cblr-1764 926 1 pts pts PROPN cblr-1764 926 2 . . PROPN cblr-1764 926 3 230 230 NUM cblr-1764 926 4 , , PUNCT cblr-1764 926 5 240 240 NUM cblr-1764 926 6 ) ) PUNCT cblr-1764 926 7 ( ( PUNCT cblr-1764 926 8 citing cite VERB cblr-1764 926 9 an an DET cblr-1764 926 10 estimate estimate NOUN cblr-1764 926 11 that that SCONJ cblr-1764 926 12 compliance compliance NOUN cblr-1764 926 13 may may AUX cblr-1764 926 14 cost cost VERB cblr-1764 926 15 insurers insurer NOUN cblr-1764 926 16 up up ADP cblr-1764 926 17 to to PART cblr-1764 926 18 $ $ SYM cblr-1764 926 19 800 800 NUM cblr-1764 926 20 million million NUM cblr-1764 926 21 ) ) PUNCT cblr-1764 926 22 . . PUNCT cblr-1764 927 1 296 296 NUM cblr-1764 927 2 see see VERB cblr-1764 927 3 van van PROPN cblr-1764 927 4 heuvelen heuvelen NOUN cblr-1764 927 5 , , PUNCT cblr-1764 927 6 supra supra PROPN cblr-1764 927 7 note note NOUN cblr-1764 927 8 280 280 NUM cblr-1764 927 9 , , PUNCT cblr-1764 927 10 at at ADP cblr-1764 927 11 687–88 687–88 NUM cblr-1764 927 12 . . PUNCT cblr-1764 928 1 297 297 NUM cblr-1764 928 2 see see VERB cblr-1764 928 3 supra supra PROPN cblr-1764 928 4 note note NOUN cblr-1764 928 5 289 289 NUM cblr-1764 928 6 and and CCONJ cblr-1764 928 7 accompanying accompany VERB cblr-1764 928 8 text text NOUN cblr-1764 928 9 ( ( PUNCT cblr-1764 928 10 quoting quote VERB cblr-1764 928 11 the the DET cblr-1764 928 12 text text NOUN cblr-1764 928 13 of of ADP cblr-1764 928 14 rule rule NOUN cblr-1764 928 15 151a 151a NOUN cblr-1764 928 16 ) ) PUNCT cblr-1764 928 17 . . PUNCT cblr-1764 929 1 298 298 NUM cblr-1764 929 2 see see VERB cblr-1764 929 3 cohen cohen PROPN cblr-1764 929 4 , , PUNCT cblr-1764 929 5 supra supra PROPN cblr-1764 929 6 note note PROPN cblr-1764 929 7 281 281 NUM cblr-1764 929 8 , , PUNCT cblr-1764 929 9 at at ADP cblr-1764 929 10 4 4 NUM cblr-1764 929 11 ( ( PUNCT cblr-1764 929 12 hypothesizing hypothesize VERB cblr-1764 929 13 with with ADP cblr-1764 929 14 regard regard NOUN cblr-1764 929 15 to to ADP cblr-1764 929 16 annuities annuity NOUN cblr-1764 929 17 that that SCONJ cblr-1764 929 18 the the DET cblr-1764 929 19 sec sec PROPN cblr-1764 929 20 has have AUX cblr-1764 929 21 “ " PUNCT cblr-1764 929 22 bit bite VERB cblr-1764 929 23 off off ADP cblr-1764 929 24 more more ADJ cblr-1764 929 25 than than SCONJ cblr-1764 929 26 it it PRON cblr-1764 929 27 could could AUX cblr-1764 929 28 chew chew VERB cblr-1764 929 29 ” " PUNCT cblr-1764 929 30 ) ) PUNCT cblr-1764 929 31 . . PUNCT cblr-1764 930 1 turk turk PROPN cblr-1764 930 2 – – PUNCT cblr-1764 930 3 final final ADJ cblr-1764 930 4 1046 1046 NUM cblr-1764 930 5 columbia columbia PROPN cblr-1764 930 6 business business NOUN cblr-1764 930 7 law law PROPN cblr-1764 930 8 review review NOUN cblr-1764 930 9 [ [ X cblr-1764 930 10 vol vol NOUN cblr-1764 930 11 . . NOUN cblr-1764 930 12 2015 2015 NUM cblr-1764 930 13 previous previous ADJ cblr-1764 930 14 definitional definitional ADJ cblr-1764 930 15 boundary boundary NOUN cblr-1764 930 16 drawn draw VERB cblr-1764 930 17 between between ADP cblr-1764 930 18 fixed fix VERB cblr-1764 930 19 - - PUNCT cblr-1764 930 20 indexed index VERB cblr-1764 930 21 and and CCONJ cblr-1764 930 22 variable variable ADJ cblr-1764 930 23 annuities annuity NOUN cblr-1764 930 24 sold sell VERB cblr-1764 930 25 by by ADP cblr-1764 930 26 life life NOUN cblr-1764 930 27 insurers insurer NOUN cblr-1764 930 28 illustrates illustrate VERB cblr-1764 930 29 the the DET cblr-1764 930 30 subtle subtle ADJ cblr-1764 930 31 advantages advantage NOUN cblr-1764 930 32 of of ADP cblr-1764 930 33 retaining retain VERB cblr-1764 930 34 some some DET cblr-1764 930 35 degree degree NOUN cblr-1764 930 36 of of ADP cblr-1764 930 37 formal formal ADJ cblr-1764 930 38 regulatory regulatory ADJ cblr-1764 930 39 definitions definition NOUN cblr-1764 930 40 , , PUNCT cblr-1764 930 41 even even ADV cblr-1764 930 42 in in ADP cblr-1764 930 43 the the DET cblr-1764 930 44 face face NOUN cblr-1764 930 45 of of ADP cblr-1764 930 46 clear clear ADJ cblr-1764 930 47 functional functional ADJ cblr-1764 930 48 convergence convergence NOUN cblr-1764 930 49 . . PUNCT cblr-1764 931 1 b. b. NOUN cblr-1764 931 2 credit credit NOUN cblr-1764 931 3 default default NOUN cblr-1764 931 4 swaps swap NOUN cblr-1764 931 5 at at ADP cblr-1764 931 6 first first ADJ cblr-1764 931 7 glance glance NOUN cblr-1764 931 8 , , PUNCT cblr-1764 931 9 cds cd NOUN cblr-1764 931 10 appear appear VERB cblr-1764 931 11 to to PART cblr-1764 931 12 be be AUX cblr-1764 931 13 functionally functionally ADV cblr-1764 931 14 equivalent equivalent ADJ cblr-1764 931 15 to to ADP cblr-1764 931 16 policies policy NOUN cblr-1764 931 17 known know VERB cblr-1764 931 18 as as ADP cblr-1764 931 19 bond bond NOUN cblr-1764 931 20 insurance insurance NOUN cblr-1764 931 21 , , PUNCT cblr-1764 931 22 and and CCONJ cblr-1764 931 23 both both DET cblr-1764 931 24 products product NOUN cblr-1764 931 25 were be AUX cblr-1764 931 26 commonly commonly ADV cblr-1764 931 27 sold sell VERB cblr-1764 931 28 by by ADP cblr-1764 931 29 monoline monoline NOUN cblr-1764 931 30 insurers insurer NOUN cblr-1764 931 31 specializing specialize VERB cblr-1764 931 32 in in ADP cblr-1764 931 33 financial financial ADJ cblr-1764 931 34 guarantees.299 guarantees.299 VERB cblr-1764 931 35 with with ADP cblr-1764 931 36 bond bond NOUN cblr-1764 931 37 insurance insurance NOUN cblr-1764 931 38 , , PUNCT cblr-1764 931 39 an an DET cblr-1764 931 40 insurer insurer NOUN cblr-1764 931 41 commits commit VERB cblr-1764 931 42 to to PART cblr-1764 931 43 cover cover VERB cblr-1764 931 44 the the DET cblr-1764 931 45 loss loss NOUN cblr-1764 931 46 incurred incur VERB cblr-1764 931 47 by by ADP cblr-1764 931 48 the the DET cblr-1764 931 49 insured insure VERB cblr-1764 931 50 bondholder bondholder NOUN cblr-1764 931 51 in in ADP cblr-1764 931 52 the the DET cblr-1764 931 53 event event NOUN cblr-1764 931 54 the the DET cblr-1764 931 55 bond bond NOUN cblr-1764 931 56 defaults default NOUN cblr-1764 931 57 , , PUNCT cblr-1764 931 58 in in ADP cblr-1764 931 59 exchange exchange NOUN cblr-1764 931 60 for for ADP cblr-1764 931 61 a a DET cblr-1764 931 62 stream stream NOUN cblr-1764 931 63 of of ADP cblr-1764 931 64 premiums premium NOUN cblr-1764 931 65 from from ADP cblr-1764 931 66 the the DET cblr-1764 931 67 insured.300 insured.300 PROPN cblr-1764 931 68 in in ADP cblr-1764 931 69 a a DET cblr-1764 931 70 cds cd NOUN cblr-1764 931 71 contract contract NOUN cblr-1764 931 72 , , PUNCT cblr-1764 931 73 a a DET cblr-1764 931 74 cdsseller cdsseller NOUN cblr-1764 931 75 provides provide VERB cblr-1764 931 76 protection protection NOUN cblr-1764 931 77 to to ADP cblr-1764 931 78 a a DET cblr-1764 931 79 cds cd NOUN cblr-1764 931 80 - - PUNCT cblr-1764 931 81 buyer buyer NOUN cblr-1764 931 82 in in ADP cblr-1764 931 83 the the DET cblr-1764 931 84 form form NOUN cblr-1764 931 85 of of ADP cblr-1764 931 86 a a DET cblr-1764 931 87 one one NUM cblr-1764 931 88 - - PUNCT cblr-1764 931 89 time time NOUN cblr-1764 931 90 payout payout NOUN cblr-1764 931 91 upon upon SCONJ cblr-1764 931 92 the the DET cblr-1764 931 93 occurrence occurrence NOUN cblr-1764 931 94 of of ADP cblr-1764 931 95 a a DET cblr-1764 931 96 negative negative ADJ cblr-1764 931 97 “ " PUNCT cblr-1764 931 98 credit credit NOUN cblr-1764 931 99 event event NOUN cblr-1764 931 100 ” " PUNCT cblr-1764 931 101 affecting affect VERB cblr-1764 931 102 a a DET cblr-1764 931 103 reference reference NOUN cblr-1764 931 104 security.301 security.301 NOUN cblr-1764 931 105 in in ADP cblr-1764 931 106 exchange exchange NOUN cblr-1764 931 107 , , PUNCT cblr-1764 931 108 the the DET cblr-1764 931 109 buyer buyer NOUN cblr-1764 931 110 provides provide VERB cblr-1764 931 111 a a DET cblr-1764 931 112 stream stream NOUN cblr-1764 931 113 of of ADP cblr-1764 931 114 payments payment NOUN cblr-1764 931 115 to to ADP cblr-1764 931 116 the the DET cblr-1764 931 117 seller.302 seller.302 NOUN cblr-1764 931 118 thus thus ADV cblr-1764 931 119 , , PUNCT cblr-1764 931 120 cds cd NOUN cblr-1764 931 121 share share VERB cblr-1764 931 122 a a DET cblr-1764 931 123 basic basic ADJ cblr-1764 931 124 economic economic ADJ cblr-1764 931 125 logic logic NOUN cblr-1764 931 126 with with ADP cblr-1764 931 127 other other ADJ cblr-1764 931 128 financial financial ADJ cblr-1764 931 129 guarantee guarantee NOUN cblr-1764 931 130 “ " PUNCT cblr-1764 931 131 insurance insurance NOUN cblr-1764 931 132 policies policy NOUN cblr-1764 931 133 ” " PUNCT cblr-1764 931 134 : : PUNCT cblr-1764 931 135 both both DET cblr-1764 931 136 instruments instrument NOUN cblr-1764 931 137 essentially essentially ADV cblr-1764 931 138 function function VERB cblr-1764 931 139 as as ADP cblr-1764 931 140 out out ADV cblr-1764 931 141 - - PUNCT cblr-1764 931 142 of of ADP cblr-1764 931 143 - - PUNCT cblr-1764 931 144 the the DET cblr-1764 931 145 - - PUNCT cblr-1764 931 146 money money NOUN cblr-1764 931 147 put put VERB cblr-1764 931 148 options option NOUN cblr-1764 931 149 on on ADP cblr-1764 931 150 the the DET cblr-1764 931 151 value value NOUN cblr-1764 931 152 of of ADP cblr-1764 931 153 an an DET cblr-1764 931 154 underlying underlying ADJ cblr-1764 931 155 asset asset NOUN cblr-1764 931 156 , , PUNCT cblr-1764 931 157 in in ADP cblr-1764 931 158 which which PRON cblr-1764 931 159 the the DET cblr-1764 931 160 seller seller NOUN cblr-1764 931 161 agrees agree VERB cblr-1764 931 162 to to PART cblr-1764 931 163 bear bear VERB cblr-1764 931 164 the the DET cblr-1764 931 165 potential potential ADJ cblr-1764 931 166 downside downside NOUN cblr-1764 931 167 in in ADP cblr-1764 931 168 the the DET cblr-1764 931 169 asset asset NOUN cblr-1764 931 170 ’s ’s PART cblr-1764 931 171 value value NOUN cblr-1764 931 172 in in ADP cblr-1764 931 173 exchange exchange NOUN cblr-1764 931 174 for for ADP cblr-1764 931 175 a a DET cblr-1764 931 176 stream stream NOUN cblr-1764 931 177 of of ADP cblr-1764 931 178 premium premium NOUN cblr-1764 931 179 payments payment NOUN cblr-1764 931 180 from from ADP cblr-1764 931 181 the the DET cblr-1764 931 182 buyer.303 buyer.303 NOUN cblr-1764 931 183 in in ADP cblr-1764 931 184 addition addition NOUN cblr-1764 931 185 , , PUNCT cblr-1764 931 186 299 299 NUM cblr-1764 931 187 see see VERB cblr-1764 931 188 robert robert PROPN cblr-1764 931 189 schwartz schwartz PROPN cblr-1764 931 190 , , PUNCT cblr-1764 931 191 risk risk NOUN cblr-1764 931 192 distribution distribution NOUN cblr-1764 931 193 in in ADP cblr-1764 931 194 the the DET cblr-1764 931 195 capital capital NOUN cblr-1764 931 196 markets market NOUN cblr-1764 931 197 : : PUNCT cblr-1764 931 198 credit credit NOUN cblr-1764 931 199 default default NOUN cblr-1764 931 200 swaps swap NOUN cblr-1764 931 201 , , PUNCT cblr-1764 931 202 insurance insurance NOUN cblr-1764 931 203 and and CCONJ cblr-1764 931 204 a a DET cblr-1764 931 205 theory theory NOUN cblr-1764 931 206 of of ADP cblr-1764 931 207 demarcation demarcation NOUN cblr-1764 931 208 , , PUNCT cblr-1764 931 209 12 12 NUM cblr-1764 931 210 fordham fordham PROPN cblr-1764 931 211 j. j. PROPN cblr-1764 931 212 corp corp PROPN cblr-1764 931 213 . . PROPN cblr-1764 931 214 & & CCONJ cblr-1764 931 215 fin fin PROPN cblr-1764 931 216 . . PUNCT cblr-1764 932 1 l. l. PROPN cblr-1764 932 2 167 167 NUM cblr-1764 932 3 , , PUNCT cblr-1764 932 4 181 181 NUM cblr-1764 932 5 ( ( PUNCT cblr-1764 932 6 2007 2007 NUM cblr-1764 932 7 ) ) PUNCT cblr-1764 932 8 ; ; PUNCT cblr-1764 932 9 david david PROPN cblr-1764 932 10 z. z. PROPN cblr-1764 932 11 nirenberg nirenberg PROPN cblr-1764 932 12 & & CCONJ cblr-1764 932 13 richard richard PROPN cblr-1764 932 14 j. j. PROPN cblr-1764 932 15 hoffman hoffman PROPN cblr-1764 932 16 , , PUNCT cblr-1764 932 17 are be AUX cblr-1764 932 18 credit credit NOUN cblr-1764 932 19 default default NOUN cblr-1764 932 20 swaps swap NOUN cblr-1764 932 21 insurance insurance NOUN cblr-1764 932 22 ? ? PUNCT cblr-1764 932 23 , , PUNCT cblr-1764 932 24 3 3 NUM cblr-1764 932 25 derivatives derivative NOUN cblr-1764 932 26 rep rep NOUN cblr-1764 932 27 . . PROPN cblr-1764 932 28 7 7 NUM cblr-1764 932 29 ( ( PUNCT cblr-1764 932 30 2001 2001 NUM cblr-1764 932 31 ) ) PUNCT cblr-1764 932 32 . . PUNCT cblr-1764 933 1 300 300 NUM cblr-1764 933 2 see see VERB cblr-1764 933 3 schich schich NOUN cblr-1764 933 4 , , PUNCT cblr-1764 933 5 supra supra PROPN cblr-1764 933 6 note note PROPN cblr-1764 933 7 61 61 NUM cblr-1764 933 8 , , PUNCT cblr-1764 933 9 at at ADP cblr-1764 933 10 82 82 NUM cblr-1764 933 11 . . PUNCT cblr-1764 934 1 301 301 NUM cblr-1764 934 2 see see VERB cblr-1764 934 3 arvind arvind PROPN cblr-1764 934 4 rajan rajan PROPN cblr-1764 934 5 , , PUNCT cblr-1764 934 6 a a DET cblr-1764 934 7 primer primer NOUN cblr-1764 934 8 on on ADP cblr-1764 934 9 credit credit NOUN cblr-1764 934 10 default default NOUN cblr-1764 934 11 swaps swap NOUN cblr-1764 934 12 , , PUNCT cblr-1764 934 13 in in ADP cblr-1764 934 14 the the DET cblr-1764 934 15 structured structured ADJ cblr-1764 934 16 credit credit NOUN cblr-1764 934 17 handbook handbook NOUN cblr-1764 934 18 17 17 NUM cblr-1764 934 19 ( ( PUNCT cblr-1764 934 20 arvind arvind PROPN cblr-1764 934 21 rajan rajan PROPN cblr-1764 934 22 et et PROPN cblr-1764 934 23 al al PROPN cblr-1764 934 24 . . PUNCT cblr-1764 934 25 eds eds PROPN cblr-1764 934 26 . . PROPN cblr-1764 934 27 , , PUNCT cblr-1764 934 28 2007 2007 NUM cblr-1764 934 29 ) ) PUNCT cblr-1764 934 30 . . PUNCT cblr-1764 935 1 302 302 NUM cblr-1764 935 2 the the DET cblr-1764 935 3 amount amount NOUN cblr-1764 935 4 of of ADP cblr-1764 935 5 protection protection NOUN cblr-1764 935 6 is be AUX cblr-1764 935 7 typically typically ADV cblr-1764 935 8 measured measure VERB cblr-1764 935 9 by by ADP cblr-1764 935 10 the the DET cblr-1764 935 11 full full ADJ cblr-1764 935 12 market market NOUN cblr-1764 935 13 value value NOUN cblr-1764 935 14 of of ADP cblr-1764 935 15 the the DET cblr-1764 935 16 reference reference NOUN cblr-1764 935 17 security security NOUN cblr-1764 935 18 , , PUNCT cblr-1764 935 19 referred refer VERB cblr-1764 935 20 to to ADP cblr-1764 935 21 as as ADP cblr-1764 935 22 the the DET cblr-1764 935 23 “ " PUNCT cblr-1764 935 24 notional notional ADJ cblr-1764 935 25 amount amount NOUN cblr-1764 935 26 ” " PUNCT cblr-1764 935 27 of of ADP cblr-1764 935 28 the the DET cblr-1764 935 29 cds cds PROPN cblr-1764 935 30 contract contract NOUN cblr-1764 935 31 . . PUNCT cblr-1764 936 1 see see VERB cblr-1764 936 2 i i PRON cblr-1764 936 3 d. d. PROPN cblr-1764 936 4 , , PUNCT cblr-1764 936 5 at at ADP cblr-1764 936 6 23 23 NUM cblr-1764 936 7 . . PUNCT cblr-1764 937 1 the the DET cblr-1764 937 2 stream stream NOUN cblr-1764 937 3 of of ADP cblr-1764 937 4 payments payment NOUN cblr-1764 937 5 owed owe VERB cblr-1764 937 6 by by ADP cblr-1764 937 7 the the DET cblr-1764 937 8 buyer buyer NOUN cblr-1764 937 9 is be AUX cblr-1764 937 10 often often ADV cblr-1764 937 11 referred refer VERB cblr-1764 937 12 to to ADP cblr-1764 937 13 as as SCONJ cblr-1764 937 14 the the DET cblr-1764 937 15 cds cd NOUN cblr-1764 937 16 “ " PUNCT cblr-1764 937 17 spread spread VERB cblr-1764 937 18 ” " PUNCT cblr-1764 937 19 and and CCONJ cblr-1764 937 20 is be AUX cblr-1764 937 21 expressed express VERB cblr-1764 937 22 in in ADP cblr-1764 937 23 basis basis NOUN cblr-1764 937 24 points point NOUN cblr-1764 937 25 on on ADP cblr-1764 937 26 the the DET cblr-1764 937 27 notional notional ADJ cblr-1764 937 28 amount amount NOUN cblr-1764 937 29 of of ADP cblr-1764 937 30 the the DET cblr-1764 937 31 cds cd NOUN cblr-1764 937 32 , , PUNCT cblr-1764 937 33 to to PART cblr-1764 937 34 be be AUX cblr-1764 937 35 paid pay VERB cblr-1764 937 36 quarterly quarterly ADJ cblr-1764 937 37 or or CCONJ cblr-1764 937 38 semi semi ADV cblr-1764 937 39 - - ADJ cblr-1764 937 40 annually annually ADV cblr-1764 937 41 for for ADP cblr-1764 937 42 the the DET cblr-1764 937 43 term term NOUN cblr-1764 937 44 of of ADP cblr-1764 937 45 the the DET cblr-1764 937 46 cds cd NOUN cblr-1764 937 47 . . PUNCT cblr-1764 938 1 i i PRON cblr-1764 938 2 d. d. PROPN cblr-1764 938 3 at at ADP cblr-1764 938 4 3 3 NUM cblr-1764 938 5 , , PUNCT cblr-1764 938 6 23 23 NUM cblr-1764 938 7 . . X cblr-1764 939 1 303 303 NUM cblr-1764 939 2 see see VERB cblr-1764 939 3 acharya acharya PROPN cblr-1764 939 4 et et PROPN cblr-1764 939 5 al al PROPN cblr-1764 939 6 . . PROPN cblr-1764 939 7 , , PUNCT cblr-1764 939 8 supra supra PROPN cblr-1764 939 9 note note PROPN cblr-1764 939 10 5 5 NUM cblr-1764 939 11 , , PUNCT cblr-1764 939 12 at at ADP cblr-1764 939 13 257 257 NUM cblr-1764 939 14 . . PUNCT cblr-1764 940 1 turk turk PROPN cblr-1764 940 2 – – PUNCT cblr-1764 940 3 final final ADJ cblr-1764 940 4 no no NOUN cblr-1764 940 5 . . PUNCT cblr-1764 941 1 3:967 3:967 NUM cblr-1764 941 2 ] ] PUNCT cblr-1764 941 3 insurance insurance NOUN cblr-1764 941 4 convergence convergence NOUN cblr-1764 941 5 1047 1047 NUM cblr-1764 941 6 both both CCONJ cblr-1764 941 7 cds cd NOUN cblr-1764 941 8 and and CCONJ cblr-1764 941 9 bond bond NOUN cblr-1764 941 10 insurance insurance NOUN cblr-1764 941 11 were be AUX cblr-1764 941 12 often often ADV cblr-1764 941 13 used use VERB cblr-1764 941 14 interchangeably interchangeably ADV cblr-1764 941 15 by by ADP cblr-1764 941 16 issuers issuer NOUN cblr-1764 941 17 of of ADP cblr-1764 941 18 rmbs rmb NOUN cblr-1764 941 19 and and CCONJ cblr-1764 941 20 cdos cdo NOUN cblr-1764 941 21 as as ADP cblr-1764 941 22 “ " PUNCT cblr-1764 941 23 credit credit NOUN cblr-1764 941 24 enhancements enhancement NOUN cblr-1764 941 25 ” " PUNCT cblr-1764 941 26 that that PRON cblr-1764 941 27 would would AUX cblr-1764 941 28 provide provide VERB cblr-1764 941 29 an an DET cblr-1764 941 30 aaa aaa NOUN cblr-1764 941 31 or or CCONJ cblr-1764 941 32 otherwise otherwise ADV cblr-1764 941 33 improved improve VERB cblr-1764 941 34 rating rating NOUN cblr-1764 941 35 for for ADP cblr-1764 941 36 the the DET cblr-1764 941 37 securities security NOUN cblr-1764 941 38 that that PRON cblr-1764 941 39 they they PRON cblr-1764 941 40 sold sell VERB cblr-1764 941 41 to to ADP cblr-1764 941 42 investors.304 investors.304 PROPN cblr-1764 941 43 despite despite SCONJ cblr-1764 941 44 these these DET cblr-1764 941 45 similarities similarity NOUN cblr-1764 941 46 , , PUNCT cblr-1764 941 47 cds cd NOUN cblr-1764 941 48 differ differ VERB cblr-1764 941 49 from from ADP cblr-1764 941 50 bond bond NOUN cblr-1764 941 51 insurance insurance NOUN cblr-1764 941 52 in in ADP cblr-1764 941 53 a a DET cblr-1764 941 54 number number NOUN cblr-1764 941 55 of of ADP cblr-1764 941 56 ways way NOUN cblr-1764 941 57 . . PUNCT cblr-1764 942 1 first first ADV cblr-1764 942 2 , , PUNCT cblr-1764 942 3 consistent consistent ADJ cblr-1764 942 4 with with ADP cblr-1764 942 5 the the DET cblr-1764 942 6 insurance insurance NOUN cblr-1764 942 7 principle principle NOUN cblr-1764 942 8 of of ADP cblr-1764 942 9 indemnification indemnification NOUN cblr-1764 942 10 , , PUNCT cblr-1764 942 11 bond bond NOUN cblr-1764 942 12 insurance insurance NOUN cblr-1764 942 13 requires require VERB cblr-1764 942 14 that that SCONJ cblr-1764 942 15 the the DET cblr-1764 942 16 insured insured ADJ cblr-1764 942 17 security security NOUN cblr-1764 942 18 experience experience NOUN cblr-1764 942 19 an an DET cblr-1764 942 20 actual actual ADJ cblr-1764 942 21 default default NOUN cblr-1764 942 22 and and CCONJ cblr-1764 942 23 provides provide VERB cblr-1764 942 24 the the DET cblr-1764 942 25 insured insure VERB cblr-1764 942 26 with with ADP cblr-1764 942 27 coverage coverage NOUN cblr-1764 942 28 equal equal ADJ cblr-1764 942 29 to to ADP cblr-1764 942 30 the the DET cblr-1764 942 31 loss loss NOUN cblr-1764 942 32 experienced experience VERB cblr-1764 942 33 due due ADP cblr-1764 942 34 to to ADP cblr-1764 942 35 non non NOUN cblr-1764 942 36 - - NOUN cblr-1764 942 37 performance performance NOUN cblr-1764 942 38 . . PUNCT cblr-1764 943 1 in in ADP cblr-1764 943 2 contrast contrast NOUN cblr-1764 943 3 , , PUNCT cblr-1764 943 4 cds cd NOUN cblr-1764 943 5 contracts contract NOUN cblr-1764 943 6 often often ADV cblr-1764 943 7 define define VERB cblr-1764 943 8 protection protection NOUN cblr-1764 943 9 - - PUNCT cblr-1764 943 10 triggering trigger VERB cblr-1764 943 11 “ " PUNCT cblr-1764 943 12 credit credit NOUN cblr-1764 943 13 events event NOUN cblr-1764 943 14 ” " PUNCT cblr-1764 943 15 affecting affect VERB cblr-1764 943 16 a a DET cblr-1764 943 17 reference reference NOUN cblr-1764 943 18 security security NOUN cblr-1764 943 19 more more ADV cblr-1764 943 20 broadly broadly ADV cblr-1764 943 21 to to PART cblr-1764 943 22 include include VERB cblr-1764 943 23 adverse adverse ADJ cblr-1764 943 24 developments development NOUN cblr-1764 943 25 , , PUNCT cblr-1764 943 26 such such ADJ cblr-1764 943 27 as as ADP cblr-1764 943 28 a a DET cblr-1764 943 29 ratings rating NOUN cblr-1764 943 30 downgrade downgrade NOUN cblr-1764 943 31 , , PUNCT cblr-1764 943 32 that that PRON cblr-1764 943 33 do do AUX cblr-1764 943 34 not not PART cblr-1764 943 35 cause cause VERB cblr-1764 943 36 the the DET cblr-1764 943 37 holder holder NOUN cblr-1764 943 38 of of ADP cblr-1764 943 39 the the DET cblr-1764 943 40 reference reference NOUN cblr-1764 943 41 security security NOUN cblr-1764 943 42 to to PART cblr-1764 943 43 suffer suffer VERB cblr-1764 943 44 an an DET cblr-1764 943 45 actual actual ADJ cblr-1764 943 46 loss.305 loss.305 NOUN cblr-1764 943 47 the the DET cblr-1764 943 48 two two NUM cblr-1764 943 49 instruments instrument NOUN cblr-1764 943 50 also also ADV cblr-1764 943 51 differ differ VERB cblr-1764 943 52 in in ADP cblr-1764 943 53 that that PRON cblr-1764 943 54 , , PUNCT cblr-1764 943 55 unlike unlike ADP cblr-1764 943 56 bond bond NOUN cblr-1764 943 57 insurance insurance NOUN cblr-1764 943 58 , , PUNCT cblr-1764 943 59 cds cd NOUN cblr-1764 943 60 contracts contract NOUN cblr-1764 943 61 often often ADV cblr-1764 943 62 allow allow VERB cblr-1764 943 63 for for ADP cblr-1764 943 64 “ " PUNCT cblr-1764 943 65 physical physical ADJ cblr-1764 943 66 ” " PUNCT cblr-1764 943 67 rather rather ADV cblr-1764 943 68 than than ADP cblr-1764 943 69 cash cash NOUN cblr-1764 943 70 settlement settlement NOUN cblr-1764 943 71 if if SCONJ cblr-1764 943 72 protection protection NOUN cblr-1764 943 73 is be AUX cblr-1764 943 74 triggered trigger VERB cblr-1764 943 75 by by ADP cblr-1764 943 76 a a DET cblr-1764 943 77 credit credit NOUN cblr-1764 943 78 event.306 event.306 NOUN cblr-1764 943 79 the the DET cblr-1764 943 80 final final ADJ cblr-1764 943 81 and and CCONJ cblr-1764 943 82 most most ADV cblr-1764 943 83 significant significant ADJ cblr-1764 943 84 distinction distinction NOUN cblr-1764 943 85 between between ADP cblr-1764 943 86 the the DET cblr-1764 943 87 two two NUM cblr-1764 943 88 instruments instrument NOUN cblr-1764 943 89 is be AUX cblr-1764 943 90 that that SCONJ cblr-1764 943 91 cds cd NOUN cblr-1764 943 92 may may AUX cblr-1764 943 93 run run VERB cblr-1764 943 94 afoul afoul ADV cblr-1764 943 95 of of ADP cblr-1764 943 96 the the DET cblr-1764 943 97 “ " PUNCT cblr-1764 943 98 insurable insurable ADJ cblr-1764 943 99 interest interest NOUN cblr-1764 943 100 ” " PUNCT cblr-1764 943 101 doctrine doctrine NOUN cblr-1764 943 102 , , PUNCT cblr-1764 943 103 because because SCONJ cblr-1764 943 104 a a DET cblr-1764 943 105 protection protection NOUN cblr-1764 943 106 - - PUNCT cblr-1764 943 107 buyer buyer NOUN cblr-1764 943 108 does do AUX cblr-1764 943 109 not not PART cblr-1764 943 110 need need VERB cblr-1764 943 111 to to PART cblr-1764 943 112 actually actually ADV cblr-1764 943 113 own own VERB cblr-1764 943 114 the the DET cblr-1764 943 115 reference reference NOUN cblr-1764 943 116 security security NOUN cblr-1764 943 117 that that PRON cblr-1764 943 118 the the DET cblr-1764 943 119 cds cd NOUN cblr-1764 943 120 is be AUX cblr-1764 943 121 protecting protect VERB cblr-1764 943 122 . . PUNCT cblr-1764 944 1 a a DET cblr-1764 944 2 cds cds NOUN cblr-1764 944 3 is be AUX cblr-1764 944 4 “ " PUNCT cblr-1764 944 5 covered cover VERB cblr-1764 944 6 , , PUNCT cblr-1764 944 7 ” " PUNCT cblr-1764 944 8 and and CCONJ cblr-1764 944 9 functions function NOUN cblr-1764 944 10 as as ADP cblr-1764 944 11 a a DET cblr-1764 944 12 hedge hedge NOUN cblr-1764 944 13 , , PUNCT cblr-1764 944 14 if if SCONJ cblr-1764 944 15 the the DET cblr-1764 944 16 cds cd NOUN cblr-1764 944 17 buyer buyer NOUN cblr-1764 944 18 owns own VERB cblr-1764 944 19 the the DET cblr-1764 944 20 reference reference NOUN cblr-1764 944 21 security security NOUN cblr-1764 944 22 that that PRON cblr-1764 944 23 is be AUX cblr-1764 944 24 protected protect VERB cblr-1764 944 25 by by ADP cblr-1764 944 26 the the DET cblr-1764 944 27 cds cd NOUN cblr-1764 944 28 ; ; PUNCT cblr-1764 944 29 but but CCONJ cblr-1764 944 30 a a DET cblr-1764 944 31 cds cds NOUN cblr-1764 944 32 is be AUX cblr-1764 944 33 “ " PUNCT cblr-1764 944 34 naked naked ADJ cblr-1764 944 35 ” " PUNCT cblr-1764 944 36 if if SCONJ cblr-1764 944 37 it it PRON cblr-1764 944 38 allows allow VERB cblr-1764 944 39 a a DET cblr-1764 944 40 buyer buyer NOUN cblr-1764 944 41 to to PART cblr-1764 944 42 speculate speculate VERB cblr-1764 944 43 on on ADP cblr-1764 944 44 the the DET cblr-1764 944 45 incidence incidence NOUN cblr-1764 944 46 of of ADP cblr-1764 944 47 a a DET cblr-1764 944 48 credit credit NOUN cblr-1764 944 49 event event NOUN cblr-1764 944 50 affecting affect VERB cblr-1764 944 51 reference reference NOUN cblr-1764 944 52 securities security NOUN cblr-1764 944 53 held hold VERB cblr-1764 944 54 by by ADP cblr-1764 944 55 third third ADJ cblr-1764 944 56 parties.307 parties.307 NOUN cblr-1764 944 57 in in ADP cblr-1764 944 58 comparison comparison NOUN cblr-1764 944 59 , , PUNCT cblr-1764 944 60 the the DET cblr-1764 944 61 insurable insurable ADJ cblr-1764 944 62 interest interest NOUN cblr-1764 944 63 doctrine doctrine NOUN cblr-1764 944 64 prohibits prohibit NOUN cblr-1764 944 65 , , PUNCT cblr-1764 944 66 among among ADP cblr-1764 944 67 other other ADJ cblr-1764 944 68 304 304 NUM cblr-1764 944 69 see see NOUN cblr-1764 944 70 schich schich NOUN cblr-1764 944 71 , , PUNCT cblr-1764 944 72 supra supra PROPN cblr-1764 944 73 note note PROPN cblr-1764 944 74 61 61 NUM cblr-1764 944 75 , , PUNCT cblr-1764 944 76 at at ADP cblr-1764 944 77 84 84 NUM cblr-1764 944 78 ; ; PUNCT cblr-1764 944 79 kimball kimball PROPN cblr-1764 944 80 - - PUNCT cblr-1764 944 81 stanley stanley PROPN cblr-1764 944 82 , , PUNCT cblr-1764 944 83 supra supra PROPN cblr-1764 944 84 note note NOUN cblr-1764 944 85 23 23 NUM cblr-1764 944 86 , , PUNCT cblr-1764 944 87 at at ADP cblr-1764 944 88 244 244 NUM cblr-1764 944 89 . . PUNCT cblr-1764 945 1 305 305 NUM cblr-1764 945 2 a a DET cblr-1764 945 3 ratings rating NOUN cblr-1764 945 4 downgrade downgrade VERB cblr-1764 945 5 on on ADP cblr-1764 945 6 a a DET cblr-1764 945 7 reference reference NOUN cblr-1764 945 8 security security NOUN cblr-1764 945 9 only only ADV cblr-1764 945 10 reflects reflect VERB cblr-1764 945 11 an an DET cblr-1764 945 12 increased increase VERB cblr-1764 945 13 probability probability NOUN cblr-1764 945 14 of of ADP cblr-1764 945 15 future future ADJ cblr-1764 945 16 default default NOUN cblr-1764 945 17 . . PUNCT cblr-1764 946 1 see see VERB cblr-1764 946 2 schwartz schwartz PROPN cblr-1764 946 3 , , PUNCT cblr-1764 946 4 supra supra PROPN cblr-1764 946 5 note note PROPN cblr-1764 946 6 299 299 NUM cblr-1764 946 7 , , PUNCT cblr-1764 946 8 at at ADP cblr-1764 946 9 193–94 193–94 NOUN cblr-1764 946 10 . . PUNCT cblr-1764 947 1 306 306 NUM cblr-1764 947 2 in in ADP cblr-1764 947 3 other other ADJ cblr-1764 947 4 words word NOUN cblr-1764 947 5 , , PUNCT cblr-1764 947 6 a a DET cblr-1764 947 7 seller seller NOUN cblr-1764 947 8 may may AUX cblr-1764 947 9 obtain obtain VERB cblr-1764 947 10 and and CCONJ cblr-1764 947 11 physically physically ADV cblr-1764 947 12 deliver deliver VERB cblr-1764 947 13 to to ADP cblr-1764 947 14 the the DET cblr-1764 947 15 buyer buyer NOUN cblr-1764 947 16 a a DET cblr-1764 947 17 new new ADJ cblr-1764 947 18 security security NOUN cblr-1764 947 19 that that PRON cblr-1764 947 20 is be AUX cblr-1764 947 21 equivalent equivalent ADJ cblr-1764 947 22 to to ADP cblr-1764 947 23 the the DET cblr-1764 947 24 reference reference NOUN cblr-1764 947 25 security security NOUN cblr-1764 947 26 in in ADP cblr-1764 947 27 lieu lieu NOUN cblr-1764 947 28 of of ADP cblr-1764 947 29 a a DET cblr-1764 947 30 cash cash NOUN cblr-1764 947 31 payment payment NOUN cblr-1764 947 32 . . PUNCT cblr-1764 948 1 see see VERB cblr-1764 948 2 nirenberg nirenberg PROPN cblr-1764 948 3 & & CCONJ cblr-1764 948 4 hoffman hoffman PROPN cblr-1764 948 5 , , PUNCT cblr-1764 948 6 supra supra PROPN cblr-1764 948 7 note note PROPN cblr-1764 948 8 299 299 NUM cblr-1764 948 9 , , PUNCT cblr-1764 948 10 at at ADP cblr-1764 948 11 14 14 NUM cblr-1764 948 12 . . PUNCT cblr-1764 949 1 307 307 NUM cblr-1764 949 2 see see VERB cblr-1764 949 3 henderson henderson PROPN cblr-1764 949 4 , , PUNCT cblr-1764 949 5 supra supra PROPN cblr-1764 949 6 note note PROPN cblr-1764 949 7 23 23 NUM cblr-1764 949 8 , , PUNCT cblr-1764 949 9 at at ADP cblr-1764 949 10 17–19 17–19 NUM cblr-1764 949 11 ; ; PUNCT cblr-1764 949 12 schwarz schwarz NOUN cblr-1764 949 13 , , PUNCT cblr-1764 949 14 supra supra PROPN cblr-1764 949 15 note note PROPN cblr-1764 949 16 299 299 NUM cblr-1764 949 17 , , PUNCT cblr-1764 949 18 at at ADP cblr-1764 949 19 190–91 190–91 NUM cblr-1764 949 20 . . PUNCT cblr-1764 950 1 turk turk PROPN cblr-1764 950 2 – – PUNCT cblr-1764 950 3 final final ADJ cblr-1764 950 4 1048 1048 NUM cblr-1764 950 5 columbia columbia PROPN cblr-1764 950 6 business business NOUN cblr-1764 950 7 law law PROPN cblr-1764 950 8 review review NOUN cblr-1764 950 9 [ [ X cblr-1764 950 10 vol vol NOUN cblr-1764 950 11 . . 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PUNCT cblr-1764 951 1 prior prior ADV cblr-1764 951 2 to to ADP cblr-1764 951 3 2008 2008 NUM cblr-1764 951 4 , , PUNCT cblr-1764 951 5 the the DET cblr-1764 951 6 functional functional ADJ cblr-1764 951 7 overlap overlap NOUN cblr-1764 951 8 described describe VERB cblr-1764 951 9 above above ADV cblr-1764 951 10 did do AUX cblr-1764 951 11 not not PART cblr-1764 951 12 dictate dictate VERB cblr-1764 951 13 regulatory regulatory ADJ cblr-1764 951 14 definitions definition NOUN cblr-1764 951 15 : : PUNCT cblr-1764 951 16 financial financial ADJ cblr-1764 951 17 guarantees guarantee NOUN cblr-1764 951 18 in in ADP cblr-1764 951 19 the the DET cblr-1764 951 20 form form NOUN cblr-1764 951 21 of of ADP cblr-1764 951 22 bond bond NOUN cblr-1764 951 23 insurance insurance NOUN cblr-1764 951 24 were be AUX cblr-1764 951 25 considered consider VERB cblr-1764 951 26 “ " PUNCT cblr-1764 951 27 insurance insurance NOUN cblr-1764 951 28 ” " PUNCT cblr-1764 951 29 and and CCONJ cblr-1764 951 30 were be AUX cblr-1764 951 31 regulated regulate VERB cblr-1764 951 32 pursuant pursuant ADJ cblr-1764 951 33 to to ADP cblr-1764 951 34 state state NOUN cblr-1764 951 35 laws law NOUN cblr-1764 951 36 for for ADP cblr-1764 951 37 monoline monoline NOUN cblr-1764 951 38 insurers insurer NOUN cblr-1764 951 39 , , PUNCT cblr-1764 951 40 while while SCONJ cblr-1764 951 41 cds cd NOUN cblr-1764 951 42 were be AUX cblr-1764 951 43 treated treat VERB cblr-1764 951 44 as as ADP cblr-1764 951 45 “ " PUNCT cblr-1764 951 46 swaps swap NOUN cblr-1764 951 47 ” " PUNCT cblr-1764 951 48 subject subject NOUN cblr-1764 951 49 to to ADP cblr-1764 951 50 federal federal ADJ cblr-1764 951 51 regulation regulation NOUN cblr-1764 951 52 and and CCONJ cblr-1764 951 53 industry industry NOUN cblr-1764 951 54 protocols protocol NOUN cblr-1764 951 55 promulgated promulgate VERB cblr-1764 951 56 by by ADP cblr-1764 951 57 the the DET cblr-1764 951 58 isda isda NOUN cblr-1764 951 59 . . PUNCT cblr-1764 952 1 although although SCONJ cblr-1764 952 2 the the DET cblr-1764 952 3 naic naic PROPN cblr-1764 952 4 and and CCONJ cblr-1764 952 5 isda isda NOUN cblr-1764 952 6 skirmished skirmish VERB cblr-1764 952 7 over over ADP cblr-1764 952 8 whether whether SCONJ cblr-1764 952 9 or or CCONJ cblr-1764 952 10 not not PART cblr-1764 952 11 cds cd NOUN cblr-1764 952 12 should should AUX cblr-1764 952 13 be be AUX cblr-1764 952 14 considered consider VERB cblr-1764 952 15 insurance,308 insurance,308 SCONJ cblr-1764 952 16 the the DET cblr-1764 952 17 decision decision NOUN cblr-1764 952 18 was be AUX cblr-1764 952 19 largely largely ADV cblr-1764 952 20 made make VERB cblr-1764 952 21 by by ADP cblr-1764 952 22 the the DET cblr-1764 952 23 state state NOUN cblr-1764 952 24 of of ADP cblr-1764 952 25 new new PROPN cblr-1764 952 26 york york PROPN cblr-1764 952 27 and and CCONJ cblr-1764 952 28 its its PRON cblr-1764 952 29 insurance insurance NOUN cblr-1764 952 30 department.309 department.309 NOUN cblr-1764 952 31 beginning begin VERB cblr-1764 952 32 in in ADP cblr-1764 952 33 1997 1997 NUM cblr-1764 952 34 , , PUNCT cblr-1764 952 35 and and CCONJ cblr-1764 952 36 pursuant pursuant ADJ cblr-1764 952 37 to to ADP cblr-1764 952 38 a a DET cblr-1764 952 39 series series NOUN cblr-1764 952 40 of of ADP cblr-1764 952 41 guidance guidance NOUN cblr-1764 952 42 documents document NOUN cblr-1764 952 43 that that PRON cblr-1764 952 44 were be AUX cblr-1764 952 45 eventually eventually ADV cblr-1764 952 46 codified codify VERB cblr-1764 952 47 in in ADP cblr-1764 952 48 2004 2004 NUM cblr-1764 952 49 , , PUNCT cblr-1764 952 50 the the DET cblr-1764 952 51 nyid nyid NOUN cblr-1764 952 52 allowed allow VERB cblr-1764 952 53 financial financial ADJ cblr-1764 952 54 guarantors guarantor NOUN cblr-1764 952 55 operating operate VERB cblr-1764 952 56 in in ADP cblr-1764 952 57 - - PUNCT cblr-1764 952 58 state state NOUN cblr-1764 952 59 to to PART cblr-1764 952 60 set set VERB cblr-1764 952 61 up up ADP cblr-1764 952 62 affiliated affiliate VERB cblr-1764 952 63 special special ADJ cblr-1764 952 64 purpose purpose NOUN cblr-1764 952 65 vehicles vehicle NOUN cblr-1764 952 66 to to PART cblr-1764 952 67 write write VERB cblr-1764 952 68 cds cd NOUN cblr-1764 952 69 unencumbered unencumbered ADJ cblr-1764 952 70 from from ADP cblr-1764 952 71 the the DET cblr-1764 952 72 insurance insurance NOUN cblr-1764 952 73 department department NOUN cblr-1764 952 74 ’s ’s PART cblr-1764 952 75 oversight.310 oversight.310 PROPN cblr-1764 952 76 at at ADP cblr-1764 952 77 the the DET cblr-1764 952 78 federal federal ADJ cblr-1764 952 79 level level NOUN cblr-1764 952 80 , , PUNCT cblr-1764 952 81 cds cd NOUN cblr-1764 952 82 ’ ' PUNCT cblr-1764 952 83 technical technical ADJ cblr-1764 952 84 status status NOUN cblr-1764 952 85 as as ADP cblr-1764 952 86 swaps swap NOUN cblr-1764 952 87 placed place VERB cblr-1764 952 88 them they PRON cblr-1764 952 89 nominally nominally ADV cblr-1764 952 90 under under ADP cblr-1764 952 91 the the DET cblr-1764 952 92 purview purview NOUN cblr-1764 952 93 of of ADP cblr-1764 952 94 the the DET cblr-1764 952 95 cftc cftc PROPN cblr-1764 952 96 , , PUNCT cblr-1764 952 97 but but CCONJ cblr-1764 952 98 because because SCONJ cblr-1764 952 99 they they PRON cblr-1764 952 100 were be AUX cblr-1764 952 101 defined define VERB cblr-1764 952 102 as as ADP cblr-1764 952 103 transactions transaction NOUN cblr-1764 952 104 involving involve VERB cblr-1764 952 105 “ " PUNCT cblr-1764 952 106 excluded exclude VERB cblr-1764 952 107 commodities commodity NOUN cblr-1764 952 108 ” " PUNCT cblr-1764 952 109 under under ADP cblr-1764 952 110 the the DET cblr-1764 952 111 commodity commodity NOUN cblr-1764 952 112 futures futures PROPN cblr-1764 952 113 modernization modernization PROPN cblr-1764 952 114 act act NOUN cblr-1764 952 115 of of ADP cblr-1764 952 116 2000 2000 NUM cblr-1764 952 117 ( ( PUNCT cblr-1764 952 118 “ " PUNCT cblr-1764 952 119 cfma cfma NOUN cblr-1764 952 120 ” " PUNCT cblr-1764 952 121 ) ) PUNCT cblr-1764 952 122 , , PUNCT cblr-1764 952 123 they they PRON cblr-1764 952 124 were be AUX cblr-1764 952 125 exempted exempt VERB cblr-1764 952 126 from from ADP cblr-1764 952 127 the the DET cblr-1764 952 128 jurisdiction jurisdiction NOUN cblr-1764 952 129 of of ADP cblr-1764 952 130 the the DET cblr-1764 952 131 cftc cftc PROPN cblr-1764 952 132 , , PUNCT cblr-1764 952 133 or or CCONJ cblr-1764 952 134 any any DET cblr-1764 952 135 other other ADJ cblr-1764 952 136 federal federal ADJ cblr-1764 952 137 308 308 NUM cblr-1764 952 138 compare compare NOUN cblr-1764 952 139 nat’l nat’l NOUN cblr-1764 952 140 ass’n ass’n NOUN cblr-1764 952 141 of of ADP cblr-1764 952 142 ins ins PROPN cblr-1764 952 143 . . PUNCT cblr-1764 953 1 comm’rs comm’rs PROPN cblr-1764 953 2 , , PUNCT cblr-1764 953 3 definition definition NOUN cblr-1764 953 4 of of ADP cblr-1764 953 5 insurance insurance NOUN cblr-1764 953 6 working working NOUN cblr-1764 953 7 group group NOUN cblr-1764 953 8 white white PROPN cblr-1764 953 9 paper paper PROPN cblr-1764 953 10 2–4 2–4 PROPN cblr-1764 953 11 ( ( PUNCT cblr-1764 953 12 2000 2000 NUM cblr-1764 953 13 ) ) PUNCT cblr-1764 953 14 , , PUNCT cblr-1764 953 15 http://www.naic.org/ http://www.naic.org/ ADJ cblr-1764 953 16 store store NOUN cblr-1764 953 17 / / SYM cblr-1764 953 18 free free ADJ cblr-1764 953 19 / / SYM cblr-1764 953 20 doi doi NOUN cblr-1764 953 21 - - NOUN cblr-1764 953 22 op.pdf op.pdf NOUN cblr-1764 953 23 [ [ X cblr-1764 953 24 http://perma.cc/xdl4-el2l http://perma.cc/xdl4-el2l X cblr-1764 953 25 ] ] X cblr-1764 953 26 ( ( PUNCT cblr-1764 953 27 defining define VERB cblr-1764 953 28 insurance insurance NOUN cblr-1764 953 29 so so SCONJ cblr-1764 953 30 as as SCONJ cblr-1764 953 31 to to PART cblr-1764 953 32 include include VERB cblr-1764 953 33 cds cd NOUN cblr-1764 953 34 ) ) PUNCT cblr-1764 953 35 , , PUNCT cblr-1764 953 36 with with ADP cblr-1764 953 37 int’l int’l NUM cblr-1764 953 38 swaps swap NOUN cblr-1764 953 39 & & CCONJ cblr-1764 953 40 derivatives derivative NOUN cblr-1764 953 41 ass’n ass’n VERB cblr-1764 953 42 , , PUNCT cblr-1764 953 43 2003 2003 NUM cblr-1764 953 44 isda isda NOUN cblr-1764 953 45 credit credit NOUN cblr-1764 953 46 derivatives derivative NOUN cblr-1764 953 47 definitions definition NOUN cblr-1764 953 48 , , PUNCT cblr-1764 953 49 art art NOUN cblr-1764 953 50 . . 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PUNCT cblr-1764 967 1 3:967 3:967 NUM cblr-1764 967 2 ] ] PUNCT cblr-1764 967 3 insurance insurance NOUN cblr-1764 967 4 convergence convergence NOUN cblr-1764 967 5 1049 1049 NUM cblr-1764 967 6 regulator regulator NOUN cblr-1764 967 7 , , PUNCT cblr-1764 967 8 and and CCONJ cblr-1764 967 9 were be AUX cblr-1764 967 10 not not PART cblr-1764 967 11 cleared clear VERB cblr-1764 967 12 on on ADP cblr-1764 967 13 any any DET cblr-1764 967 14 regulated regulated ADJ cblr-1764 967 15 exchange.311 exchange.311 NOUN cblr-1764 967 16 instead instead ADV cblr-1764 967 17 , , PUNCT cblr-1764 967 18 cds cd NOUN cblr-1764 967 19 were be AUX cblr-1764 967 20 traded trade VERB cblr-1764 967 21 over over ADP cblr-1764 967 22 - - PUNCT cblr-1764 967 23 the the DET cblr-1764 967 24 - - PUNCT cblr-1764 967 25 counter counter NOUN cblr-1764 967 26 subject subject NOUN cblr-1764 967 27 to to ADP cblr-1764 967 28 the the DET cblr-1764 967 29 isda isda NOUN cblr-1764 967 30 ’s ’s PART cblr-1764 967 31 close close NOUN cblr-1764 967 32 - - PUNCT cblr-1764 967 33 out out NOUN cblr-1764 967 34 and and CCONJ cblr-1764 967 35 netting net VERB cblr-1764 967 36 rules.312 rules.312 NUM cblr-1764 967 37 the the DET cblr-1764 967 38 practical practical ADJ cblr-1764 967 39 result result NOUN cblr-1764 967 40 of of ADP cblr-1764 967 41 the the DET cblr-1764 967 42 formalistic formalistic ADJ cblr-1764 967 43 regulatory regulatory ADJ cblr-1764 967 44 definitions definition NOUN cblr-1764 967 45 that that PRON cblr-1764 967 46 distinguished distinguish VERB cblr-1764 967 47 cds cd NOUN cblr-1764 967 48 from from ADP cblr-1764 967 49 bond bond NOUN cblr-1764 967 50 insurance insurance NOUN cblr-1764 967 51 was be AUX cblr-1764 967 52 that that SCONJ cblr-1764 967 53 — — PUNCT cblr-1764 967 54 in in ADP cblr-1764 967 55 addition addition NOUN cblr-1764 967 56 to to ADP cblr-1764 967 57 lacking lack VERB cblr-1764 967 58 the the DET cblr-1764 967 59 disclosure disclosure NOUN cblr-1764 967 60 , , PUNCT cblr-1764 967 61 standardization standardization NOUN cblr-1764 967 62 , , PUNCT cblr-1764 967 63 or or CCONJ cblr-1764 967 64 licensing licensing NOUN cblr-1764 967 65 requirements requirement NOUN cblr-1764 967 66 applicable applicable ADJ cblr-1764 967 67 to to ADP cblr-1764 967 68 bond bond NOUN cblr-1764 967 69 insurance insurance NOUN cblr-1764 967 70 — — PUNCT cblr-1764 967 71 cds cd NOUN cblr-1764 967 72 were be AUX cblr-1764 967 73 subject subject ADJ cblr-1764 967 74 to to ADP cblr-1764 967 75 different different ADJ cblr-1764 967 76 bankruptcy bankruptcy NOUN cblr-1764 967 77 , , PUNCT cblr-1764 967 78 accounting accounting NOUN cblr-1764 967 79 , , PUNCT cblr-1764 967 80 and and CCONJ cblr-1764 967 81 tax tax NOUN cblr-1764 967 82 treatments treatment NOUN cblr-1764 967 83 as as ADP cblr-1764 967 84 well.313 well.313 PROPN cblr-1764 967 85 after after ADP cblr-1764 967 86 the the DET cblr-1764 967 87 2008 2008 NUM cblr-1764 967 88 crisis crisis NOUN cblr-1764 967 89 , , PUNCT cblr-1764 967 90 tentative tentative ADJ cblr-1764 967 91 steps step NOUN cblr-1764 967 92 were be AUX cblr-1764 967 93 taken take VERB cblr-1764 967 94 to to PART cblr-1764 967 95 regulate regulate VERB cblr-1764 967 96 cds cd NOUN cblr-1764 967 97 as as ADP cblr-1764 967 98 insurance insurance NOUN cblr-1764 967 99 . . PUNCT cblr-1764 968 1 in in ADP cblr-1764 968 2 particular particular ADJ cblr-1764 968 3 , , PUNCT cblr-1764 968 4 the the DET cblr-1764 968 5 nyid nyid NOUN cblr-1764 968 6 issued issue VERB cblr-1764 968 7 a a DET cblr-1764 968 8 guidance guidance NOUN cblr-1764 968 9 suggesting suggest VERB cblr-1764 968 10 that that SCONJ cblr-1764 968 11 it it PRON cblr-1764 968 12 intended intend VERB cblr-1764 968 13 to to PART cblr-1764 968 14 regulate regulate VERB cblr-1764 968 15 the the DET cblr-1764 968 16 sale sale NOUN cblr-1764 968 17 of of ADP cblr-1764 968 18 covered cover VERB cblr-1764 968 19 cds cd NOUN cblr-1764 968 20 as as ADP cblr-1764 968 21 insurance insurance NOUN cblr-1764 968 22 and and CCONJ cblr-1764 968 23 , , PUNCT cblr-1764 968 24 along along ADP cblr-1764 968 25 with with ADP cblr-1764 968 26 the the DET cblr-1764 968 27 naic naic PROPN cblr-1764 968 28 , , PUNCT cblr-1764 968 29 new new PROPN cblr-1764 968 30 jersey jersey PROPN cblr-1764 968 31 , , PUNCT cblr-1764 968 32 missouri missouri PROPN cblr-1764 968 33 , , PUNCT cblr-1764 968 34 and and CCONJ cblr-1764 968 35 south south PROPN cblr-1764 968 36 carolina carolina PROPN cblr-1764 968 37 rattled rattle VERB cblr-1764 968 38 their their PRON cblr-1764 968 39 sabers saber NOUN cblr-1764 968 40 as as ADP cblr-1764 968 41 well.314 well.314 NOUN cblr-1764 968 42 this this PRON cblr-1764 968 43 did do AUX cblr-1764 968 44 not not PART cblr-1764 968 45 come come VERB cblr-1764 968 46 to to PART cblr-1764 968 47 pass pass VERB cblr-1764 968 48 , , PUNCT cblr-1764 968 49 however however ADV cblr-1764 968 50 , , PUNCT cblr-1764 968 51 mainly mainly ADV cblr-1764 968 52 because because SCONJ cblr-1764 968 53 dodd dodd PROPN cblr-1764 968 54 - - PUNCT cblr-1764 968 55 frank frank PROPN cblr-1764 968 56 stepped step VERB cblr-1764 968 57 into into ADP cblr-1764 968 58 the the DET cblr-1764 968 59 void void NOUN cblr-1764 968 60 to to PART cblr-1764 968 61 provide provide VERB cblr-1764 968 62 a a DET cblr-1764 968 63 new new ADJ cblr-1764 968 64 regulatory regulatory ADJ cblr-1764 968 65 framework framework NOUN cblr-1764 968 66 governing govern VERB cblr-1764 968 67 cds cd NOUN cblr-1764 968 68 of of ADP cblr-1764 968 69 all all DET cblr-1764 968 70 types type NOUN cblr-1764 968 71 . . PUNCT cblr-1764 969 1 title title NOUN cblr-1764 969 2 vii vii PROPN cblr-1764 969 3 of of ADP cblr-1764 969 4 dodd dodd PROPN cblr-1764 969 5 - - PUNCT cblr-1764 969 6 frank frank PROPN cblr-1764 969 7 essentially essentially ADV cblr-1764 969 8 reverses reverse VERB cblr-1764 969 9 the the DET cblr-1764 969 10 decision decision NOUN cblr-1764 969 11 made make VERB cblr-1764 969 12 by by ADP cblr-1764 969 13 the the DET cblr-1764 969 14 cfma cfma NOUN cblr-1764 969 15 to to PART cblr-1764 969 16 define define VERB cblr-1764 969 17 cds cd NOUN cblr-1764 969 18 as as ADP cblr-1764 969 19 “ " PUNCT cblr-1764 969 20 excluded exclude VERB cblr-1764 969 21 commodities commodity NOUN cblr-1764 969 22 ” " PUNCT cblr-1764 969 23 beyond beyond ADP cblr-1764 969 24 the the DET cblr-1764 969 25 jurisdiction jurisdiction NOUN cblr-1764 969 26 of of ADP cblr-1764 969 27 the the DET cblr-1764 969 28 cftc cftc PROPN cblr-1764 969 29 , , PUNCT cblr-1764 969 30 and and CCONJ cblr-1764 969 31 grants grant VERB cblr-1764 969 32 the the DET cblr-1764 969 33 agency agency NOUN cblr-1764 969 34 authority authority NOUN cblr-1764 969 35 to to PART cblr-1764 969 36 regulate regulate VERB cblr-1764 969 37 swap swap NOUN cblr-1764 969 38 dealers dealer NOUN cblr-1764 969 39 and and CCONJ cblr-1764 969 40 the the DET cblr-1764 969 41 majority majority NOUN cblr-1764 969 42 of of ADP cblr-1764 969 43 cds cd NOUN cblr-1764 969 44 as as ADP cblr-1764 969 45 “ " PUNCT cblr-1764 969 46 nonsecurity nonsecurity NOUN cblr-1764 969 47 - - PUNCT cblr-1764 969 48 based base VERB cblr-1764 969 49 swaps swap NOUN cblr-1764 969 50 . . 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NOUN cblr-1764 987 12 2015 2015 NUM cblr-1764 987 13 requirements requirement NOUN cblr-1764 987 14 for for ADP cblr-1764 987 15 cds cd NOUN cblr-1764 987 16 trades trade NOUN cblr-1764 987 17 , , PUNCT cblr-1764 987 18 and and CCONJ cblr-1764 987 19 registration registration NOUN cblr-1764 987 20 of of ADP cblr-1764 987 21 “ " PUNCT cblr-1764 987 22 major major ADJ cblr-1764 987 23 ” " PUNCT cblr-1764 987 24 swap swap NOUN cblr-1764 987 25 dealers dealer NOUN cblr-1764 987 26 and and CCONJ cblr-1764 987 27 purchasers.316 purchasers.316 VERB cblr-1764 987 28 it it PRON cblr-1764 987 29 is be AUX cblr-1764 987 30 apparent apparent ADJ cblr-1764 987 31 that that SCONJ cblr-1764 987 32 naked naked ADJ cblr-1764 987 33 cds cd NOUN cblr-1764 987 34 serve serve VERB cblr-1764 987 35 a a DET cblr-1764 987 36 complex complex ADJ cblr-1764 987 37 variety variety NOUN cblr-1764 987 38 of of ADP cblr-1764 987 39 functions function NOUN cblr-1764 987 40 , , PUNCT cblr-1764 987 41 most most ADJ cblr-1764 987 42 of of ADP cblr-1764 987 43 which which PRON cblr-1764 987 44 are be AUX cblr-1764 987 45 essentially essentially ADV cblr-1764 987 46 unrelated unrelated ADJ cblr-1764 987 47 to to ADP cblr-1764 987 48 insurance insurance NOUN cblr-1764 987 49 , , PUNCT cblr-1764 987 50 including include VERB cblr-1764 987 51 bond bond NOUN cblr-1764 987 52 insurance.317 insurance.317 VERB cblr-1764 987 53 however however ADV cblr-1764 987 54 , , PUNCT cblr-1764 987 55 despite despite SCONJ cblr-1764 987 56 some some DET cblr-1764 987 57 technical technical ADJ cblr-1764 987 58 differences difference NOUN cblr-1764 987 59 , , PUNCT cblr-1764 987 60 a a DET cblr-1764 987 61 strong strong ADJ cblr-1764 987 62 functional functional ADJ cblr-1764 987 63 analogy analogy NOUN cblr-1764 987 64 can can AUX cblr-1764 987 65 be be AUX cblr-1764 987 66 made make VERB cblr-1764 987 67 between between ADP cblr-1764 987 68 bond bond NOUN cblr-1764 987 69 insurance insurance NOUN cblr-1764 987 70 and and CCONJ cblr-1764 987 71 covered cover VERB cblr-1764 987 72 cds cd NOUN cblr-1764 987 73 , , PUNCT cblr-1764 987 74 which which PRON cblr-1764 987 75 constitute constitute VERB cblr-1764 987 76 roughly roughly ADV cblr-1764 987 77 one one NUM cblr-1764 987 78 - - PUNCT cblr-1764 987 79 fifth fifth NOUN cblr-1764 987 80 of of ADP cblr-1764 987 81 the the DET cblr-1764 987 82 cds cd NOUN cblr-1764 987 83 market.318 market.318 ADP cblr-1764 987 84 both both DET cblr-1764 987 85 instruments instrument NOUN cblr-1764 987 86 allow allow VERB cblr-1764 987 87 the the DET cblr-1764 987 88 buyer buyer NOUN cblr-1764 987 89 to to PART cblr-1764 987 90 obtain obtain VERB cblr-1764 987 91 credit credit NOUN cblr-1764 987 92 enhancements enhancement NOUN cblr-1764 987 93 on on ADP cblr-1764 987 94 their their PRON cblr-1764 987 95 underlying underlie VERB cblr-1764 987 96 security security NOUN cblr-1764 987 97 while while SCONJ cblr-1764 987 98 making make VERB cblr-1764 987 99 the the DET cblr-1764 987 100 seller seller NOUN cblr-1764 987 101 responsible responsible ADJ cblr-1764 987 102 for for ADP cblr-1764 987 103 the the DET cblr-1764 987 104 risk risk NOUN cblr-1764 987 105 that that SCONJ cblr-1764 987 106 the the DET cblr-1764 987 107 security security NOUN cblr-1764 987 108 suffers suffer VERB cblr-1764 987 109 some some DET cblr-1764 987 110 deterioration deterioration NOUN cblr-1764 987 111 in in ADP cblr-1764 987 112 quality quality NOUN cblr-1764 987 113 . . PUNCT cblr-1764 988 1 furthermore furthermore ADV cblr-1764 988 2 , , PUNCT cblr-1764 988 3 the the DET cblr-1764 988 4 distinction distinction NOUN cblr-1764 988 5 between between ADP cblr-1764 988 6 a a DET cblr-1764 988 7 credit credit NOUN cblr-1764 988 8 “ " PUNCT cblr-1764 988 9 default default NOUN cblr-1764 988 10 ” " PUNCT cblr-1764 988 11 that that PRON cblr-1764 988 12 triggers trigger VERB cblr-1764 988 13 bond bond NOUN cblr-1764 988 14 insurance insurance NOUN cblr-1764 988 15 coverage coverage NOUN cblr-1764 988 16 and and CCONJ cblr-1764 988 17 a a DET cblr-1764 988 18 “ " PUNCT cblr-1764 988 19 credit credit NOUN cblr-1764 988 20 event event NOUN cblr-1764 988 21 ” " PUNCT cblr-1764 988 22 triggering trigger VERB cblr-1764 988 23 cds cd NOUN cblr-1764 988 24 protection protection NOUN cblr-1764 988 25 is be AUX cblr-1764 988 26 not not PART cblr-1764 988 27 profound profound ADJ cblr-1764 988 28 . . PUNCT cblr-1764 989 1 in in ADP cblr-1764 989 2 retrospect retrospect ADJ cblr-1764 989 3 , , PUNCT cblr-1764 989 4 then then ADV cblr-1764 989 5 , , PUNCT cblr-1764 989 6 maintaining maintain VERB cblr-1764 989 7 the the DET cblr-1764 989 8 formal formal ADJ cblr-1764 989 9 regulatory regulatory ADJ cblr-1764 989 10 distinction distinction NOUN cblr-1764 989 11 between between ADP cblr-1764 989 12 the the DET cblr-1764 989 13 two two NUM cblr-1764 989 14 products product NOUN cblr-1764 989 15 prior prior ADV cblr-1764 989 16 to to ADP cblr-1764 989 17 2008 2008 NUM cblr-1764 989 18 is be AUX cblr-1764 989 19 hard hard ADJ cblr-1764 989 20 to to PART cblr-1764 989 21 defend defend VERB cblr-1764 989 22 . . PUNCT cblr-1764 990 1 the the DET cblr-1764 990 2 palpably palpably ADV cblr-1764 990 3 laxer laxer ADJ cblr-1764 990 4 regulations regulation NOUN cblr-1764 990 5 for for ADP cblr-1764 990 6 covered covered ADJ cblr-1764 990 7 cds cd NOUN cblr-1764 990 8 compared compare VERB cblr-1764 990 9 to to ADP cblr-1764 990 10 bond bond NOUN cblr-1764 990 11 insurance insurance NOUN cblr-1764 990 12 caused cause VERB cblr-1764 990 13 monoline monoline ADJ cblr-1764 990 14 insurers insurer NOUN cblr-1764 990 15 to to PART cblr-1764 990 16 rush rush VERB cblr-1764 990 17 into into ADP cblr-1764 990 18 cds cd NOUN cblr-1764 990 19 markets market NOUN cblr-1764 990 20 as as ADV cblr-1764 990 21 soon soon ADV cblr-1764 990 22 as as ADP cblr-1764 990 23 the the DET cblr-1764 990 24 nyid nyid ADJ cblr-1764 990 25 provided provide VERB cblr-1764 990 26 clearance clearance NOUN cblr-1764 990 27 to to PART cblr-1764 990 28 do do VERB cblr-1764 990 29 so so ADV cblr-1764 990 30 , , PUNCT cblr-1764 990 31 with with ADP cblr-1764 990 32 results result NOUN cblr-1764 990 33 that that PRON cblr-1764 990 34 were be AUX cblr-1764 990 35 uniformly uniformly ADV cblr-1764 990 36 disastrous.319 disastrous.319 ADJ cblr-1764 990 37 316 316 NUM cblr-1764 990 38 see see VERB cblr-1764 990 39 gabriel gabriel PROPN cblr-1764 990 40 d. d. PROPN cblr-1764 990 41 rosenberg rosenberg PROPN cblr-1764 990 42 & & CCONJ cblr-1764 990 43 jai jai PROPN cblr-1764 990 44 r. r. PROPN cblr-1764 990 45 massari massari PROPN cblr-1764 990 46 , , PUNCT cblr-1764 990 47 regulation regulation NOUN cblr-1764 990 48 through through ADP cblr-1764 990 49 substitution substitution NOUN cblr-1764 990 50 as as ADP cblr-1764 990 51 policy policy NOUN cblr-1764 990 52 tool tool NOUN cblr-1764 990 53 : : PUNCT cblr-1764 990 54 swap swap VERB cblr-1764 990 55 futurization futurization NOUN cblr-1764 990 56 under under ADP cblr-1764 990 57 dodd dodd PROPN cblr-1764 990 58 - - PUNCT cblr-1764 990 59 frank frank PROPN cblr-1764 990 60 , , PUNCT cblr-1764 990 61 colum colum NOUN cblr-1764 990 62 . . PUNCT cblr-1764 991 1 bus bus NOUN cblr-1764 991 2 . . PUNCT cblr-1764 992 1 l. l. PROPN cblr-1764 992 2 rev rev PROPN cblr-1764 992 3 . . PROPN cblr-1764 992 4 667 667 NUM cblr-1764 992 5 , , PUNCT cblr-1764 992 6 676–93 676–93 X cblr-1764 992 7 ( ( PUNCT cblr-1764 992 8 2013 2013 NUM cblr-1764 992 9 ) ) PUNCT cblr-1764 992 10 . . PUNCT cblr-1764 993 1 317 317 NUM cblr-1764 993 2 see see VERB cblr-1764 993 3 , , PUNCT cblr-1764 993 4 e.g. e.g. ADV cblr-1764 993 5 , , PUNCT cblr-1764 993 6 michael michael PROPN cblr-1764 993 7 s. s. PROPN cblr-1764 993 8 gibson gibson PROPN cblr-1764 993 9 , , PUNCT cblr-1764 993 10 understanding understand VERB cblr-1764 993 11 the the DET cblr-1764 993 12 risk risk NOUN cblr-1764 993 13 of of ADP cblr-1764 993 14 synthetic synthetic ADJ cblr-1764 993 15 cdos cdo NOUN cblr-1764 993 16 ( ( PUNCT cblr-1764 993 17 bd bd PROPN cblr-1764 993 18 . . NOUN cblr-1764 993 19 of of ADP cblr-1764 993 20 governors governor NOUN cblr-1764 993 21 of of ADP cblr-1764 993 22 the the DET cblr-1764 993 23 fed fed PROPN cblr-1764 993 24 . . PUNCT cblr-1764 994 1 reserve reserve PROPN cblr-1764 994 2 sys sys PROPN cblr-1764 994 3 . . PROPN cblr-1764 994 4 , , PUNCT cblr-1764 994 5 finance finance NOUN cblr-1764 994 6 and and CCONJ cblr-1764 994 7 economics economic NOUN cblr-1764 994 8 discussion discussion NOUN cblr-1764 994 9 series series NOUN cblr-1764 994 10 , , PUNCT cblr-1764 994 11 working working NOUN cblr-1764 994 12 paper paper NOUN cblr-1764 994 13 no no INTJ cblr-1764 994 14 . . PUNCT cblr-1764 995 1 2004 2004 NUM cblr-1764 995 2 - - SYM cblr-1764 995 3 36 36 NUM cblr-1764 995 4 , , PUNCT cblr-1764 995 5 2004 2004 NUM cblr-1764 995 6 ) ) PUNCT cblr-1764 996 1 , , PUNCT cblr-1764 996 2 http://www http://www PROPN cblr-1764 996 3 . . PROPN cblr-1764 996 4 federalreserve.gov/pubs/feds/2004/200436/200436abs.html federalreserve.gov/pubs/feds/2004/200436/200436abs.html VERB cblr-1764 996 5 [ [ X cblr-1764 996 6 http://perma http://perma NOUN cblr-1764 996 7 . . PUNCT cblr-1764 997 1 cc/8zj4 cc/8zj4 PROPN cblr-1764 997 2 - - PROPN cblr-1764 997 3 4mel 4mel PROPN cblr-1764 997 4 ] ] PUNCT cblr-1764 997 5 . . PUNCT cblr-1764 998 1 318 318 NUM cblr-1764 998 2 rene rene PROPN cblr-1764 998 3 m. m. NOUN cblr-1764 998 4 stulz stulz PROPN cblr-1764 998 5 , , PUNCT cblr-1764 998 6 credit credit NOUN cblr-1764 998 7 default default NOUN cblr-1764 998 8 swaps swap NOUN cblr-1764 998 9 and and CCONJ cblr-1764 998 10 the the DET cblr-1764 998 11 credit credit NOUN cblr-1764 998 12 crisis crisis NOUN cblr-1764 998 13 5 5 NUM cblr-1764 998 14 ( ( PUNCT cblr-1764 998 15 nat’l nat’l NUM cblr-1764 998 16 bureau bureau PROPN cblr-1764 998 17 of of ADP cblr-1764 998 18 econ econ PROPN cblr-1764 998 19 . . PUNCT cblr-1764 999 1 research research PROPN cblr-1764 999 2 , , PUNCT cblr-1764 999 3 working work VERB cblr-1764 999 4 paper paper NOUN cblr-1764 999 5 no no INTJ cblr-1764 999 6 . . PROPN cblr-1764 999 7 15348 15348 NUM cblr-1764 999 8 , , PUNCT cblr-1764 999 9 2009 2009 NUM cblr-1764 999 10 ) ) PUNCT cblr-1764 999 11 ; ; PUNCT cblr-1764 999 12 morrison morrison PROPN cblr-1764 999 13 & & CCONJ cblr-1764 999 14 foerster foerster PROPN cblr-1764 999 15 llp llp PROPN cblr-1764 999 16 , , PUNCT cblr-1764 999 17 credit credit NOUN cblr-1764 999 18 default default NOUN cblr-1764 999 19 swaps swap NOUN cblr-1764 999 20 as as ADP cblr-1764 999 21 insurance insurance NOUN cblr-1764 999 22 : : PUNCT cblr-1764 999 23 one one NUM cblr-1764 999 24 regulator regulator NOUN cblr-1764 999 25 or or CCONJ cblr-1764 999 26 many many ADJ cblr-1764 999 27 ? ? PUNCT cblr-1764 999 28 , , PUNCT cblr-1764 999 29 2 2 NUM cblr-1764 999 30 ( ( PUNCT cblr-1764 999 31 oct oct PROPN cblr-1764 999 32 . . PROPN cblr-1764 999 33 6 6 NUM cblr-1764 999 34 , , PUNCT cblr-1764 999 35 2008 2008 NUM cblr-1764 999 36 ) ) PUNCT cblr-1764 999 37 , , PUNCT cblr-1764 999 38 http://www.mofo.com/~/media/files/resources/ http://www.mofo.com/~/media/files/resources/ PROPN cblr-1764 999 39 publications/2008/10 publications/2008/10 PROPN cblr-1764 999 40 / / SYM cblr-1764 999 41 credit%20default%20swaps%20as%20insurance%2 credit%20default%20swaps%20as%20insurance%2 ADP cblr-1764 999 42 0one%20regulator%20__/files/081006creditdefault 0one%20regulator%20__/files/081006creditdefault NUM cblr-1764 999 43 / / SYM cblr-1764 999 44 fileattachment/0810 fileattachment/0810 NOUN cblr-1764 999 45 06creditdefault.pdf 06creditdefault.pdf PUNCT cblr-1764 1000 1 [ [ X cblr-1764 1000 2 http://perma.cc/b42j-zg9k http://perma.cc/b42j-zg9k NOUN cblr-1764 1000 3 ] ] X cblr-1764 1000 4 ( ( PUNCT cblr-1764 1000 5 “ " PUNCT cblr-1764 1000 6 it it PRON cblr-1764 1000 7 is be AUX cblr-1764 1000 8 estimated estimate VERB cblr-1764 1000 9 that that SCONJ cblr-1764 1000 10 this this PRON cblr-1764 1000 11 will will AUX cblr-1764 1000 12 result result VERB cblr-1764 1000 13 in in ADP cblr-1764 1000 14 new new PROPN cblr-1764 1000 15 york york PROPN cblr-1764 1000 16 regulating regulate VERB cblr-1764 1000 17 approximately approximately ADV cblr-1764 1000 18 one one NUM cblr-1764 1000 19 fifth fifth NOUN cblr-1764 1000 20 of of ADP cblr-1764 1000 21 the the DET cblr-1764 1000 22 huge huge ADJ cblr-1764 1000 23 $ $ SYM cblr-1764 1000 24 62 62 NUM cblr-1764 1000 25 trillion trillion NUM cblr-1764 1000 26 market market NOUN cblr-1764 1000 27 . . PUNCT cblr-1764 1000 28 ” " PUNCT cblr-1764 1000 29 ) ) PUNCT cblr-1764 1000 30 . . PUNCT cblr-1764 1001 1 319 319 NUM cblr-1764 1001 2 see see VERB cblr-1764 1001 3 neale neale PROPN cblr-1764 1001 4 & & CCONJ cblr-1764 1001 5 drake drake PROPN cblr-1764 1001 6 , , PUNCT cblr-1764 1001 7 supra supra PROPN cblr-1764 1001 8 note note PROPN cblr-1764 1001 9 61 61 NUM cblr-1764 1001 10 , , PUNCT cblr-1764 1001 11 at at ADP cblr-1764 1001 12 10–15 10–15 NUM cblr-1764 1001 13 . . PUNCT cblr-1764 1002 1 turk turk PROPN cblr-1764 1002 2 – – PUNCT cblr-1764 1002 3 final final ADJ cblr-1764 1002 4 no no NOUN cblr-1764 1002 5 . . PUNCT cblr-1764 1003 1 3:967 3:967 NUM cblr-1764 1003 2 ] ] PUNCT cblr-1764 1003 3 insurance insurance NOUN cblr-1764 1003 4 convergence convergence NOUN cblr-1764 1003 5 1051 1051 NUM cblr-1764 1003 6 after after ADP cblr-1764 1003 7 dodd dodd PROPN cblr-1764 1003 8 - - PUNCT cblr-1764 1003 9 frank frank PROPN cblr-1764 1003 10 , , PUNCT cblr-1764 1003 11 the the DET cblr-1764 1003 12 question question NOUN cblr-1764 1003 13 becomes become VERB cblr-1764 1003 14 a a DET cblr-1764 1003 15 closer close ADJ cblr-1764 1003 16 one one NOUN cblr-1764 1003 17 because because SCONJ cblr-1764 1003 18 the the DET cblr-1764 1003 19 disparate disparate ADJ cblr-1764 1003 20 regulatory regulatory ADJ cblr-1764 1003 21 treatment treatment NOUN cblr-1764 1003 22 between between ADP cblr-1764 1003 23 bond bond NOUN cblr-1764 1003 24 insurance insurance NOUN cblr-1764 1003 25 and and CCONJ cblr-1764 1003 26 covered cover VERB cblr-1764 1003 27 cds cd NOUN cblr-1764 1003 28 will will AUX cblr-1764 1003 29 narrow.320 narrow.320 VERB cblr-1764 1003 30 as as ADP cblr-1764 1003 31 with with ADP cblr-1764 1003 32 financial financial ADJ cblr-1764 1003 33 guarantors guarantor NOUN cblr-1764 1003 34 , , PUNCT cblr-1764 1003 35 cds cd NOUN cblr-1764 1003 36 dealers dealer NOUN cblr-1764 1003 37 will will AUX cblr-1764 1003 38 eventually eventually ADV cblr-1764 1003 39 be be AUX cblr-1764 1003 40 subject subject ADJ cblr-1764 1003 41 to to ADP cblr-1764 1003 42 some some DET cblr-1764 1003 43 form form NOUN cblr-1764 1003 44 of of ADP cblr-1764 1003 45 parallel parallel ADJ cblr-1764 1003 46 requirements requirement NOUN cblr-1764 1003 47 relating relate VERB cblr-1764 1003 48 to to ADP cblr-1764 1003 49 disclosures disclosure NOUN cblr-1764 1003 50 , , PUNCT cblr-1764 1003 51 collateral collateral NOUN cblr-1764 1003 52 and and CCONJ cblr-1764 1003 53 margin margin NOUN cblr-1764 1003 54 requirements requirement NOUN cblr-1764 1003 55 , , PUNCT cblr-1764 1003 56 capital capital NOUN cblr-1764 1003 57 and and CCONJ cblr-1764 1003 58 liquidity liquidity NOUN cblr-1764 1003 59 rules rule NOUN cblr-1764 1003 60 , , PUNCT cblr-1764 1003 61 and and CCONJ cblr-1764 1003 62 contract contract NOUN cblr-1764 1003 63 standardization standardization NOUN cblr-1764 1003 64 . . PUNCT cblr-1764 1004 1 one one NUM cblr-1764 1004 2 problem problem NOUN cblr-1764 1004 3 with with ADP cblr-1764 1004 4 the the DET cblr-1764 1004 5 nyid nyid ADJ cblr-1764 1004 6 , , PUNCT cblr-1764 1004 7 or or CCONJ cblr-1764 1004 8 any any DET cblr-1764 1004 9 other other ADJ cblr-1764 1004 10 state state NOUN cblr-1764 1004 11 insurance insurance NOUN cblr-1764 1004 12 supervisor supervisor NOUN cblr-1764 1004 13 , , PUNCT cblr-1764 1004 14 stepping step VERB cblr-1764 1004 15 in in ADP cblr-1764 1004 16 to to PART cblr-1764 1004 17 regulate regulate VERB cblr-1764 1004 18 covered covered ADJ cblr-1764 1004 19 cds cd NOUN cblr-1764 1004 20 on on ADP cblr-1764 1004 21 functional functional ADJ cblr-1764 1004 22 grounds ground NOUN cblr-1764 1004 23 is be AUX cblr-1764 1004 24 that that SCONJ cblr-1764 1004 25 doing do VERB cblr-1764 1004 26 so so ADV cblr-1764 1004 27 would would AUX cblr-1764 1004 28 simply simply ADV cblr-1764 1004 29 introduce introduce VERB cblr-1764 1004 30 a a DET cblr-1764 1004 31 new new ADJ cblr-1764 1004 32 set set NOUN cblr-1764 1004 33 of of ADP cblr-1764 1004 34 very very ADV cblr-1764 1004 35 formal formal ADJ cblr-1764 1004 36 regulatory regulatory ADJ cblr-1764 1004 37 boundaries boundary NOUN cblr-1764 1004 38 : : PUNCT cblr-1764 1004 39 ( ( PUNCT cblr-1764 1004 40 1 1 X cblr-1764 1004 41 ) ) PUNCT cblr-1764 1004 42 covered cover VERB cblr-1764 1004 43 cds cd NOUN cblr-1764 1004 44 would would AUX cblr-1764 1004 45 be be AUX cblr-1764 1004 46 subject subject ADJ cblr-1764 1004 47 to to ADP cblr-1764 1004 48 substantially substantially ADV cblr-1764 1004 49 different different ADJ cblr-1764 1004 50 regulatory regulatory ADJ cblr-1764 1004 51 treatment treatment NOUN cblr-1764 1004 52 than than ADP cblr-1764 1004 53 naked naked ADJ cblr-1764 1004 54 cds cd NOUN cblr-1764 1004 55 , , PUNCT cblr-1764 1004 56 despite despite SCONJ cblr-1764 1004 57 sharing share VERB cblr-1764 1004 58 many many ADJ cblr-1764 1004 59 features feature NOUN cblr-1764 1004 60 in in ADP cblr-1764 1004 61 common common ADJ cblr-1764 1004 62 ; ; PUNCT cblr-1764 1004 63 ( ( PUNCT cblr-1764 1004 64 2 2 X cblr-1764 1004 65 ) ) PUNCT cblr-1764 1004 66 covered cover VERB cblr-1764 1004 67 cds cd NOUN cblr-1764 1004 68 sold sell VERB cblr-1764 1004 69 by by ADP cblr-1764 1004 70 insurers insurer NOUN cblr-1764 1004 71 would would AUX cblr-1764 1004 72 be be AUX cblr-1764 1004 73 regulated regulate VERB cblr-1764 1004 74 as as ADP cblr-1764 1004 75 insurance insurance NOUN cblr-1764 1004 76 , , PUNCT cblr-1764 1004 77 while while SCONJ cblr-1764 1004 78 the the DET cblr-1764 1004 79 same same ADJ cblr-1764 1004 80 product product NOUN cblr-1764 1004 81 sold sell VERB cblr-1764 1004 82 by by ADP cblr-1764 1004 83 a a DET cblr-1764 1004 84 bank bank NOUN cblr-1764 1004 85 or or CCONJ cblr-1764 1004 86 hedge hedge NOUN cblr-1764 1004 87 fund fund NOUN cblr-1764 1004 88 may may AUX cblr-1764 1004 89 not not PART cblr-1764 1004 90 be be AUX cblr-1764 1004 91 , , PUNCT cblr-1764 1004 92 depending depend VERB cblr-1764 1004 93 on on ADP cblr-1764 1004 94 the the DET cblr-1764 1004 95 state state NOUN cblr-1764 1004 96 insurance insurance NOUN cblr-1764 1004 97 supervisors supervisor NOUN cblr-1764 1004 98 ’ ' PUNCT cblr-1764 1004 99 jurisdiction jurisdiction NOUN cblr-1764 1004 100 ; ; PUNCT cblr-1764 1004 101 and and CCONJ cblr-1764 1004 102 ( ( PUNCT cblr-1764 1004 103 3 3 X cblr-1764 1004 104 ) ) PUNCT cblr-1764 1004 105 if if SCONJ cblr-1764 1004 106 states state NOUN cblr-1764 1004 107 besides besides SCONJ cblr-1764 1004 108 new new PROPN cblr-1764 1004 109 york york PROPN cblr-1764 1004 110 decide decide VERB cblr-1764 1004 111 to to PART cblr-1764 1004 112 enter enter VERB cblr-1764 1004 113 the the DET cblr-1764 1004 114 fray fray NOUN cblr-1764 1004 115 , , PUNCT cblr-1764 1004 116 the the DET cblr-1764 1004 117 naic naic PROPN cblr-1764 1004 118 may may AUX cblr-1764 1004 119 not not PART cblr-1764 1004 120 be be AUX cblr-1764 1004 121 effective effective ADJ cblr-1764 1004 122 at at ADP cblr-1764 1004 123 harmonizing harmonize VERB cblr-1764 1004 124 the the DET cblr-1764 1004 125 regulation regulation NOUN cblr-1764 1004 126 of of ADP cblr-1764 1004 127 covered covered ADJ cblr-1764 1004 128 cds cd NOUN cblr-1764 1004 129 , , PUNCT cblr-1764 1004 130 leading lead VERB cblr-1764 1004 131 to to ADP cblr-1764 1004 132 different different ADJ cblr-1764 1004 133 treatment treatment NOUN cblr-1764 1004 134 of of ADP cblr-1764 1004 135 covered covered ADJ cblr-1764 1004 136 cds cd NOUN cblr-1764 1004 137 sold sell VERB cblr-1764 1004 138 by by ADP cblr-1764 1004 139 insurers insurer NOUN cblr-1764 1004 140 in in ADP cblr-1764 1004 141 different different ADJ cblr-1764 1004 142 states.321 states.321 ADP cblr-1764 1004 143 the the DET cblr-1764 1004 144 nyid nyid NOUN cblr-1764 1004 145 ’s ’s PART cblr-1764 1004 146 tentative tentative ADJ cblr-1764 1004 147 announcement announcement NOUN cblr-1764 1004 148 in in ADP cblr-1764 1004 149 2009 2009 NUM cblr-1764 1004 150 that that SCONJ cblr-1764 1004 151 it it PRON cblr-1764 1004 152 may may AUX cblr-1764 1004 153 intervene intervene VERB cblr-1764 1004 154 in in ADP cblr-1764 1004 155 cds cd NOUN cblr-1764 1004 156 regulation regulation NOUN cblr-1764 1004 157 is be AUX cblr-1764 1004 158 therefore therefore ADV cblr-1764 1004 159 sensible sensible ADJ cblr-1764 1004 160 when when SCONJ cblr-1764 1004 161 viewed view VERB cblr-1764 1004 162 as as ADP cblr-1764 1004 163 a a DET cblr-1764 1004 164 threat threat NOUN cblr-1764 1004 165 to to PART cblr-1764 1004 166 prod prod VERB cblr-1764 1004 167 federal federal ADJ cblr-1764 1004 168 regulators regulator NOUN cblr-1764 1004 169 to to PART cblr-1764 1004 170 close close VERB cblr-1764 1004 171 the the DET cblr-1764 1004 172 regulatory regulatory ADJ cblr-1764 1004 173 gap gap NOUN cblr-1764 1004 174 , , PUNCT cblr-1764 1004 175 rather rather ADV cblr-1764 1004 176 than than ADP cblr-1764 1004 177 a a DET cblr-1764 1004 178 firm firm ADJ cblr-1764 1004 179 promise promise NOUN cblr-1764 1004 180 to to PART cblr-1764 1004 181 enter enter VERB cblr-1764 1004 182 the the DET cblr-1764 1004 183 field.322 field.322 PROPN cblr-1764 1004 184 although although SCONJ cblr-1764 1004 185 much much ADJ cblr-1764 1004 186 depends depend VERB cblr-1764 1004 187 on on ADP cblr-1764 1004 188 the the DET cblr-1764 1004 189 vagaries vagary NOUN cblr-1764 1004 190 of of ADP cblr-1764 1004 191 the the DET cblr-1764 1004 192 rulemaking rulemaking NOUN cblr-1764 1004 193 process process NOUN cblr-1764 1004 194 at at ADP cblr-1764 1004 195 the the DET cblr-1764 1004 196 cftc cftc PROPN cblr-1764 1004 197 , , PUNCT cblr-1764 1004 198 it it PRON cblr-1764 1004 199 is be AUX cblr-1764 1004 200 likely likely ADJ cblr-1764 1004 201 to to PART cblr-1764 1004 202 have have VERB cblr-1764 1004 203 a a DET cblr-1764 1004 204 comparative comparative ADJ cblr-1764 1004 205 advantage advantage NOUN cblr-1764 1004 206 in in ADP cblr-1764 1004 207 regulating regulate VERB cblr-1764 1004 208 swaps swap NOUN cblr-1764 1004 209 relative relative ADJ cblr-1764 1004 210 to to ADP cblr-1764 1004 211 state state NOUN cblr-1764 1004 212 insurance insurance NOUN cblr-1764 1004 213 regulators regulator NOUN cblr-1764 1004 214 , , PUNCT cblr-1764 1004 215 even even ADV cblr-1764 1004 216 for for ADP cblr-1764 1004 217 swaps swap NOUN cblr-1764 1004 218 that that PRON cblr-1764 1004 219 primarily primarily ADV cblr-1764 1004 220 perform perform VERB cblr-1764 1004 221 an an DET cblr-1764 1004 222 insurance insurance NOUN cblr-1764 1004 223 function function NOUN cblr-1764 1004 224 . . PUNCT cblr-1764 1005 1 one one NUM cblr-1764 1005 2 reason reason NOUN cblr-1764 1005 3 is be AUX cblr-1764 1005 4 that that SCONJ cblr-1764 1005 5 the the DET cblr-1764 1005 6 agency agency NOUN cblr-1764 1005 7 will will AUX cblr-1764 1005 8 be be AUX cblr-1764 1005 9 overseeing oversee VERB cblr-1764 1005 10 the the DET cblr-1764 1005 11 market market NOUN cblr-1764 1005 12 infrastructure infrastructure NOUN cblr-1764 1005 13 for for ADP cblr-1764 1005 14 related related ADJ cblr-1764 1005 15 instruments instrument NOUN cblr-1764 1005 16 , , PUNCT cblr-1764 1005 17 such such ADJ cblr-1764 1005 18 as as ADP cblr-1764 1005 19 interest interest NOUN cblr-1764 1005 20 rate rate NOUN cblr-1764 1005 21 and and CCONJ cblr-1764 1005 22 foreign foreign ADJ cblr-1764 1005 23 exchange exchange NOUN cblr-1764 1005 24 swaps swap NOUN cblr-1764 1005 25 . . PUNCT cblr-1764 1006 1 in in ADP cblr-1764 1006 2 doing do VERB cblr-1764 1006 3 so so ADV cblr-1764 1006 4 , , PUNCT cblr-1764 1006 5 it it PRON cblr-1764 1006 6 will will AUX cblr-1764 1006 7 develop develop VERB cblr-1764 1006 8 expertise expertise NOUN cblr-1764 1006 9 concerning concern VERB cblr-1764 1006 10 the the DET cblr-1764 1006 11 320 320 NUM cblr-1764 1006 12 see see NOUN cblr-1764 1006 13 steven steven PROPN cblr-1764 1006 14 a. a. PROPN cblr-1764 1006 15 sibo sibo PROPN cblr-1764 1006 16 , , PUNCT cblr-1764 1006 17 credit credit NOUN cblr-1764 1006 18 default default NOUN cblr-1764 1006 19 swaps swap NOUN cblr-1764 1006 20 : : PUNCT cblr-1764 1006 21 how how SCONJ cblr-1764 1006 22 should should AUX cblr-1764 1006 23 they they PRON cblr-1764 1006 24 be be AUX cblr-1764 1006 25 regulated regulate VERB cblr-1764 1006 26 ? ? PUNCT cblr-1764 1006 27 , , PUNCT cblr-1764 1006 28 33–34 33–34 NUM cblr-1764 1006 29 ( ( PUNCT cblr-1764 1006 30 july july PROPN cblr-1764 1006 31 4 4 NUM cblr-1764 1006 32 , , PUNCT cblr-1764 1006 33 2012 2012 NUM cblr-1764 1006 34 ) ) PUNCT cblr-1764 1006 35 ( ( PUNCT cblr-1764 1006 36 unpublished unpublished ADJ cblr-1764 1006 37 manuscript manuscript NOUN cblr-1764 1006 38 ) ) PUNCT cblr-1764 1006 39 ( ( PUNCT cblr-1764 1006 40 on on ADP cblr-1764 1006 41 file file NOUN cblr-1764 1006 42 with with ADP cblr-1764 1006 43 author author NOUN cblr-1764 1006 44 ) ) PUNCT cblr-1764 1006 45 , , PUNCT cblr-1764 1006 46 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2099886 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2099886 PROPN cblr-1764 1007 1 [ [ X cblr-1764 1007 2 http://perma.cc/8vzd-s5nu http://perma.cc/8vzd-s5nu X cblr-1764 1007 3 ] ] X cblr-1764 1007 4 . . PUNCT cblr-1764 1008 1 321 321 NUM cblr-1764 1008 2 see see VERB cblr-1764 1008 3 kramer kramer PROPN cblr-1764 1008 4 et et PROPN cblr-1764 1008 5 al al PROPN cblr-1764 1008 6 . . PROPN cblr-1764 1008 7 , , PUNCT cblr-1764 1008 8 supra supra PROPN cblr-1764 1008 9 note note PROPN cblr-1764 1008 10 313 313 NUM cblr-1764 1008 11 , , PUNCT cblr-1764 1008 12 at at ADP cblr-1764 1008 13 33–34 33–34 NUM cblr-1764 1008 14 . . PUNCT cblr-1764 1009 1 322 322 NUM cblr-1764 1009 2 see see VERB cblr-1764 1009 3 i i PROPN cblr-1764 1009 4 d. d. PROPN cblr-1764 1009 5 turk turk PROPN cblr-1764 1009 6 – – PUNCT cblr-1764 1009 7 final final ADJ cblr-1764 1009 8 1052 1052 NUM cblr-1764 1009 9 columbia columbia PROPN cblr-1764 1009 10 business business NOUN cblr-1764 1009 11 law law PROPN cblr-1764 1009 12 review review NOUN cblr-1764 1009 13 [ [ X cblr-1764 1009 14 vol vol NOUN cblr-1764 1009 15 . . NOUN cblr-1764 1009 16 2015 2015 NUM cblr-1764 1009 17 extent extent NOUN cblr-1764 1009 18 which which PRON cblr-1764 1009 19 these these DET cblr-1764 1009 20 previously previously ADV cblr-1764 1009 21 over over ADP cblr-1764 1009 22 - - PUNCT cblr-1764 1009 23 the the DET cblr-1764 1009 24 - - PUNCT cblr-1764 1009 25 counter counter NOUN cblr-1764 1009 26 ( ( PUNCT cblr-1764 1009 27 “ " PUNCT cblr-1764 1009 28 otc otc PROPN cblr-1764 1009 29 ” " PUNCT cblr-1764 1009 30 ) ) PUNCT cblr-1764 1009 31 contracts contract NOUN cblr-1764 1009 32 may may AUX cblr-1764 1009 33 be be AUX cblr-1764 1009 34 moved move VERB cblr-1764 1009 35 to to ADP cblr-1764 1009 36 exchanges exchange NOUN cblr-1764 1009 37 , , PUNCT cblr-1764 1009 38 as as ADV cblr-1764 1009 39 well well ADV cblr-1764 1009 40 as as ADP cblr-1764 1009 41 technologies technology NOUN cblr-1764 1009 42 for for ADP cblr-1764 1009 43 aggregating aggregate VERB cblr-1764 1009 44 data datum NOUN cblr-1764 1009 45 on on ADP cblr-1764 1009 46 swaps swap NOUN cblr-1764 1009 47 that that PRON cblr-1764 1009 48 remain remain VERB cblr-1764 1009 49 otc otc PROPN cblr-1764 1009 50 . . PUNCT cblr-1764 1010 1 this this PRON cblr-1764 1010 2 reflects reflect VERB cblr-1764 1010 3 a a DET cblr-1764 1010 4 general general ADJ cblr-1764 1010 5 advantage advantage NOUN cblr-1764 1010 6 of of ADP cblr-1764 1010 7 formalism formalism NOUN cblr-1764 1010 8 mentioned mention VERB cblr-1764 1010 9 above above ADV cblr-1764 1010 10 , , PUNCT cblr-1764 1010 11 namely namely ADV cblr-1764 1010 12 that that SCONJ cblr-1764 1010 13 “ " PUNCT cblr-1764 1010 14 stationary stationary ADJ cblr-1764 1010 15 ” " PUNCT cblr-1764 1010 16 regulators regulator NOUN cblr-1764 1010 17 are be AUX cblr-1764 1010 18 better well ADJ cblr-1764 1010 19 able able ADJ cblr-1764 1010 20 to to PART cblr-1764 1010 21 specialize specialize VERB cblr-1764 1010 22 and and CCONJ cblr-1764 1010 23 accumulate accumulate VERB cblr-1764 1010 24 expertise expertise NOUN cblr-1764 1010 25 relative relative ADJ cblr-1764 1010 26 to to ADP cblr-1764 1010 27 “ " PUNCT cblr-1764 1010 28 roving rove VERB cblr-1764 1010 29 ” " PUNCT cblr-1764 1010 30 regulators regulator NOUN cblr-1764 1010 31 that that PRON cblr-1764 1010 32 move move VERB cblr-1764 1010 33 across across ADP cblr-1764 1010 34 markets market NOUN cblr-1764 1010 35 to to PART cblr-1764 1010 36 keep keep VERB cblr-1764 1010 37 up up ADP cblr-1764 1010 38 with with ADP cblr-1764 1010 39 functional functional ADJ cblr-1764 1010 40 changes change NOUN cblr-1764 1010 41 brought bring VERB cblr-1764 1010 42 by by ADP cblr-1764 1010 43 financial financial ADJ cblr-1764 1010 44 innovation innovation NOUN cblr-1764 1010 45 . . PUNCT cblr-1764 1011 1 2 2 X cblr-1764 1011 2 . . X cblr-1764 1011 3 functional functional ADJ cblr-1764 1011 4 regulation regulation NOUN cblr-1764 1011 5 of of ADP cblr-1764 1011 6 institutions institution NOUN cblr-1764 1011 7 definitional definitional ADJ cblr-1764 1011 8 boundaries boundary NOUN cblr-1764 1011 9 can can AUX cblr-1764 1011 10 be be AUX cblr-1764 1011 11 drawn draw VERB cblr-1764 1011 12 , , PUNCT cblr-1764 1011 13 in in ADP cblr-1764 1011 14 a a DET cblr-1764 1011 15 formal formal ADJ cblr-1764 1011 16 or or CCONJ cblr-1764 1011 17 functional functional ADJ cblr-1764 1011 18 manner manner NOUN cblr-1764 1011 19 , , PUNCT cblr-1764 1011 20 to to PART cblr-1764 1011 21 differentiate differentiate VERB cblr-1764 1011 22 the the DET cblr-1764 1011 23 regulatory regulatory ADJ cblr-1764 1011 24 treatment treatment NOUN cblr-1764 1011 25 of of ADP cblr-1764 1011 26 not not PART cblr-1764 1011 27 just just ADV cblr-1764 1011 28 products product NOUN cblr-1764 1011 29 but but CCONJ cblr-1764 1011 30 also also ADV cblr-1764 1011 31 financial financial ADJ cblr-1764 1011 32 institutions institution NOUN cblr-1764 1011 33 as as ADP cblr-1764 1011 34 a a DET cblr-1764 1011 35 whole whole NOUN cblr-1764 1011 36 . . PUNCT cblr-1764 1012 1 the the DET cblr-1764 1012 2 2008 2008 NUM cblr-1764 1012 3 crisis crisis NOUN cblr-1764 1012 4 revealed reveal VERB cblr-1764 1012 5 that that SCONJ cblr-1764 1012 6 the the DET cblr-1764 1012 7 economic economic ADJ cblr-1764 1012 8 function function NOUN cblr-1764 1012 9 of of ADP cblr-1764 1012 10 insurance insurance NOUN cblr-1764 1012 11 companies company NOUN cblr-1764 1012 12 have have VERB cblr-1764 1012 13 in in ADP cblr-1764 1012 14 substantial substantial ADJ cblr-1764 1012 15 part part NOUN cblr-1764 1012 16 converged converge VERB cblr-1764 1012 17 with with ADP cblr-1764 1012 18 that that PRON cblr-1764 1012 19 of of ADP cblr-1764 1012 20 other other ADJ cblr-1764 1012 21 financial financial ADJ cblr-1764 1012 22 intermediaries intermediary NOUN cblr-1764 1012 23 and and CCONJ cblr-1764 1012 24 has have AUX cblr-1764 1012 25 therefore therefore ADV cblr-1764 1012 26 prompted prompt VERB cblr-1764 1012 27 consideration consideration NOUN cblr-1764 1012 28 of of ADP cblr-1764 1012 29 a a DET cblr-1764 1012 30 more more ADV cblr-1764 1012 31 functional functional ADJ cblr-1764 1012 32 regulation regulation NOUN cblr-1764 1012 33 of of ADP cblr-1764 1012 34 insurance insurance NOUN cblr-1764 1012 35 companies company NOUN cblr-1764 1012 36 , , PUNCT cblr-1764 1012 37 specifically specifically ADV cblr-1764 1012 38 in in ADP cblr-1764 1012 39 connection connection NOUN cblr-1764 1012 40 with with ADP cblr-1764 1012 41 their their PRON cblr-1764 1012 42 relationship relationship NOUN cblr-1764 1012 43 to to ADP cblr-1764 1012 44 systemic systemic ADJ cblr-1764 1012 45 risk risk NOUN cblr-1764 1012 46 . . PUNCT cblr-1764 1013 1 as as SCONJ cblr-1764 1013 2 discussed discuss VERB cblr-1764 1013 3 below below ADV cblr-1764 1013 4 , , PUNCT cblr-1764 1013 5 doddfrank doddfrank NOUN cblr-1764 1013 6 provides provide VERB cblr-1764 1013 7 regulators regulator NOUN cblr-1764 1013 8 with with ADP cblr-1764 1013 9 discretion discretion NOUN cblr-1764 1013 10 to to PART cblr-1764 1013 11 ignore ignore VERB cblr-1764 1013 12 formal formal ADJ cblr-1764 1013 13 definitional definitional ADJ cblr-1764 1013 14 boundaries boundary NOUN cblr-1764 1013 15 that that PRON cblr-1764 1013 16 require require VERB cblr-1764 1013 17 a a DET cblr-1764 1013 18 unique unique ADJ cblr-1764 1013 19 treatment treatment NOUN cblr-1764 1013 20 of of ADP cblr-1764 1013 21 insurance insurance NOUN cblr-1764 1013 22 firms firm NOUN cblr-1764 1013 23 compared compare VERB cblr-1764 1013 24 to to ADP cblr-1764 1013 25 other other ADJ cblr-1764 1013 26 financial financial ADJ cblr-1764 1013 27 intermediaries intermediary NOUN cblr-1764 1013 28 . . PUNCT cblr-1764 1014 1 at at ADP cblr-1764 1014 2 the the DET cblr-1764 1014 3 same same ADJ cblr-1764 1014 4 time time NOUN cblr-1764 1014 5 , , PUNCT cblr-1764 1014 6 it it PRON cblr-1764 1014 7 may may AUX cblr-1764 1014 8 indirectly indirectly ADV cblr-1764 1014 9 create create VERB cblr-1764 1014 10 new new ADJ cblr-1764 1014 11 regulatory regulatory ADJ cblr-1764 1014 12 distinctions distinction NOUN cblr-1764 1014 13 , , PUNCT cblr-1764 1014 14 namely namely ADV cblr-1764 1014 15 with with ADP cblr-1764 1014 16 respect respect NOUN cblr-1764 1014 17 to to ADP cblr-1764 1014 18 solvency solvency NOUN cblr-1764 1014 19 rules rule NOUN cblr-1764 1014 20 for for ADP cblr-1764 1014 21 large large ADJ cblr-1764 1014 22 versus versus ADP cblr-1764 1014 23 small small ADJ cblr-1764 1014 24 insurers insurer NOUN cblr-1764 1014 25 . . PUNCT cblr-1764 1015 1 a. a. NOUN cblr-1764 1015 2 solvency solvency NOUN cblr-1764 1015 3 rules rule NOUN cblr-1764 1015 4 for for ADP cblr-1764 1015 5 systemically systemically ADV cblr-1764 1015 6 - - PUNCT cblr-1764 1015 7 important important ADJ cblr-1764 1015 8 insurers insurer NOUN cblr-1764 1015 9 section section VERB cblr-1764 1015 10 113 113 NUM cblr-1764 1015 11 of of ADP cblr-1764 1015 12 dodd dodd PROPN cblr-1764 1015 13 - - PUNCT cblr-1764 1015 14 frank frank PROPN cblr-1764 1015 15 grants grant VERB cblr-1764 1015 16 the the DET cblr-1764 1015 17 federal federal PROPN cblr-1764 1015 18 reserve reserve PROPN cblr-1764 1015 19 , , PUNCT cblr-1764 1015 20 through through ADP cblr-1764 1015 21 the the DET cblr-1764 1015 22 fsoc fsoc NOUN cblr-1764 1015 23 , , PUNCT cblr-1764 1015 24 the the DET cblr-1764 1015 25 power power NOUN cblr-1764 1015 26 to to PART cblr-1764 1015 27 identify identify VERB cblr-1764 1015 28 “ " PUNCT cblr-1764 1015 29 designated designate VERB cblr-1764 1015 30 nonbanking nonbanking ADJ cblr-1764 1015 31 financial financial ADJ cblr-1764 1015 32 institutions institution NOUN cblr-1764 1015 33 ” " PUNCT cblr-1764 1015 34 and and CCONJ cblr-1764 1015 35 subject subject VERB cblr-1764 1015 36 them they PRON cblr-1764 1015 37 to to ADP cblr-1764 1015 38 the the DET cblr-1764 1015 39 same same ADJ cblr-1764 1015 40 heightened heighten VERB cblr-1764 1015 41 regulation regulation NOUN cblr-1764 1015 42 as as ADP cblr-1764 1015 43 systemically systemically ADV cblr-1764 1015 44 important important ADJ cblr-1764 1015 45 banks bank NOUN cblr-1764 1015 46 — — PUNCT cblr-1764 1015 47 an an DET cblr-1764 1015 48 exercise exercise NOUN cblr-1764 1015 49 that that PRON cblr-1764 1015 50 denies deny VERB cblr-1764 1015 51 formal formal ADJ cblr-1764 1015 52 distinctions distinction NOUN cblr-1764 1015 53 on on ADP cblr-1764 1015 54 its its PRON cblr-1764 1015 55 face.323 face.323 NOUN cblr-1764 1015 56 doddfrank doddfrank NOUN cblr-1764 1015 57 section section NOUN cblr-1764 1015 58 113 113 NUM cblr-1764 1015 59 is be AUX cblr-1764 1015 60 also also ADV cblr-1764 1015 61 less less ADV cblr-1764 1015 62 formalistic formalistic ADJ cblr-1764 1015 63 than than ADP cblr-1764 1015 64 a a DET cblr-1764 1015 65 definitional definitional ADJ cblr-1764 1015 66 distinction distinction NOUN cblr-1764 1015 67 made make VERB cblr-1764 1015 68 in in ADP cblr-1764 1015 69 glb glb NOUN cblr-1764 1015 70 , , PUNCT cblr-1764 1015 71 which which PRON cblr-1764 1015 72 limited limit VERB cblr-1764 1015 73 the the DET cblr-1764 1015 74 federal federal ADJ cblr-1764 1015 75 323 323 NUM cblr-1764 1015 76 dodd dodd PROPN cblr-1764 1015 77 - - PUNCT cblr-1764 1015 78 frank frank PROPN cblr-1764 1015 79 § § PROPN cblr-1764 1015 80 113 113 NUM cblr-1764 1015 81 , , PUNCT cblr-1764 1015 82 12 12 NUM cblr-1764 1015 83 u.s.c u.s.c ADJ cblr-1764 1015 84 . . PUNCT cblr-1764 1016 1 § § PROPN cblr-1764 1016 2 5323 5323 NUM cblr-1764 1016 3 ( ( PUNCT cblr-1764 1016 4 2012 2012 NUM cblr-1764 1016 5 ) ) PUNCT cblr-1764 1016 6 . . PUNCT cblr-1764 1017 1 turk turk PROPN cblr-1764 1017 2 – – PUNCT cblr-1764 1017 3 final final ADJ cblr-1764 1017 4 no no NOUN cblr-1764 1017 5 . . PUNCT cblr-1764 1018 1 3:967 3:967 NUM cblr-1764 1018 2 ] ] PUNCT cblr-1764 1018 3 insurance insurance NOUN cblr-1764 1018 4 convergence convergence NOUN cblr-1764 1018 5 1053 1053 NUM cblr-1764 1018 6 reserve reserve PROPN cblr-1764 1018 7 ’s ’s PART cblr-1764 1018 8 oversight oversight NOUN cblr-1764 1018 9 of of ADP cblr-1764 1018 10 large large ADJ cblr-1764 1018 11 financial financial ADJ cblr-1764 1018 12 conglomerates conglomerate NOUN cblr-1764 1018 13 to to ADP cblr-1764 1018 14 only only ADV cblr-1764 1018 15 those those DET cblr-1764 1018 16 institutions institution NOUN cblr-1764 1018 17 that that PRON cblr-1764 1018 18 chose choose VERB cblr-1764 1018 19 to to PART cblr-1764 1018 20 be be AUX cblr-1764 1018 21 structured structure VERB cblr-1764 1018 22 as as ADP cblr-1764 1018 23 fhcs.324 fhcs.324 PROPN cblr-1764 1018 24 the the DET cblr-1764 1018 25 dodd dodd PROPN cblr-1764 1018 26 - - PUNCT cblr-1764 1018 27 frank frank ADJ cblr-1764 1018 28 rule rule NOUN cblr-1764 1018 29 carves carve VERB cblr-1764 1018 30 out out ADP cblr-1764 1018 31 a a DET cblr-1764 1018 32 more more ADV cblr-1764 1018 33 functional functional ADJ cblr-1764 1018 34 regulatory regulatory ADJ cblr-1764 1018 35 category category NOUN cblr-1764 1018 36 , , PUNCT cblr-1764 1018 37 because because SCONJ cblr-1764 1018 38 whether whether SCONJ cblr-1764 1018 39 an an DET cblr-1764 1018 40 institution institution NOUN cblr-1764 1018 41 is be AUX cblr-1764 1018 42 structured structure VERB cblr-1764 1018 43 in in ADP cblr-1764 1018 44 the the DET cblr-1764 1018 45 form form NOUN cblr-1764 1018 46 of of ADP cblr-1764 1018 47 a a DET cblr-1764 1018 48 fhc fhc NOUN cblr-1764 1018 49 is be AUX cblr-1764 1018 50 a a DET cblr-1764 1018 51 legal legal ADJ cblr-1764 1018 52 technicality technicality NOUN cblr-1764 1018 53 that that PRON cblr-1764 1018 54 does do AUX cblr-1764 1018 55 not not PART cblr-1764 1018 56 itself itself PRON cblr-1764 1018 57 determine determine VERB cblr-1764 1018 58 the the DET cblr-1764 1018 59 extent extent NOUN cblr-1764 1018 60 to to PART cblr-1764 1018 61 which which PRON cblr-1764 1018 62 it it PRON cblr-1764 1018 63 contributes contribute VERB cblr-1764 1018 64 to to ADP cblr-1764 1018 65 systemic systemic ADJ cblr-1764 1018 66 risk risk NOUN cblr-1764 1018 67 . . PUNCT cblr-1764 1019 1 in in ADP cblr-1764 1019 2 principle principle NOUN cblr-1764 1019 3 , , PUNCT cblr-1764 1019 4 dodd dodd PROPN cblr-1764 1019 5 - - PUNCT cblr-1764 1019 6 frank frank PROPN cblr-1764 1019 7 ’s ’s PART cblr-1764 1019 8 minimal minimal ADJ cblr-1764 1019 9 requirement requirement NOUN cblr-1764 1019 10 that that SCONJ cblr-1764 1019 11 the the DET cblr-1764 1019 12 federal federal PROPN cblr-1764 1019 13 reserve reserve PROPN cblr-1764 1019 14 engage engage VERB cblr-1764 1019 15 in in ADP cblr-1764 1019 16 oversight oversight NOUN cblr-1764 1019 17 of of ADP cblr-1764 1019 18 all all DET cblr-1764 1019 19 systemic systemic ADJ cblr-1764 1019 20 financial financial ADJ cblr-1764 1019 21 institutions institution NOUN cblr-1764 1019 22 , , PUNCT cblr-1764 1019 23 regardless regardless ADV cblr-1764 1019 24 of of ADP cblr-1764 1019 25 whether whether SCONJ cblr-1764 1019 26 they they PRON cblr-1764 1019 27 are be AUX cblr-1764 1019 28 technically technically ADV cblr-1764 1019 29 categorized categorize VERB cblr-1764 1019 30 as as ADP cblr-1764 1019 31 banks bank NOUN cblr-1764 1019 32 or or CCONJ cblr-1764 1019 33 fhcs fhc NOUN cblr-1764 1019 34 , , PUNCT cblr-1764 1019 35 is be AUX cblr-1764 1019 36 a a DET cblr-1764 1019 37 generally generally ADV cblr-1764 1019 38 sensible sensible ADJ cblr-1764 1019 39 step step NOUN cblr-1764 1019 40 towards towards ADP cblr-1764 1019 41 greater great ADJ cblr-1764 1019 42 functionalism functionalism NOUN cblr-1764 1019 43 . . PUNCT cblr-1764 1020 1 as as SCONJ cblr-1764 1020 2 this this DET cblr-1764 1020 3 article article NOUN cblr-1764 1020 4 has have AUX cblr-1764 1020 5 argued argue VERB cblr-1764 1020 6 , , PUNCT cblr-1764 1020 7 the the DET cblr-1764 1020 8 degree degree NOUN cblr-1764 1020 9 to to PART cblr-1764 1020 10 which which PRON cblr-1764 1020 11 insurance insurance NOUN cblr-1764 1020 12 companies company NOUN cblr-1764 1020 13 have have AUX cblr-1764 1020 14 become become VERB cblr-1764 1020 15 entangled entangle VERB cblr-1764 1020 16 with with ADP cblr-1764 1020 17 the the DET cblr-1764 1020 18 stability stability NOUN cblr-1764 1020 19 of of ADP cblr-1764 1020 20 the the DET cblr-1764 1020 21 entire entire ADJ cblr-1764 1020 22 financial financial ADJ cblr-1764 1020 23 sector sector NOUN cblr-1764 1020 24 was be AUX cblr-1764 1020 25 not not PART cblr-1764 1020 26 appreciated appreciate VERB cblr-1764 1020 27 during during ADP cblr-1764 1020 28 the the DET cblr-1764 1020 29 2008 2008 NUM cblr-1764 1020 30 crisis crisis NOUN cblr-1764 1020 31 . . PUNCT cblr-1764 1021 1 and and CCONJ cblr-1764 1021 2 outside outside ADP cblr-1764 1021 3 of of ADP cblr-1764 1021 4 the the DET cblr-1764 1021 5 example example NOUN cblr-1764 1021 6 of of ADP cblr-1764 1021 7 aig aig PROPN cblr-1764 1021 8 , , PUNCT cblr-1764 1021 9 it it PRON cblr-1764 1021 10 remains remain VERB cblr-1764 1021 11 widely widely ADV cblr-1764 1021 12 overlooked.325 overlooked.325 PRON cblr-1764 1021 13 monitoring monitor VERB cblr-1764 1021 14 systemic systemic ADJ cblr-1764 1021 15 institutions institution NOUN cblr-1764 1021 16 without without ADP cblr-1764 1021 17 restricting restrict VERB cblr-1764 1021 18 the the DET cblr-1764 1021 19 process process NOUN cblr-1764 1021 20 based base VERB cblr-1764 1021 21 on on ADP cblr-1764 1021 22 an an DET cblr-1764 1021 23 institution institution NOUN cblr-1764 1021 24 ’s ’s PART cblr-1764 1021 25 formal formal ADJ cblr-1764 1021 26 legal legal ADJ cblr-1764 1021 27 structure structure NOUN cblr-1764 1021 28 , , PUNCT cblr-1764 1021 29 as as ADP cblr-1764 1021 30 an an DET cblr-1764 1021 31 insurer insurer NOUN cblr-1764 1021 32 or or CCONJ cblr-1764 1021 33 otherwise otherwise ADV cblr-1764 1021 34 , , PUNCT cblr-1764 1021 35 closes close VERB cblr-1764 1021 36 that that SCONJ cblr-1764 1021 37 glaring glare VERB cblr-1764 1021 38 regulatory regulatory ADJ cblr-1764 1021 39 gap gap NOUN cblr-1764 1021 40 . . PUNCT cblr-1764 1022 1 besides besides SCONJ cblr-1764 1022 2 the the DET cblr-1764 1022 3 number number NOUN cblr-1764 1022 4 of of ADP cblr-1764 1022 5 large large ADJ cblr-1764 1022 6 insurers insurer NOUN cblr-1764 1022 7 that that PRON cblr-1764 1022 8 are be AUX cblr-1764 1022 9 so so ADV cblr-1764 1022 10 - - PUNCT cblr-1764 1022 11 designated,326 designated,326 NOUN cblr-1764 1022 12 the the DET cblr-1764 1022 13 practical practical ADJ cblr-1764 1022 14 importance importance NOUN cblr-1764 1022 15 of of ADP cblr-1764 1022 16 dodd dodd PROPN cblr-1764 1022 17 - - PUNCT cblr-1764 1022 18 frank frank PROPN cblr-1764 1022 19 section section NOUN cblr-1764 1022 20 113 113 NUM cblr-1764 1022 21 will will AUX cblr-1764 1022 22 turn turn VERB cblr-1764 1022 23 on on ADP cblr-1764 1022 24 how how SCONJ cblr-1764 1022 25 the the DET cblr-1764 1022 26 federal federal PROPN cblr-1764 1022 27 reserve reserve PROPN cblr-1764 1022 28 exercises exercise VERB cblr-1764 1022 29 the the DET cblr-1764 1022 30 vast vast ADJ cblr-1764 1022 31 discretion discretion NOUN cblr-1764 1022 32 it it PRON cblr-1764 1022 33 has have AUX cblr-1764 1022 34 been be AUX cblr-1764 1022 35 afforded afford VERB cblr-1764 1022 36 for for ADP cblr-1764 1022 37 supervision supervision NOUN cblr-1764 1022 38 of of ADP cblr-1764 1022 39 systemic systemic ADJ cblr-1764 1022 40 institutions institution NOUN cblr-1764 1022 41 . . PUNCT cblr-1764 1023 1 one one NUM cblr-1764 1023 2 opportunity opportunity NOUN cblr-1764 1023 3 for for ADP cblr-1764 1023 4 a a DET cblr-1764 1023 5 bold bold ADJ cblr-1764 1023 6 step step NOUN cblr-1764 1023 7 towards towards ADP cblr-1764 1023 8 functionalism functionalism NOUN cblr-1764 1023 9 is be AUX cblr-1764 1023 10 set set VERB cblr-1764 1023 11 in in ADP cblr-1764 1023 12 motion motion NOUN cblr-1764 1023 13 by by ADP cblr-1764 1023 14 the the DET cblr-1764 1023 15 intersection intersection NOUN cblr-1764 1023 16 of of ADP cblr-1764 1023 17 dodd dodd PROPN cblr-1764 1023 18 - - PUNCT cblr-1764 1023 19 frank frank PROPN cblr-1764 1023 20 section section NOUN cblr-1764 1023 21 113 113 NUM cblr-1764 1023 22 with with ADP cblr-1764 1023 23 section section NOUN cblr-1764 1023 24 171 171 NUM cblr-1764 1023 25 , , PUNCT cblr-1764 1023 26 the the DET cblr-1764 1023 27 so so ADV cblr-1764 1023 28 - - PUNCT cblr-1764 1023 29 called call VERB cblr-1764 1023 30 collins collins PROPN cblr-1764 1023 31 amendment amendment PROPN cblr-1764 1023 32 . . PUNCT cblr-1764 1024 1 this this DET cblr-1764 1024 2 provision provision NOUN cblr-1764 1024 3 is be AUX cblr-1764 1024 4 commonly commonly ADV cblr-1764 1024 5 interpreted interpret VERB cblr-1764 1024 6 to to PART cblr-1764 1024 7 grant grant VERB cblr-1764 1024 8 the the DET cblr-1764 1024 9 federal federal PROPN cblr-1764 1024 10 reserve reserve PROPN cblr-1764 1024 11 authority authority NOUN cblr-1764 1024 12 to to PART cblr-1764 1024 13 not not PART cblr-1764 1024 14 only only ADV cblr-1764 1024 15 monitor monitor VERB cblr-1764 1024 16 systemic systemic ADJ cblr-1764 1024 17 insurers insurer NOUN cblr-1764 1024 18 more more ADV cblr-1764 1024 19 closely closely ADV cblr-1764 1024 20 , , PUNCT cblr-1764 1024 21 but but CCONJ cblr-1764 1024 22 also also ADV cblr-1764 1024 23 to to PART cblr-1764 1024 24 make make VERB cblr-1764 1024 25 the the DET cblr-1764 1024 26 latest late ADJ cblr-1764 1024 27 round round NOUN cblr-1764 1024 28 of of ADP cblr-1764 1024 29 quantitative quantitative ADJ cblr-1764 1024 30 capital capital NOUN cblr-1764 1024 31 requirements requirement NOUN cblr-1764 1024 32 developed develop VERB cblr-1764 1024 33 for for ADP cblr-1764 1024 34 banks bank NOUN cblr-1764 1024 35 , , PUNCT cblr-1764 1024 36 including include VERB cblr-1764 1024 37 basel basel PROPN cblr-1764 1024 38 iii iii PROPN cblr-1764 1024 39 , , PUNCT cblr-1764 1024 40 also also ADV cblr-1764 1024 41 apply apply VERB cblr-1764 1024 42 to to ADP cblr-1764 1024 43 systemically systemically ADV cblr-1764 1024 44 - - PUNCT cblr-1764 1024 45 important important ADJ cblr-1764 1024 46 non non ADJ cblr-1764 1024 47 - - ADJ cblr-1764 1024 48 bank bank ADJ cblr-1764 1024 49 institutions institution NOUN cblr-1764 1024 50 such such ADJ cblr-1764 1024 51 as as ADP cblr-1764 1024 52 insurers.327 insurers.327 NOUN cblr-1764 1024 53 324 324 NUM cblr-1764 1024 54 see see VERB cblr-1764 1024 55 supra supra PROPN cblr-1764 1024 56 note note PROPN cblr-1764 1024 57 131 131 NUM cblr-1764 1024 58 and and CCONJ cblr-1764 1024 59 accompanying accompany VERB cblr-1764 1024 60 text text NOUN cblr-1764 1024 61 . . PUNCT cblr-1764 1025 1 325 325 NUM cblr-1764 1025 2 see see VERB cblr-1764 1025 3 supra supra PROPN cblr-1764 1025 4 part part NOUN cblr-1764 1025 5 ii.a ii.a PROPN cblr-1764 1025 6 . . PUNCT cblr-1764 1026 1 326 326 NUM cblr-1764 1026 2 the the DET cblr-1764 1026 3 list list NOUN cblr-1764 1026 4 currently currently ADV cblr-1764 1026 5 includes include VERB cblr-1764 1026 6 aig aig PROPN cblr-1764 1026 7 , , PUNCT cblr-1764 1026 8 prudential prudential ADJ cblr-1764 1026 9 insurance insurance NOUN cblr-1764 1026 10 , , PUNCT cblr-1764 1026 11 and and CCONJ cblr-1764 1026 12 metlife metlife NOUN cblr-1764 1026 13 . . PUNCT cblr-1764 1027 1 see see VERB cblr-1764 1027 2 supra supra PROPN cblr-1764 1027 3 note note PROPN cblr-1764 1027 4 150 150 NUM cblr-1764 1027 5 . . PUNCT cblr-1764 1028 1 327 327 NUM cblr-1764 1028 2 dodd dodd PROPN cblr-1764 1028 3 - - PUNCT cblr-1764 1028 4 frank frank PROPN cblr-1764 1028 5 § § PROPN cblr-1764 1028 6 171 171 NUM cblr-1764 1028 7 , , PUNCT cblr-1764 1028 8 12 12 NUM cblr-1764 1028 9 u.s.c u.s.c ADJ cblr-1764 1028 10 . . PUNCT cblr-1764 1029 1 § § PROPN cblr-1764 1029 2 5371 5371 NUM cblr-1764 1029 3 ( ( PUNCT cblr-1764 1029 4 2012 2012 NUM cblr-1764 1029 5 ) ) PUNCT cblr-1764 1029 6 ; ; PUNCT cblr-1764 1029 7 see see VERB cblr-1764 1029 8 also also ADV cblr-1764 1029 9 dodd dodd PROPN cblr-1764 1029 10 - - PUNCT cblr-1764 1029 11 frank frank PROPN cblr-1764 1029 12 § § PROPN cblr-1764 1029 13 165 165 NUM cblr-1764 1029 14 , , PUNCT cblr-1764 1029 15 12 12 NUM cblr-1764 1029 16 u.s.c u.s.c ADJ cblr-1764 1029 17 § § PROPN cblr-1764 1029 18 5365 5365 NUM cblr-1764 1029 19 ( ( PUNCT cblr-1764 1029 20 2012 2012 NUM cblr-1764 1029 21 ) ) PUNCT cblr-1764 1029 22 ( ( PUNCT cblr-1764 1029 23 requiring require VERB cblr-1764 1029 24 new new ADJ cblr-1764 1029 25 capital capital NOUN cblr-1764 1029 26 requirements requirement NOUN cblr-1764 1029 27 for for ADP cblr-1764 1029 28 banks bank NOUN cblr-1764 1029 29 ) ) PUNCT cblr-1764 1029 30 ; ; PUNCT cblr-1764 1029 31 see see VERB cblr-1764 1029 32 generally generally ADV cblr-1764 1029 33 margaret margaret PROPN cblr-1764 1029 34 e. e. PROPN cblr-1764 1029 35 tahyar tahyar PROPN cblr-1764 1029 36 , , PUNCT cblr-1764 1029 37 collins collins PROPN cblr-1764 1029 38 amendments amendment NOUN cblr-1764 1029 39 sets set VERB cblr-1764 1029 40 turk turk PROPN cblr-1764 1029 41 – – PUNCT cblr-1764 1030 1 final final ADJ cblr-1764 1030 2 1054 1054 NUM cblr-1764 1030 3 columbia columbia PROPN cblr-1764 1030 4 business business NOUN cblr-1764 1030 5 law law PROPN cblr-1764 1030 6 review review NOUN cblr-1764 1030 7 [ [ X cblr-1764 1030 8 vol vol NOUN cblr-1764 1030 9 . . PUNCT cblr-1764 1030 10 2015 2015 NUM cblr-1764 1030 11 although although SCONJ cblr-1764 1030 12 expanding expand VERB cblr-1764 1030 13 the the DET cblr-1764 1030 14 scope scope NOUN cblr-1764 1030 15 of of ADP cblr-1764 1030 16 the the DET cblr-1764 1030 17 fsoc fsoc NOUN cblr-1764 1030 18 ’s ’s PART cblr-1764 1030 19 supervisory supervisory ADJ cblr-1764 1030 20 authority authority NOUN cblr-1764 1030 21 appears appear VERB cblr-1764 1030 22 sound sound ADJ cblr-1764 1030 23 , , PUNCT cblr-1764 1030 24 using use VERB cblr-1764 1030 25 the the DET cblr-1764 1030 26 collins collins PROPN cblr-1764 1030 27 amendment amendment PROPN cblr-1764 1030 28 to to PART cblr-1764 1030 29 require require VERB cblr-1764 1030 30 identical identical ADJ cblr-1764 1030 31 solvency solvency NOUN cblr-1764 1030 32 rules rule NOUN cblr-1764 1030 33 across across ADP cblr-1764 1030 34 systemic systemic ADJ cblr-1764 1030 35 institutions institution NOUN cblr-1764 1030 36 pushes push VERB cblr-1764 1030 37 the the DET cblr-1764 1030 38 functional functional ADJ cblr-1764 1030 39 analogy analogy NOUN cblr-1764 1030 40 between between ADP cblr-1764 1030 41 banks bank NOUN cblr-1764 1030 42 and and CCONJ cblr-1764 1030 43 insurers insurer NOUN cblr-1764 1030 44 too too ADV cblr-1764 1030 45 far far ADV cblr-1764 1030 46 . . PUNCT cblr-1764 1031 1 despite despite SCONJ cblr-1764 1031 2 the the DET cblr-1764 1031 3 fact fact NOUN cblr-1764 1031 4 that that SCONJ cblr-1764 1031 5 there there PRON cblr-1764 1031 6 has have AUX cblr-1764 1031 7 been be AUX cblr-1764 1031 8 growing grow VERB cblr-1764 1031 9 convergence convergence NOUN cblr-1764 1031 10 between between ADP cblr-1764 1031 11 the the DET cblr-1764 1031 12 two two NUM cblr-1764 1031 13 industries industry NOUN cblr-1764 1031 14 , , PUNCT cblr-1764 1031 15 the the DET cblr-1764 1031 16 overlap overlap NOUN cblr-1764 1031 17 is be AUX cblr-1764 1031 18 not not PART cblr-1764 1031 19 complete complete ADJ cblr-1764 1031 20 and and CCONJ cblr-1764 1031 21 includes include VERB cblr-1764 1031 22 at at ADV cblr-1764 1031 23 least least ADV cblr-1764 1031 24 two two NUM cblr-1764 1031 25 critical critical ADJ cblr-1764 1031 26 differences difference NOUN cblr-1764 1031 27 . . PUNCT cblr-1764 1032 1 first first ADV cblr-1764 1032 2 , , PUNCT cblr-1764 1032 3 liquidity liquidity NOUN cblr-1764 1032 4 requirements requirement NOUN cblr-1764 1032 5 are be AUX cblr-1764 1032 6 crucial crucial ADJ cblr-1764 1032 7 for for ADP cblr-1764 1032 8 banks bank NOUN cblr-1764 1032 9 because because SCONJ cblr-1764 1032 10 their their PRON cblr-1764 1032 11 general general ADJ cblr-1764 1032 12 model model NOUN cblr-1764 1032 13 is be AUX cblr-1764 1032 14 to to PART cblr-1764 1032 15 turn turn VERB cblr-1764 1032 16 short short ADJ cblr-1764 1032 17 - - PUNCT cblr-1764 1032 18 term term NOUN cblr-1764 1032 19 , , PUNCT cblr-1764 1032 20 liquid liquid ADJ cblr-1764 1032 21 liabilities liability NOUN cblr-1764 1032 22 into into ADP cblr-1764 1032 23 long long ADJ cblr-1764 1032 24 - - PUNCT cblr-1764 1032 25 term term NOUN cblr-1764 1032 26 , , PUNCT cblr-1764 1032 27 less less ADJ cblr-1764 1032 28 liquid liquid ADJ cblr-1764 1032 29 assets asset NOUN cblr-1764 1032 30 ; ; PUNCT cblr-1764 1032 31 insurance insurance NOUN cblr-1764 1032 32 firms firm NOUN cblr-1764 1032 33 have have AUX cblr-1764 1032 34 come come VERB cblr-1764 1032 35 to to PART cblr-1764 1032 36 share share VERB cblr-1764 1032 37 this this DET cblr-1764 1032 38 feature feature NOUN cblr-1764 1032 39 with with ADP cblr-1764 1032 40 banks bank NOUN cblr-1764 1032 41 to to ADP cblr-1764 1032 42 some some DET cblr-1764 1032 43 degree degree NOUN cblr-1764 1032 44 , , PUNCT cblr-1764 1032 45 but but CCONJ cblr-1764 1032 46 maturity maturity NOUN cblr-1764 1032 47 and and CCONJ cblr-1764 1032 48 liquidity liquidity NOUN cblr-1764 1032 49 transformation transformation NOUN cblr-1764 1032 50 are be AUX cblr-1764 1032 51 not not PART cblr-1764 1032 52 the the DET cblr-1764 1032 53 essence essence NOUN cblr-1764 1032 54 of of ADP cblr-1764 1032 55 their their PRON cblr-1764 1032 56 business business NOUN cblr-1764 1032 57 model.328 model.328 NOUN cblr-1764 1032 58 as as ADP cblr-1764 1032 59 a a DET cblr-1764 1032 60 consequence consequence NOUN cblr-1764 1032 61 , , PUNCT cblr-1764 1032 62 the the DET cblr-1764 1032 63 centrality centrality NOUN cblr-1764 1032 64 of of ADP cblr-1764 1032 65 heightened heighten VERB cblr-1764 1032 66 liquidity liquidity NOUN cblr-1764 1032 67 requirements requirement NOUN cblr-1764 1032 68 in in ADP cblr-1764 1032 69 basel basel PROPN cblr-1764 1032 70 iii iii PROPN cblr-1764 1032 71 and and CCONJ cblr-1764 1032 72 related relate VERB cblr-1764 1032 73 solvency solvency NOUN cblr-1764 1032 74 rules rule NOUN cblr-1764 1032 75 is be AUX cblr-1764 1032 76 appropriate appropriate ADJ cblr-1764 1032 77 for for ADP cblr-1764 1032 78 banks bank NOUN cblr-1764 1032 79 and and CCONJ cblr-1764 1032 80 possibly possibly ADV cblr-1764 1032 81 other other ADJ cblr-1764 1032 82 payments payment NOUN cblr-1764 1032 83 vehicles vehicle NOUN cblr-1764 1032 84 such such ADJ cblr-1764 1032 85 as as ADP cblr-1764 1032 86 money money NOUN cblr-1764 1032 87 market market NOUN cblr-1764 1032 88 mutual mutual ADJ cblr-1764 1032 89 funds fund NOUN cblr-1764 1032 90 , , PUNCT cblr-1764 1032 91 but but CCONJ cblr-1764 1032 92 fits fit VERB cblr-1764 1032 93 awkwardly awkwardly ADV cblr-1764 1032 94 with with ADP cblr-1764 1032 95 insurers insurer NOUN cblr-1764 1032 96 ’ ' PUNCT cblr-1764 1032 97 varied varied ADJ cblr-1764 1032 98 mix mix NOUN cblr-1764 1032 99 of of ADP cblr-1764 1032 100 business.329 business.329 PROPN cblr-1764 1032 101 second second ADJ cblr-1764 1032 102 , , PUNCT cblr-1764 1032 103 in in ADP cblr-1764 1032 104 issuing issue VERB cblr-1764 1032 105 traditional traditional ADJ cblr-1764 1032 106 policies policy NOUN cblr-1764 1032 107 , , PUNCT cblr-1764 1032 108 insurers insurer NOUN cblr-1764 1032 109 ’ ' PUNCT cblr-1764 1032 110 liabilities liability NOUN cblr-1764 1032 111 continue continue VERB cblr-1764 1032 112 to to PART cblr-1764 1032 113 carry carry VERB cblr-1764 1032 114 non non ADJ cblr-1764 1032 115 - - ADJ cblr-1764 1032 116 financial financial ADJ cblr-1764 1032 117 underwriting underwriting NOUN cblr-1764 1032 118 risks risk NOUN cblr-1764 1032 119 — — PUNCT cblr-1764 1032 120 relating relate VERB cblr-1764 1032 121 to to ADP cblr-1764 1032 122 the the DET cblr-1764 1032 123 incidence incidence NOUN cblr-1764 1032 124 of of ADP cblr-1764 1032 125 extreme extreme ADJ cblr-1764 1032 126 weather weather NOUN cblr-1764 1032 127 events event NOUN cblr-1764 1032 128 and and CCONJ cblr-1764 1032 129 demographic demographic ADJ cblr-1764 1032 130 variables variable NOUN cblr-1764 1032 131 such such ADJ cblr-1764 1032 132 as as ADP cblr-1764 1032 133 mortality mortality NOUN cblr-1764 1032 134 rates rate NOUN cblr-1764 1032 135 — — PUNCT cblr-1764 1032 136 that that PRON cblr-1764 1032 137 do do AUX cblr-1764 1032 138 not not PART cblr-1764 1032 139 apply apply VERB cblr-1764 1032 140 to to ADP cblr-1764 1032 141 banks bank NOUN cblr-1764 1032 142 and and CCONJ cblr-1764 1032 143 rightly rightly ADV cblr-1764 1032 144 go go VERB cblr-1764 1032 145 wholly wholly ADV cblr-1764 1032 146 unaccounted unaccounte VERB cblr-1764 1032 147 for for ADP cblr-1764 1032 148 in in ADP cblr-1764 1032 149 their their PRON cblr-1764 1032 150 capital capital NOUN cblr-1764 1032 151 rules.330 rules.330 VERB cblr-1764 1032 152 in in ADP cblr-1764 1032 153 light light NOUN cblr-1764 1032 154 of of ADP cblr-1764 1032 155 these these DET cblr-1764 1032 156 and and CCONJ cblr-1764 1032 157 related related ADJ cblr-1764 1032 158 concerns concern NOUN cblr-1764 1032 159 , , PUNCT cblr-1764 1032 160 european european ADJ cblr-1764 1032 161 regulators regulator NOUN cblr-1764 1032 162 rightly rightly ADV cblr-1764 1032 163 chose choose VERB cblr-1764 1032 164 to to PART cblr-1764 1032 165 develop develop VERB cblr-1764 1032 166 the the DET cblr-1764 1032 167 solvency solvency NOUN cblr-1764 1032 168 ii ii NOUN cblr-1764 1032 169 framework framework NOUN cblr-1764 1032 170 , , PUNCT cblr-1764 1032 171 which which PRON cblr-1764 1032 172 generally generally ADV cblr-1764 1032 173 follows follow VERB cblr-1764 1032 174 the the DET cblr-1764 1032 175 “ " PUNCT cblr-1764 1032 176 three three NUM cblr-1764 1032 177 - - PUNCT cblr-1764 1032 178 pillar pillar NOUN cblr-1764 1032 179 ” " PUNCT cblr-1764 1032 180 structure structure NOUN cblr-1764 1032 181 of of ADP cblr-1764 1032 182 basel basel PROPN cblr-1764 1032 183 iii iii PROPN cblr-1764 1032 184 , , PUNCT cblr-1764 1032 185 but but CCONJ cblr-1764 1032 186 contains contain VERB cblr-1764 1032 187 substantive substantive ADJ cblr-1764 1032 188 requirements requirement NOUN cblr-1764 1032 189 minimum minimum ADJ cblr-1764 1032 190 capital capital NOUN cblr-1764 1032 191 requirements requirement NOUN cblr-1764 1032 192 , , PUNCT cblr-1764 1032 193 harvard harvard PROPN cblr-1764 1032 194 law law PROPN cblr-1764 1032 195 school school PROPN cblr-1764 1032 196 forum forum PROPN cblr-1764 1032 197 on on ADP cblr-1764 1032 198 corp corp PROPN cblr-1764 1032 199 . . PROPN cblr-1764 1032 200 governance governance PROPN cblr-1764 1032 201 & & CCONJ cblr-1764 1032 202 fin fin PROPN cblr-1764 1032 203 . . PUNCT cblr-1764 1033 1 regulation regulation NOUN cblr-1764 1033 2 ( ( PUNCT cblr-1764 1033 3 july july PROPN cblr-1764 1033 4 8 8 NUM cblr-1764 1033 5 , , PUNCT cblr-1764 1033 6 2010 2010 NUM cblr-1764 1033 7 ) ) PUNCT cblr-1764 1033 8 , , PUNCT cblr-1764 1033 9 http://corpgov http://corpgov PROPN cblr-1764 1033 10 . . PUNCT cblr-1764 1034 1 law.harvard.edu/2010/07/08/collins-amendment-sets-minimum-capitalrequirements/ law.harvard.edu/2010/07/08/collins-amendment-sets-minimum-capitalrequirements/ NOUN cblr-1764 1035 1 [ [ X cblr-1764 1035 2 http://perma.cc/73rh-7kwj http://perma.cc/73rh-7kwj X cblr-1764 1035 3 ] ] X cblr-1764 1035 4 . . PUNCT cblr-1764 1036 1 the the DET cblr-1764 1036 2 collins collins PROPN cblr-1764 1036 3 amendment amendment PROPN cblr-1764 1036 4 itself itself PRON cblr-1764 1036 5 was be AUX cblr-1764 1036 6 recently recently ADV cblr-1764 1036 7 amended amend VERB cblr-1764 1036 8 , , PUNCT cblr-1764 1036 9 but but CCONJ cblr-1764 1036 10 in in ADP cblr-1764 1036 11 a a DET cblr-1764 1036 12 limited limited ADJ cblr-1764 1036 13 manner manner NOUN cblr-1764 1036 14 which which PRON cblr-1764 1036 15 emphasizes emphasize VERB cblr-1764 1036 16 that that SCONJ cblr-1764 1036 17 regulators regulator NOUN cblr-1764 1036 18 at at ADP cblr-1764 1036 19 the the DET cblr-1764 1036 20 fed fed PROPN cblr-1764 1036 21 are be AUX cblr-1764 1036 22 not not PART cblr-1764 1036 23 required require VERB cblr-1764 1036 24 to to PART cblr-1764 1036 25 apply apply VERB cblr-1764 1036 26 bank bank NOUN cblr-1764 1036 27 rules rule NOUN cblr-1764 1036 28 to to ADP cblr-1764 1036 29 insurers insurer NOUN cblr-1764 1036 30 , , PUNCT cblr-1764 1036 31 yet yet ADV cblr-1764 1036 32 retain retain VERB cblr-1764 1036 33 discretion discretion NOUN cblr-1764 1036 34 to to PART cblr-1764 1036 35 do do AUX cblr-1764 1036 36 so so ADV cblr-1764 1036 37 . . PUNCT cblr-1764 1037 1 see see VERB cblr-1764 1037 2 insurance insurance NOUN cblr-1764 1037 3 capital capital NOUN cblr-1764 1037 4 standards standard NOUN cblr-1764 1037 5 clarification clarification NOUN cblr-1764 1037 6 act act NOUN cblr-1764 1037 7 of of ADP cblr-1764 1037 8 2014 2014 NUM cblr-1764 1037 9 , , PUNCT cblr-1764 1037 10 pub pub NOUN cblr-1764 1037 11 . . PUNCT cblr-1764 1038 1 l. l. PROPN cblr-1764 1038 2 113 113 NUM cblr-1764 1038 3 - - SYM cblr-1764 1038 4 279 279 NUM cblr-1764 1038 5 , , PUNCT cblr-1764 1038 6 § § PROPN cblr-1764 1038 7 2 2 NUM cblr-1764 1038 8 , , PUNCT cblr-1764 1038 9 128 128 NUM cblr-1764 1038 10 stat stat NOUN cblr-1764 1038 11 . . PUNCT cblr-1764 1038 12 3017 3017 NUM cblr-1764 1038 13 , , PUNCT cblr-1764 1038 14 3017–18 3017–18 NUM cblr-1764 1038 15 ( ( PUNCT cblr-1764 1038 16 2014 2014 NUM cblr-1764 1038 17 ) ) PUNCT cblr-1764 1038 18 . . PUNCT cblr-1764 1039 1 328 328 NUM cblr-1764 1039 2 see see VERB cblr-1764 1039 3 supra supra PROPN cblr-1764 1039 4 part part NOUN cblr-1764 1039 5 ii.a ii.a PROPN cblr-1764 1039 6 . . PUNCT cblr-1764 1039 7 329 329 NUM cblr-1764 1039 8 see see VERB cblr-1764 1039 9 iais iais NOUN cblr-1764 1039 10 , , PUNCT cblr-1764 1039 11 financial financial ADJ cblr-1764 1039 12 stability stability NOUN cblr-1764 1039 13 , , PUNCT cblr-1764 1039 14 supra supra PROPN cblr-1764 1039 15 note note PROPN cblr-1764 1039 16 36 36 NUM cblr-1764 1039 17 , , PUNCT cblr-1764 1039 18 at at ADP cblr-1764 1039 19 6–12 6–12 NOUN cblr-1764 1039 20 . . PUNCT cblr-1764 1040 1 330 330 NUM cblr-1764 1040 2 see see VERB cblr-1764 1040 3 i i PROPN cblr-1764 1040 4 d. d. PROPN cblr-1764 1040 5 turk turk PROPN cblr-1764 1040 6 – – PUNCT cblr-1764 1040 7 final final ADJ cblr-1764 1040 8 no no NOUN cblr-1764 1040 9 . . PUNCT cblr-1764 1041 1 3:967 3:967 NUM cblr-1764 1041 2 ] ] PUNCT cblr-1764 1041 3 insurance insurance NOUN cblr-1764 1041 4 convergence convergence NOUN cblr-1764 1041 5 1055 1055 NUM cblr-1764 1041 6 that that PRON cblr-1764 1041 7 are be AUX cblr-1764 1041 8 tailored tailor VERB cblr-1764 1041 9 to to ADP cblr-1764 1041 10 the the DET cblr-1764 1041 11 business business NOUN cblr-1764 1041 12 of of ADP cblr-1764 1041 13 insurance.331 insurance.331 NOUN cblr-1764 1041 14 unsurprisingly unsurprisingly ADV cblr-1764 1041 15 , , PUNCT cblr-1764 1041 16 the the DET cblr-1764 1041 17 insurance insurance NOUN cblr-1764 1041 18 industry industry NOUN cblr-1764 1041 19 has have AUX cblr-1764 1041 20 been be AUX cblr-1764 1041 21 alarmed alarm VERB cblr-1764 1041 22 at at ADP cblr-1764 1041 23 the the DET cblr-1764 1041 24 prospect prospect NOUN cblr-1764 1041 25 of of ADP cblr-1764 1041 26 being be AUX cblr-1764 1041 27 subject subject ADJ cblr-1764 1041 28 to to ADP cblr-1764 1041 29 an an DET cblr-1764 1041 30 identical identical ADJ cblr-1764 1041 31 set set NOUN cblr-1764 1041 32 of of ADP cblr-1764 1041 33 solvency solvency NOUN cblr-1764 1041 34 rules rule NOUN cblr-1764 1041 35 as as ADP cblr-1764 1041 36 banks bank NOUN cblr-1764 1041 37 , , PUNCT cblr-1764 1041 38 and and CCONJ cblr-1764 1041 39 has have AUX cblr-1764 1041 40 begun begin VERB cblr-1764 1041 41 to to PART cblr-1764 1041 42 lobby lobby VERB cblr-1764 1041 43 for for ADP cblr-1764 1041 44 proposed propose VERB cblr-1764 1041 45 legislation legislation NOUN cblr-1764 1041 46 that that PRON cblr-1764 1041 47 would would AUX cblr-1764 1041 48 write write VERB cblr-1764 1041 49 such such ADJ cblr-1764 1041 50 discretion discretion NOUN cblr-1764 1041 51 out out ADP cblr-1764 1041 52 of of ADP cblr-1764 1041 53 the the DET cblr-1764 1041 54 collins collin NOUN cblr-1764 1041 55 amendment.332 amendment.332 PROPN cblr-1764 1041 56 for for ADP cblr-1764 1041 57 the the DET cblr-1764 1041 58 reasons reason NOUN cblr-1764 1041 59 stated state VERB cblr-1764 1041 60 above above ADV cblr-1764 1041 61 , , PUNCT cblr-1764 1041 62 these these DET cblr-1764 1041 63 positions position NOUN cblr-1764 1041 64 are be AUX cblr-1764 1041 65 justified justify VERB cblr-1764 1041 66 and and CCONJ cblr-1764 1041 67 it it PRON cblr-1764 1041 68 would would AUX cblr-1764 1041 69 be be AUX cblr-1764 1041 70 fair fair ADJ cblr-1764 1041 71 to to PART cblr-1764 1041 72 characterize characterize VERB cblr-1764 1041 73 the the DET cblr-1764 1041 74 collins collins PROPN cblr-1764 1041 75 amendment amendment NOUN cblr-1764 1041 76 , , PUNCT cblr-1764 1041 77 as as ADV cblr-1764 1041 78 originally originally ADV cblr-1764 1041 79 drafted draft VERB cblr-1764 1041 80 to to PART cblr-1764 1041 81 graft graft VERB cblr-1764 1041 82 capital capital NOUN cblr-1764 1041 83 requirements requirement NOUN cblr-1764 1041 84 for for ADP cblr-1764 1041 85 large large ADJ cblr-1764 1041 86 banks bank NOUN cblr-1764 1041 87 onto onto ADP cblr-1764 1041 88 large large ADJ cblr-1764 1041 89 insurers insurer NOUN cblr-1764 1041 90 , , PUNCT cblr-1764 1041 91 as as ADP cblr-1764 1041 92 a a DET cblr-1764 1041 93 case case NOUN cblr-1764 1041 94 of of ADP cblr-1764 1041 95 functional functional ADJ cblr-1764 1041 96 overreach overreach NOUN cblr-1764 1041 97 . . PUNCT cblr-1764 1042 1 b. b. NOUN cblr-1764 1042 2 solvency solvency NOUN cblr-1764 1042 3 rules rule NOUN cblr-1764 1042 4 for for ADP cblr-1764 1042 5 all all DET cblr-1764 1042 6 insurers insurer NOUN cblr-1764 1042 7 if if SCONJ cblr-1764 1042 8 dodd dodd PROPN cblr-1764 1042 9 - - PUNCT cblr-1764 1042 10 frank frank PROPN cblr-1764 1042 11 section section NOUN cblr-1764 1042 12 113 113 NUM cblr-1764 1042 13 or or CCONJ cblr-1764 1042 14 the the DET cblr-1764 1042 15 collins collins PROPN cblr-1764 1042 16 amendment amendment PROPN cblr-1764 1042 17 erases erase VERB cblr-1764 1042 18 the the DET cblr-1764 1042 19 formal formal ADJ cblr-1764 1042 20 boundary boundary NOUN cblr-1764 1042 21 between between ADP cblr-1764 1042 22 large large ADJ cblr-1764 1042 23 banks bank NOUN cblr-1764 1042 24 and and CCONJ cblr-1764 1042 25 systemically systemically ADV cblr-1764 1042 26 - - PUNCT cblr-1764 1042 27 important important ADJ cblr-1764 1042 28 insurance insurance NOUN cblr-1764 1042 29 companies company NOUN cblr-1764 1042 30 , , PUNCT cblr-1764 1042 31 it it PRON cblr-1764 1042 32 thereby thereby ADV cblr-1764 1042 33 will will AUX cblr-1764 1042 34 effectively effectively ADV cblr-1764 1042 35 draw draw VERB cblr-1764 1042 36 another another DET cblr-1764 1042 37 definitional definitional ADJ cblr-1764 1042 38 boundary boundary ADJ cblr-1764 1042 39 dividing divide VERB cblr-1764 1042 40 treatment treatment NOUN cblr-1764 1042 41 of of ADP cblr-1764 1042 42 the the DET cblr-1764 1042 43 systemic systemic ADJ cblr-1764 1042 44 insurers insurer NOUN cblr-1764 1042 45 from from ADP cblr-1764 1042 46 that that PRON cblr-1764 1042 47 of of ADP cblr-1764 1042 48 non non ADJ cblr-1764 1042 49 - - ADJ cblr-1764 1042 50 systemic systemic ADJ cblr-1764 1042 51 insurers insurer NOUN cblr-1764 1042 52 . . PUNCT cblr-1764 1043 1 importantly importantly ADV cblr-1764 1043 2 , , PUNCT cblr-1764 1043 3 this this DET cblr-1764 1043 4 new new ADJ cblr-1764 1043 5 definitional definitional ADJ cblr-1764 1043 6 boundary boundary NOUN cblr-1764 1043 7 will will AUX cblr-1764 1043 8 give give VERB cblr-1764 1043 9 rise rise NOUN cblr-1764 1043 10 to to ADP cblr-1764 1043 11 the the DET cblr-1764 1043 12 regulatory regulatory ADJ cblr-1764 1043 13 “ " PUNCT cblr-1764 1043 14 race race NOUN cblr-1764 1043 15 ” " PUNCT cblr-1764 1043 16 dilemma dilemma NOUN cblr-1764 1043 17 that that PRON cblr-1764 1043 18 generally generally ADV cblr-1764 1043 19 underlies underlie VERB cblr-1764 1043 20 an an DET cblr-1764 1043 21 aggressively aggressively ADV cblr-1764 1043 22 functional functional ADJ cblr-1764 1043 23 approach approach NOUN cblr-1764 1043 24 . . PUNCT cblr-1764 1044 1 to to ADP cblr-1764 1044 2 the the DET cblr-1764 1044 3 extent extent NOUN cblr-1764 1044 4 that that SCONJ cblr-1764 1044 5 dodd dodd PROPN cblr-1764 1044 6 - - PUNCT cblr-1764 1044 7 frank frank PROPN cblr-1764 1044 8 makes make VERB cblr-1764 1044 9 oversight oversight NOUN cblr-1764 1044 10 dramatically dramatically ADV cblr-1764 1044 11 more more ADV cblr-1764 1044 12 stringent stringent ADJ cblr-1764 1044 13 for for ADP cblr-1764 1044 14 the the DET cblr-1764 1044 15 largest large ADJ cblr-1764 1044 16 insurance insurance NOUN cblr-1764 1044 17 companies company NOUN cblr-1764 1044 18 , , PUNCT cblr-1764 1044 19 it it PRON cblr-1764 1044 20 will will AUX cblr-1764 1044 21 cause cause VERB cblr-1764 1044 22 risk risk NOUN cblr-1764 1044 23 taking taking NOUN cblr-1764 1044 24 by by ADP cblr-1764 1044 25 non non ADJ cblr-1764 1044 26 - - ADJ cblr-1764 1044 27 systemic systemic ADJ cblr-1764 1044 28 insurers insurer NOUN cblr-1764 1044 29 to to PART cblr-1764 1044 30 become become VERB cblr-1764 1044 31 relatively relatively ADV cblr-1764 1044 32 more more ADV cblr-1764 1044 33 profitable profitable ADJ cblr-1764 1044 34 . . PUNCT cblr-1764 1045 1 such such DET cblr-1764 1045 2 a a DET cblr-1764 1045 3 dynamic dynamic NOUN cblr-1764 1045 4 could could AUX cblr-1764 1045 5 pose pose VERB cblr-1764 1045 6 a a DET cblr-1764 1045 7 substantial substantial ADJ cblr-1764 1045 8 threat threat NOUN cblr-1764 1045 9 to to ADP cblr-1764 1045 10 financial financial ADJ cblr-1764 1045 11 stability stability NOUN cblr-1764 1045 12 , , PUNCT cblr-1764 1045 13 because because SCONJ cblr-1764 1045 14 there there PRON cblr-1764 1045 15 is be VERB cblr-1764 1045 16 no no DET cblr-1764 1045 17 logical logical ADJ cblr-1764 1045 18 reason reason NOUN cblr-1764 1045 19 or or CCONJ cblr-1764 1045 20 historical historical ADJ cblr-1764 1045 21 evidence evidence NOUN cblr-1764 1045 22 to to PART cblr-1764 1045 23 suggest suggest VERB cblr-1764 1045 24 that that SCONJ cblr-1764 1045 25 a a DET cblr-1764 1045 26 fragile fragile ADJ cblr-1764 1045 27 swath swath NOUN cblr-1764 1045 28 of of ADP cblr-1764 1045 29 small small ADJ cblr-1764 1045 30 or or CCONJ cblr-1764 1045 31 medium medium ADJ cblr-1764 1045 32 - - PUNCT cblr-1764 1045 33 sized sized ADJ cblr-1764 1045 34 firms firm NOUN cblr-1764 1045 35 can can AUX cblr-1764 1045 36 not not PART cblr-1764 1045 37 collectively collectively ADV cblr-1764 1045 38 destabilize destabilize VERB cblr-1764 1045 39 the the DET cblr-1764 1045 40 financial financial ADJ cblr-1764 1045 41 system system NOUN cblr-1764 1045 42 . . PUNCT cblr-1764 1046 1 the the DET cblr-1764 1046 2 2008 2008 NUM cblr-1764 1046 3 crisis crisis NOUN cblr-1764 1046 4 itself itself PRON cblr-1764 1046 5 demonstrated demonstrate VERB cblr-1764 1046 6 this this DET cblr-1764 1046 7 possibility possibility NOUN cblr-1764 1046 8 , , PUNCT cblr-1764 1046 9 with with SCONJ cblr-1764 1046 10 the the DET cblr-1764 1046 11 disruption disruption NOUN cblr-1764 1046 12 caused cause VERB cblr-1764 1046 13 by by ADP cblr-1764 1046 14 the the DET cblr-1764 1046 15 near near ADJ cblr-1764 1046 16 331 331 NUM cblr-1764 1046 17 see see VERB cblr-1764 1046 18 smith smith PROPN cblr-1764 1046 19 , , PUNCT cblr-1764 1046 20 supra supra PROPN cblr-1764 1046 21 note note PROPN cblr-1764 1046 22 186 186 NUM cblr-1764 1046 23 ; ; PUNCT cblr-1764 1046 24 jon jon PROPN cblr-1764 1046 25 danielsson danielsson PROPN cblr-1764 1046 26 et et PROPN cblr-1764 1046 27 al al PROPN cblr-1764 1046 28 . . PROPN cblr-1764 1046 29 , , PUNCT cblr-1764 1046 30 solvency solvency PROPN cblr-1764 1046 31 ii ii PROPN cblr-1764 1046 32 : : PUNCT cblr-1764 1046 33 three three NUM cblr-1764 1046 34 principles principle NOUN cblr-1764 1046 35 to to PART cblr-1764 1046 36 respect respect VERB cblr-1764 1046 37 , , PUNCT cblr-1764 1046 38 vox vox PROPN cblr-1764 1046 39 : : PUNCT cblr-1764 1046 40 cepr cepr VERB cblr-1764 1046 41 ’s ’s PART cblr-1764 1046 42 policy policy NOUN cblr-1764 1046 43 portal portal NOUN cblr-1764 1046 44 ( ( PUNCT cblr-1764 1046 45 oct oct PROPN cblr-1764 1046 46 . . PROPN cblr-1764 1046 47 21 21 NUM cblr-1764 1046 48 , , PUNCT cblr-1764 1046 49 2013 2013 NUM cblr-1764 1046 50 ) ) PUNCT cblr-1764 1046 51 , , PUNCT cblr-1764 1046 52 http://www.voxeu.org/article/solvency-ii-three-principles-respect http://www.voxeu.org/article/solvency-ii-three-principles-respect PROPN cblr-1764 1047 1 [ [ X cblr-1764 1047 2 http://perma.cc/ps6k-6c7f http://perma.cc/ps6k-6c7f NOUN cblr-1764 1047 3 ] ] PUNCT cblr-1764 1047 4 . . PUNCT cblr-1764 1048 1 332 332 NUM cblr-1764 1048 2 see see VERB cblr-1764 1048 3 h.r h.r PROPN cblr-1764 1048 4 . . PROPN cblr-1764 1048 5 2140 2140 NUM cblr-1764 1048 6 , , PUNCT cblr-1764 1048 7 113th 113th PROPN cblr-1764 1048 8 cong cong NOUN cblr-1764 1048 9 . . PUNCT cblr-1764 1049 1 ( ( PUNCT cblr-1764 1049 2 1st 1st ADJ cblr-1764 1049 3 sess sess NOUN cblr-1764 1049 4 . . PUNCT cblr-1764 1050 1 2013 2013 NUM cblr-1764 1050 2 ) ) PUNCT cblr-1764 1051 1 ; ; PUNCT cblr-1764 1051 2 s. s. PROPN cblr-1764 1051 3 1369 1369 NUM cblr-1764 1051 4 , , PUNCT cblr-1764 1051 5 113th 113th PROPN cblr-1764 1051 6 cong cong NOUN cblr-1764 1051 7 . . PUNCT cblr-1764 1052 1 ( ( PUNCT cblr-1764 1052 2 1st 1st ADJ cblr-1764 1052 3 sess sess NOUN cblr-1764 1052 4 . . PUNCT cblr-1764 1053 1 2013 2013 NUM cblr-1764 1053 2 ) ) PUNCT cblr-1764 1053 3 ; ; PUNCT cblr-1764 1053 4 see see VERB cblr-1764 1053 5 also also ADV cblr-1764 1053 6 michael michael PROPN cblr-1764 1053 7 r. r. PROPN cblr-1764 1053 8 crittenden crittenden PROPN cblr-1764 1053 9 , , PUNCT cblr-1764 1053 10 lawmakers lawmaker NOUN cblr-1764 1053 11 move move VERB cblr-1764 1053 12 to to PART cblr-1764 1053 13 protect protect VERB cblr-1764 1053 14 insurers insurer NOUN cblr-1764 1053 15 , , PUNCT cblr-1764 1053 16 wall wall PROPN cblr-1764 1053 17 . . PUNCT cblr-1764 1054 1 st st PROPN cblr-1764 1054 2 . . PROPN cblr-1764 1054 3 j. j. PROPN cblr-1764 1054 4 : : PUNCT cblr-1764 1054 5 moneybeat moneybeat PROPN cblr-1764 1054 6 ( ( PUNCT cblr-1764 1054 7 july july PROPN cblr-1764 1054 8 25 25 NUM cblr-1764 1054 9 , , PUNCT cblr-1764 1054 10 2013 2013 NUM cblr-1764 1054 11 , , PUNCT cblr-1764 1054 12 6:13 6:13 NUM cblr-1764 1054 13 pm pm NOUN cblr-1764 1054 14 ) ) PUNCT cblr-1764 1054 15 , , PUNCT cblr-1764 1054 16 http://blogs.wsj.com/moneybeat/2013/07/25/lawmakers-move-to-protectinsurers/ http://blogs.wsj.com/moneybeat/2013/07/25/lawmakers-move-to-protectinsurers/ ADJ cblr-1764 1055 1 [ [ X cblr-1764 1055 2 http://perma.cc/8drf-5k84 http://perma.cc/8drf-5k84 PROPN cblr-1764 1055 3 ] ] PUNCT cblr-1764 1055 4 . . PUNCT cblr-1764 1056 1 turk turk PROPN cblr-1764 1056 2 – – PUNCT cblr-1764 1056 3 final final ADJ cblr-1764 1056 4 1056 1056 NUM cblr-1764 1056 5 columbia columbia PROPN cblr-1764 1056 6 business business NOUN cblr-1764 1056 7 law law PROPN cblr-1764 1056 8 review review NOUN cblr-1764 1056 9 [ [ X cblr-1764 1056 10 vol vol NOUN cblr-1764 1056 11 . . NOUN cblr-1764 1056 12 2015 2015 NUM cblr-1764 1056 13 simultaneous simultaneous ADJ cblr-1764 1056 14 downgrade downgrade NOUN cblr-1764 1056 15 of of ADP cblr-1764 1056 16 several several ADJ cblr-1764 1056 17 monoline monoline NOUN cblr-1764 1056 18 insurance insurance NOUN cblr-1764 1056 19 firms.333 firms.333 NOUN cblr-1764 1056 20 modernizing modernize VERB cblr-1764 1056 21 solvency solvency NOUN cblr-1764 1056 22 regulation regulation NOUN cblr-1764 1056 23 for for ADP cblr-1764 1056 24 only only ADV cblr-1764 1056 25 a a DET cblr-1764 1056 26 small small ADJ cblr-1764 1056 27 number number NOUN cblr-1764 1056 28 of of ADP cblr-1764 1056 29 large large ADJ cblr-1764 1056 30 , , PUNCT cblr-1764 1056 31 interconnected interconnected ADJ cblr-1764 1056 32 insurance insurance NOUN cblr-1764 1056 33 companies company NOUN cblr-1764 1056 34 would would AUX cblr-1764 1056 35 also also ADV cblr-1764 1056 36 exacerbate exacerbate VERB cblr-1764 1056 37 pressure pressure NOUN cblr-1764 1056 38 on on ADP cblr-1764 1056 39 a a DET cblr-1764 1056 40 preexisting preexist VERB cblr-1764 1056 41 regulatory regulatory ADJ cblr-1764 1056 42 boundary boundary NOUN cblr-1764 1056 43 that that SCONJ cblr-1764 1056 44 subjects subject VERB cblr-1764 1056 45 all all DET cblr-1764 1056 46 insurance insurance NOUN cblr-1764 1056 47 companies company NOUN cblr-1764 1056 48 to to ADP cblr-1764 1056 49 a a DET cblr-1764 1056 50 unique unique ADJ cblr-1764 1056 51 and and CCONJ cblr-1764 1056 52 somewhat somewhat ADV cblr-1764 1056 53 anachronistic anachronistic ADJ cblr-1764 1056 54 set set NOUN cblr-1764 1056 55 of of ADP cblr-1764 1056 56 solvency solvency NOUN cblr-1764 1056 57 rules rule NOUN cblr-1764 1056 58 that that PRON cblr-1764 1056 59 are be AUX cblr-1764 1056 60 not not PART cblr-1764 1056 61 applied apply VERB cblr-1764 1056 62 to to ADP cblr-1764 1056 63 banks bank NOUN cblr-1764 1056 64 , , PUNCT cblr-1764 1056 65 securities security NOUN cblr-1764 1056 66 firms firm NOUN cblr-1764 1056 67 , , PUNCT cblr-1764 1056 68 or or CCONJ cblr-1764 1056 69 other other ADJ cblr-1764 1056 70 financial financial ADJ cblr-1764 1056 71 intermediaries intermediary NOUN cblr-1764 1056 72 . . PUNCT cblr-1764 1057 1 as as SCONJ cblr-1764 1057 2 argued argue VERB cblr-1764 1057 3 above above ADV cblr-1764 1057 4 , , PUNCT cblr-1764 1057 5 the the DET cblr-1764 1057 6 funding funding NOUN cblr-1764 1057 7 model model NOUN cblr-1764 1057 8 and and CCONJ cblr-1764 1057 9 asset asset NOUN cblr-1764 1057 10 mix mix NOUN cblr-1764 1057 11 typical typical ADJ cblr-1764 1057 12 to to ADP cblr-1764 1057 13 insurance insurance NOUN cblr-1764 1057 14 firms firm NOUN cblr-1764 1057 15 cautions caution VERB cblr-1764 1057 16 against against ADP cblr-1764 1057 17 imposing impose VERB cblr-1764 1057 18 identical identical ADJ cblr-1764 1057 19 solvency solvency NOUN cblr-1764 1057 20 rules rule NOUN cblr-1764 1057 21 for for ADP cblr-1764 1057 22 both both DET cblr-1764 1057 23 insurers insurer NOUN cblr-1764 1057 24 and and CCONJ cblr-1764 1057 25 banks bank NOUN cblr-1764 1057 26 . . PUNCT cblr-1764 1058 1 however however ADV cblr-1764 1058 2 , , PUNCT cblr-1764 1058 3 the the DET cblr-1764 1058 4 argument argument NOUN cblr-1764 1058 5 for for ADP cblr-1764 1058 6 functional functional ADJ cblr-1764 1058 7 reform reform NOUN cblr-1764 1058 8 becomes become VERB cblr-1764 1058 9 stronger strong ADJ cblr-1764 1058 10 in in ADP cblr-1764 1058 11 the the DET cblr-1764 1058 12 narrow narrow ADJ cblr-1764 1058 13 case case NOUN cblr-1764 1058 14 where where SCONJ cblr-1764 1058 15 the the DET cblr-1764 1058 16 same same ADJ cblr-1764 1058 17 risks risk NOUN cblr-1764 1058 18 are be AUX cblr-1764 1058 19 measured measure VERB cblr-1764 1058 20 differently differently ADV cblr-1764 1058 21 by by ADP cblr-1764 1058 22 regulators regulator NOUN cblr-1764 1058 23 when when SCONJ cblr-1764 1058 24 they they PRON cblr-1764 1058 25 are be AUX cblr-1764 1058 26 borne bear VERB cblr-1764 1058 27 by by ADP cblr-1764 1058 28 different different ADJ cblr-1764 1058 29 types type NOUN cblr-1764 1058 30 of of ADP cblr-1764 1058 31 institutions institution NOUN cblr-1764 1058 32 . . PUNCT cblr-1764 1059 1 here here ADV cblr-1764 1059 2 , , PUNCT cblr-1764 1059 3 insurance insurance NOUN cblr-1764 1059 4 regulation regulation NOUN cblr-1764 1059 5 lags lag VERB cblr-1764 1059 6 behind behind ADP cblr-1764 1059 7 rules rule NOUN cblr-1764 1059 8 applied apply VERB cblr-1764 1059 9 to to ADP cblr-1764 1059 10 banks bank NOUN cblr-1764 1059 11 and and CCONJ cblr-1764 1059 12 other other ADJ cblr-1764 1059 13 financial financial ADJ cblr-1764 1059 14 firms firm NOUN cblr-1764 1059 15 in in ADP cblr-1764 1059 16 at at ADV cblr-1764 1059 17 least least ADJ cblr-1764 1059 18 in in ADP cblr-1764 1059 19 two two NUM cblr-1764 1059 20 areas area NOUN cblr-1764 1059 21 : : PUNCT cblr-1764 1059 22 accounting accounting NOUN cblr-1764 1059 23 standards standard NOUN cblr-1764 1059 24 and and CCONJ cblr-1764 1059 25 the the DET cblr-1764 1059 26 role role NOUN cblr-1764 1059 27 of of ADP cblr-1764 1059 28 credit credit NOUN cblr-1764 1059 29 ratings rating NOUN cblr-1764 1059 30 . . PUNCT cblr-1764 1060 1 accounting accounting NOUN cblr-1764 1060 2 rules rule NOUN cblr-1764 1060 3 are be AUX cblr-1764 1060 4 an an DET cblr-1764 1060 5 essential essential ADJ cblr-1764 1060 6 part part NOUN cblr-1764 1060 7 of of ADP cblr-1764 1060 8 solvency solvency NOUN cblr-1764 1060 9 regulation regulation NOUN cblr-1764 1060 10 , , PUNCT cblr-1764 1060 11 because because SCONJ cblr-1764 1060 12 managing manage VERB cblr-1764 1060 13 risk risk NOUN cblr-1764 1060 14 is be AUX cblr-1764 1060 15 a a DET cblr-1764 1060 16 function function NOUN cblr-1764 1060 17 of of ADP cblr-1764 1060 18 how how SCONJ cblr-1764 1060 19 it it PRON cblr-1764 1060 20 is be AUX cblr-1764 1060 21 measured measure VERB cblr-1764 1060 22 and and CCONJ cblr-1764 1060 23 “ " PUNCT cblr-1764 1060 24 the the DET cblr-1764 1060 25 purpose purpose NOUN cblr-1764 1060 26 of of ADP cblr-1764 1060 27 financial financial ADJ cblr-1764 1060 28 accounting accounting NOUN cblr-1764 1060 29 is be AUX cblr-1764 1060 30 to to PART cblr-1764 1060 31 provide provide VERB cblr-1764 1060 32 information information NOUN cblr-1764 1060 33 about about ADP cblr-1764 1060 34 a a DET cblr-1764 1060 35 firm firm NOUN cblr-1764 1060 36 ’s ’s PART cblr-1764 1060 37 performance performance NOUN cblr-1764 1060 38 and and CCONJ cblr-1764 1060 39 prospects prospect NOUN cblr-1764 1060 40 not not PART cblr-1764 1060 41 just just ADV cblr-1764 1060 42 to to ADP cblr-1764 1060 43 investors investor NOUN cblr-1764 1060 44 but but CCONJ cblr-1764 1060 45 also also ADV cblr-1764 1060 46 to to ADP cblr-1764 1060 47 regulators regulator NOUN cblr-1764 1060 48 . . PUNCT cblr-1764 1060 49 ”334 ”334 PROPN cblr-1764 1060 50 in in ADP cblr-1764 1060 51 the the DET cblr-1764 1060 52 united united PROPN cblr-1764 1060 53 states states PROPN cblr-1764 1060 54 , , PUNCT cblr-1764 1060 55 insurers insurer NOUN cblr-1764 1060 56 are be AUX cblr-1764 1060 57 governed govern VERB cblr-1764 1060 58 by by ADP cblr-1764 1060 59 accounting accounting NOUN cblr-1764 1060 60 rules rule NOUN cblr-1764 1060 61 known know VERB cblr-1764 1060 62 as as ADP cblr-1764 1060 63 statutory statutory ADJ cblr-1764 1060 64 accounting accounting NOUN cblr-1764 1060 65 principles principle NOUN cblr-1764 1060 66 ( ( PUNCT cblr-1764 1060 67 “ " PUNCT cblr-1764 1060 68 sap sap PROPN cblr-1764 1060 69 ” " PUNCT cblr-1764 1060 70 ) ) PUNCT cblr-1764 1060 71 that that PRON cblr-1764 1060 72 are be AUX cblr-1764 1060 73 not not PART cblr-1764 1060 74 used use VERB cblr-1764 1060 75 for for ADP cblr-1764 1060 76 other other ADJ cblr-1764 1060 77 financial financial ADJ cblr-1764 1060 78 firms firm NOUN cblr-1764 1060 79 , , PUNCT cblr-1764 1060 80 nor nor CCONJ cblr-1764 1060 81 for for ADP cblr-1764 1060 82 insurers insurer NOUN cblr-1764 1060 83 in in ADP cblr-1764 1060 84 foreign foreign ADJ cblr-1764 1060 85 jurisdictions.335 jurisdictions.335 PROPN cblr-1764 1060 86 sap sap PROPN cblr-1764 1060 87 - - PUNCT cblr-1764 1060 88 based base VERB cblr-1764 1060 89 regulations regulation NOUN cblr-1764 1060 90 are be AUX cblr-1764 1060 91 traditionally traditionally ADV cblr-1764 1060 92 defended defend VERB cblr-1764 1060 93 on on ADP cblr-1764 1060 94 the the DET cblr-1764 1060 95 grounds ground NOUN cblr-1764 1060 96 that that SCONJ cblr-1764 1060 97 they they PRON cblr-1764 1060 98 are be AUX cblr-1764 1060 99 especially especially ADV cblr-1764 1060 100 suited suit VERB cblr-1764 1060 101 for for ADP cblr-1764 1060 102 insurance insurance NOUN cblr-1764 1060 103 and and CCONJ cblr-1764 1060 104 can can AUX cblr-1764 1060 105 produce produce VERB cblr-1764 1060 106 relatively relatively ADV cblr-1764 1060 107 conservative conservative ADJ cblr-1764 1060 108 results result NOUN cblr-1764 1060 109 333 333 NUM cblr-1764 1060 110 other other ADJ cblr-1764 1060 111 examples example NOUN cblr-1764 1060 112 are be AUX cblr-1764 1060 113 the the DET cblr-1764 1060 114 massive massive ADJ cblr-1764 1060 115 contemporaneous contemporaneous ADJ cblr-1764 1060 116 failure failure NOUN cblr-1764 1060 117 of of ADP cblr-1764 1060 118 small small ADJ cblr-1764 1060 119 lenders lender NOUN cblr-1764 1060 120 that that PRON cblr-1764 1060 121 characterized characterize VERB cblr-1764 1060 122 both both CCONJ cblr-1764 1060 123 the the DET cblr-1764 1060 124 great great ADJ cblr-1764 1060 125 depression depression NOUN cblr-1764 1060 126 and and CCONJ cblr-1764 1060 127 the the DET cblr-1764 1060 128 1980s 1980s NUM cblr-1764 1060 129 savings saving NOUN cblr-1764 1060 130 and and CCONJ cblr-1764 1060 131 loan loan NOUN cblr-1764 1060 132 crisis crisis NOUN cblr-1764 1060 133 . . PUNCT cblr-1764 1061 1 334 334 NUM cblr-1764 1061 2 acharya acharya NOUN cblr-1764 1061 3 et et PROPN cblr-1764 1061 4 al al PROPN cblr-1764 1061 5 . . PROPN cblr-1764 1061 6 , , PUNCT cblr-1764 1061 7 supra supra PROPN cblr-1764 1061 8 note note PROPN cblr-1764 1061 9 5 5 NUM cblr-1764 1061 10 , , PUNCT cblr-1764 1061 11 at at ADP cblr-1764 1061 12 269 269 NUM cblr-1764 1061 13 . . NOUN cblr-1764 1061 14 335 335 NUM cblr-1764 1062 1 i i PRON cblr-1764 1062 2 d. d. VERB cblr-1764 1062 3 at at ADP cblr-1764 1062 4 273–74 273–74 NUM cblr-1764 1062 5 ; ; PUNCT cblr-1764 1062 6 see see VERB cblr-1764 1062 7 also also ADV cblr-1764 1062 8 statutory statutory ADJ cblr-1764 1062 9 accounting accounting NOUN cblr-1764 1062 10 principles principle NOUN cblr-1764 1062 11 ( ( PUNCT cblr-1764 1062 12 sap sap PROPN cblr-1764 1062 13 ) ) PUNCT cblr-1764 1062 14 , , PUNCT cblr-1764 1062 15 nat’l nat’l VERB cblr-1764 1062 16 ass’n ass’n PROPN cblr-1764 1062 17 ins in NOUN cblr-1764 1062 18 . . PUNCT cblr-1764 1063 1 comm’rs comm’rs PROPN cblr-1764 1063 2 ( ( PUNCT cblr-1764 1063 3 last last ADJ cblr-1764 1063 4 updated update VERB cblr-1764 1063 5 sept sept PROPN cblr-1764 1063 6 . . PROPN cblr-1764 1063 7 24 24 NUM cblr-1764 1063 8 , , PUNCT cblr-1764 1063 9 2015 2015 NUM cblr-1764 1063 10 ) ) PUNCT cblr-1764 1063 11 , , PUNCT cblr-1764 1063 12 http://www.naic.org/cipr_topics/topic_statutory_accounting_principles.htm http://www.naic.org/cipr_topics/topic_statutory_accounting_principles.htm X cblr-1764 1064 1 [ [ X cblr-1764 1064 2 http://perma.cc/ke4k-ub3b http://perma.cc/ke4k-ub3b X cblr-1764 1064 3 ] ] X cblr-1764 1064 4 ( ( PUNCT cblr-1764 1064 5 noting note VERB cblr-1764 1064 6 that that SCONJ cblr-1764 1064 7 the the DET cblr-1764 1064 8 naic naic PROPN cblr-1764 1064 9 accounting accounting NOUN cblr-1764 1064 10 practices practice NOUN cblr-1764 1064 11 and and CCONJ cblr-1764 1064 12 procedures procedure NOUN cblr-1764 1064 13 manual manual NOUN cblr-1764 1064 14 applies apply VERB cblr-1764 1064 15 to to ADP cblr-1764 1064 16 most most ADJ cblr-1764 1064 17 insurers insurer NOUN cblr-1764 1064 18 ) ) PUNCT cblr-1764 1064 19 . . PUNCT cblr-1764 1065 1 turk turk PROPN cblr-1764 1065 2 – – PUNCT cblr-1764 1065 3 final final ADJ cblr-1764 1065 4 no no NOUN cblr-1764 1065 5 . . PUNCT cblr-1764 1066 1 3:967 3:967 NUM cblr-1764 1066 2 ] ] PUNCT cblr-1764 1066 3 insurance insurance NOUN cblr-1764 1066 4 convergence convergence NOUN cblr-1764 1066 5 1057 1057 NUM cblr-1764 1066 6 compared compare VERB cblr-1764 1066 7 to to AUX cblr-1764 1066 8 generally generally ADV cblr-1764 1066 9 accepted accept VERB cblr-1764 1066 10 accounting accounting NOUN cblr-1764 1066 11 principles principle NOUN cblr-1764 1066 12 ( ( PUNCT cblr-1764 1066 13 “ " PUNCT cblr-1764 1066 14 gaap gaap NOUN cblr-1764 1066 15 ” " PUNCT cblr-1764 1066 16 ) ) PUNCT cblr-1764 1066 17 rules rule NOUN cblr-1764 1066 18 . . PUNCT cblr-1764 1067 1 but but CCONJ cblr-1764 1067 2 , , PUNCT cblr-1764 1067 3 many many ADJ cblr-1764 1067 4 of of ADP cblr-1764 1067 5 the the DET cblr-1764 1067 6 features feature NOUN cblr-1764 1067 7 of of ADP cblr-1764 1067 8 sap sap PROPN cblr-1764 1067 9 that that PRON cblr-1764 1067 10 make make VERB cblr-1764 1067 11 insurance insurance NOUN cblr-1764 1067 12 accounting accounting NOUN cblr-1764 1067 13 unique unique ADJ cblr-1764 1067 14 have have AUX cblr-1764 1067 15 been be AUX cblr-1764 1067 16 rendered render VERB cblr-1764 1067 17 anachronistic anachronistic ADJ cblr-1764 1067 18 by by ADP cblr-1764 1067 19 the the DET cblr-1764 1067 20 convergence convergence NOUN cblr-1764 1067 21 of of ADP cblr-1764 1067 22 the the DET cblr-1764 1067 23 insurance insurance NOUN cblr-1764 1067 24 industry industry NOUN cblr-1764 1067 25 with with ADP cblr-1764 1067 26 the the DET cblr-1764 1067 27 banking banking NOUN cblr-1764 1067 28 and and CCONJ cblr-1764 1067 29 securities security NOUN cblr-1764 1067 30 sectors sector NOUN cblr-1764 1067 31 . . PUNCT cblr-1764 1068 1 there there PRON cblr-1764 1068 2 are be VERB cblr-1764 1068 3 a a DET cblr-1764 1068 4 number number NOUN cblr-1764 1068 5 of of ADP cblr-1764 1068 6 ways way NOUN cblr-1764 1068 7 in in ADP cblr-1764 1068 8 which which PRON cblr-1764 1068 9 insurers insurer NOUN cblr-1764 1068 10 ’ ' PUNCT cblr-1764 1068 11 sap sap PROPN cblr-1764 1068 12 could could AUX cblr-1764 1068 13 be be AUX cblr-1764 1068 14 modified modify VERB cblr-1764 1068 15 to to PART cblr-1764 1068 16 conform conform VERB cblr-1764 1068 17 to to ADP cblr-1764 1068 18 accounting accounting NOUN cblr-1764 1068 19 standards standard NOUN cblr-1764 1068 20 for for ADP cblr-1764 1068 21 other other ADJ cblr-1764 1068 22 financial financial ADJ cblr-1764 1068 23 institutions institution NOUN cblr-1764 1068 24 so so SCONJ cblr-1764 1068 25 that that SCONJ cblr-1764 1068 26 assets asset NOUN cblr-1764 1068 27 bearing bear VERB cblr-1764 1068 28 similar similar ADJ cblr-1764 1068 29 risks risk NOUN cblr-1764 1068 30 are be AUX cblr-1764 1068 31 measured measure VERB cblr-1764 1068 32 similarly similarly ADV cblr-1764 1068 33 across across ADP cblr-1764 1068 34 industries industry NOUN cblr-1764 1068 35 . . PUNCT cblr-1764 1069 1 perhaps perhaps ADV cblr-1764 1069 2 the the DET cblr-1764 1069 3 most most ADV cblr-1764 1069 4 straightforward straightforward ADJ cblr-1764 1069 5 adjustment adjustment NOUN cblr-1764 1069 6 that that PRON cblr-1764 1069 7 is be AUX cblr-1764 1069 8 needed need VERB cblr-1764 1069 9 is be AUX cblr-1764 1069 10 to to PART cblr-1764 1069 11 modify modify VERB cblr-1764 1069 12 sap sap NOUN cblr-1764 1069 13 rules rule NOUN cblr-1764 1069 14 that that PRON cblr-1764 1069 15 presently presently ADV cblr-1764 1069 16 omit omit VERB cblr-1764 1069 17 the the DET cblr-1764 1069 18 time time NOUN cblr-1764 1069 19 value value NOUN cblr-1764 1069 20 of of ADP cblr-1764 1069 21 money money NOUN cblr-1764 1069 22 from from ADP cblr-1764 1069 23 valuations valuation NOUN cblr-1764 1069 24 of of ADP cblr-1764 1069 25 insurance insurance NOUN cblr-1764 1069 26 assets asset NOUN cblr-1764 1069 27 , , PUNCT cblr-1764 1069 28 which which PRON cblr-1764 1069 29 are be AUX cblr-1764 1069 30 of of ADP cblr-1764 1069 31 multi multi ADJ cblr-1764 1069 32 - - ADJ cblr-1764 1069 33 year year NOUN cblr-1764 1069 34 duration duration NOUN cblr-1764 1069 35 and and CCONJ cblr-1764 1069 36 should should AUX cblr-1764 1069 37 be be AUX cblr-1764 1069 38 discounted discount VERB cblr-1764 1069 39 accordingly accordingly ADV cblr-1764 1069 40 just just ADV cblr-1764 1069 41 as as SCONJ cblr-1764 1069 42 all all DET cblr-1764 1069 43 other other ADJ cblr-1764 1069 44 financial financial ADJ cblr-1764 1069 45 assets asset NOUN cblr-1764 1069 46 are.336 are.336 VERB cblr-1764 1069 47 an an DET cblr-1764 1069 48 additional additional ADJ cblr-1764 1069 49 issue issue NOUN cblr-1764 1069 50 is be AUX cblr-1764 1069 51 that that SCONJ cblr-1764 1069 52 under under ADP cblr-1764 1069 53 current current ADJ cblr-1764 1069 54 sap sap NOUN cblr-1764 1069 55 rules rule NOUN cblr-1764 1069 56 there there PRON cblr-1764 1069 57 is be VERB cblr-1764 1069 58 a a DET cblr-1764 1069 59 crazy crazy ADJ cblr-1764 1069 60 quilt quilt NOUN cblr-1764 1069 61 of of ADP cblr-1764 1069 62 classifications classification NOUN cblr-1764 1069 63 across across ADP cblr-1764 1069 64 types type NOUN cblr-1764 1069 65 of of ADP cblr-1764 1069 66 insurance insurance NOUN cblr-1764 1069 67 policies policy NOUN cblr-1764 1069 68 , , PUNCT cblr-1764 1069 69 which which PRON cblr-1764 1069 70 apply apply VERB cblr-1764 1069 71 substantially substantially ADV cblr-1764 1069 72 different different ADJ cblr-1764 1069 73 accounting accounting NOUN cblr-1764 1069 74 measures measure NOUN cblr-1764 1069 75 for for ADP cblr-1764 1069 76 policies policy NOUN cblr-1764 1069 77 that that PRON cblr-1764 1069 78 are be AUX cblr-1764 1069 79 often often ADV cblr-1764 1069 80 quite quite ADV cblr-1764 1069 81 similar similar ADJ cblr-1764 1069 82 in in ADP cblr-1764 1069 83 economic economic ADJ cblr-1764 1069 84 function function NOUN cblr-1764 1069 85 . . PUNCT cblr-1764 1070 1 one one NUM cblr-1764 1070 2 example example NOUN cblr-1764 1070 3 is be AUX cblr-1764 1070 4 accounting account VERB cblr-1764 1070 5 for for ADP cblr-1764 1070 6 financial financial ADJ cblr-1764 1070 7 guarantees guarantee NOUN cblr-1764 1070 8 , , PUNCT cblr-1764 1070 9 which which PRON cblr-1764 1070 10 include include VERB cblr-1764 1070 11 insurance insurance NOUN cblr-1764 1070 12 on on ADP cblr-1764 1070 13 mortgage mortgage NOUN cblr-1764 1070 14 - - PUNCT cblr-1764 1070 15 backed back VERB cblr-1764 1070 16 securities security NOUN cblr-1764 1070 17 . . PUNCT cblr-1764 1071 1 depending depend VERB cblr-1764 1071 2 on on ADP cblr-1764 1071 3 the the DET cblr-1764 1071 4 details detail NOUN cblr-1764 1071 5 of of ADP cblr-1764 1071 6 a a DET cblr-1764 1071 7 particular particular ADJ cblr-1764 1071 8 bond bond NOUN cblr-1764 1071 9 insurance insurance NOUN cblr-1764 1071 10 policy policy NOUN cblr-1764 1071 11 , , PUNCT cblr-1764 1071 12 sap sap PROPN cblr-1764 1071 13 standards standard NOUN cblr-1764 1071 14 will will AUX cblr-1764 1071 15 categorize categorize VERB cblr-1764 1071 16 variously variously ADV cblr-1764 1071 17 as as ADP cblr-1764 1071 18 an an DET cblr-1764 1071 19 “ " PUNCT cblr-1764 1071 20 insurance insurance NOUN cblr-1764 1071 21 policy policy NOUN cblr-1764 1071 22 , , PUNCT cblr-1764 1071 23 ” " PUNCT cblr-1764 1071 24 a a DET cblr-1764 1071 25 “ " PUNCT cblr-1764 1071 26 derivative derivative NOUN cblr-1764 1071 27 , , PUNCT cblr-1764 1071 28 ” " PUNCT cblr-1764 1071 29 or or CCONJ cblr-1764 1071 30 a a DET cblr-1764 1071 31 “ " PUNCT cblr-1764 1071 32 loss loss NOUN cblr-1764 1071 33 contingency contingency NOUN cblr-1764 1071 34 . . PUNCT cblr-1764 1072 1 ”337 ”337 NOUN cblr-1764 1072 2 lastly lastly ADV cblr-1764 1072 3 , , PUNCT cblr-1764 1072 4 reporting report VERB cblr-1764 1072 5 requirements requirement NOUN cblr-1764 1072 6 for for ADP cblr-1764 1072 7 insurance insurance NOUN cblr-1764 1072 8 firms firm NOUN cblr-1764 1072 9 could could AUX cblr-1764 1072 10 be be AUX cblr-1764 1072 11 made make VERB cblr-1764 1072 12 more more ADV cblr-1764 1072 13 robust robust ADJ cblr-1764 1072 14 by by ADP cblr-1764 1072 15 requiring require VERB cblr-1764 1072 16 disclosure disclosure NOUN cblr-1764 1072 17 of of ADP cblr-1764 1072 18 risk risk NOUN cblr-1764 1072 19 assumptions assumption NOUN cblr-1764 1072 20 concerning concern VERB cblr-1764 1072 21 concentrated concentrated ADJ cblr-1764 1072 22 holdings holding NOUN cblr-1764 1072 23 of of ADP cblr-1764 1072 24 financial financial ADJ cblr-1764 1072 25 guarantees guarantee NOUN cblr-1764 1072 26 and and CCONJ cblr-1764 1072 27 other other ADJ cblr-1764 1072 28 non non ADJ cblr-1764 1072 29 - - ADJ cblr-1764 1072 30 traditional traditional ADJ cblr-1764 1072 31 policies policy NOUN cblr-1764 1072 32 , , PUNCT cblr-1764 1072 33 such such ADJ cblr-1764 1072 34 as as ADP cblr-1764 1072 35 annuities annuity NOUN cblr-1764 1072 36 with with ADP cblr-1764 1072 37 high high ADJ cblr-1764 1072 38 minimum minimum ADJ cblr-1764 1072 39 guarantees guarantee NOUN cblr-1764 1072 40 . . PUNCT cblr-1764 1073 1 this this PRON cblr-1764 1073 2 would would AUX cblr-1764 1073 3 allow allow VERB cblr-1764 1073 4 regulators regulator NOUN cblr-1764 1073 5 to to PART cblr-1764 1073 6 be be AUX cblr-1764 1073 7 more more ADV cblr-1764 1073 8 aware aware ADJ cblr-1764 1073 9 of of ADP cblr-1764 1073 10 the the DET cblr-1764 1073 11 largescale largescale NOUN cblr-1764 1073 12 bets bet NOUN cblr-1764 1073 13 on on ADP cblr-1764 1073 14 macroeconomic macroeconomic ADJ cblr-1764 1073 15 variables variable NOUN cblr-1764 1073 16 that that SCONJ cblr-1764 1073 17 these these DET cblr-1764 1073 18 positions position NOUN cblr-1764 1073 19 represent represent VERB cblr-1764 1073 20 . . PUNCT cblr-1764 1074 1 to to PART cblr-1764 1074 2 be be AUX cblr-1764 1074 3 sure sure ADJ cblr-1764 1074 4 , , PUNCT cblr-1764 1074 5 the the DET cblr-1764 1074 6 details detail NOUN cblr-1764 1074 7 of of ADP cblr-1764 1074 8 these these DET cblr-1764 1074 9 reforms reform NOUN cblr-1764 1074 10 are be AUX cblr-1764 1074 11 critical critical ADJ cblr-1764 1074 12 , , PUNCT cblr-1764 1074 13 and and CCONJ cblr-1764 1074 14 the the DET cblr-1764 1074 15 financial financial ADJ cblr-1764 1074 16 accounting accounting NOUN cblr-1764 1074 17 standards standards PROPN cblr-1764 1074 18 board board NOUN cblr-1764 1074 19 and and CCONJ cblr-1764 1074 20 international international ADJ cblr-1764 1074 21 accounting accounting NOUN cblr-1764 1074 22 standards standard NOUN cblr-1764 1074 23 board board NOUN cblr-1764 1074 24 are be AUX cblr-1764 1074 25 involved involve VERB cblr-1764 1074 26 in in ADP cblr-1764 1074 27 ongoing ongoing ADJ cblr-1764 1074 28 efforts effort NOUN cblr-1764 1074 29 to to PART cblr-1764 1074 30 update update VERB cblr-1764 1074 31 accounting accounting NOUN cblr-1764 1074 32 standards standard NOUN cblr-1764 1074 33 for for ADP cblr-1764 1074 34 insurers insurer NOUN cblr-1764 1074 35 in in ADP cblr-1764 1074 36 a a DET cblr-1764 1074 37 number number NOUN cblr-1764 1074 38 of of ADP cblr-1764 1074 39 the the DET cblr-1764 1074 40 above above ADV cblr-1764 1074 41 - - PUNCT cblr-1764 1074 42 mentioned mention VERB cblr-1764 1074 43 areas area NOUN cblr-1764 1074 44 . . PUNCT cblr-1764 1075 1 the the DET cblr-1764 1075 2 appropriate appropriate ADJ cblr-1764 1075 3 guiding guiding NOUN cblr-1764 1075 4 336 336 NUM cblr-1764 1075 5 acharya acharya NOUN cblr-1764 1075 6 et et PROPN cblr-1764 1075 7 al al PROPN cblr-1764 1075 8 . . PROPN cblr-1764 1075 9 , , PUNCT cblr-1764 1075 10 supra supra PROPN cblr-1764 1075 11 note note PROPN cblr-1764 1075 12 5 5 NUM cblr-1764 1075 13 , , PUNCT cblr-1764 1075 14 at at ADP cblr-1764 1075 15 273–74 273–74 NUM cblr-1764 1075 16 . . PUNCT cblr-1764 1076 1 337 337 NUM cblr-1764 1077 1 i i PRON cblr-1764 1077 2 d. d. PROPN cblr-1764 1077 3 turk turk PROPN cblr-1764 1077 4 – – PUNCT cblr-1764 1077 5 final final ADJ cblr-1764 1077 6 1058 1058 NUM cblr-1764 1077 7 columbia columbia PROPN cblr-1764 1077 8 business business NOUN cblr-1764 1077 9 law law PROPN cblr-1764 1077 10 review review NOUN cblr-1764 1078 1 [ [ X cblr-1764 1078 2 vol vol NOUN cblr-1764 1078 3 . . NOUN cblr-1764 1078 4 2015 2015 NUM cblr-1764 1078 5 principle principle NOUN cblr-1764 1078 6 , , PUNCT cblr-1764 1078 7 however however ADV cblr-1764 1078 8 , , PUNCT cblr-1764 1078 9 is be AUX cblr-1764 1078 10 that that PRON cblr-1764 1078 11 — — PUNCT cblr-1764 1078 12 to to ADP cblr-1764 1078 13 the the DET cblr-1764 1078 14 extent extent NOUN cblr-1764 1078 15 that that SCONJ cblr-1764 1078 16 the the DET cblr-1764 1078 17 assetsand assetsand ADJ cblr-1764 1078 18 - - PUNCT cblr-1764 1078 19 liabilities liability NOUN cblr-1764 1078 20 of of ADP cblr-1764 1078 21 insurance insurance NOUN cblr-1764 1078 22 companies company NOUN cblr-1764 1078 23 are be AUX cblr-1764 1078 24 functionally functionally ADV cblr-1764 1078 25 similar similar ADJ cblr-1764 1078 26 to to ADP cblr-1764 1078 27 those those PRON cblr-1764 1078 28 of of ADP cblr-1764 1078 29 banks bank NOUN cblr-1764 1078 30 and and CCONJ cblr-1764 1078 31 other other ADJ cblr-1764 1078 32 financial financial ADJ cblr-1764 1078 33 firms firm NOUN cblr-1764 1078 34 — — PUNCT cblr-1764 1078 35 they they PRON cblr-1764 1078 36 should should AUX cblr-1764 1078 37 not not PART cblr-1764 1078 38 be be AUX cblr-1764 1078 39 subject subject ADJ cblr-1764 1078 40 to to ADP cblr-1764 1078 41 radically radically ADV cblr-1764 1078 42 different different ADJ cblr-1764 1078 43 rules rule NOUN cblr-1764 1078 44 under under ADP cblr-1764 1078 45 sap sap PROPN cblr-1764 1078 46 . . PUNCT cblr-1764 1079 1 otherwise otherwise ADV cblr-1764 1079 2 , , PUNCT cblr-1764 1079 3 regulatory regulatory ADJ cblr-1764 1079 4 supervisors supervisor NOUN cblr-1764 1079 5 who who PRON cblr-1764 1079 6 must must AUX cblr-1764 1079 7 evaluate evaluate VERB cblr-1764 1079 8 the the DET cblr-1764 1079 9 risks risk NOUN cblr-1764 1079 10 taken take VERB cblr-1764 1079 11 by by ADP cblr-1764 1079 12 insurance insurance NOUN cblr-1764 1079 13 companies company NOUN cblr-1764 1079 14 that that PRON cblr-1764 1079 15 are be AUX cblr-1764 1079 16 tightly tightly ADV cblr-1764 1079 17 interconnected interconnect VERB cblr-1764 1079 18 with with ADP cblr-1764 1079 19 other other ADJ cblr-1764 1079 20 portions portion NOUN cblr-1764 1079 21 of of ADP cblr-1764 1079 22 the the DET cblr-1764 1079 23 financial financial ADJ cblr-1764 1079 24 system system NOUN cblr-1764 1079 25 will will AUX cblr-1764 1079 26 be be AUX cblr-1764 1079 27 forced force VERB cblr-1764 1079 28 to to PART cblr-1764 1079 29 interpret interpret VERB cblr-1764 1079 30 a a DET cblr-1764 1079 31 needlessly needlessly ADV cblr-1764 1079 32 inconsistent inconsistent ADJ cblr-1764 1079 33 and and CCONJ cblr-1764 1079 34 opaque opaque ADJ cblr-1764 1079 35 body body NOUN cblr-1764 1079 36 of of ADP cblr-1764 1079 37 insurance insurance NOUN cblr-1764 1079 38 disclosures disclosure NOUN cblr-1764 1079 39 . . PUNCT cblr-1764 1080 1 a a DET cblr-1764 1080 2 final final ADJ cblr-1764 1080 3 definitional definitional ADJ cblr-1764 1080 4 boundary boundary NOUN cblr-1764 1080 5 , , PUNCT cblr-1764 1080 6 which which PRON cblr-1764 1080 7 has have AUX cblr-1764 1080 8 been be AUX cblr-1764 1080 9 indirectly indirectly ADV cblr-1764 1080 10 drawn draw VERB cblr-1764 1080 11 by by ADP cblr-1764 1080 12 dodd dodd PROPN cblr-1764 1080 13 - - PUNCT cblr-1764 1080 14 frank frank PROPN cblr-1764 1080 15 between between ADP cblr-1764 1080 16 insurers insurer NOUN cblr-1764 1080 17 and and CCONJ cblr-1764 1080 18 other other ADJ cblr-1764 1080 19 financial financial ADJ cblr-1764 1080 20 institutions institution NOUN cblr-1764 1080 21 , , PUNCT cblr-1764 1080 22 concerns concern VERB cblr-1764 1080 23 the the DET cblr-1764 1080 24 role role NOUN cblr-1764 1080 25 of of ADP cblr-1764 1080 26 third third ADJ cblr-1764 1080 27 - - PUNCT cblr-1764 1080 28 party party NOUN cblr-1764 1080 29 credit credit NOUN cblr-1764 1080 30 ratings rating NOUN cblr-1764 1080 31 . . PUNCT cblr-1764 1081 1 prior prior ADV cblr-1764 1081 2 to to ADP cblr-1764 1081 3 2008 2008 NUM cblr-1764 1081 4 , , PUNCT cblr-1764 1081 5 financial financial ADJ cblr-1764 1081 6 regulations regulation NOUN cblr-1764 1081 7 gave give VERB cblr-1764 1081 8 three three NUM cblr-1764 1081 9 rating rating NOUN cblr-1764 1081 10 agencies agency NOUN cblr-1764 1081 11 — — PUNCT cblr-1764 1081 12 moody moody PROPN cblr-1764 1081 13 ’s ’s ADV cblr-1764 1081 14 , , PUNCT cblr-1764 1081 15 fitch fitch PROPN cblr-1764 1081 16 , , PUNCT cblr-1764 1081 17 and and CCONJ cblr-1764 1081 18 standard standard PROPN cblr-1764 1081 19 & & CCONJ cblr-1764 1081 20 poor’s poor’s PROPN cblr-1764 1081 21 — — PUNCT cblr-1764 1081 22 the the DET cblr-1764 1081 23 privileged privileged ADJ cblr-1764 1081 24 designation designation NOUN cblr-1764 1081 25 of of ADP cblr-1764 1081 26 nationally nationally ADV cblr-1764 1081 27 recognized recognize VERB cblr-1764 1081 28 statistical statistical ADJ cblr-1764 1081 29 rating rating NOUN cblr-1764 1081 30 organizations organization NOUN cblr-1764 1081 31 ( ( PUNCT cblr-1764 1081 32 “ " PUNCT cblr-1764 1081 33 nrsros nrsros PROPN cblr-1764 1081 34 ” " PUNCT cblr-1764 1081 35 ) ) PUNCT cblr-1764 1081 36 . . PUNCT cblr-1764 1082 1 ratings rating NOUN cblr-1764 1082 2 provided provide VERB cblr-1764 1082 3 by by ADP cblr-1764 1082 4 the the DET cblr-1764 1082 5 nrsros nrsro NOUN cblr-1764 1082 6 were be AUX cblr-1764 1082 7 then then ADV cblr-1764 1082 8 widely widely ADV cblr-1764 1082 9 used use VERB cblr-1764 1082 10 as as ADP cblr-1764 1082 11 a a DET cblr-1764 1082 12 basis basis NOUN cblr-1764 1082 13 for for ADP cblr-1764 1082 14 determining determine VERB cblr-1764 1082 15 the the DET cblr-1764 1082 16 riskiness riskiness NOUN cblr-1764 1082 17 of of ADP cblr-1764 1082 18 banks bank NOUN cblr-1764 1082 19 ’ ' PUNCT cblr-1764 1082 20 and and CCONJ cblr-1764 1082 21 certain certain ADJ cblr-1764 1082 22 securities security NOUN cblr-1764 1082 23 firms firm NOUN cblr-1764 1082 24 ’ ’ PART cblr-1764 1082 25 assets asset NOUN cblr-1764 1082 26 for for ADP cblr-1764 1082 27 purposes purpose NOUN cblr-1764 1082 28 of of ADP cblr-1764 1082 29 capital capital NOUN cblr-1764 1082 30 requirements requirement NOUN cblr-1764 1082 31 , , PUNCT cblr-1764 1082 32 as as ADV cblr-1764 1082 33 well well ADV cblr-1764 1082 34 as as ADP cblr-1764 1082 35 restricting restrict VERB cblr-1764 1082 36 the the DET cblr-1764 1082 37 kinds kind NOUN cblr-1764 1082 38 of of ADP cblr-1764 1082 39 investments investment NOUN cblr-1764 1082 40 that that PRON cblr-1764 1082 41 they they PRON cblr-1764 1082 42 could could AUX cblr-1764 1082 43 make.338 make.338 VERB cblr-1764 1082 44 solvency solvency NOUN cblr-1764 1082 45 regulations regulation NOUN cblr-1764 1082 46 for for ADP cblr-1764 1082 47 insurers insurer NOUN cblr-1764 1082 48 , , PUNCT cblr-1764 1082 49 as as SCONJ cblr-1764 1082 50 devised devise VERB cblr-1764 1082 51 by by ADP cblr-1764 1082 52 the the DET cblr-1764 1082 53 naic naic PROPN cblr-1764 1082 54 and and CCONJ cblr-1764 1082 55 implemented implement VERB cblr-1764 1082 56 through through ADP cblr-1764 1082 57 its its PRON cblr-1764 1082 58 securities security NOUN cblr-1764 1082 59 valuation valuation NOUN cblr-1764 1082 60 office office NOUN cblr-1764 1082 61 ( ( PUNCT cblr-1764 1082 62 “ " PUNCT cblr-1764 1082 63 svo svo NOUN cblr-1764 1082 64 ” " PUNCT cblr-1764 1082 65 ) ) PUNCT cblr-1764 1082 66 , , PUNCT cblr-1764 1082 67 also also ADV cblr-1764 1082 68 relied rely VERB cblr-1764 1082 69 heavily heavily ADV cblr-1764 1082 70 on on ADP cblr-1764 1082 71 the the DET cblr-1764 1082 72 rating rating NOUN cblr-1764 1082 73 agencies agency NOUN cblr-1764 1082 74 , , PUNCT cblr-1764 1082 75 a a DET cblr-1764 1082 76 practice practice NOUN cblr-1764 1082 77 that that PRON cblr-1764 1082 78 accelerated accelerate VERB cblr-1764 1082 79 in in ADP cblr-1764 1082 80 the the DET cblr-1764 1082 81 decade decade NOUN cblr-1764 1082 82 leading lead VERB cblr-1764 1082 83 up up ADP cblr-1764 1082 84 to to ADP cblr-1764 1082 85 the the DET cblr-1764 1082 86 2008 2008 NUM cblr-1764 1082 87 crisis.339 crisis.339 NOUN cblr-1764 1082 88 although although SCONJ cblr-1764 1082 89 the the DET cblr-1764 1082 90 svo svo NOUN cblr-1764 1082 91 at at ADP cblr-1764 1082 92 one one NUM cblr-1764 1082 93 point point NOUN cblr-1764 1082 94 retained retain VERB cblr-1764 1082 95 a a DET cblr-1764 1082 96 general general ADJ cblr-1764 1082 97 ( ( PUNCT cblr-1764 1082 98 if if SCONJ cblr-1764 1082 99 rarely rarely ADV cblr-1764 1082 100 used use VERB cblr-1764 1082 101 ) ) PUNCT cblr-1764 1082 102 discretion discretion NOUN cblr-1764 1082 103 to to PART cblr-1764 1082 104 depart depart VERB cblr-1764 1082 105 from from ADP cblr-1764 1082 106 rating rating NOUN cblr-1764 1082 107 agency agency NOUN cblr-1764 1082 108 assessments assessment NOUN cblr-1764 1082 109 , , PUNCT cblr-1764 1082 110 the the DET cblr-1764 1082 111 naic naic PROPN cblr-1764 1082 112 designated designate VERB cblr-1764 1082 113 investment investment NOUN cblr-1764 1082 114 - - PUNCT cblr-1764 1082 115 grade grade NOUN cblr-1764 1082 116 corporate corporate ADJ cblr-1764 1082 117 and and CCONJ cblr-1764 1082 118 municipal municipal ADJ cblr-1764 1082 119 bonds bond NOUN cblr-1764 1082 120 as as ADV cblr-1764 1082 121 exempt exempt ADJ cblr-1764 1082 122 from from ADP cblr-1764 1082 123 its its PRON cblr-1764 1082 124 review review NOUN cblr-1764 1082 125 in in ADP cblr-1764 1082 126 2000.340 2000.340 NUM cblr-1764 1082 127 and and CCONJ cblr-1764 1082 128 , , PUNCT cblr-1764 1082 129 beginning begin VERB cblr-1764 1082 130 in in ADP cblr-1764 1082 131 2004 2004 NUM cblr-1764 1082 132 , , PUNCT cblr-1764 1082 133 the the DET cblr-1764 1082 134 svo svo NOUN cblr-1764 1082 135 allowed allow VERB cblr-1764 1082 136 insurers insurer NOUN cblr-1764 1082 137 to to PART cblr-1764 1082 138 opt opt VERB cblr-1764 1082 139 in in ADP cblr-1764 1082 140 to to ADP cblr-1764 1082 141 the the DET cblr-1764 1082 142 nrsros nrsro NOUN cblr-1764 1082 143 ’ ' PUNCT cblr-1764 1082 144 ratings rating NOUN cblr-1764 1082 145 across across ADP cblr-1764 1082 146 their their PRON cblr-1764 1082 147 entire entire ADJ cblr-1764 1082 148 balance balance NOUN cblr-1764 1082 149 sheets sheet NOUN cblr-1764 1082 150 , , PUNCT cblr-1764 1082 151 with with ADP cblr-1764 1082 152 the the DET cblr-1764 1082 153 vast vast ADJ cblr-1764 1082 154 majority majority NOUN cblr-1764 1082 155 choosing choose VERB cblr-1764 1082 156 to to PART cblr-1764 1082 157 do do VERB cblr-1764 1082 158 so.341 so.341 PROPN cblr-1764 1082 159 338 338 NUM cblr-1764 1082 160 lawrence lawrence PROPN cblr-1764 1082 161 j. j. PROPN cblr-1764 1082 162 white white PROPN cblr-1764 1082 163 , , PUNCT cblr-1764 1082 164 markets market NOUN cblr-1764 1082 165 : : PUNCT cblr-1764 1082 166 the the DET cblr-1764 1082 167 credit credit NOUN cblr-1764 1082 168 rating rating NOUN cblr-1764 1082 169 agencies agency NOUN cblr-1764 1082 170 , , PUNCT cblr-1764 1082 171 24 24 NUM cblr-1764 1082 172 j. j. PROPN cblr-1764 1082 173 econ econ PROPN cblr-1764 1082 174 . . PUNCT cblr-1764 1083 1 persp persp PROPN cblr-1764 1083 2 . . PUNCT cblr-1764 1084 1 211 211 NUM cblr-1764 1084 2 , , PUNCT cblr-1764 1084 3 212–14 212–14 NUM cblr-1764 1084 4 ( ( PUNCT cblr-1764 1084 5 2010 2010 NUM cblr-1764 1084 6 ) ) PUNCT cblr-1764 1084 7 . . PUNCT cblr-1764 1085 1 339 339 NUM cblr-1764 1085 2 see see VERB cblr-1764 1085 3 hunt hunt NOUN cblr-1764 1085 4 , , PUNCT cblr-1764 1085 5 supra supra PROPN cblr-1764 1085 6 note note PROPN cblr-1764 1085 7 26 26 NUM cblr-1764 1085 8 , , PUNCT cblr-1764 1085 9 at at ADP cblr-1764 1085 10 1675 1675 NUM cblr-1764 1085 11 . . PUNCT cblr-1764 1086 1 340 340 NUM cblr-1764 1087 1 i i PROPN cblr-1764 1087 2 d. d. PROPN cblr-1764 1087 3 341 341 NUM cblr-1764 1087 4 nat’l nat’l NOUN cblr-1764 1087 5 ass’n ass’n PROPN cblr-1764 1087 6 ins in NOUN cblr-1764 1087 7 . . PUNCT cblr-1764 1087 8 comm’rs comm’rs PROPN cblr-1764 1087 9 , , PUNCT cblr-1764 1087 10 memorandum memorandum NOUN cblr-1764 1087 11 : : PUNCT cblr-1764 1087 12 understanding understand VERB cblr-1764 1087 13 the the DET cblr-1764 1087 14 naic naic PROPN cblr-1764 1087 15 filing filing NOUN cblr-1764 1087 16 exemption exemption NOUN cblr-1764 1087 17 ( ( PUNCT cblr-1764 1087 18 fe fe NOUN cblr-1764 1087 19 ) ) PUNCT cblr-1764 1087 20 rule rule NOUN cblr-1764 1087 21 1 1 NUM cblr-1764 1087 22 ( ( PUNCT cblr-1764 1087 23 2004 2004 NUM cblr-1764 1087 24 ) ) PUNCT cblr-1764 1087 25 , , PUNCT cblr-1764 1087 26 http://www.naic.org/ http://www.naic.org/ ADJ cblr-1764 1087 27 turk turk NOUN cblr-1764 1087 28 – – PUNCT cblr-1764 1087 29 final final ADJ cblr-1764 1087 30 no no NOUN cblr-1764 1087 31 . . PUNCT cblr-1764 1088 1 3:967 3:967 NUM cblr-1764 1088 2 ] ] PUNCT cblr-1764 1088 3 insurance insurance NOUN cblr-1764 1088 4 convergence convergence NOUN cblr-1764 1088 5 1059 1059 NUM cblr-1764 1088 6 during during ADP cblr-1764 1088 7 the the DET cblr-1764 1088 8 2008 2008 NUM cblr-1764 1088 9 crisis crisis NOUN cblr-1764 1088 10 , , PUNCT cblr-1764 1088 11 the the DET cblr-1764 1088 12 rating rating NOUN cblr-1764 1088 13 agencies agency NOUN cblr-1764 1088 14 ’ ' PUNCT cblr-1764 1088 15 assessments assessment NOUN cblr-1764 1088 16 fell fall VERB cblr-1764 1088 17 into into ADP cblr-1764 1088 18 disrepute disrepute NOUN cblr-1764 1088 19 when when SCONJ cblr-1764 1088 20 corporate corporate ADJ cblr-1764 1088 21 and and CCONJ cblr-1764 1088 22 securitized securitized ADJ cblr-1764 1088 23 bonds bond NOUN cblr-1764 1088 24 given give VERB cblr-1764 1088 25 presumptively presumptively ADV cblr-1764 1088 26 low low ADJ cblr-1764 1088 27 - - PUNCT cblr-1764 1088 28 risk risk NOUN cblr-1764 1088 29 aaa aaa NOUN cblr-1764 1088 30 and and CCONJ cblr-1764 1088 31 aa aa NOUN cblr-1764 1088 32 ratings rating NOUN cblr-1764 1088 33 experienced experience VERB cblr-1764 1088 34 widespread widespread ADJ cblr-1764 1088 35 losses.342 losses.342 NOUN cblr-1764 1088 36 in in ADP cblr-1764 1088 37 response response NOUN cblr-1764 1088 38 , , PUNCT cblr-1764 1088 39 dodd dodd NOUN cblr-1764 1088 40 - - PUNCT cblr-1764 1088 41 frank frank PROPN cblr-1764 1088 42 entirely entirely ADV cblr-1764 1088 43 removed remove VERB cblr-1764 1088 44 nrsro nrsro ADJ cblr-1764 1088 45 ratings rating NOUN cblr-1764 1088 46 as as ADP cblr-1764 1088 47 inputs input NOUN cblr-1764 1088 48 for for ADP cblr-1764 1088 49 a a DET cblr-1764 1088 50 variety variety NOUN cblr-1764 1088 51 of of ADP cblr-1764 1088 52 regulatory regulatory ADJ cblr-1764 1088 53 requirements.343 requirements.343 NOUN cblr-1764 1088 54 an an DET cblr-1764 1088 55 naic naic PROPN cblr-1764 1088 56 working working PROPN cblr-1764 1088 57 group group NOUN cblr-1764 1088 58 formed form VERB cblr-1764 1088 59 in in ADP cblr-1764 1088 60 2009 2009 NUM cblr-1764 1088 61 initially initially ADV cblr-1764 1088 62 entertained entertain VERB cblr-1764 1088 63 the the DET cblr-1764 1088 64 idea idea NOUN cblr-1764 1088 65 of of ADP cblr-1764 1088 66 eliminating eliminate VERB cblr-1764 1088 67 reliance reliance NOUN cblr-1764 1088 68 on on ADP cblr-1764 1088 69 the the DET cblr-1764 1088 70 credit credit NOUN cblr-1764 1088 71 rating rating NOUN cblr-1764 1088 72 agencies agency NOUN cblr-1764 1088 73 for for ADP cblr-1764 1088 74 its its PRON cblr-1764 1088 75 risk risk NOUN cblr-1764 1088 76 - - PUNCT cblr-1764 1088 77 based base VERB cblr-1764 1088 78 capital capital NOUN cblr-1764 1088 79 rules rule NOUN cblr-1764 1088 80 for for ADP cblr-1764 1088 81 insurers insurer NOUN cblr-1764 1088 82 as as ADV cblr-1764 1088 83 well well ADV cblr-1764 1088 84 , , PUNCT cblr-1764 1088 85 and and CCONJ cblr-1764 1088 86 possibly possibly ADV cblr-1764 1088 87 replacing replace VERB cblr-1764 1088 88 them they PRON cblr-1764 1088 89 in in ADP cblr-1764 1088 90 - - PUNCT cblr-1764 1088 91 house house NOUN cblr-1764 1088 92 with with ADP cblr-1764 1088 93 ratings rating NOUN cblr-1764 1088 94 developed develop VERB cblr-1764 1088 95 by by ADP cblr-1764 1088 96 the the DET cblr-1764 1088 97 svo svo NOUN cblr-1764 1088 98 . . PUNCT cblr-1764 1089 1 but but CCONJ cblr-1764 1089 2 this this DET cblr-1764 1089 3 proposal proposal NOUN cblr-1764 1089 4 lost lose VERB cblr-1764 1089 5 momentum momentum NOUN cblr-1764 1089 6 by by ADP cblr-1764 1089 7 the the DET cblr-1764 1089 8 time time NOUN cblr-1764 1089 9 the the DET cblr-1764 1089 10 naic naic PROPN cblr-1764 1089 11 issued issue VERB cblr-1764 1089 12 its its PRON cblr-1764 1089 13 final final ADJ cblr-1764 1089 14 report report NOUN cblr-1764 1089 15 in in ADP cblr-1764 1089 16 2010.344 2010.344 PROPN cblr-1764 1089 17 as as ADP cblr-1764 1089 18 a a DET cblr-1764 1089 19 result result NOUN cblr-1764 1089 20 , , PUNCT cblr-1764 1089 21 post-2008 post-2008 NOUN cblr-1764 1089 22 solvency solvency NOUN cblr-1764 1089 23 regulation regulation NOUN cblr-1764 1089 24 for for ADP cblr-1764 1089 25 insurance insurance NOUN cblr-1764 1089 26 companies company NOUN cblr-1764 1089 27 retains retain VERB cblr-1764 1089 28 a a DET cblr-1764 1089 29 significant significant ADJ cblr-1764 1089 30 role role NOUN cblr-1764 1089 31 for for ADP cblr-1764 1089 32 the the DET cblr-1764 1089 33 credit credit NOUN cblr-1764 1089 34 ratings rating NOUN cblr-1764 1089 35 agencies agency NOUN cblr-1764 1089 36 despite despite SCONJ cblr-1764 1089 37 the the DET cblr-1764 1089 38 fact fact NOUN cblr-1764 1089 39 that that SCONJ cblr-1764 1089 40 their their PRON cblr-1764 1089 41 use use NOUN cblr-1764 1089 42 in in ADP cblr-1764 1089 43 regulatory regulatory ADJ cblr-1764 1089 44 requirements requirement NOUN cblr-1764 1089 45 for for ADP cblr-1764 1089 46 other other ADJ cblr-1764 1089 47 financial financial ADJ cblr-1764 1089 48 firms firm NOUN cblr-1764 1089 49 has have AUX cblr-1764 1089 50 been be AUX cblr-1764 1089 51 substantially substantially ADV cblr-1764 1089 52 abandoned abandon VERB cblr-1764 1089 53 under under ADP cblr-1764 1089 54 dodd dodd PROPN cblr-1764 1089 55 - - PUNCT cblr-1764 1089 56 frank frank PROPN cblr-1764 1089 57 . . PUNCT cblr-1764 1090 1 the the DET cblr-1764 1090 2 fundamental fundamental ADJ cblr-1764 1090 3 problem problem NOUN cblr-1764 1090 4 with with ADP cblr-1764 1090 5 credit credit NOUN cblr-1764 1090 6 ratings rating NOUN cblr-1764 1090 7 was be AUX cblr-1764 1090 8 not not PART cblr-1764 1090 9 that that SCONJ cblr-1764 1090 10 they they PRON cblr-1764 1090 11 proved prove VERB cblr-1764 1090 12 to to PART cblr-1764 1090 13 be be AUX cblr-1764 1090 14 inaccurate inaccurate ADJ cblr-1764 1090 15 measurements measurement NOUN cblr-1764 1090 16 of of ADP cblr-1764 1090 17 risk risk NOUN cblr-1764 1090 18 ( ( PUNCT cblr-1764 1090 19 many many ADJ cblr-1764 1090 20 people people NOUN cblr-1764 1090 21 failed fail VERB cblr-1764 1090 22 to to PART cblr-1764 1090 23 predict predict VERB cblr-1764 1090 24 the the DET cblr-1764 1090 25 magnitude magnitude NOUN cblr-1764 1090 26 of of ADP cblr-1764 1090 27 the the DET cblr-1764 1090 28 2008 2008 NUM cblr-1764 1090 29 crisis crisis NOUN cblr-1764 1090 30 ) ) PUNCT cblr-1764 1090 31 , , PUNCT cblr-1764 1090 32 but but CCONJ cblr-1764 1090 33 that that SCONJ cblr-1764 1090 34 financial financial ADJ cblr-1764 1090 35 firms firm NOUN cblr-1764 1090 36 could could AUX cblr-1764 1090 37 rely rely VERB cblr-1764 1090 38 on on ADP cblr-1764 1090 39 ratings rating NOUN cblr-1764 1090 40 to to PART cblr-1764 1090 41 satisfy satisfy VERB cblr-1764 1090 42 regulatory regulatory ADJ cblr-1764 1090 43 requirements requirement NOUN cblr-1764 1090 44 whether whether SCONJ cblr-1764 1090 45 or or CCONJ cblr-1764 1090 46 not not PART cblr-1764 1090 47 risk risk VERB cblr-1764 1090 48 managers manager NOUN cblr-1764 1090 49 at at ADP cblr-1764 1090 50 those those DET cblr-1764 1090 51 firms firm NOUN cblr-1764 1090 52 believed believe VERB cblr-1764 1090 53 the the DET cblr-1764 1090 54 ratings rating NOUN cblr-1764 1090 55 were be AUX cblr-1764 1090 56 accurate accurate ADJ cblr-1764 1090 57 . . PUNCT cblr-1764 1091 1 the the DET cblr-1764 1091 2 regulatory regulatory ADJ cblr-1764 1091 3 imprimatur imprimatur NOUN cblr-1764 1091 4 given give VERB cblr-1764 1091 5 to to ADP cblr-1764 1091 6 ratings rating NOUN cblr-1764 1091 7 , , PUNCT cblr-1764 1091 8 in in ADP cblr-1764 1091 9 effect effect NOUN cblr-1764 1091 10 , , PUNCT cblr-1764 1091 11 “ " PUNCT cblr-1764 1091 12 encouraged encourage VERB cblr-1764 1091 13 the the DET cblr-1764 1091 14 rating rating NOUN cblr-1764 1091 15 agencies agency NOUN cblr-1764 1091 16 to to PART cblr-1764 1091 17 shift shift VERB cblr-1764 1091 18 from from ADP cblr-1764 1091 19 the the DET cblr-1764 1091 20 business business NOUN cblr-1764 1091 21 of of ADP cblr-1764 1091 22 providing provide VERB cblr-1764 1091 23 valuable valuable ADJ cblr-1764 1091 24 credit credit NOUN cblr-1764 1091 25 information information NOUN cblr-1764 1091 26 to to ADP cblr-1764 1091 27 the the DET cblr-1764 1091 28 far far ADV cblr-1764 1091 29 more more ADV cblr-1764 1091 30 lucrative lucrative ADJ cblr-1764 1091 31 business business NOUN cblr-1764 1091 32 of of ADP cblr-1764 1091 33 selling sell VERB cblr-1764 1091 34 regulatory regulatory ADJ cblr-1764 1091 35 licenses license NOUN cblr-1764 1091 36 . . PUNCT cblr-1764 1091 37 ”345 ”345 PUNCT cblr-1764 1091 38 in in ADP cblr-1764 1091 39 the the DET cblr-1764 1091 40 process process NOUN cblr-1764 1091 41 , , PUNCT cblr-1764 1091 42 the the DET cblr-1764 1091 43 quality quality NOUN cblr-1764 1091 44 of of ADP cblr-1764 1091 45 information information NOUN cblr-1764 1091 46 that that SCONJ cblr-1764 1091 47 the the DET cblr-1764 1091 48 ratings rating NOUN cblr-1764 1091 49 agencies agency NOUN cblr-1764 1091 50 provided provide VERB cblr-1764 1091 51 was be AUX cblr-1764 1091 52 degraded degrade VERB cblr-1764 1091 53 . . PUNCT cblr-1764 1092 1 dodd dodd PROPN cblr-1764 1092 2 - - PUNCT cblr-1764 1092 3 frank frank PROPN cblr-1764 1092 4 ’s ’s PART cblr-1764 1092 5 excision excision NOUN cblr-1764 1092 6 of of ADP cblr-1764 1092 7 credit credit NOUN cblr-1764 1092 8 ratings rating NOUN cblr-1764 1092 9 from from ADP cblr-1764 1092 10 solvency solvency NOUN cblr-1764 1092 11 requirements requirement NOUN cblr-1764 1092 12 for for ADP cblr-1764 1092 13 banks bank NOUN cblr-1764 1092 14 and and CCONJ cblr-1764 1092 15 certain certain ADJ cblr-1764 1092 16 documents document NOUN cblr-1764 1092 17 / / SYM cblr-1764 1092 18 svo_fe_faq.pdf svo_fe_faq.pdf NOUN cblr-1764 1092 19 [ [ X cblr-1764 1092 20 http://perma.cc/bs79-ql7y http://perma.cc/bs79-ql7y NUM cblr-1764 1092 21 ] ] PUNCT cblr-1764 1092 22 ; ; PUNCT cblr-1764 1092 23 see see VERB cblr-1764 1092 24 also also ADV cblr-1764 1092 25 hunt hunt NOUN cblr-1764 1092 26 , , PUNCT cblr-1764 1092 27 supra supra PROPN cblr-1764 1092 28 note note PROPN cblr-1764 1092 29 26 26 NUM cblr-1764 1092 30 , , PUNCT cblr-1764 1092 31 at at ADP cblr-1764 1092 32 1675 1675 NUM cblr-1764 1092 33 . . PUNCT cblr-1764 1093 1 342 342 NUM cblr-1764 1093 2 see see VERB cblr-1764 1093 3 white white ADJ cblr-1764 1093 4 , , PUNCT cblr-1764 1093 5 supra supra PROPN cblr-1764 1093 6 note note NOUN cblr-1764 1093 7 338 338 NUM cblr-1764 1093 8 , , PUNCT cblr-1764 1093 9 at at ADP cblr-1764 1093 10 220–21 220–21 NUM cblr-1764 1093 11 ; ; PUNCT cblr-1764 1093 12 fin fin NOUN cblr-1764 1093 13 . . PUNCT cblr-1764 1093 14 crisis crisis NOUN cblr-1764 1093 15 inquiry inquiry NOUN cblr-1764 1093 16 comm’n comm’n NOUN cblr-1764 1093 17 , , PUNCT cblr-1764 1093 18 the the DET cblr-1764 1093 19 financial financial ADJ cblr-1764 1093 20 crisis crisis NOUN cblr-1764 1093 21 inquiry inquiry NOUN cblr-1764 1093 22 report report NOUN cblr-1764 1093 23 xxv xxv PROPN cblr-1764 1093 24 ( ( PUNCT cblr-1764 1093 25 2011 2011 NUM cblr-1764 1093 26 ) ) PUNCT cblr-1764 1093 27 . . PUNCT cblr-1764 1094 1 343 343 NUM cblr-1764 1094 2 dodd dodd PROPN cblr-1764 1094 3 - - PUNCT cblr-1764 1094 4 frank frank PROPN cblr-1764 1094 5 § § PROPN cblr-1764 1094 6 939a 939a PROPN cblr-1764 1094 7 , , PUNCT cblr-1764 1094 8 15 15 NUM cblr-1764 1094 9 u.s.c u.s.c ADJ cblr-1764 1094 10 . . PUNCT cblr-1764 1095 1 § § PROPN cblr-1764 1095 2 78o-7 78o-7 PROPN cblr-1764 1095 3 ( ( PUNCT cblr-1764 1095 4 2012 2012 NUM cblr-1764 1095 5 ) ) PUNCT cblr-1764 1095 6 . . PUNCT cblr-1764 1096 1 344 344 NUM cblr-1764 1096 2 see see NOUN cblr-1764 1096 3 hunt hunt NOUN cblr-1764 1096 4 , , PUNCT cblr-1764 1096 5 supra supra PROPN cblr-1764 1096 6 note note PROPN cblr-1764 1096 7 26 26 NUM cblr-1764 1096 8 , , PUNCT cblr-1764 1096 9 at at ADP cblr-1764 1096 10 1683 1683 NUM cblr-1764 1096 11 nn.66–67 nn.66–67 NOUN cblr-1764 1096 12 . . PUNCT cblr-1764 1097 1 345 345 NUM cblr-1764 1097 2 frank frank ADJ cblr-1764 1097 3 partnoy partnoy NOUN cblr-1764 1097 4 , , PUNCT cblr-1764 1097 5 the the DET cblr-1764 1097 6 siskel siskel NOUN cblr-1764 1097 7 and and CCONJ cblr-1764 1097 8 ebert ebert NOUN cblr-1764 1097 9 of of ADP cblr-1764 1097 10 financial financial ADJ cblr-1764 1097 11 markets market NOUN cblr-1764 1097 12 ? ? PUNCT cblr-1764 1098 1 two two NUM cblr-1764 1098 2 thumbs thumb NOUN cblr-1764 1098 3 down down ADP cblr-1764 1098 4 for for ADP cblr-1764 1098 5 the the DET cblr-1764 1098 6 credit credit NOUN cblr-1764 1098 7 rating rating NOUN cblr-1764 1098 8 agencies agency NOUN cblr-1764 1098 9 , , PUNCT cblr-1764 1098 10 77 77 NUM cblr-1764 1098 11 wash wash NOUN cblr-1764 1098 12 . . PUNCT cblr-1764 1099 1 u. u. PROPN cblr-1764 1099 2 l.j l.j PROPN cblr-1764 1099 3 . . PROPN cblr-1764 1099 4 619 619 NUM cblr-1764 1099 5 , , PUNCT cblr-1764 1099 6 623 623 NUM cblr-1764 1099 7 ( ( PUNCT cblr-1764 1099 8 1999 1999 NUM cblr-1764 1099 9 ) ) PUNCT cblr-1764 1099 10 . . PUNCT cblr-1764 1100 1 turk turk PROPN cblr-1764 1100 2 – – PUNCT cblr-1764 1100 3 final final ADJ cblr-1764 1100 4 1060 1060 NUM cblr-1764 1100 5 columbia columbia PROPN cblr-1764 1100 6 business business NOUN cblr-1764 1100 7 law law PROPN cblr-1764 1100 8 review review NOUN cblr-1764 1100 9 [ [ X cblr-1764 1100 10 vol vol NOUN cblr-1764 1100 11 . . NOUN cblr-1764 1100 12 2015 2015 NUM cblr-1764 1100 13 securities security NOUN cblr-1764 1100 14 firms firm NOUN cblr-1764 1100 15 therefore therefore ADV cblr-1764 1100 16 removes remove VERB cblr-1764 1100 17 a a DET cblr-1764 1100 18 regulatory regulatory ADJ cblr-1764 1100 19 dysfunction dysfunction NOUN cblr-1764 1100 20 and and CCONJ cblr-1764 1100 21 is be AUX cblr-1764 1100 22 a a DET cblr-1764 1100 23 reform reform NOUN cblr-1764 1100 24 that that PRON cblr-1764 1100 25 makes make VERB cblr-1764 1100 26 good good ADJ cblr-1764 1100 27 sense sense NOUN cblr-1764 1100 28 . . PUNCT cblr-1764 1101 1 the the DET cblr-1764 1101 2 failure failure NOUN cblr-1764 1101 3 to to PART cblr-1764 1101 4 apply apply VERB cblr-1764 1101 5 the the DET cblr-1764 1101 6 same same ADJ cblr-1764 1101 7 ratings rating NOUN cblr-1764 1101 8 reforms reform NOUN cblr-1764 1101 9 to to ADP cblr-1764 1101 10 insurance insurance NOUN cblr-1764 1101 11 companies company NOUN cblr-1764 1101 12 creates create VERB cblr-1764 1101 13 a a DET cblr-1764 1101 14 formalistic formalistic ADJ cblr-1764 1101 15 definitional definitional ADJ cblr-1764 1101 16 boundary boundary NOUN cblr-1764 1101 17 that that PRON cblr-1764 1101 18 is be AUX cblr-1764 1101 19 counterproductive counterproductive ADJ cblr-1764 1101 20 . . PUNCT cblr-1764 1102 1 firms firm NOUN cblr-1764 1102 2 that that PRON cblr-1764 1102 3 are be AUX cblr-1764 1102 4 categorized categorize VERB cblr-1764 1102 5 as as SCONJ cblr-1764 1102 6 insurers insurer NOUN cblr-1764 1102 7 serve serve VERB cblr-1764 1102 8 no no DET cblr-1764 1102 9 special special ADJ cblr-1764 1102 10 economic economic ADJ cblr-1764 1102 11 function function NOUN cblr-1764 1102 12 that that PRON cblr-1764 1102 13 would would AUX cblr-1764 1102 14 justify justify VERB cblr-1764 1102 15 a a DET cblr-1764 1102 16 unique unique ADJ cblr-1764 1102 17 treatment treatment NOUN cblr-1764 1102 18 that that PRON cblr-1764 1102 19 retains retain VERB cblr-1764 1102 20 credit credit NOUN cblr-1764 1102 21 ratings rating NOUN cblr-1764 1102 22 in in ADP cblr-1764 1102 23 their their PRON cblr-1764 1102 24 prior prior ADJ cblr-1764 1102 25 role role NOUN cblr-1764 1102 26 . . PUNCT cblr-1764 1103 1 nor nor CCONJ cblr-1764 1103 2 are be AUX cblr-1764 1103 3 the the DET cblr-1764 1103 4 advantages advantage NOUN cblr-1764 1103 5 of of ADP cblr-1764 1103 6 a a DET cblr-1764 1103 7 formalistic formalistic ADJ cblr-1764 1103 8 approach approach NOUN cblr-1764 1103 9 present present ADJ cblr-1764 1103 10 in in ADP cblr-1764 1103 11 this this DET cblr-1764 1103 12 context context NOUN cblr-1764 1103 13 . . PUNCT cblr-1764 1104 1 moreover moreover ADV cblr-1764 1104 2 , , PUNCT cblr-1764 1104 3 such such DET cblr-1764 1104 4 a a DET cblr-1764 1104 5 distinction distinction NOUN cblr-1764 1104 6 is be AUX cblr-1764 1104 7 not not PART cblr-1764 1104 8 only only ADV cblr-1764 1104 9 bad bad ADJ cblr-1764 1104 10 policy policy NOUN cblr-1764 1104 11 with with ADP cblr-1764 1104 12 respect respect NOUN cblr-1764 1104 13 to to ADP cblr-1764 1104 14 insurance insurance NOUN cblr-1764 1104 15 , , PUNCT cblr-1764 1104 16 but but CCONJ cblr-1764 1104 17 also also ADV cblr-1764 1104 18 threatens threaten VERB cblr-1764 1104 19 to to PART cblr-1764 1104 20 undermine undermine VERB cblr-1764 1104 21 doddfrank doddfrank PROPN cblr-1764 1104 22 ’s ’s PART cblr-1764 1104 23 reform reform NOUN cblr-1764 1104 24 and and CCONJ cblr-1764 1104 25 reintroduce reintroduce VERB cblr-1764 1104 26 the the DET cblr-1764 1104 27 pathologies pathology NOUN cblr-1764 1104 28 of of ADP cblr-1764 1104 29 the the DET cblr-1764 1104 30 old old ADJ cblr-1764 1104 31 system.346 system.346 NOUN cblr-1764 1104 32 this this PRON cblr-1764 1104 33 is be AUX cblr-1764 1104 34 a a DET cblr-1764 1104 35 consequence consequence NOUN cblr-1764 1104 36 of of ADP cblr-1764 1104 37 insurance insurance NOUN cblr-1764 1104 38 ’s ’s PART cblr-1764 1104 39 convergence convergence NOUN cblr-1764 1104 40 with with ADP cblr-1764 1104 41 the the DET cblr-1764 1104 42 rest rest NOUN cblr-1764 1104 43 of of ADP cblr-1764 1104 44 the the DET cblr-1764 1104 45 financial financial ADJ cblr-1764 1104 46 system system NOUN cblr-1764 1104 47 . . PUNCT cblr-1764 1105 1 as as SCONJ cblr-1764 1105 2 noted note VERB cblr-1764 1105 3 earlier early ADV cblr-1764 1105 4 , , PUNCT cblr-1764 1105 5 insurance insurance NOUN cblr-1764 1105 6 companies company NOUN cblr-1764 1105 7 are be AUX cblr-1764 1105 8 some some PRON cblr-1764 1105 9 of of ADP cblr-1764 1105 10 the the DET cblr-1764 1105 11 largest large ADJ cblr-1764 1105 12 purchasers purchaser NOUN cblr-1764 1105 13 of of ADP cblr-1764 1105 14 corporate corporate ADJ cblr-1764 1105 15 , , PUNCT cblr-1764 1105 16 municipal municipal ADJ cblr-1764 1105 17 , , PUNCT cblr-1764 1105 18 and and CCONJ cblr-1764 1105 19 structured structure VERB cblr-1764 1105 20 bonds.347 bonds.347 ADJ cblr-1764 1105 21 insurance insurance NOUN cblr-1764 1105 22 companies company NOUN cblr-1764 1105 23 will will AUX cblr-1764 1105 24 demand demand VERB cblr-1764 1105 25 inflated inflated ADJ cblr-1764 1105 26 ratings rating NOUN cblr-1764 1105 27 for for ADP cblr-1764 1105 28 these these DET cblr-1764 1105 29 assets asset NOUN cblr-1764 1105 30 if if SCONJ cblr-1764 1105 31 that that PRON cblr-1764 1105 32 enables enable VERB cblr-1764 1105 33 them they PRON cblr-1764 1105 34 to to PART cblr-1764 1105 35 more more ADV cblr-1764 1105 36 easily easily ADV cblr-1764 1105 37 meet meet VERB cblr-1764 1105 38 regulatory regulatory ADJ cblr-1764 1105 39 requirements requirement NOUN cblr-1764 1105 40 . . PUNCT cblr-1764 1106 1 this this PRON cblr-1764 1106 2 in in ADP cblr-1764 1106 3 turn turn NOUN cblr-1764 1106 4 will will AUX cblr-1764 1106 5 decrease decrease VERB cblr-1764 1106 6 the the DET cblr-1764 1106 7 accuracy accuracy NOUN cblr-1764 1106 8 of of ADP cblr-1764 1106 9 the the DET cblr-1764 1106 10 ratings rating NOUN cblr-1764 1106 11 and and CCONJ cblr-1764 1106 12 reduce reduce VERB cblr-1764 1106 13 an an DET cblr-1764 1106 14 otherwise otherwise ADV cblr-1764 1106 15 valuable valuable ADJ cblr-1764 1106 16 source source NOUN cblr-1764 1106 17 of of ADP cblr-1764 1106 18 information information NOUN cblr-1764 1106 19 to to ADP cblr-1764 1106 20 financial financial ADJ cblr-1764 1106 21 markets market NOUN cblr-1764 1106 22 as as ADP cblr-1764 1106 23 a a DET cblr-1764 1106 24 whole whole NOUN cblr-1764 1106 25 . . PUNCT cblr-1764 1107 1 the the DET cblr-1764 1107 2 role role NOUN cblr-1764 1107 3 of of ADP cblr-1764 1107 4 credit credit NOUN cblr-1764 1107 5 ratings rating NOUN cblr-1764 1107 6 in in ADP cblr-1764 1107 7 insurance insurance NOUN cblr-1764 1107 8 regulation regulation NOUN cblr-1764 1107 9 repeats repeat VERB cblr-1764 1107 10 the the DET cblr-1764 1107 11 problem problem NOUN cblr-1764 1107 12 of of ADP cblr-1764 1107 13 excessive excessive ADJ cblr-1764 1107 14 formalism formalism NOUN cblr-1764 1107 15 that that PRON cblr-1764 1107 16 is be AUX cblr-1764 1107 17 raised raise VERB cblr-1764 1107 18 in in ADP cblr-1764 1107 19 the the DET cblr-1764 1107 20 context context NOUN cblr-1764 1107 21 of of ADP cblr-1764 1107 22 sap sap PROPN cblr-1764 1107 23 accounting accounting NOUN cblr-1764 1107 24 standards standard NOUN cblr-1764 1107 25 , , PUNCT cblr-1764 1107 26 in in SCONJ cblr-1764 1107 27 that that SCONJ cblr-1764 1107 28 the the DET cblr-1764 1107 29 riskiness riskiness NOUN cblr-1764 1107 30 of of ADP cblr-1764 1107 31 identical identical ADJ cblr-1764 1107 32 assets asset NOUN cblr-1764 1107 33 will will AUX cblr-1764 1107 34 be be AUX cblr-1764 1107 35 measured measure VERB cblr-1764 1107 36 differently differently ADV cblr-1764 1107 37 by by ADP cblr-1764 1107 38 regulators regulator NOUN cblr-1764 1107 39 depending depend VERB cblr-1764 1107 40 on on ADP cblr-1764 1107 41 whether whether SCONJ cblr-1764 1107 42 they they PRON cblr-1764 1107 43 are be AUX cblr-1764 1107 44 held hold VERB cblr-1764 1107 45 by by ADP cblr-1764 1107 46 an an DET cblr-1764 1107 47 insurer insurer NOUN cblr-1764 1107 48 or or CCONJ cblr-1764 1107 49 a a DET cblr-1764 1107 50 bank bank NOUN cblr-1764 1107 51 . . PUNCT cblr-1764 1108 1 in in ADP cblr-1764 1108 2 summary summary NOUN cblr-1764 1108 3 , , PUNCT cblr-1764 1108 4 this this DET cblr-1764 1108 5 part part NOUN cblr-1764 1108 6 identifies identify VERB cblr-1764 1108 7 the the DET cblr-1764 1108 8 policy policy NOUN cblr-1764 1108 9 tradeoffs tradeoff NOUN cblr-1764 1108 10 involved involve VERB cblr-1764 1108 11 when when SCONJ cblr-1764 1108 12 considering consider VERB cblr-1764 1108 13 formal formal ADJ cblr-1764 1108 14 versus versus ADP cblr-1764 1108 15 functional functional ADJ cblr-1764 1108 16 definitional definitional ADJ cblr-1764 1108 17 boundaries boundary NOUN cblr-1764 1108 18 . . PUNCT cblr-1764 1109 1 it it PRON cblr-1764 1109 2 then then ADV cblr-1764 1109 3 explains explain VERB cblr-1764 1109 4 how how SCONJ cblr-1764 1109 5 economic economic ADJ cblr-1764 1109 6 changes change NOUN cblr-1764 1109 7 in in ADP cblr-1764 1109 8 insurance insurance NOUN cblr-1764 1109 9 interact interact NOUN cblr-1764 1109 10 with with ADP cblr-1764 1109 11 the the DET cblr-1764 1109 12 current current ADJ cblr-1764 1109 13 regulatory regulatory ADJ cblr-1764 1109 14 environment environment NOUN cblr-1764 1109 15 in in ADP cblr-1764 1109 16 a a DET cblr-1764 1109 17 number number NOUN cblr-1764 1109 18 of of ADP cblr-1764 1109 19 areas area NOUN cblr-1764 1109 20 to to PART cblr-1764 1109 21 raise raise VERB cblr-1764 1109 22 the the DET cblr-1764 1109 23 question question NOUN cblr-1764 1109 24 of of ADP cblr-1764 1109 25 whether whether SCONJ cblr-1764 1109 26 definitional definitional ADJ cblr-1764 1109 27 boundaries boundary NOUN cblr-1764 1109 28 that that PRON cblr-1764 1109 29 demarcate demarcate VERB cblr-1764 1109 30 “ " PUNCT cblr-1764 1109 31 insurance insurance NOUN cblr-1764 1109 32 ” " PUNCT cblr-1764 1109 33 should should AUX cblr-1764 1109 34 be be AUX cblr-1764 1109 35 less less ADV cblr-1764 1109 36 formalistic formalistic ADJ cblr-1764 1109 37 . . PUNCT cblr-1764 1110 1 contrary contrary ADJ cblr-1764 1110 2 to to ADP cblr-1764 1110 3 a a DET cblr-1764 1110 4 tendency tendency NOUN cblr-1764 1110 5 in in ADP cblr-1764 1110 6 the the DET cblr-1764 1110 7 literature literature NOUN cblr-1764 1110 8 to to PART cblr-1764 1110 9 advocate advocate VERB cblr-1764 1110 10 for for ADP cblr-1764 1110 11 more more ADJ cblr-1764 1110 12 “ " PUNCT cblr-1764 1110 13 functional functional ADJ cblr-1764 1110 14 regulation regulation NOUN cblr-1764 1110 15 ” " PUNCT cblr-1764 1110 16 in in ADP cblr-1764 1110 17 response response NOUN cblr-1764 1110 18 to to ADP cblr-1764 1110 19 financial financial ADJ cblr-1764 1110 20 innovation innovation NOUN cblr-1764 1110 21 , , PUNCT cblr-1764 1110 22 this this DET cblr-1764 1110 23 analysis analysis NOUN cblr-1764 1110 24 makes make VERB cblr-1764 1110 25 the the DET cblr-1764 1110 26 346 346 NUM cblr-1764 1110 27 see see NOUN cblr-1764 1110 28 hunt hunt NOUN cblr-1764 1110 29 , , PUNCT cblr-1764 1110 30 supra supra PROPN cblr-1764 1110 31 note note PROPN cblr-1764 1110 32 26 26 NUM cblr-1764 1110 33 , , PUNCT cblr-1764 1110 34 at at ADP cblr-1764 1110 35 1686 1686 NUM cblr-1764 1110 36 . . PUNCT cblr-1764 1111 1 347 347 NUM cblr-1764 1111 2 see see NOUN cblr-1764 1111 3 supra supra PROPN cblr-1764 1111 4 part part NOUN cblr-1764 1111 5 ii.a ii.a PROPN cblr-1764 1111 6 . . PUNCT cblr-1764 1112 1 turk turk PROPN cblr-1764 1112 2 – – PUNCT cblr-1764 1112 3 final final ADJ cblr-1764 1112 4 no no NOUN cblr-1764 1112 5 . . PUNCT cblr-1764 1113 1 3:967 3:967 NUM cblr-1764 1113 2 ] ] PUNCT cblr-1764 1113 3 insurance insurance NOUN cblr-1764 1113 4 convergence convergence NOUN cblr-1764 1113 5 1061 1061 NUM cblr-1764 1113 6 case case NOUN cblr-1764 1113 7 for for ADP cblr-1764 1113 8 finding find VERB cblr-1764 1113 9 a a DET cblr-1764 1113 10 middle middle ADJ cblr-1764 1113 11 ground ground NOUN cblr-1764 1113 12 that that PRON cblr-1764 1113 13 retains retain VERB cblr-1764 1113 14 a a DET cblr-1764 1113 15 substantial substantial ADJ cblr-1764 1113 16 amount amount NOUN cblr-1764 1113 17 of of ADP cblr-1764 1113 18 formalism formalism NOUN cblr-1764 1113 19 in in ADP cblr-1764 1113 20 regulatory regulatory ADJ cblr-1764 1113 21 definitions definition NOUN cblr-1764 1113 22 . . PUNCT cblr-1764 1114 1 v. v. ADP cblr-1764 1114 2 regulatory regulatory ADJ cblr-1764 1114 3 arbitrage arbitrage NOUN cblr-1764 1114 4 and and CCONJ cblr-1764 1114 5 costbenefit costbenefit NOUN cblr-1764 1114 6 analysis analysis NOUN cblr-1764 1114 7 procedures procedure NOUN cblr-1764 1114 8 the the DET cblr-1764 1114 9 jurisdictional jurisdictional ADJ cblr-1764 1114 10 and and CCONJ cblr-1764 1114 11 definitional definitional ADJ cblr-1764 1114 12 boundary boundary ADJ cblr-1764 1114 13 problems problem NOUN cblr-1764 1114 14 presented present VERB cblr-1764 1114 15 above above ADP cblr-1764 1114 16 raise raise VERB cblr-1764 1114 17 distinct distinct ADJ cblr-1764 1114 18 sets set NOUN cblr-1764 1114 19 of of ADP cblr-1764 1114 20 policy policy NOUN cblr-1764 1114 21 considerations consideration NOUN cblr-1764 1114 22 , , PUNCT cblr-1764 1114 23 but but CCONJ cblr-1764 1114 24 common common ADJ cblr-1764 1114 25 to to ADP cblr-1764 1114 26 both both PRON cblr-1764 1114 27 is be AUX cblr-1764 1114 28 the the DET cblr-1764 1114 29 underlying underlie VERB cblr-1764 1114 30 issue issue NOUN cblr-1764 1114 31 of of ADP cblr-1764 1114 32 regulatory regulatory ADJ cblr-1764 1114 33 arbitrage arbitrage NOUN cblr-1764 1114 34 . . PUNCT cblr-1764 1115 1 “ " PUNCT cblr-1764 1115 2 regulatory regulatory ADJ cblr-1764 1115 3 arbitrage arbitrage NOUN cblr-1764 1115 4 ” " PUNCT cblr-1764 1115 5 is be AUX cblr-1764 1115 6 a a DET cblr-1764 1115 7 term term NOUN cblr-1764 1115 8 that that PRON cblr-1764 1115 9 adapts adapt VERB cblr-1764 1115 10 the the DET cblr-1764 1115 11 finance finance NOUN cblr-1764 1115 12 concept concept NOUN cblr-1764 1115 13 of of ADP cblr-1764 1115 14 arbitrage348 arbitrage348 PROPN cblr-1764 1115 15 to to PART cblr-1764 1115 16 describe describe VERB cblr-1764 1115 17 the the DET cblr-1764 1115 18 practice practice NOUN cblr-1764 1115 19 of of ADP cblr-1764 1115 20 repackaging repackage VERB cblr-1764 1115 21 an an DET cblr-1764 1115 22 activity activity NOUN cblr-1764 1115 23 so so SCONJ cblr-1764 1115 24 that that SCONJ cblr-1764 1115 25 it it PRON cblr-1764 1115 26 is be AUX cblr-1764 1115 27 subject subject ADJ cblr-1764 1115 28 to to ADP cblr-1764 1115 29 a a DET cblr-1764 1115 30 more more ADV cblr-1764 1115 31 favorable favorable ADJ cblr-1764 1115 32 regulatory regulatory ADJ cblr-1764 1115 33 treatment treatment NOUN cblr-1764 1115 34 , , PUNCT cblr-1764 1115 35 while while SCONJ cblr-1764 1115 36 keeping keep VERB cblr-1764 1115 37 the the DET cblr-1764 1115 38 economic economic ADJ cblr-1764 1115 39 substance substance NOUN cblr-1764 1115 40 of of ADP cblr-1764 1115 41 the the DET cblr-1764 1115 42 activity activity NOUN cblr-1764 1115 43 unchanged.349 unchanged.349 ADP cblr-1764 1115 44 regulatory regulatory ADJ cblr-1764 1115 45 arbitrage arbitrage NOUN cblr-1764 1115 46 can can AUX cblr-1764 1115 47 be be AUX cblr-1764 1115 48 achieved achieve VERB cblr-1764 1115 49 by by ADP cblr-1764 1115 50 superficially superficially ADV cblr-1764 1115 51 re re VERB cblr-1764 1115 52 - - VERB cblr-1764 1115 53 characterizing characterize VERB cblr-1764 1115 54 a a DET cblr-1764 1115 55 financial financial ADJ cblr-1764 1115 56 service service NOUN cblr-1764 1115 57 so so SCONJ cblr-1764 1115 58 that that SCONJ cblr-1764 1115 59 it it PRON cblr-1764 1115 60 crosses cross VERB cblr-1764 1115 61 from from ADP cblr-1764 1115 62 one one NUM cblr-1764 1115 63 side side NOUN cblr-1764 1115 64 of of ADP cblr-1764 1115 65 a a DET cblr-1764 1115 66 definitional definitional ADJ cblr-1764 1115 67 boundary boundary NOUN cblr-1764 1115 68 to to ADP cblr-1764 1115 69 the the DET cblr-1764 1115 70 other other ADJ cblr-1764 1115 71 , , PUNCT cblr-1764 1115 72 less less ADV cblr-1764 1115 73 regulated regulated ADJ cblr-1764 1115 74 side side NOUN cblr-1764 1115 75 . . PUNCT cblr-1764 1116 1 it it PRON cblr-1764 1116 2 can can AUX cblr-1764 1116 3 also also ADV cblr-1764 1116 4 be be AUX cblr-1764 1116 5 accomplished accomplish VERB cblr-1764 1116 6 by by ADP cblr-1764 1116 7 moving move VERB cblr-1764 1116 8 financial financial ADJ cblr-1764 1116 9 activity activity NOUN cblr-1764 1116 10 outside outside ADV cblr-1764 1116 11 of of ADP cblr-1764 1116 12 one one NUM cblr-1764 1116 13 jurisdictional jurisdictional ADJ cblr-1764 1116 14 boundary boundary NOUN cblr-1764 1116 15 to to ADP cblr-1764 1116 16 another another PRON cblr-1764 1116 17 , , PUNCT cblr-1764 1116 18 more more ADV cblr-1764 1116 19 loosely loosely ADV cblr-1764 1116 20 regulated regulated ADJ cblr-1764 1116 21 jurisdiction jurisdiction NOUN cblr-1764 1116 22 . . PUNCT cblr-1764 1117 1 the the DET cblr-1764 1117 2 potential potential NOUN cblr-1764 1117 3 for for ADP cblr-1764 1117 4 regulatory regulatory ADJ cblr-1764 1117 5 arbitrage arbitrage NOUN cblr-1764 1117 6 means mean VERB cblr-1764 1117 7 that that SCONJ cblr-1764 1117 8 the the DET cblr-1764 1117 9 drawing drawing NOUN cblr-1764 1117 10 and and CCONJ cblr-1764 1117 11 policing policing NOUN cblr-1764 1117 12 of of ADP cblr-1764 1117 13 the the DET cblr-1764 1117 14 two two NUM cblr-1764 1117 15 boundaries boundary NOUN cblr-1764 1117 16 raises raise VERB cblr-1764 1117 17 a a DET cblr-1764 1117 18 general general ADJ cblr-1764 1117 19 problem problem NOUN cblr-1764 1117 20 : : PUNCT cblr-1764 1117 21 to to ADP cblr-1764 1117 22 the the DET cblr-1764 1117 23 extent extent NOUN cblr-1764 1117 24 that that SCONJ cblr-1764 1117 25 regulation regulation NOUN cblr-1764 1117 26 within within ADP cblr-1764 1117 27 a a DET cblr-1764 1117 28 given give VERB cblr-1764 1117 29 boundary boundary NOUN cblr-1764 1117 30 is be AUX cblr-1764 1117 31 effective effective ADJ cblr-1764 1117 32 at at ADP cblr-1764 1117 33 internalizing internalize VERB cblr-1764 1117 34 market market NOUN cblr-1764 1117 35 externalities externality NOUN cblr-1764 1117 36 , , PUNCT cblr-1764 1117 37 it it PRON cblr-1764 1117 38 raises raise VERB cblr-1764 1117 39 the the DET cblr-1764 1117 40 cost cost NOUN cblr-1764 1117 41 of of ADP cblr-1764 1117 42 legal legal ADJ cblr-1764 1117 43 compliance compliance NOUN cblr-1764 1117 44 and and CCONJ cblr-1764 1117 45 increases increase VERB cblr-1764 1117 46 the the DET cblr-1764 1117 47 incentive incentive NOUN cblr-1764 1117 48 to to PART cblr-1764 1117 49 shift shift VERB cblr-1764 1117 50 activities activity NOUN cblr-1764 1117 51 across across ADP cblr-1764 1117 52 the the DET cblr-1764 1117 53 regulatory regulatory ADJ cblr-1764 1117 54 boundary boundary NOUN cblr-1764 1117 55 to to ADP cblr-1764 1117 56 a a DET cblr-1764 1117 57 less less ADV cblr-1764 1117 58 regulated regulated ADJ cblr-1764 1117 59 sector.350 sector.350 NOUN cblr-1764 1117 60 the the DET cblr-1764 1117 61 two two NUM cblr-1764 1117 62 boundary boundary ADJ cblr-1764 1117 63 problems problem NOUN cblr-1764 1117 64 presented present VERB cblr-1764 1117 65 in in ADP cblr-1764 1117 66 this this DET cblr-1764 1117 67 article article NOUN cblr-1764 1117 68 , , PUNCT cblr-1764 1117 69 along along ADP cblr-1764 1117 70 with with ADP cblr-1764 1117 71 the the DET cblr-1764 1117 72 accompanying accompany VERB cblr-1764 1117 73 issue issue NOUN cblr-1764 1117 74 of of ADP cblr-1764 1117 75 regulatory regulatory ADJ cblr-1764 1117 76 arbitrage arbitrage NOUN cblr-1764 1117 77 , , PUNCT cblr-1764 1117 78 apply apply VERB cblr-1764 1117 79 to to ADP cblr-1764 1117 80 financial financial ADJ cblr-1764 1117 81 services service NOUN cblr-1764 1117 82 provided provide VERB cblr-1764 1117 83 by by ADP cblr-1764 1117 84 banks bank NOUN cblr-1764 1117 85 and and CCONJ cblr-1764 1117 86 securities security NOUN cblr-1764 1117 87 firms firm NOUN cblr-1764 1117 88 no no ADV cblr-1764 1117 89 less less ADJ cblr-1764 1117 90 than than SCONJ cblr-1764 1117 91 they they PRON cblr-1764 1117 92 do do VERB cblr-1764 1117 93 to to PART cblr-1764 1117 94 insurance insurance VERB cblr-1764 1117 95 . . PUNCT cblr-1764 1118 1 “ " PUNCT cblr-1764 1118 2 shadow shadow NOUN cblr-1764 1118 3 banking banking NOUN cblr-1764 1118 4 ” " PUNCT cblr-1764 1118 5 is be AUX cblr-1764 1118 6 the the DET cblr-1764 1118 7 colorful colorful ADJ cblr-1764 1118 8 term term NOUN cblr-1764 1118 9 that that PRON cblr-1764 1118 10 is be AUX cblr-1764 1118 11 used use VERB cblr-1764 1118 12 to to PART cblr-1764 1118 13 refer refer VERB cblr-1764 1118 14 to to ADP cblr-1764 1118 15 financial financial ADJ cblr-1764 1118 16 activity activity NOUN cblr-1764 1118 17 that that PRON cblr-1764 1118 18 has have AUX cblr-1764 1118 19 slipped slip VERB cblr-1764 1118 20 outside outside ADV cblr-1764 1118 21 of of ADP cblr-1764 1118 22 the the DET cblr-1764 1118 23 formal formal ADJ cblr-1764 1118 24 banking banking NOUN cblr-1764 1118 25 sector sector NOUN cblr-1764 1118 26 by by ADP cblr-1764 1118 27 348 348 NUM cblr-1764 1118 28 “ " PUNCT cblr-1764 1118 29 arbitrage arbitrage NOUN cblr-1764 1118 30 ” " PUNCT cblr-1764 1118 31 refers refer VERB cblr-1764 1118 32 to to ADP cblr-1764 1118 33 cases case NOUN cblr-1764 1118 34 where where SCONJ cblr-1764 1118 35 an an DET cblr-1764 1118 36 investor investor NOUN cblr-1764 1118 37 earns earn VERB cblr-1764 1118 38 risk risk NOUN cblr-1764 1118 39 - - PUNCT cblr-1764 1118 40 free free ADJ cblr-1764 1118 41 profits profit NOUN cblr-1764 1118 42 by by ADP cblr-1764 1118 43 simultaneously simultaneously ADV cblr-1764 1118 44 buying buy VERB cblr-1764 1118 45 and and CCONJ cblr-1764 1118 46 selling sell VERB cblr-1764 1118 47 the the DET cblr-1764 1118 48 same same ADJ cblr-1764 1118 49 asset asset NOUN cblr-1764 1118 50 across across ADP cblr-1764 1118 51 two two NUM cblr-1764 1118 52 markets market NOUN cblr-1764 1118 53 that that PRON cblr-1764 1118 54 price price VERB cblr-1764 1118 55 the the DET cblr-1764 1118 56 asset asset NOUN cblr-1764 1118 57 differently differently ADV cblr-1764 1118 58 due due ADP cblr-1764 1118 59 to to ADP cblr-1764 1118 60 various various ADJ cblr-1764 1118 61 frictions friction NOUN cblr-1764 1118 62 or or CCONJ cblr-1764 1118 63 inefficiencies inefficiency NOUN cblr-1764 1118 64 . . PUNCT cblr-1764 1119 1 see see VERB cblr-1764 1119 2 shleifer shleifer PROPN cblr-1764 1119 3 & & CCONJ cblr-1764 1119 4 vishny vishny PROPN cblr-1764 1119 5 , , PUNCT cblr-1764 1119 6 supra supra PROPN cblr-1764 1119 7 note note PROPN cblr-1764 1119 8 90 90 NUM cblr-1764 1119 9 , , PUNCT cblr-1764 1119 10 at at ADP cblr-1764 1119 11 35 35 NUM cblr-1764 1119 12 . . PUNCT cblr-1764 1120 1 349 349 NUM cblr-1764 1120 2 fleischer fleischer NOUN cblr-1764 1120 3 , , PUNCT cblr-1764 1120 4 supra supra PROPN cblr-1764 1120 5 note note PROPN cblr-1764 1120 6 27 27 NUM cblr-1764 1120 7 , , PUNCT cblr-1764 1120 8 at at ADP cblr-1764 1120 9 229 229 NUM cblr-1764 1120 10 . . PUNCT cblr-1764 1121 1 350 350 NUM cblr-1764 1121 2 goodhart goodhart NOUN cblr-1764 1121 3 , , PUNCT cblr-1764 1121 4 supra supra PROPN cblr-1764 1121 5 note note NOUN cblr-1764 1121 6 12 12 NUM cblr-1764 1121 7 , , PUNCT cblr-1764 1121 8 at at ADP cblr-1764 1121 9 48 48 NUM cblr-1764 1121 10 . . PUNCT cblr-1764 1122 1 turk turk PROPN cblr-1764 1122 2 – – PUNCT cblr-1764 1122 3 final final ADJ cblr-1764 1122 4 1062 1062 NUM cblr-1764 1122 5 columbia columbia PROPN cblr-1764 1122 6 business business NOUN cblr-1764 1122 7 law law PROPN cblr-1764 1122 8 review review NOUN cblr-1764 1122 9 [ [ X cblr-1764 1122 10 vol vol NOUN cblr-1764 1122 11 . . PUNCT cblr-1764 1122 12 2015 2015 NUM cblr-1764 1122 13 crossing cross VERB cblr-1764 1122 14 a a DET cblr-1764 1122 15 definitional definitional ADJ cblr-1764 1122 16 boundary.351 boundary.351 NOUN cblr-1764 1122 17 a a DET cblr-1764 1122 18 formative formative ADJ cblr-1764 1122 19 moment moment NOUN cblr-1764 1122 20 in in ADP cblr-1764 1122 21 shadow shadow NOUN cblr-1764 1122 22 banking banking NOUN cblr-1764 1122 23 dates date VERB cblr-1764 1122 24 back back ADV cblr-1764 1122 25 to to ADP cblr-1764 1122 26 the the DET cblr-1764 1122 27 1980s 1980 NOUN cblr-1764 1122 28 , , PUNCT cblr-1764 1122 29 when when SCONJ cblr-1764 1122 30 regulation regulation NOUN cblr-1764 1122 31 q q NOUN cblr-1764 1122 32 ’s ’s PART cblr-1764 1122 33 ceiling ceiling NOUN cblr-1764 1122 34 on on ADP cblr-1764 1122 35 the the DET cblr-1764 1122 36 interest interest NOUN cblr-1764 1122 37 rate rate NOUN cblr-1764 1122 38 that that PRON cblr-1764 1122 39 commercial commercial ADJ cblr-1764 1122 40 banks bank NOUN cblr-1764 1122 41 could could AUX cblr-1764 1122 42 offer offer VERB cblr-1764 1122 43 depositors depositor NOUN cblr-1764 1122 44 caused cause VERB cblr-1764 1122 45 deposits deposit NOUN cblr-1764 1122 46 to to PART cblr-1764 1122 47 flow flow VERB cblr-1764 1122 48 to to ADP cblr-1764 1122 49 money money NOUN cblr-1764 1122 50 - - PUNCT cblr-1764 1122 51 market market NOUN cblr-1764 1122 52 mutual mutual ADJ cblr-1764 1122 53 funds fund NOUN cblr-1764 1122 54 ( ( PUNCT cblr-1764 1122 55 “ " PUNCT cblr-1764 1122 56 mmfs”).352 mmfs”).352 X cblr-1764 1122 57 mmfs mmfs NOUN cblr-1764 1122 58 provide provide VERB cblr-1764 1122 59 a a DET cblr-1764 1122 60 payments payment NOUN cblr-1764 1122 61 service service NOUN cblr-1764 1122 62 that that PRON cblr-1764 1122 63 is be AUX cblr-1764 1122 64 economically economically ADV cblr-1764 1122 65 similar similar ADJ cblr-1764 1122 66 to to ADP cblr-1764 1122 67 that that PRON cblr-1764 1122 68 of of ADP cblr-1764 1122 69 banks bank NOUN cblr-1764 1122 70 , , PUNCT cblr-1764 1122 71 but but CCONJ cblr-1764 1122 72 they they PRON cblr-1764 1122 73 were be AUX cblr-1764 1122 74 not not PART cblr-1764 1122 75 subject subject ADJ cblr-1764 1122 76 to to ADP cblr-1764 1122 77 regulation regulation NOUN cblr-1764 1122 78 q q NOUN cblr-1764 1122 79 because because SCONJ cblr-1764 1122 80 investments investment NOUN cblr-1764 1122 81 in in ADP cblr-1764 1122 82 mmfs mmfs NOUN cblr-1764 1122 83 were be AUX cblr-1764 1122 84 not not PART cblr-1764 1122 85 defined define VERB cblr-1764 1122 86 as as ADP cblr-1764 1122 87 bank bank NOUN cblr-1764 1122 88 “ " PUNCT cblr-1764 1122 89 deposits deposit NOUN cblr-1764 1122 90 . . PUNCT cblr-1764 1122 91 ” " PUNCT cblr-1764 1123 1 since since SCONJ cblr-1764 1123 2 the the DET cblr-1764 1123 3 early early ADJ cblr-1764 1123 4 1980s 1980s NUM cblr-1764 1123 5 , , PUNCT cblr-1764 1123 6 the the DET cblr-1764 1123 7 mmf mmf NOUN cblr-1764 1123 8 industry industry NOUN cblr-1764 1123 9 has have AUX cblr-1764 1123 10 remained remain VERB cblr-1764 1123 11 immune immune ADJ cblr-1764 1123 12 from from ADP cblr-1764 1123 13 banking banking NOUN cblr-1764 1123 14 regulation regulation NOUN cblr-1764 1123 15 and and CCONJ cblr-1764 1123 16 grown grow VERB cblr-1764 1123 17 to to PART cblr-1764 1123 18 manage manage VERB cblr-1764 1123 19 over over ADP cblr-1764 1123 20 $ $ SYM cblr-1764 1123 21 3.5 3.5 NUM cblr-1764 1123 22 trillion trillion NUM cblr-1764 1123 23 in in ADP cblr-1764 1123 24 assets asset NOUN cblr-1764 1123 25 . . PUNCT cblr-1764 1124 1 it it PRON cblr-1764 1124 2 was be AUX cblr-1764 1124 3 also also ADV cblr-1764 1124 4 at at ADP cblr-1764 1124 5 the the DET cblr-1764 1124 6 heart heart NOUN cblr-1764 1124 7 of of ADP cblr-1764 1124 8 the the DET cblr-1764 1124 9 2008 2008 NUM cblr-1764 1124 10 crisis crisis NOUN cblr-1764 1124 11 when when SCONJ cblr-1764 1124 12 the the DET cblr-1764 1124 13 prominent prominent ADJ cblr-1764 1124 14 mmf mmf NOUN cblr-1764 1124 15 reserve reserve PROPN cblr-1764 1124 16 primary primary ADJ cblr-1764 1124 17 fund fund NOUN cblr-1764 1124 18 “ " PUNCT cblr-1764 1124 19 broke break VERB cblr-1764 1124 20 the the DET cblr-1764 1124 21 buck buck NOUN cblr-1764 1124 22 ” " PUNCT cblr-1764 1124 23 the the DET cblr-1764 1124 24 monday monday PROPN cblr-1764 1124 25 following follow VERB cblr-1764 1124 26 lehman lehman PROPN cblr-1764 1124 27 brothers brother NOUN cblr-1764 1124 28 ’ ' PUNCT cblr-1764 1124 29 collapse collapse NOUN cblr-1764 1124 30 on on ADP cblr-1764 1124 31 september september PROPN cblr-1764 1124 32 15 15 NUM cblr-1764 1124 33 , , PUNCT cblr-1764 1124 34 2008.353 2008.353 NUM cblr-1764 1124 35 today today NOUN cblr-1764 1124 36 , , PUNCT cblr-1764 1124 37 shadow shadow NOUN cblr-1764 1124 38 banking banking NOUN cblr-1764 1124 39 consists consist VERB cblr-1764 1124 40 of of ADP cblr-1764 1124 41 more more ADJ cblr-1764 1124 42 than than ADP cblr-1764 1124 43 just just ADV cblr-1764 1124 44 mmfs mmfs NOUN cblr-1764 1124 45 , , PUNCT cblr-1764 1124 46 and and CCONJ cblr-1764 1124 47 has have AUX cblr-1764 1124 48 come come VERB cblr-1764 1124 49 to to PART cblr-1764 1124 50 include include VERB cblr-1764 1124 51 entities entity NOUN cblr-1764 1124 52 that that PRON cblr-1764 1124 53 transact transact VERB cblr-1764 1124 54 in in ADP cblr-1764 1124 55 repurchase repurchase NOUN cblr-1764 1124 56 contracts contract NOUN cblr-1764 1124 57 ( ( PUNCT cblr-1764 1124 58 repo repo ADP cblr-1764 1124 59 lending lending NOUN cblr-1764 1124 60 ) ) PUNCT cblr-1764 1124 61 , , PUNCT cblr-1764 1124 62 asset asset NOUN cblr-1764 1124 63 - - PUNCT cblr-1764 1124 64 backed back VERB cblr-1764 1124 65 commercial commercial ADJ cblr-1764 1124 66 paper paper NOUN cblr-1764 1124 67 , , PUNCT cblr-1764 1124 68 and and CCONJ cblr-1764 1124 69 securitized securitized ADJ cblr-1764 1124 70 assets asset NOUN cblr-1764 1124 71 such such ADJ cblr-1764 1124 72 as as ADP cblr-1764 1124 73 rmbs rmb NOUN cblr-1764 1124 74 and and CCONJ cblr-1764 1124 75 cdos.354 cdos.354 NOUN cblr-1764 1124 76 in in ADP cblr-1764 1124 77 the the DET cblr-1764 1124 78 run run NOUN cblr-1764 1124 79 - - PUNCT cblr-1764 1124 80 up up NOUN cblr-1764 1124 81 to to ADP cblr-1764 1124 82 the the DET cblr-1764 1124 83 2008 2008 NUM cblr-1764 1124 84 crisis crisis NOUN cblr-1764 1124 85 , , PUNCT cblr-1764 1124 86 tim tim PROPN cblr-1764 1124 87 geithner geithner PROPN cblr-1764 1124 88 , , PUNCT cblr-1764 1124 89 then then ADV cblr-1764 1124 90 at at ADP cblr-1764 1124 91 the the DET cblr-1764 1124 92 federal federal PROPN cblr-1764 1124 93 reserve reserve PROPN cblr-1764 1124 94 bank bank PROPN cblr-1764 1124 95 of of ADP cblr-1764 1124 96 new new PROPN cblr-1764 1124 97 york york PROPN cblr-1764 1124 98 , , PUNCT cblr-1764 1124 99 estimated estimate VERB cblr-1764 1124 100 “ " PUNCT cblr-1764 1124 101 that that SCONJ cblr-1764 1124 102 in in ADP cblr-1764 1124 103 early early ADJ cblr-1764 1124 104 2007 2007 NUM cblr-1764 1124 105 the the DET cblr-1764 1124 106 assets asset NOUN cblr-1764 1124 107 held hold VERB cblr-1764 1124 108 by by ADP cblr-1764 1124 109 all all DET cblr-1764 1124 110 institutions institution NOUN cblr-1764 1124 111 in in ADP cblr-1764 1124 112 the the DET cblr-1764 1124 113 entire entire ADJ cblr-1764 1124 114 banking banking NOUN cblr-1764 1124 115 system system NOUN cblr-1764 1124 116 , , PUNCT cblr-1764 1124 117 including include VERB cblr-1764 1124 118 holding hold VERB cblr-1764 1124 119 companies company NOUN cblr-1764 1124 120 , , PUNCT cblr-1764 1124 121 was be AUX cblr-1764 1124 122 ‘ ' PUNCT cblr-1764 1124 123 about about ADP cblr-1764 1124 124 $ $ SYM cblr-1764 1124 125 10 10 NUM cblr-1764 1124 126 trillion trillion NUM cblr-1764 1124 127 , , PUNCT cblr-1764 1124 128 ’ ' PUNCT cblr-1764 1124 129 while while SCONJ cblr-1764 1124 130 assets asset NOUN cblr-1764 1124 131 in in ADP cblr-1764 1124 132 the the DET cblr-1764 1124 133 shadow shadow NOUN cblr-1764 1124 134 banking banking NOUN cblr-1764 1124 135 system system NOUN cblr-1764 1124 136 were be AUX cblr-1764 1124 137 ‘ ' PUNCT cblr-1764 1124 138 about about ADP cblr-1764 1124 139 $ $ SYM cblr-1764 1124 140 10.5 10.5 NUM cblr-1764 1124 141 trillion trillion NUM cblr-1764 1124 142 . . PUNCT cblr-1764 1125 1 ’”355 ’”355 PROPN cblr-1764 1125 2 post-2008 post-2008 NOUN cblr-1764 1125 3 , , PUNCT cblr-1764 1125 4 shadow shadow NOUN cblr-1764 1125 5 banking banking NOUN cblr-1764 1125 6 has have AUX cblr-1764 1125 7 even even ADV cblr-1764 1125 8 come come VERB cblr-1764 1125 9 to to PART cblr-1764 1125 10 include include VERB cblr-1764 1125 11 certain certain ADJ cblr-1764 1125 12 insurance insurance NOUN cblr-1764 1125 13 companies company NOUN cblr-1764 1125 14 , , PUNCT cblr-1764 1125 15 in in ADP cblr-1764 1125 16 light light NOUN cblr-1764 1125 17 of of ADP cblr-1764 1125 18 the the DET cblr-1764 1125 19 fact fact NOUN cblr-1764 1125 20 that that SCONJ cblr-1764 1125 21 “ " PUNCT cblr-1764 1125 22 investment investment NOUN cblr-1764 1125 23 insurance insurance NOUN cblr-1764 1125 24 groups group NOUN cblr-1764 1125 25 are be AUX cblr-1764 1125 26 acting act VERB cblr-1764 1125 27 , , PUNCT cblr-1764 1125 28 and and CCONJ cblr-1764 1125 29 will will AUX cblr-1764 1125 30 increasingly increasingly ADV cblr-1764 1125 31 act act VERB cblr-1764 1125 32 , , PUNCT cblr-1764 1125 33 as as ADP cblr-1764 1125 34 shadow shadow NOUN cblr-1764 1125 35 banks bank NOUN cblr-1764 1125 36 , , PUNCT cblr-1764 1125 37 since since SCONJ cblr-1764 1125 38 they they PRON cblr-1764 1125 39 replace replace VERB cblr-1764 1125 40 traditional traditional ADJ cblr-1764 1125 41 banks bank NOUN cblr-1764 1125 42 as as ADP cblr-1764 1125 43 lenders lender NOUN cblr-1764 1125 44 . . PUNCT cblr-1764 1126 1 ”356 ”356 NOUN cblr-1764 1126 2 compared compare VERB cblr-1764 1126 3 to to ADP cblr-1764 1126 4 shadow shadow VERB cblr-1764 1126 5 banking banking NOUN cblr-1764 1126 6 , , PUNCT cblr-1764 1126 7 the the DET cblr-1764 1126 8 recent recent ADJ cblr-1764 1126 9 phenomenon phenomenon NOUN cblr-1764 1126 10 of of ADP cblr-1764 1126 11 “ " PUNCT cblr-1764 1126 12 shadow shadow NOUN cblr-1764 1126 13 insurance insurance NOUN cblr-1764 1126 14 ” " PUNCT cblr-1764 1126 15 is be AUX cblr-1764 1126 16 less less ADV cblr-1764 1126 17 well well ADV cblr-1764 1126 18 known know VERB cblr-1764 1126 19 . . PUNCT cblr-1764 1127 1 but but CCONJ cblr-1764 1127 2 it it PRON cblr-1764 1127 3 is be AUX cblr-1764 1127 4 an an DET cblr-1764 1127 5 apt apt ADJ cblr-1764 1127 6 example example NOUN cblr-1764 1127 7 of of ADP cblr-1764 1127 8 regulatory regulatory ADJ cblr-1764 1127 9 arbitrage arbitrage NOUN cblr-1764 1127 10 that that PRON cblr-1764 1127 11 is be AUX cblr-1764 1127 12 executed execute VERB cblr-1764 1127 13 by by ADP cblr-1764 1127 14 financial financial ADJ cblr-1764 1127 15 351 351 NUM cblr-1764 1127 16 see see NOUN cblr-1764 1127 17 macey macey PROPN cblr-1764 1127 18 , , PUNCT cblr-1764 1127 19 supra supra PROPN cblr-1764 1127 20 note note PROPN cblr-1764 1127 21 28 28 NUM cblr-1764 1127 22 , , PUNCT cblr-1764 1127 23 at at ADP cblr-1764 1127 24 593–94 593–94 NUM cblr-1764 1127 25 ; ; PUNCT cblr-1764 1127 26 see see VERB cblr-1764 1127 27 generally generally ADV cblr-1764 1127 28 poszar poszar PROPN cblr-1764 1127 29 et et PROPN cblr-1764 1127 30 al al PROPN cblr-1764 1127 31 . . PROPN cblr-1764 1127 32 , , PUNCT cblr-1764 1127 33 supra supra PROPN cblr-1764 1127 34 note note PROPN cblr-1764 1127 35 28 28 NUM cblr-1764 1127 36 . . PUNCT cblr-1764 1128 1 352 352 NUM cblr-1764 1128 2 see see VERB cblr-1764 1128 3 anat anat PROPN cblr-1764 1128 4 admati admati PROPN cblr-1764 1128 5 & & CCONJ cblr-1764 1128 6 martin martin PROPN cblr-1764 1128 7 hellwig hellwig PROPN cblr-1764 1128 8 , , PUNCT cblr-1764 1128 9 the the DET cblr-1764 1128 10 banker banker NOUN cblr-1764 1128 11 ’s ’s PART cblr-1764 1128 12 new new ADJ cblr-1764 1128 13 clothes clothe NOUN cblr-1764 1128 14 : : PUNCT cblr-1764 1128 15 what what PRON cblr-1764 1128 16 ’s ’ VERB cblr-1764 1128 17 wrong wrong ADJ cblr-1764 1128 18 with with ADP cblr-1764 1128 19 banking banking NOUN cblr-1764 1128 20 and and CCONJ cblr-1764 1128 21 what what PRON cblr-1764 1128 22 to to PART cblr-1764 1128 23 do do VERB cblr-1764 1128 24 about about ADP cblr-1764 1128 25 it it PRON cblr-1764 1128 26 53–54 53–54 NUM cblr-1764 1128 27 ( ( PUNCT cblr-1764 1128 28 2012 2012 NUM cblr-1764 1128 29 ) ) PUNCT cblr-1764 1128 30 . . PUNCT cblr-1764 1129 1 353 353 NUM cblr-1764 1129 2 see see VERB cblr-1764 1129 3 mishkin mishkin NOUN cblr-1764 1129 4 , , PUNCT cblr-1764 1129 5 supra supra PROPN cblr-1764 1129 6 note note VERB cblr-1764 1129 7 107 107 NUM cblr-1764 1129 8 , , PUNCT cblr-1764 1129 9 at at ADP cblr-1764 1129 10 4–7 4–7 PRON cblr-1764 1129 11 . . NOUN cblr-1764 1129 12 354 354 NUM cblr-1764 1129 13 see see VERB cblr-1764 1129 14 pozsar pozsar PROPN cblr-1764 1129 15 et et PROPN cblr-1764 1129 16 al al PROPN cblr-1764 1129 17 . . PROPN cblr-1764 1129 18 , , PUNCT cblr-1764 1129 19 supra supra PROPN cblr-1764 1129 20 note note PROPN cblr-1764 1129 21 28 28 NUM cblr-1764 1129 22 . . PUNCT cblr-1764 1129 23 355 355 NUM cblr-1764 1129 24 macey macey PROPN cblr-1764 1129 25 , , PUNCT cblr-1764 1129 26 supra supra PROPN cblr-1764 1129 27 note note PROPN cblr-1764 1129 28 28 28 NUM cblr-1764 1129 29 , , PUNCT cblr-1764 1129 30 at at ADP cblr-1764 1129 31 594 594 NUM cblr-1764 1129 32 . . PUNCT cblr-1764 1130 1 356 356 NUM cblr-1764 1130 2 veredas vereda NOUN cblr-1764 1130 3 et et NOUN cblr-1764 1130 4 al al PROPN cblr-1764 1130 5 . . PROPN cblr-1764 1130 6 , , PUNCT cblr-1764 1130 7 supra supra PROPN cblr-1764 1130 8 note note NOUN cblr-1764 1130 9 71 71 NUM cblr-1764 1130 10 , , PUNCT cblr-1764 1130 11 at at ADP cblr-1764 1130 12 2 2 NUM cblr-1764 1130 13 . . PUNCT cblr-1764 1131 1 turk turk PROPN cblr-1764 1131 2 – – PUNCT cblr-1764 1131 3 final final ADJ cblr-1764 1131 4 no no NOUN cblr-1764 1131 5 . . PUNCT cblr-1764 1132 1 3:967 3:967 NUM cblr-1764 1132 2 ] ] X cblr-1764 1132 3 insurance insurance NOUN cblr-1764 1132 4 convergence convergence NOUN cblr-1764 1132 5 1063 1063 NUM cblr-1764 1132 6 services service NOUN cblr-1764 1132 7 moving move VERB cblr-1764 1132 8 across across ADP cblr-1764 1132 9 jurisdictional jurisdictional ADJ cblr-1764 1132 10 boundaries.357 boundaries.357 PROPN cblr-1764 1132 11 shadow shadow PROPN cblr-1764 1132 12 insurance insurance NOUN cblr-1764 1132 13 involves involve VERB cblr-1764 1132 14 the the DET cblr-1764 1132 15 use use NOUN cblr-1764 1132 16 of of ADP cblr-1764 1132 17 “ " PUNCT cblr-1764 1132 18 captive captive ADJ cblr-1764 1132 19 ” " PUNCT cblr-1764 1132 20 reinsurance reinsurance NOUN cblr-1764 1132 21 subsidiaries subsidiary NOUN cblr-1764 1132 22 that that PRON cblr-1764 1132 23 only only ADV cblr-1764 1132 24 reinsure reinsure AUX cblr-1764 1132 25 policies policy NOUN cblr-1764 1132 26 of of ADP cblr-1764 1132 27 a a DET cblr-1764 1132 28 parent parent NOUN cblr-1764 1132 29 insurance insurance NOUN cblr-1764 1132 30 company company NOUN cblr-1764 1132 31 , , PUNCT cblr-1764 1132 32 thus thus ADV cblr-1764 1132 33 effectively effectively ADV cblr-1764 1132 34 transferring transfer VERB cblr-1764 1132 35 zero zero NUM cblr-1764 1132 36 risk.358 risk.358 NOUN cblr-1764 1132 37 captive captive ADJ cblr-1764 1132 38 reinsurers reinsurer NOUN cblr-1764 1132 39 are be AUX cblr-1764 1132 40 chartered charter VERB cblr-1764 1132 41 in in ADP cblr-1764 1132 42 offshore offshore ADJ cblr-1764 1132 43 financial financial ADJ cblr-1764 1132 44 centers center NOUN cblr-1764 1132 45 such such ADJ cblr-1764 1132 46 as as ADP cblr-1764 1132 47 the the DET cblr-1764 1132 48 cayman cayman PROPN cblr-1764 1132 49 islands island NOUN cblr-1764 1132 50 , , PUNCT cblr-1764 1132 51 as as ADV cblr-1764 1132 52 well well ADV cblr-1764 1132 53 as as ADP cblr-1764 1132 54 a a DET cblr-1764 1132 55 few few ADJ cblr-1764 1132 56 states state NOUN cblr-1764 1132 57 , , PUNCT cblr-1764 1132 58 most most ADV cblr-1764 1132 59 commonly commonly ADV cblr-1764 1132 60 south south PROPN cblr-1764 1132 61 carolina carolina PROPN cblr-1764 1132 62 and and CCONJ cblr-1764 1132 63 vermont.359 vermont.359 VERB cblr-1764 1132 64 these these DET cblr-1764 1132 65 jurisdictions jurisdiction NOUN cblr-1764 1132 66 apply apply VERB cblr-1764 1132 67 lax lax ADJ cblr-1764 1132 68 capital capital NOUN cblr-1764 1132 69 requirements requirement NOUN cblr-1764 1132 70 to to PART cblr-1764 1132 71 reinsurance reinsurance NOUN cblr-1764 1132 72 subsidiaries subsidiary NOUN cblr-1764 1132 73 and and CCONJ cblr-1764 1132 74 thereby thereby ADV cblr-1764 1132 75 allow allow VERB cblr-1764 1132 76 the the DET cblr-1764 1132 77 parent parent NOUN cblr-1764 1132 78 company company NOUN cblr-1764 1132 79 to to PART cblr-1764 1132 80 evade evade VERB cblr-1764 1132 81 more more ADV cblr-1764 1132 82 stringent stringent ADJ cblr-1764 1132 83 requirements requirement NOUN cblr-1764 1132 84 in in ADP cblr-1764 1132 85 their their PRON cblr-1764 1132 86 home home NOUN cblr-1764 1132 87 state.360 state.360 NOUN cblr-1764 1132 88 shadow shadow NOUN cblr-1764 1132 89 insurance insurance NOUN cblr-1764 1132 90 has have AUX cblr-1764 1132 91 experienced experience VERB cblr-1764 1132 92 a a DET cblr-1764 1132 93 rapid rapid ADJ cblr-1764 1132 94 rise rise NOUN cblr-1764 1132 95 . . PUNCT cblr-1764 1133 1 the the DET cblr-1764 1133 2 amount amount NOUN cblr-1764 1133 3 of of ADP cblr-1764 1133 4 liabilities liability NOUN cblr-1764 1133 5 ceded cede VERB cblr-1764 1133 6 by by ADP cblr-1764 1133 7 life life NOUN cblr-1764 1133 8 insurers insurer NOUN cblr-1764 1133 9 to to PART cblr-1764 1133 10 reinsurance reinsurance VERB cblr-1764 1133 11 captives captive NOUN cblr-1764 1133 12 increased increase VERB cblr-1764 1133 13 from from ADP cblr-1764 1133 14 $ $ SYM cblr-1764 1133 15 11 11 NUM cblr-1764 1133 16 billion billion NUM cblr-1764 1133 17 in in ADP cblr-1764 1133 18 2002 2002 NUM cblr-1764 1133 19 to to ADP cblr-1764 1133 20 $ $ SYM cblr-1764 1133 21 364 364 NUM cblr-1764 1133 22 billion billion NUM cblr-1764 1133 23 in in ADP cblr-1764 1133 24 2012.361 2012.361 NUM cblr-1764 1133 25 insurance insurance NOUN cblr-1764 1133 26 companies company NOUN cblr-1764 1133 27 that that PRON cblr-1764 1133 28 use use VERB cblr-1764 1133 29 reinsurance reinsurance NOUN cblr-1764 1133 30 captives captive NOUN cblr-1764 1133 31 constitute constitute VERB cblr-1764 1133 32 fifty fifty NUM cblr-1764 1133 33 percent percent NOUN cblr-1764 1133 34 of of ADP cblr-1764 1133 35 the the DET cblr-1764 1133 36 market market NOUN cblr-1764 1133 37 and and CCONJ cblr-1764 1133 38 , , PUNCT cblr-1764 1133 39 in in ADP cblr-1764 1133 40 2012 2012 NUM cblr-1764 1133 41 , , PUNCT cblr-1764 1133 42 ceded cede VERB cblr-1764 1133 43 25 25 NUM cblr-1764 1133 44 cents cent NOUN cblr-1764 1133 45 on on ADP cblr-1764 1133 46 every every DET cblr-1764 1133 47 dollar dollar NOUN cblr-1764 1133 48 insured insure VERB cblr-1764 1133 49 to to PART cblr-1764 1133 50 shadow shadow VERB cblr-1764 1133 51 reinsurance reinsurance NOUN cblr-1764 1133 52 subsidiaries.362 subsidiaries.362 VERB cblr-1764 1133 53 the the DET cblr-1764 1133 54 upshot upshot NOUN cblr-1764 1133 55 of of ADP cblr-1764 1133 56 these these DET cblr-1764 1133 57 figures figure NOUN cblr-1764 1133 58 is be AUX cblr-1764 1133 59 that that SCONJ cblr-1764 1133 60 the the DET cblr-1764 1133 61 rise rise NOUN cblr-1764 1133 62 of of ADP cblr-1764 1133 63 shadow shadow NOUN cblr-1764 1133 64 insurance insurance NOUN cblr-1764 1133 65 — — PUNCT cblr-1764 1133 66 which which PRON cblr-1764 1133 67 is be AUX cblr-1764 1133 68 estimated estimate VERB cblr-1764 1133 69 to to PART cblr-1764 1133 70 have have AUX cblr-1764 1133 71 reduced reduce VERB cblr-1764 1133 72 riskweighted riskweighte VERB cblr-1764 1133 73 capital capital NOUN cblr-1764 1133 74 for for ADP cblr-1764 1133 75 life life NOUN cblr-1764 1133 76 insurers insurer NOUN cblr-1764 1133 77 by by ADP cblr-1764 1133 78 roughly roughly ADV cblr-1764 1133 79 half half NOUN cblr-1764 1133 80 , , PUNCT cblr-1764 1133 81 or or CCONJ cblr-1764 1133 82 three three NUM cblr-1764 1133 83 ratings rating NOUN cblr-1764 1133 84 notches363 notches363 NOUN cblr-1764 1133 85 — — PUNCT cblr-1764 1133 86 has have AUX cblr-1764 1133 87 substantially substantially ADV cblr-1764 1133 88 undermined undermine VERB cblr-1764 1133 89 capital capital NOUN cblr-1764 1133 90 requirements requirement NOUN cblr-1764 1133 91 for for ADP cblr-1764 1133 92 life life NOUN cblr-1764 1133 93 insurers insurer NOUN cblr-1764 1133 94 in in ADP cblr-1764 1133 95 every every DET cblr-1764 1133 96 state state NOUN cblr-1764 1133 97 except except SCONJ cblr-1764 1133 98 for for ADP cblr-1764 1133 99 the the DET cblr-1764 1133 100 handful handful NOUN cblr-1764 1133 101 of of ADP cblr-1764 1133 102 jurisdictions jurisdiction NOUN cblr-1764 1133 103 that that PRON cblr-1764 1133 104 encourage encourage VERB cblr-1764 1133 105 the the DET cblr-1764 1133 106 chartering chartering NOUN cblr-1764 1133 107 of of ADP cblr-1764 1133 108 captive captive ADJ cblr-1764 1133 109 reinsurance reinsurance NOUN cblr-1764 1133 110 entities entity NOUN cblr-1764 1133 111 . . PUNCT cblr-1764 1134 1 the the DET cblr-1764 1134 2 fact fact NOUN cblr-1764 1134 3 that that SCONJ cblr-1764 1134 4 this this DET cblr-1764 1134 5 process process NOUN cblr-1764 1134 6 has have AUX cblr-1764 1134 7 unfolded unfold VERB cblr-1764 1134 8 within within ADP cblr-1764 1134 9 the the DET cblr-1764 1134 10 space space NOUN cblr-1764 1134 11 of of ADP cblr-1764 1134 12 a a DET cblr-1764 1134 13 decade decade NOUN cblr-1764 1134 14 highlights highlight NOUN cblr-1764 1134 15 the the DET cblr-1764 1134 16 impressive impressive ADJ cblr-1764 1134 17 agility agility NOUN cblr-1764 1134 18 of of ADP cblr-1764 1134 19 financial financial ADJ cblr-1764 1134 20 activity activity NOUN cblr-1764 1134 21 to to PART cblr-1764 1134 22 navigate navigate VERB cblr-1764 1134 23 jurisdictional jurisdictional ADJ cblr-1764 1134 24 boundaries boundary NOUN cblr-1764 1134 25 in in ADP cblr-1764 1134 26 search search NOUN cblr-1764 1134 27 of of ADP cblr-1764 1134 28 a a DET cblr-1764 1134 29 preferred preferred ADJ cblr-1764 1134 30 regulatory regulatory ADJ cblr-1764 1134 31 treatment treatment NOUN cblr-1764 1134 32 . . PUNCT cblr-1764 1135 1 357 357 NUM cblr-1764 1135 2 see see VERB cblr-1764 1135 3 koijen koijen PROPN cblr-1764 1135 4 & & CCONJ cblr-1764 1135 5 yogo yogo PROPN cblr-1764 1135 6 , , PUNCT cblr-1764 1135 7 supra supra PROPN cblr-1764 1135 8 note note PROPN cblr-1764 1135 9 29 29 NUM cblr-1764 1135 10 , , PUNCT cblr-1764 1135 11 at at ADP cblr-1764 1135 12 2–4 2–4 NUM cblr-1764 1135 13 ; ; PUNCT cblr-1764 1135 14 n.y n.y PROPN cblr-1764 1135 15 . . PROPN cblr-1764 1135 16 state state PROPN cblr-1764 1135 17 dep’t dep’t PROPN cblr-1764 1135 18 fin fin NOUN cblr-1764 1135 19 . . PUNCT cblr-1764 1136 1 servs servs PROPN cblr-1764 1136 2 . . PUNCT cblr-1764 1136 3 , , PUNCT cblr-1764 1136 4 supra supra PROPN cblr-1764 1136 5 note note PROPN cblr-1764 1136 6 29 29 NUM cblr-1764 1136 7 . . PUNCT cblr-1764 1137 1 358 358 NUM cblr-1764 1137 2 see see VERB cblr-1764 1137 3 fio fio PROPN cblr-1764 1137 4 modernization modernization NOUN cblr-1764 1137 5 report report NOUN cblr-1764 1137 6 , , PUNCT cblr-1764 1137 7 supra supra PROPN cblr-1764 1137 8 note note NOUN cblr-1764 1137 9 10 10 NUM cblr-1764 1137 10 , , PUNCT cblr-1764 1137 11 at at ADP cblr-1764 1137 12 32–33 32–33 NUM cblr-1764 1137 13 ; ; PUNCT cblr-1764 1137 14 nat’l nat’l NUM cblr-1764 1137 15 ass’n ass’n PROPN cblr-1764 1137 16 ins ins PROPN cblr-1764 1137 17 . . PUNCT cblr-1764 1137 18 comm’rs comm’rs PROPN cblr-1764 1137 19 , , PUNCT cblr-1764 1137 20 white white ADJ cblr-1764 1137 21 paper paper NOUN cblr-1764 1137 22 : : PUNCT cblr-1764 1137 23 captives captive NOUN cblr-1764 1137 24 and and CCONJ cblr-1764 1137 25 special special ADJ cblr-1764 1137 26 purpose purpose NOUN cblr-1764 1137 27 vehicles vehicle NOUN cblr-1764 1137 28 20 20 NUM cblr-1764 1137 29 , , PUNCT cblr-1764 1137 30 22–23 22–23 NUM cblr-1764 1137 31 , , PUNCT cblr-1764 1137 32 30 30 NUM cblr-1764 1137 33 ( ( PUNCT cblr-1764 1137 34 2013 2013 NUM cblr-1764 1137 35 ) ) PUNCT cblr-1764 1137 36 , , PUNCT cblr-1764 1138 1 http://www.naic.org/store/free/spv-op-13els.pdf http://www.naic.org/store/free/spv-op-13els.pdf PROPN cblr-1764 1139 1 [ [ X cblr-1764 1139 2 http://perma.cc/aj7q-kp59 http://perma.cc/aj7q-kp59 NOUN cblr-1764 1139 3 ] ] PUNCT cblr-1764 1139 4 . . PUNCT cblr-1764 1140 1 359 359 NUM cblr-1764 1140 2 n.y n.y PROPN cblr-1764 1140 3 . . PROPN cblr-1764 1140 4 state state PROPN cblr-1764 1140 5 dep’t dep’t PROPN cblr-1764 1140 6 fin fin NOUN cblr-1764 1140 7 . . PUNCT cblr-1764 1141 1 servs servs PROPN cblr-1764 1141 2 . . PUNCT cblr-1764 1141 3 , , PUNCT cblr-1764 1141 4 supra supra PROPN cblr-1764 1141 5 note note PROPN cblr-1764 1141 6 29 29 NUM cblr-1764 1141 7 . . PUNCT cblr-1764 1142 1 360 360 NUM cblr-1764 1142 2 i i PROPN cblr-1764 1142 3 d. d. PROPN cblr-1764 1142 4 ; ; PUNCT cblr-1764 1142 5 koijen koijen PROPN cblr-1764 1142 6 & & CCONJ cblr-1764 1142 7 yogo yogo PROPN cblr-1764 1142 8 , , PUNCT cblr-1764 1142 9 supra supra PROPN cblr-1764 1142 10 note note PROPN cblr-1764 1142 11 29 29 NUM cblr-1764 1142 12 . . PUNCT cblr-1764 1143 1 361 361 NUM cblr-1764 1143 2 koijen koijen PROPN cblr-1764 1143 3 & & CCONJ cblr-1764 1143 4 yogo yogo PROPN cblr-1764 1143 5 , , PUNCT cblr-1764 1143 6 supra supra PROPN cblr-1764 1143 7 note note PROPN cblr-1764 1143 8 29 29 NUM cblr-1764 1143 9 . . PUNCT cblr-1764 1144 1 362 362 NUM cblr-1764 1145 1 i i PRON cblr-1764 1145 2 d. d. PROPN cblr-1764 1145 3 363 363 NUM cblr-1764 1145 4 i i PROPN cblr-1764 1145 5 d. d. PROPN cblr-1764 1145 6 turk turk PROPN cblr-1764 1145 7 – – PUNCT cblr-1764 1145 8 final final ADJ cblr-1764 1145 9 1064 1064 NUM cblr-1764 1145 10 columbia columbia PROPN cblr-1764 1145 11 business business NOUN cblr-1764 1145 12 law law PROPN cblr-1764 1145 13 review review NOUN cblr-1764 1146 1 [ [ X cblr-1764 1146 2 vol vol NOUN cblr-1764 1146 3 . . NOUN cblr-1764 1146 4 2015 2015 NUM cblr-1764 1146 5 adopting adopt VERB cblr-1764 1146 6 a a DET cblr-1764 1146 7 working work VERB cblr-1764 1146 8 assumption assumption NOUN cblr-1764 1146 9 that that SCONJ cblr-1764 1146 10 the the DET cblr-1764 1146 11 scope scope NOUN cblr-1764 1146 12 for for ADP cblr-1764 1146 13 regulatory regulatory ADJ cblr-1764 1146 14 arbitrage arbitrage NOUN cblr-1764 1146 15 is be AUX cblr-1764 1146 16 limited limit VERB cblr-1764 1146 17 simplifies simplifie NOUN cblr-1764 1146 18 policy policy NOUN cblr-1764 1146 19 evaluation evaluation NOUN cblr-1764 1146 20 , , PUNCT cblr-1764 1146 21 but but CCONJ cblr-1764 1146 22 the the DET cblr-1764 1146 23 shadow shadow NOUN cblr-1764 1146 24 banking banking NOUN cblr-1764 1146 25 and and CCONJ cblr-1764 1146 26 insurance insurance NOUN cblr-1764 1146 27 episodes episode NOUN cblr-1764 1146 28 indicate indicate VERB cblr-1764 1146 29 that that SCONJ cblr-1764 1146 30 in in ADP cblr-1764 1146 31 some some DET cblr-1764 1146 32 cases case NOUN cblr-1764 1146 33 it it PRON cblr-1764 1146 34 can can AUX cblr-1764 1146 35 be be AUX cblr-1764 1146 36 quite quite ADV cblr-1764 1146 37 broad broad ADJ cblr-1764 1146 38 . . PUNCT cblr-1764 1147 1 in in ADP cblr-1764 1147 2 general general ADJ cblr-1764 1147 3 , , PUNCT cblr-1764 1147 4 the the DET cblr-1764 1147 5 manifold manifold ADJ cblr-1764 1147 6 regulatory regulatory ADJ cblr-1764 1147 7 issues issue NOUN cblr-1764 1147 8 raised raise VERB cblr-1764 1147 9 by by ADP cblr-1764 1147 10 the the DET cblr-1764 1147 11 convergence convergence NOUN cblr-1764 1147 12 of of ADP cblr-1764 1147 13 insurance insurance NOUN cblr-1764 1147 14 that that PRON cblr-1764 1147 15 are be AUX cblr-1764 1147 16 detailed detail VERB cblr-1764 1147 17 above above ADV cblr-1764 1147 18 demonstrate demonstrate VERB cblr-1764 1147 19 that that SCONJ cblr-1764 1147 20 the the DET cblr-1764 1147 21 two two NUM cblr-1764 1147 22 boundary boundary ADJ cblr-1764 1147 23 problems problem NOUN cblr-1764 1147 24 permeate permeate VERB cblr-1764 1147 25 finance finance NOUN cblr-1764 1147 26 , , PUNCT cblr-1764 1147 27 and and CCONJ cblr-1764 1147 28 can can AUX cblr-1764 1147 29 create create VERB cblr-1764 1147 30 surprising surprising ADJ cblr-1764 1147 31 pathways pathway NOUN cblr-1764 1147 32 for for ADP cblr-1764 1147 33 regulatory regulatory ADJ cblr-1764 1147 34 arbitrage arbitrage NOUN cblr-1764 1147 35 . . PUNCT cblr-1764 1148 1 this this PRON cblr-1764 1148 2 carries carry VERB cblr-1764 1148 3 implications implication NOUN cblr-1764 1148 4 for for ADP cblr-1764 1148 5 the the DET cblr-1764 1148 6 emerging emerge VERB cblr-1764 1148 7 debate debate NOUN cblr-1764 1148 8 regarding regard VERB cblr-1764 1148 9 the the DET cblr-1764 1148 10 potential potential NOUN cblr-1764 1148 11 for for ADP cblr-1764 1148 12 mandating mandate VERB cblr-1764 1148 13 that that SCONJ cblr-1764 1148 14 a a DET cblr-1764 1148 15 formal formal ADJ cblr-1764 1148 16 , , PUNCT cblr-1764 1148 17 quantitative quantitative ADJ cblr-1764 1148 18 cba cba PROPN cblr-1764 1148 19 be be AUX cblr-1764 1148 20 applied apply VERB cblr-1764 1148 21 to to ADP cblr-1764 1148 22 financial financial ADJ cblr-1764 1148 23 regulations regulation NOUN cblr-1764 1148 24 . . PUNCT cblr-1764 1149 1 the the DET cblr-1764 1149 2 cba cba PROPN cblr-1764 1149 3 proposal proposal NOUN cblr-1764 1149 4 would would AUX cblr-1764 1149 5 apply apply VERB cblr-1764 1149 6 to to ADP cblr-1764 1149 7 executive executive ADJ cblr-1764 1149 8 branch branch NOUN cblr-1764 1149 9 agencies agency NOUN cblr-1764 1149 10 concerned concern VERB cblr-1764 1149 11 with with ADP cblr-1764 1149 12 finance finance NOUN cblr-1764 1149 13 and and CCONJ cblr-1764 1149 14 require require VERB cblr-1764 1149 15 that that SCONJ cblr-1764 1149 16 , , PUNCT cblr-1764 1149 17 as as ADP cblr-1764 1149 18 part part NOUN cblr-1764 1149 19 of of ADP cblr-1764 1149 20 their their PRON cblr-1764 1149 21 rulemaking rulemaking NOUN cblr-1764 1149 22 process process NOUN cblr-1764 1149 23 , , PUNCT cblr-1764 1149 24 the the DET cblr-1764 1149 25 agency agency NOUN cblr-1764 1149 26 explicitly explicitly ADV cblr-1764 1149 27 quantify quantify VERB cblr-1764 1149 28 in in ADP cblr-1764 1149 29 dollar dollar NOUN cblr-1764 1149 30 terms term NOUN cblr-1764 1149 31 all all DET cblr-1764 1149 32 the the DET cblr-1764 1149 33 costs cost NOUN cblr-1764 1149 34 and and CCONJ cblr-1764 1149 35 benefits benefit NOUN cblr-1764 1149 36 that that PRON cblr-1764 1149 37 it it PRON cblr-1764 1149 38 anticipates anticipate VERB cblr-1764 1149 39 the the DET cblr-1764 1149 40 proposed propose VERB cblr-1764 1149 41 regulation regulation NOUN cblr-1764 1149 42 will will AUX cblr-1764 1149 43 entail.364 entail.364 VERB cblr-1764 1149 44 under under ADP cblr-1764 1149 45 some some DET cblr-1764 1149 46 versions version NOUN cblr-1764 1149 47 of of ADP cblr-1764 1149 48 the the DET cblr-1764 1149 49 proposal proposal NOUN cblr-1764 1149 50 , , PUNCT cblr-1764 1149 51 courts court NOUN cblr-1764 1149 52 would would AUX cblr-1764 1149 53 then then ADV cblr-1764 1149 54 exercise exercise VERB cblr-1764 1149 55 judicial judicial ADJ cblr-1764 1149 56 review review NOUN cblr-1764 1149 57 over over ADP cblr-1764 1149 58 the the DET cblr-1764 1149 59 agencies agency NOUN cblr-1764 1149 60 to to PART cblr-1764 1149 61 determine determine VERB cblr-1764 1149 62 whether whether SCONJ cblr-1764 1149 63 a a DET cblr-1764 1149 64 cba cba NOUN cblr-1764 1149 65 has have AUX cblr-1764 1149 66 been be AUX cblr-1764 1149 67 adequately adequately ADV cblr-1764 1149 68 performed.365 performed.365 NOUN cblr-1764 1149 69 advocates advocate NOUN cblr-1764 1149 70 frame frame VERB cblr-1764 1149 71 the the DET cblr-1764 1149 72 proposal proposal NOUN cblr-1764 1149 73 as as ADP cblr-1764 1149 74 an an DET cblr-1764 1149 75 extension extension NOUN cblr-1764 1149 76 of of ADP cblr-1764 1149 77 the the DET cblr-1764 1149 78 practice practice NOUN cblr-1764 1149 79 of of ADP cblr-1764 1149 80 agencies agency NOUN cblr-1764 1149 81 that that PRON cblr-1764 1149 82 promulgate promulgate VERB cblr-1764 1149 83 environmental environmental ADJ cblr-1764 1149 84 and and CCONJ cblr-1764 1149 85 health health NOUN cblr-1764 1149 86 and and CCONJ cblr-1764 1149 87 safety safety NOUN cblr-1764 1149 88 regulations regulation NOUN cblr-1764 1149 89 , , PUNCT cblr-1764 1149 90 which which PRON cblr-1764 1149 91 have have AUX cblr-1764 1149 92 been be AUX cblr-1764 1149 93 subject subject ADJ cblr-1764 1149 94 to to ADP cblr-1764 1149 95 a a DET cblr-1764 1149 96 formal formal ADJ cblr-1764 1149 97 cba cba NOUN cblr-1764 1149 98 requirement requirement NOUN cblr-1764 1149 99 that that PRON cblr-1764 1149 100 has have AUX cblr-1764 1149 101 enjoyed enjoy VERB cblr-1764 1149 102 bipartisan bipartisan ADJ cblr-1764 1149 103 support support NOUN cblr-1764 1149 104 since since SCONJ cblr-1764 1149 105 the the DET cblr-1764 1149 106 early early ADJ cblr-1764 1149 107 1980s.366 1980s.366 NUM cblr-1764 1149 108 formal formal ADJ cblr-1764 1149 109 , , PUNCT cblr-1764 1149 110 quantitative quantitative ADJ cblr-1764 1149 111 cba cba PROPN cblr-1764 1149 112 would would AUX cblr-1764 1149 113 be be AUX cblr-1764 1149 114 a a DET cblr-1764 1149 115 departure departure NOUN cblr-1764 1149 116 from from ADP cblr-1764 1149 117 the the DET cblr-1764 1149 118 status status NOUN cblr-1764 1149 119 quo quo NOUN cblr-1764 1149 120 , , PUNCT cblr-1764 1149 121 often often ADV cblr-1764 1149 122 characterized characterize VERB cblr-1764 1149 123 as as ADP cblr-1764 1149 124 “ " PUNCT cblr-1764 1149 125 conceptual conceptual ADJ cblr-1764 1149 126 cba cba NOUN cblr-1764 1149 127 , , PUNCT cblr-1764 1149 128 ” " PUNCT cblr-1764 1149 129 where where SCONJ cblr-1764 1149 130 regulators regulator NOUN cblr-1764 1149 131 are be AUX cblr-1764 1149 132 attentive attentive ADJ cblr-1764 1149 133 to to ADP cblr-1764 1149 134 the the DET cblr-1764 1149 135 perceived perceive VERB cblr-1764 1149 136 costs cost NOUN cblr-1764 1149 137 and and CCONJ cblr-1764 1149 138 benefits benefit NOUN cblr-1764 1149 139 of of ADP cblr-1764 1149 140 a a DET cblr-1764 1149 141 proposed propose VERB cblr-1764 1149 142 rule rule NOUN cblr-1764 1149 143 but but CCONJ cblr-1764 1149 144 do do AUX cblr-1764 1149 145 not not PART cblr-1764 1149 146 systemically systemically ADV cblr-1764 1149 147 reduce reduce VERB cblr-1764 1149 148 them they PRON cblr-1764 1149 149 to to ADP cblr-1764 1149 150 precise precise ADJ cblr-1764 1149 151 dollar dollar NOUN cblr-1764 1149 152 values.367 values.367 VERB cblr-1764 1149 153 364 364 NUM cblr-1764 1149 154 see see NOUN cblr-1764 1149 155 posner posner NOUN cblr-1764 1149 156 & & CCONJ cblr-1764 1149 157 weyl weyl PROPN cblr-1764 1149 158 , , PUNCT cblr-1764 1149 159 supra supra PROPN cblr-1764 1149 160 note note NOUN cblr-1764 1149 161 30 30 NUM cblr-1764 1149 162 . . PUNCT cblr-1764 1150 1 as as ADP cblr-1764 1150 2 of of ADP cblr-1764 1150 3 now now ADV cblr-1764 1150 4 , , PUNCT cblr-1764 1150 5 the the DET cblr-1764 1150 6 “ " PUNCT cblr-1764 1150 7 independent independent ADJ cblr-1764 1150 8 ” " PUNCT cblr-1764 1150 9 financial financial ADJ cblr-1764 1150 10 regulators regulator NOUN cblr-1764 1150 11 , , PUNCT cblr-1764 1150 12 namely namely ADV cblr-1764 1150 13 the the DET cblr-1764 1150 14 sec sec PROPN cblr-1764 1150 15 and and CCONJ cblr-1764 1150 16 federal federal PROPN cblr-1764 1150 17 reserve reserve PROPN cblr-1764 1150 18 , , PUNCT cblr-1764 1150 19 do do AUX cblr-1764 1150 20 not not PART cblr-1764 1150 21 face face VERB cblr-1764 1150 22 a a DET cblr-1764 1150 23 cba cba PROPN cblr-1764 1150 24 requirement requirement NOUN cblr-1764 1150 25 . . PUNCT cblr-1764 1151 1 however however ADV cblr-1764 1151 2 , , PUNCT cblr-1764 1151 3 they they PRON cblr-1764 1151 4 have have AUX cblr-1764 1151 5 recently recently ADV cblr-1764 1151 6 seen see VERB cblr-1764 1151 7 various various ADJ cblr-1764 1151 8 pressures pressure NOUN cblr-1764 1151 9 from from ADP cblr-1764 1151 10 each each PRON cblr-1764 1151 11 of of ADP cblr-1764 1151 12 the the DET cblr-1764 1151 13 congressional congressional ADJ cblr-1764 1151 14 , , PUNCT cblr-1764 1151 15 executive executive NOUN cblr-1764 1151 16 , , PUNCT cblr-1764 1151 17 and and CCONJ cblr-1764 1151 18 judicial judicial ADJ cblr-1764 1151 19 branches branch NOUN cblr-1764 1151 20 to to PART cblr-1764 1151 21 move move VERB cblr-1764 1151 22 in in ADP cblr-1764 1151 23 that that DET cblr-1764 1151 24 direction direction NOUN cblr-1764 1151 25 . . PUNCT cblr-1764 1152 1 see see VERB cblr-1764 1152 2 coates coate NOUN cblr-1764 1152 3 , , PUNCT cblr-1764 1152 4 supra supra PROPN cblr-1764 1152 5 note note NOUN cblr-1764 1152 6 30 30 NUM cblr-1764 1152 7 , , PUNCT cblr-1764 1152 8 at at ADP cblr-1764 1152 9 882 882 NUM cblr-1764 1152 10 , , PUNCT cblr-1764 1152 11 885–86 885–86 NUM cblr-1764 1152 12 . . PUNCT cblr-1764 1153 1 365 365 NUM cblr-1764 1153 2 see see VERB cblr-1764 1153 3 coates coate NOUN cblr-1764 1153 4 , , PUNCT cblr-1764 1153 5 supra supra PROPN cblr-1764 1153 6 note note NOUN cblr-1764 1153 7 30 30 NUM cblr-1764 1153 8 , , PUNCT cblr-1764 1153 9 at at ADP cblr-1764 1153 10 885–89 885–89 NOUN cblr-1764 1153 11 . . PUNCT cblr-1764 1154 1 366 366 NUM cblr-1764 1154 2 eric eric PROPN cblr-1764 1154 3 a. a. NOUN cblr-1764 1154 4 posner posner PROPN cblr-1764 1154 5 & & CCONJ cblr-1764 1154 6 e. e. PROPN cblr-1764 1154 7 glen glen PROPN cblr-1764 1154 8 weyl weyl PROPN cblr-1764 1154 9 , , PUNCT cblr-1764 1154 10 the the DET cblr-1764 1154 11 case case NOUN cblr-1764 1154 12 for for ADP cblr-1764 1154 13 cost cost NOUN cblr-1764 1154 14 - - PUNCT cblr-1764 1154 15 benefit benefit NOUN cblr-1764 1154 16 analysis analysis NOUN cblr-1764 1154 17 of of ADP cblr-1764 1154 18 financial financial ADJ cblr-1764 1154 19 regulations regulation NOUN cblr-1764 1154 20 , , PUNCT cblr-1764 1154 21 reg reg PROPN cblr-1764 1154 22 . . PROPN cblr-1764 1154 23 , , PUNCT cblr-1764 1154 24 winter winter NOUN cblr-1764 1154 25 2013–2014 2013–2014 NUM cblr-1764 1154 26 , , PUNCT cblr-1764 1154 27 at at ADP cblr-1764 1154 28 30 30 NUM cblr-1764 1154 29 , , PUNCT cblr-1764 1154 30 33 33 NUM cblr-1764 1154 31 . . PUNCT cblr-1764 1154 32 367 367 NUM cblr-1764 1154 33 see see VERB cblr-1764 1154 34 coates coate NOUN cblr-1764 1154 35 , , PUNCT cblr-1764 1154 36 supra supra PROPN cblr-1764 1154 37 note note NOUN cblr-1764 1154 38 30 30 NUM cblr-1764 1154 39 , , PUNCT cblr-1764 1154 40 at at ADP cblr-1764 1154 41 887–88 887–88 NUM cblr-1764 1154 42 . . PUNCT cblr-1764 1155 1 turk turk PROPN cblr-1764 1155 2 – – PUNCT cblr-1764 1155 3 final final ADJ cblr-1764 1155 4 no no NOUN cblr-1764 1155 5 . . PUNCT cblr-1764 1156 1 3:967 3:967 NUM cblr-1764 1156 2 ] ] PUNCT cblr-1764 1156 3 insurance insurance NOUN cblr-1764 1156 4 convergence convergence NOUN cblr-1764 1156 5 1065 1065 NUM cblr-1764 1156 6 as as ADP cblr-1764 1156 7 an an DET cblr-1764 1156 8 example example NOUN cblr-1764 1156 9 of of ADP cblr-1764 1156 10 how how SCONJ cblr-1764 1156 11 the the DET cblr-1764 1156 12 procedure procedure NOUN cblr-1764 1156 13 would would AUX cblr-1764 1156 14 operate operate VERB cblr-1764 1156 15 , , PUNCT cblr-1764 1156 16 proponents proponent NOUN cblr-1764 1156 17 use use VERB cblr-1764 1156 18 a a DET cblr-1764 1156 19 hypothetical hypothetical ADJ cblr-1764 1156 20 new new ADJ cblr-1764 1156 21 capital capital NOUN cblr-1764 1156 22 requirement requirement NOUN cblr-1764 1156 23 rule rule NOUN cblr-1764 1156 24 for for ADP cblr-1764 1156 25 banks bank NOUN cblr-1764 1156 26 . . PUNCT cblr-1764 1157 1 in in ADP cblr-1764 1157 2 its its PRON cblr-1764 1157 3 rulemaking rulemaking NOUN cblr-1764 1157 4 , , PUNCT cblr-1764 1157 5 an an DET cblr-1764 1157 6 agency agency NOUN cblr-1764 1157 7 would would AUX cblr-1764 1157 8 be be AUX cblr-1764 1157 9 required require VERB cblr-1764 1157 10 to to PART cblr-1764 1157 11 explicitly explicitly ADV cblr-1764 1157 12 list list VERB cblr-1764 1157 13 the the DET cblr-1764 1157 14 costs cost NOUN cblr-1764 1157 15 of of ADP cblr-1764 1157 16 the the DET cblr-1764 1157 17 new new ADJ cblr-1764 1157 18 capital capital NOUN cblr-1764 1157 19 requirements requirement NOUN cblr-1764 1157 20 , , PUNCT cblr-1764 1157 21 in in ADP cblr-1764 1157 22 the the DET cblr-1764 1157 23 form form NOUN cblr-1764 1157 24 of of ADP cblr-1764 1157 25 literal literal ADJ cblr-1764 1157 26 paperwork paperwork NOUN cblr-1764 1157 27 compliance compliance NOUN cblr-1764 1157 28 costs cost NOUN cblr-1764 1157 29 and and CCONJ cblr-1764 1157 30 , , PUNCT cblr-1764 1157 31 more more ADV cblr-1764 1157 32 importantly importantly ADV cblr-1764 1157 33 , , PUNCT cblr-1764 1157 34 the the DET cblr-1764 1157 35 social social ADJ cblr-1764 1157 36 cost cost NOUN cblr-1764 1157 37 of of ADP cblr-1764 1157 38 reducing reduce VERB cblr-1764 1157 39 liquidity liquidity NOUN cblr-1764 1157 40 and and CCONJ cblr-1764 1157 41 the the DET cblr-1764 1157 42 flow flow NOUN cblr-1764 1157 43 of of ADP cblr-1764 1157 44 credit credit NOUN cblr-1764 1157 45 to to ADP cblr-1764 1157 46 the the DET cblr-1764 1157 47 real real ADJ cblr-1764 1157 48 economy.368 economy.368 NOUN cblr-1764 1157 49 it it PRON cblr-1764 1157 50 would would AUX cblr-1764 1157 51 then then ADV cblr-1764 1157 52 compare compare VERB cblr-1764 1157 53 these these DET cblr-1764 1157 54 costs cost NOUN cblr-1764 1157 55 to to ADP cblr-1764 1157 56 the the DET cblr-1764 1157 57 benefits benefit NOUN cblr-1764 1157 58 of of ADP cblr-1764 1157 59 the the DET cblr-1764 1157 60 capital capital NOUN cblr-1764 1157 61 requirements requirement NOUN cblr-1764 1157 62 , , PUNCT cblr-1764 1157 63 which which PRON cblr-1764 1157 64 would would AUX cblr-1764 1157 65 be be AUX cblr-1764 1157 66 quantified quantify VERB cblr-1764 1157 67 by by ADP cblr-1764 1157 68 the the DET cblr-1764 1157 69 degree degree NOUN cblr-1764 1157 70 to to PART cblr-1764 1157 71 which which PRON cblr-1764 1157 72 banks bank NOUN cblr-1764 1157 73 ’ ' PUNCT cblr-1764 1157 74 decreased decrease VERB cblr-1764 1157 75 risktaking risktaking NOUN cblr-1764 1157 76 reduces reduce VERB cblr-1764 1157 77 the the DET cblr-1764 1157 78 “ " PUNCT cblr-1764 1157 79 cost cost NOUN cblr-1764 1157 80 of of ADP cblr-1764 1157 81 a a DET cblr-1764 1157 82 statistical statistical ADJ cblr-1764 1157 83 [ [ X cblr-1764 1157 84 financial financial ADJ cblr-1764 1157 85 ] ] PUNCT cblr-1764 1157 86 crisis crisis NOUN cblr-1764 1157 87 . . PUNCT cblr-1764 1158 1 ”369 ”369 PROPN cblr-1764 1159 1 in in ADP cblr-1764 1159 2 the the DET cblr-1764 1159 3 abstract abstract NOUN cblr-1764 1159 4 , , PUNCT cblr-1764 1159 5 advocates advocate NOUN cblr-1764 1159 6 for for ADP cblr-1764 1159 7 financial financial ADJ cblr-1764 1159 8 cba cba PROPN cblr-1764 1159 9 support support VERB cblr-1764 1159 10 the the DET cblr-1764 1159 11 idea idea NOUN cblr-1764 1159 12 with with ADP cblr-1764 1159 13 two two NUM cblr-1764 1159 14 appealing appealing ADJ cblr-1764 1159 15 points point NOUN cblr-1764 1159 16 . . PUNCT cblr-1764 1160 1 first first ADV cblr-1764 1160 2 , , PUNCT cblr-1764 1160 3 in in ADP cblr-1764 1160 4 our our PRON cblr-1764 1160 5 moneyball moneyball NOUN cblr-1764 1160 6 era era NOUN cblr-1764 1160 7 , , PUNCT cblr-1764 1160 8 in in ADP cblr-1764 1160 9 which which PRON cblr-1764 1160 10 the the DET cblr-1764 1160 11 quantification quantification NOUN cblr-1764 1160 12 - - PUNCT cblr-1764 1160 13 of of ADP cblr-1764 1160 14 - - PUNCT cblr-1764 1160 15 all all PRON cblr-1764 1160 16 - - PUNCT cblr-1764 1160 17 things thing NOUN cblr-1764 1160 18 is be AUX cblr-1764 1160 19 advancing advance VERB cblr-1764 1160 20 a a DET cblr-1764 1160 21 wide wide ADJ cblr-1764 1160 22 array array NOUN cblr-1764 1160 23 of of ADP cblr-1764 1160 24 human human ADJ cblr-1764 1160 25 endeavors endeavor NOUN cblr-1764 1160 26 , , PUNCT cblr-1764 1160 27 who who PRON cblr-1764 1160 28 can can AUX cblr-1764 1160 29 be be AUX cblr-1764 1160 30 against against ADP cblr-1764 1160 31 scientific scientific ADJ cblr-1764 1160 32 rigor rigor NOUN cblr-1764 1160 33 in in ADP cblr-1764 1160 34 weighing weigh VERB cblr-1764 1160 35 costs cost NOUN cblr-1764 1160 36 and and CCONJ cblr-1764 1160 37 benefits benefit NOUN cblr-1764 1160 38 and and CCONJ cblr-1764 1160 39 instead instead ADV cblr-1764 1160 40 favor favor VERB cblr-1764 1160 41 an an DET cblr-1764 1160 42 antiquated antiquated ADJ cblr-1764 1160 43 form form NOUN cblr-1764 1160 44 of of ADP cblr-1764 1160 45 “ " PUNCT cblr-1764 1160 46 intuitive intuitive ADJ cblr-1764 1160 47 balancing balancing NOUN cblr-1764 1160 48 ” " PUNCT cblr-1764 1160 49 ? ? PUNCT cblr-1764 1161 1 second second ADV cblr-1764 1161 2 , , PUNCT cblr-1764 1161 3 since since SCONJ cblr-1764 1161 4 agencies agency NOUN cblr-1764 1161 5 formulating formulate VERB cblr-1764 1161 6 financial financial ADJ cblr-1764 1161 7 regulations regulation NOUN cblr-1764 1161 8 inevitably inevitably ADV cblr-1764 1161 9 must must AUX cblr-1764 1161 10 be be AUX cblr-1764 1161 11 considering consider VERB cblr-1764 1161 12 their their PRON cblr-1764 1161 13 merits merit NOUN cblr-1764 1161 14 on on ADP cblr-1764 1161 15 some some DET cblr-1764 1161 16 level level NOUN cblr-1764 1161 17 , , PUNCT cblr-1764 1161 18 how how SCONJ cblr-1764 1161 19 can can AUX cblr-1764 1161 20 the the DET cblr-1764 1161 21 process process NOUN cblr-1764 1161 22 not not PART cblr-1764 1161 23 be be AUX cblr-1764 1161 24 improved improve VERB cblr-1764 1161 25 by by ADP cblr-1764 1161 26 making make VERB cblr-1764 1161 27 their their PRON cblr-1764 1161 28 implicit implicit ADJ cblr-1764 1161 29 cost cost NOUN cblr-1764 1161 30 - - PUNCT cblr-1764 1161 31 benefit benefit NOUN cblr-1764 1161 32 assumptions assumption NOUN cblr-1764 1161 33 explicit?370 explicit?370 VERB cblr-1764 1161 34 however however ADV cblr-1764 1161 35 , , PUNCT cblr-1764 1161 36 there there PRON cblr-1764 1161 37 are be VERB cblr-1764 1161 38 grounds ground NOUN cblr-1764 1161 39 for for ADP cblr-1764 1161 40 skepticism skepticism NOUN cblr-1764 1161 41 that that PRON cblr-1764 1161 42 the the DET cblr-1764 1161 43 benefits benefit NOUN cblr-1764 1161 44 of of ADP cblr-1764 1161 45 requiring require VERB cblr-1764 1161 46 cba cba NOUN cblr-1764 1161 47 will will AUX cblr-1764 1161 48 be be AUX cblr-1764 1161 49 high high ADJ cblr-1764 1161 50 relative relative ADJ cblr-1764 1161 51 to to ADP cblr-1764 1161 52 its its PRON cblr-1764 1161 53 costs cost NOUN cblr-1764 1161 54 . . PUNCT cblr-1764 1162 1 granted grant VERB cblr-1764 1162 2 , , PUNCT cblr-1764 1162 3 the the DET cblr-1764 1162 4 greatest great ADJ cblr-1764 1162 5 merit merit NOUN cblr-1764 1162 6 of of ADP cblr-1764 1162 7 experimenting experiment VERB cblr-1764 1162 8 with with ADP cblr-1764 1162 9 the the DET cblr-1764 1162 10 idea idea NOUN cblr-1764 1162 11 is be AUX cblr-1764 1162 12 that that SCONJ cblr-1764 1162 13 the the DET cblr-1764 1162 14 costs cost NOUN cblr-1764 1162 15 are be AUX cblr-1764 1162 16 not not PART cblr-1764 1162 17 likely likely ADJ cblr-1764 1162 18 to to PART cblr-1764 1162 19 be be AUX cblr-1764 1162 20 overwhelming overwhelming ADJ cblr-1764 1162 21 , , PUNCT cblr-1764 1162 22 particularly particularly ADV cblr-1764 1162 23 in in ADP cblr-1764 1162 24 the the DET cblr-1764 1162 25 absence absence NOUN cblr-1764 1162 26 of of ADP cblr-1764 1162 27 judicial judicial ADJ cblr-1764 1162 28 review.371 review.371 NOUN cblr-1764 1162 29 the the DET cblr-1764 1162 30 federal federal ADJ cblr-1764 1162 31 register register NOUN cblr-1764 1162 32 often often ADV cblr-1764 1162 33 includes include VERB cblr-1764 1162 34 comments comment NOUN cblr-1764 1162 35 by by ADP cblr-1764 1162 36 industry industry NOUN cblr-1764 1162 37 parties party NOUN cblr-1764 1162 38 that that PRON cblr-1764 1162 39 are be AUX cblr-1764 1162 40 eager eager ADJ cblr-1764 1162 41 to to PART cblr-1764 1162 42 quantify quantify VERB cblr-1764 1162 43 the the DET cblr-1764 1162 44 allegedly allegedly ADV cblr-1764 1162 45 inordinate inordinate ADJ cblr-1764 1162 46 costs cost NOUN cblr-1764 1162 47 that that SCONJ cblr-1764 1162 48 a a DET cblr-1764 1162 49 proposed propose VERB cblr-1764 1162 50 regulation regulation NOUN cblr-1764 1162 51 will will AUX cblr-1764 1162 52 impose impose VERB cblr-1764 1162 53 . . PUNCT cblr-1764 1163 1 and and CCONJ cblr-1764 1163 2 in in ADP cblr-1764 1163 3 any any DET cblr-1764 1163 4 sizeable sizeable ADJ cblr-1764 1163 5 dispute dispute NOUN cblr-1764 1163 6 , , PUNCT cblr-1764 1163 7 private private ADJ cblr-1764 1163 8 368 368 NUM cblr-1764 1163 9 see see NOUN cblr-1764 1163 10 posner posner NOUN cblr-1764 1163 11 & & CCONJ cblr-1764 1163 12 weyl weyl PROPN cblr-1764 1163 13 , , PUNCT cblr-1764 1163 14 supra supra PROPN cblr-1764 1163 15 note note PROPN cblr-1764 1163 16 366 366 NUM cblr-1764 1163 17 , , PUNCT cblr-1764 1163 18 at at ADP cblr-1764 1163 19 32–33 32–33 NUM cblr-1764 1163 20 . . PUNCT cblr-1764 1164 1 369 369 NUM cblr-1764 1164 2 eric eric PROPN cblr-1764 1164 3 a. a. PROPN cblr-1764 1164 4 posner posner PROPN cblr-1764 1164 5 & & CCONJ cblr-1764 1164 6 e. e. PROPN cblr-1764 1164 7 glen glen PROPN cblr-1764 1164 8 weyl weyl PROPN cblr-1764 1164 9 , , PUNCT cblr-1764 1164 10 benefit benefit NOUN cblr-1764 1164 11 - - PUNCT cblr-1764 1164 12 cost cost NOUN cblr-1764 1164 13 analysis analysis NOUN cblr-1764 1164 14 for for ADP cblr-1764 1164 15 financial financial ADJ cblr-1764 1164 16 regulation regulation NOUN cblr-1764 1164 17 , , PUNCT cblr-1764 1164 18 103 103 NUM cblr-1764 1164 19 am am NOUN cblr-1764 1164 20 . . PUNCT cblr-1764 1165 1 econ econ PROPN cblr-1764 1165 2 . . PUNCT cblr-1764 1166 1 rev rev PROPN cblr-1764 1166 2 . . PUNCT cblr-1764 1167 1 papers paper NOUN cblr-1764 1167 2 & & CCONJ cblr-1764 1167 3 proc proc PROPN cblr-1764 1167 4 . . PROPN cblr-1764 1168 1 393 393 NUM cblr-1764 1168 2 , , PUNCT cblr-1764 1168 3 393 393 NUM cblr-1764 1168 4 ( ( PUNCT cblr-1764 1168 5 2013 2013 NUM cblr-1764 1168 6 ) ) PUNCT cblr-1764 1168 7 . . PUNCT cblr-1764 1169 1 370 370 NUM cblr-1764 1169 2 posner posner NOUN cblr-1764 1169 3 & & CCONJ cblr-1764 1169 4 weyl weyl PROPN cblr-1764 1169 5 , , PUNCT cblr-1764 1169 6 supra supra PROPN cblr-1764 1169 7 note note PROPN cblr-1764 1169 8 366 366 NUM cblr-1764 1169 9 , , PUNCT cblr-1764 1169 10 at at ADP cblr-1764 1169 11 34 34 NUM cblr-1764 1169 12 . . NOUN cblr-1764 1169 13 371 371 NUM cblr-1764 1169 14 some some DET cblr-1764 1169 15 critics critic NOUN cblr-1764 1169 16 argue argue VERB cblr-1764 1169 17 that that SCONJ cblr-1764 1169 18 the the DET cblr-1764 1169 19 cba cba PROPN cblr-1764 1169 20 proposal proposal NOUN cblr-1764 1169 21 will will AUX cblr-1764 1169 22 produce produce VERB cblr-1764 1169 23 costly costly ADJ cblr-1764 1169 24 litigation litigation NOUN cblr-1764 1169 25 . . PUNCT cblr-1764 1170 1 see see VERB cblr-1764 1170 2 john john PROPN cblr-1764 1170 3 h. h. PROPN cblr-1764 1170 4 cochrane cochrane PROPN cblr-1764 1170 5 , , PUNCT cblr-1764 1170 6 cost cost NOUN cblr-1764 1170 7 - - PUNCT cblr-1764 1170 8 benefit benefit NOUN cblr-1764 1170 9 analysis analysis NOUN cblr-1764 1170 10 as as ADP cblr-1764 1170 11 a a DET cblr-1764 1170 12 framework framework NOUN cblr-1764 1170 13 for for ADP cblr-1764 1170 14 financial financial ADJ cblr-1764 1170 15 regulation regulation NOUN cblr-1764 1170 16 ( ( PUNCT cblr-1764 1170 17 feb feb PROPN cblr-1764 1170 18 . . PROPN cblr-1764 1170 19 2014 2014 NUM cblr-1764 1170 20 ) ) PUNCT cblr-1764 1170 21 ( ( PUNCT cblr-1764 1170 22 unpublished unpublished ADJ cblr-1764 1170 23 manuscript manuscript NOUN cblr-1764 1170 24 ) ) PUNCT cblr-1764 1170 25 ( ( PUNCT cblr-1764 1170 26 on on ADP cblr-1764 1170 27 file file NOUN cblr-1764 1170 28 with with ADP cblr-1764 1170 29 author author NOUN cblr-1764 1170 30 ) ) PUNCT cblr-1764 1170 31 , , PUNCT cblr-1764 1170 32 http://ssrn.com/abstract=2425885 http://ssrn.com/abstract=2425885 VERB cblr-1764 1171 1 [ [ X cblr-1764 1171 2 http://perma.cc/f5ay7xf4 http://perma.cc/f5ay7xf4 X cblr-1764 1171 3 ] ] PUNCT cblr-1764 1171 4 . . PUNCT cblr-1764 1172 1 but but CCONJ cblr-1764 1172 2 most most ADJ cblr-1764 1172 3 regulation regulation NOUN cblr-1764 1172 4 is be AUX cblr-1764 1172 5 already already ADV cblr-1764 1172 6 challenged challenge VERB cblr-1764 1172 7 in in ADP cblr-1764 1172 8 the the DET cblr-1764 1172 9 courts court NOUN cblr-1764 1172 10 . . PUNCT cblr-1764 1173 1 the the DET cblr-1764 1173 2 deeper deep ADJ cblr-1764 1173 3 problem problem NOUN cblr-1764 1173 4 is be AUX cblr-1764 1173 5 that that SCONJ cblr-1764 1173 6 generalist generalist ADJ cblr-1764 1173 7 federal federal ADJ cblr-1764 1173 8 judges judge NOUN cblr-1764 1173 9 are be AUX cblr-1764 1173 10 not not PART cblr-1764 1173 11 trained train VERB cblr-1764 1173 12 to to PART cblr-1764 1173 13 evaluate evaluate VERB cblr-1764 1173 14 statistical statistical ADJ cblr-1764 1173 15 cba cba NOUN cblr-1764 1173 16 studies study NOUN cblr-1764 1173 17 and and CCONJ cblr-1764 1173 18 the the DET cblr-1764 1173 19 error error NOUN cblr-1764 1173 20 - - PUNCT cblr-1764 1173 21 rate rate NOUN cblr-1764 1173 22 of of ADP cblr-1764 1173 23 their their PRON cblr-1764 1173 24 decisions decision NOUN cblr-1764 1173 25 might might AUX cblr-1764 1173 26 be be AUX cblr-1764 1173 27 high high ADJ cblr-1764 1173 28 . . PUNCT cblr-1764 1174 1 turk turk PROPN cblr-1764 1174 2 – – PUNCT cblr-1764 1174 3 final final ADJ cblr-1764 1174 4 1066 1066 NUM cblr-1764 1174 5 columbia columbia PROPN cblr-1764 1174 6 business business NOUN cblr-1764 1174 7 law law PROPN cblr-1764 1174 8 review review NOUN cblr-1764 1174 9 [ [ X cblr-1764 1174 10 vol vol NOUN cblr-1764 1174 11 . . NOUN cblr-1764 1174 12 2015 2015 NUM cblr-1764 1174 13 and and CCONJ cblr-1764 1174 14 government government NOUN cblr-1764 1174 15 litigants litigant NOUN cblr-1764 1174 16 customarily customarily ADV cblr-1764 1174 17 file file VERB cblr-1764 1174 18 expert expert NOUN cblr-1764 1174 19 reports report NOUN cblr-1764 1174 20 that that PRON cblr-1764 1174 21 contain contain VERB cblr-1764 1174 22 detailed detailed ADJ cblr-1764 1174 23 econometric econometric ADJ cblr-1764 1174 24 results result NOUN cblr-1764 1174 25 in in ADP cblr-1764 1174 26 support support NOUN cblr-1764 1174 27 of of ADP cblr-1764 1174 28 their their PRON cblr-1764 1174 29 positions.372 positions.372 NOUN cblr-1764 1174 30 the the DET cblr-1764 1174 31 economic economic ADJ cblr-1764 1174 32 literature literature NOUN cblr-1764 1174 33 has have AUX cblr-1764 1174 34 also also ADV cblr-1764 1174 35 compiled compile VERB cblr-1764 1174 36 a a DET cblr-1764 1174 37 growing grow VERB cblr-1764 1174 38 body body NOUN cblr-1764 1174 39 of of ADP cblr-1764 1174 40 empirical empirical ADJ cblr-1764 1174 41 research research NOUN cblr-1764 1174 42 on on ADP cblr-1764 1174 43 the the DET cblr-1764 1174 44 effects effect NOUN cblr-1764 1174 45 of of ADP cblr-1764 1174 46 capital capital NOUN cblr-1764 1174 47 requirements requirement NOUN cblr-1764 1174 48 and and CCONJ cblr-1764 1174 49 other other ADJ cblr-1764 1174 50 financial financial ADJ cblr-1764 1174 51 regulations regulation NOUN cblr-1764 1174 52 . . PUNCT cblr-1764 1175 1 thus thus ADV cblr-1764 1175 2 , , PUNCT cblr-1764 1175 3 the the DET cblr-1764 1175 4 agencies agency NOUN cblr-1764 1175 5 are be AUX cblr-1764 1175 6 not not PART cblr-1764 1175 7 presently presently ADV cblr-1764 1175 8 operating operate VERB cblr-1764 1175 9 in in ADP cblr-1764 1175 10 a a DET cblr-1764 1175 11 quantitative quantitative ADJ cblr-1764 1175 12 vacuum vacuum NOUN cblr-1764 1175 13 and and CCONJ cblr-1764 1175 14 data datum NOUN cblr-1764 1175 15 is be AUX cblr-1764 1175 16 readily readily ADV cblr-1764 1175 17 available available ADJ cblr-1764 1175 18 to to PART cblr-1764 1175 19 generate generate VERB cblr-1764 1175 20 some some DET cblr-1764 1175 21 number number NOUN cblr-1764 1175 22 to to PART cblr-1764 1175 23 adapt adapt VERB cblr-1764 1175 24 to to ADP cblr-1764 1175 25 the the DET cblr-1764 1175 26 strictures stricture NOUN cblr-1764 1175 27 of of ADP cblr-1764 1175 28 cba cba NOUN cblr-1764 1175 29 , , PUNCT cblr-1764 1175 30 if if SCONJ cblr-1764 1175 31 it it PRON cblr-1764 1175 32 is be AUX cblr-1764 1175 33 imposed impose VERB cblr-1764 1175 34 . . PUNCT cblr-1764 1176 1 on on ADP cblr-1764 1176 2 the the DET cblr-1764 1176 3 other other ADJ cblr-1764 1176 4 hand hand NOUN cblr-1764 1176 5 , , PUNCT cblr-1764 1176 6 against against ADP cblr-1764 1176 7 these these DET cblr-1764 1176 8 modest modest ADJ cblr-1764 1176 9 costs cost NOUN cblr-1764 1176 10 , , PUNCT cblr-1764 1176 11 this this DET cblr-1764 1176 12 article article NOUN cblr-1764 1176 13 ’s ’s PART cblr-1764 1176 14 analysis analysis NOUN cblr-1764 1176 15 of of ADP cblr-1764 1176 16 innovation innovation NOUN cblr-1764 1176 17 in in ADP cblr-1764 1176 18 insurance insurance NOUN cblr-1764 1176 19 markets market NOUN cblr-1764 1176 20 casts cast VERB cblr-1764 1176 21 doubt doubt NOUN cblr-1764 1176 22 on on ADP cblr-1764 1176 23 whether whether SCONJ cblr-1764 1176 24 the the DET cblr-1764 1176 25 benefits benefit NOUN cblr-1764 1176 26 of of ADP cblr-1764 1176 27 agency agency PROPN cblr-1764 1176 28 cba cba PROPN cblr-1764 1176 29 would would AUX cblr-1764 1176 30 be be AUX cblr-1764 1176 31 substantial substantial ADJ cblr-1764 1176 32 . . PUNCT cblr-1764 1177 1 consider consider VERB cblr-1764 1177 2 the the DET cblr-1764 1177 3 capital capital NOUN cblr-1764 1177 4 requirements requirement NOUN cblr-1764 1177 5 hypothetical hypothetical ADJ cblr-1764 1177 6 . . PUNCT cblr-1764 1178 1 one one NUM cblr-1764 1178 2 insurance insurance NOUN cblr-1764 1178 3 industry industry NOUN cblr-1764 1178 4 report report NOUN cblr-1764 1178 5 suggests suggest VERB cblr-1764 1178 6 that that SCONJ cblr-1764 1178 7 higher high ADJ cblr-1764 1178 8 capital capital NOUN cblr-1764 1178 9 requirements requirement NOUN cblr-1764 1178 10 for for ADP cblr-1764 1178 11 banks bank NOUN cblr-1764 1178 12 will will AUX cblr-1764 1178 13 reduce reduce VERB cblr-1764 1178 14 their their PRON cblr-1764 1178 15 willingness willingness NOUN cblr-1764 1178 16 to to PART cblr-1764 1178 17 provide provide VERB cblr-1764 1178 18 stand stand VERB cblr-1764 1178 19 - - PUNCT cblr-1764 1178 20 by by ADP cblr-1764 1178 21 letters letter NOUN cblr-1764 1178 22 of of ADP cblr-1764 1178 23 credit credit NOUN cblr-1764 1178 24 for for ADP cblr-1764 1178 25 construction construction NOUN cblr-1764 1178 26 projects project NOUN cblr-1764 1178 27 , , PUNCT cblr-1764 1178 28 which which PRON cblr-1764 1178 29 in in ADP cblr-1764 1178 30 turn turn NOUN cblr-1764 1178 31 will will AUX cblr-1764 1178 32 prove prove VERB cblr-1764 1178 33 to to PART cblr-1764 1178 34 be be AUX cblr-1764 1178 35 a a DET cblr-1764 1178 36 boon boon NOUN cblr-1764 1178 37 to to ADP cblr-1764 1178 38 property property NOUN cblr-1764 1178 39 and and CCONJ cblr-1764 1178 40 casualty casualty NOUN cblr-1764 1178 41 insurers insurer NOUN cblr-1764 1178 42 that that PRON cblr-1764 1178 43 underwrite underwrite VERB cblr-1764 1178 44 surety surety NOUN cblr-1764 1178 45 bonds bond NOUN cblr-1764 1178 46 for for ADP cblr-1764 1178 47 the the DET cblr-1764 1178 48 construction construction NOUN cblr-1764 1178 49 industry.373 industry.373 VERB cblr-1764 1178 50 will will AUX cblr-1764 1178 51 this this DET cblr-1764 1178 52 dynamic dynamic ADJ cblr-1764 1178 53 be be AUX cblr-1764 1178 54 given give VERB cblr-1764 1178 55 an an DET cblr-1764 1178 56 explicit explicit ADJ cblr-1764 1178 57 numerical numerical ADJ cblr-1764 1178 58 score score NOUN cblr-1764 1178 59 in in ADP cblr-1764 1178 60 an an DET cblr-1764 1178 61 agency agency NOUN cblr-1764 1178 62 ’s ’s PART cblr-1764 1178 63 cba cba PROPN cblr-1764 1178 64 of of ADP cblr-1764 1178 65 bank bank PROPN cblr-1764 1178 66 capital capital NOUN cblr-1764 1178 67 requirements requirement NOUN cblr-1764 1178 68 , , PUNCT cblr-1764 1178 69 or or CCONJ cblr-1764 1178 70 instead instead ADV cblr-1764 1178 71 be be AUX cblr-1764 1178 72 overlooked overlook VERB cblr-1764 1178 73 and and CCONJ cblr-1764 1178 74 implicitly implicitly ADV cblr-1764 1178 75 weighted weight VERB cblr-1764 1178 76 zero zero NUM cblr-1764 1178 77 ? ? PUNCT cblr-1764 1179 1 if if SCONJ cblr-1764 1179 2 a a DET cblr-1764 1179 3 number number NOUN cblr-1764 1179 4 is be AUX cblr-1764 1179 5 chosen choose VERB cblr-1764 1179 6 , , PUNCT cblr-1764 1179 7 how how SCONJ cblr-1764 1179 8 reliable reliable ADJ cblr-1764 1179 9 would would AUX cblr-1764 1179 10 it it PRON cblr-1764 1179 11 be be AUX cblr-1764 1179 12 ? ? PUNCT cblr-1764 1179 13 or or CCONJ cblr-1764 1179 14 , , PUNCT cblr-1764 1179 15 assume assume VERB cblr-1764 1179 16 that that SCONJ cblr-1764 1179 17 dodd dodd PROPN cblr-1764 1179 18 - - PUNCT cblr-1764 1179 19 frank frank PROPN cblr-1764 1179 20 ’s ’s PROPN cblr-1764 1179 21 collins collins PROPN cblr-1764 1179 22 amendment amendment PROPN cblr-1764 1179 23 is be AUX cblr-1764 1179 24 used use VERB cblr-1764 1179 25 to to PART cblr-1764 1179 26 impose impose VERB cblr-1764 1179 27 capital capital NOUN cblr-1764 1179 28 requirements requirement NOUN cblr-1764 1179 29 designed design VERB cblr-1764 1179 30 for for ADP cblr-1764 1179 31 banks bank NOUN cblr-1764 1179 32 on on ADP cblr-1764 1179 33 systemically systemically ADV cblr-1764 1179 34 important important ADJ cblr-1764 1179 35 insurers insurer NOUN cblr-1764 1179 36 . . PUNCT cblr-1764 1180 1 will will AUX cblr-1764 1180 2 the the DET cblr-1764 1180 3 agencies agency NOUN cblr-1764 1180 4 include include VERB cblr-1764 1180 5 in in ADP cblr-1764 1180 6 their their PRON cblr-1764 1180 7 cba cba NOUN cblr-1764 1180 8 a a DET cblr-1764 1180 9 meaningful meaningful ADJ cblr-1764 1180 10 quantitative quantitative ADJ cblr-1764 1180 11 measurement measurement NOUN cblr-1764 1180 12 of of ADP cblr-1764 1180 13 the the DET cblr-1764 1180 14 effect effect NOUN cblr-1764 1180 15 that that SCONJ cblr-1764 1180 16 decision decision NOUN cblr-1764 1180 17 has have VERB cblr-1764 1180 18 on on ADP cblr-1764 1180 19 the the DET cblr-1764 1180 20 mix mix NOUN cblr-1764 1180 21 of of ADP cblr-1764 1180 22 financial financial ADJ cblr-1764 1180 23 risk risk NOUN cblr-1764 1180 24 - - PUNCT cblr-1764 1180 25 taking taking NOUN cblr-1764 1180 26 that that PRON cblr-1764 1180 27 is be AUX cblr-1764 1180 28 borne bear VERB cblr-1764 1180 29 by by ADP cblr-1764 1180 30 systemic systemic ADJ cblr-1764 1180 31 insurers insurer NOUN cblr-1764 1180 32 relative relative ADJ cblr-1764 1180 33 to to ADP cblr-1764 1180 34 the the DET cblr-1764 1180 35 remainder remainder NOUN cblr-1764 1180 36 of of ADP cblr-1764 1180 37 the the DET cblr-1764 1180 38 insurance insurance NOUN cblr-1764 1180 39 industry industry NOUN cblr-1764 1180 40 , , PUNCT cblr-1764 1180 41 which which PRON cblr-1764 1180 42 would would AUX cblr-1764 1180 43 now now ADV cblr-1764 1180 44 be be AUX cblr-1764 1180 45 subject subject ADJ cblr-1764 1180 46 to to ADP cblr-1764 1180 47 relatively relatively ADV cblr-1764 1180 48 less less ADV cblr-1764 1180 49 stringent stringent ADJ cblr-1764 1180 50 solvency solvency NOUN cblr-1764 1180 51 standards standard NOUN cblr-1764 1180 52 ? ? PUNCT cblr-1764 1181 1 the the DET cblr-1764 1181 2 basic basic ADJ cblr-1764 1181 3 underlying underlying ADJ cblr-1764 1181 4 difficulty difficulty NOUN cblr-1764 1181 5 is be AUX cblr-1764 1181 6 that that SCONJ cblr-1764 1181 7 , , PUNCT cblr-1764 1181 8 in in ADP cblr-1764 1181 9 order order NOUN cblr-1764 1181 10 to to PART cblr-1764 1181 11 be be AUX cblr-1764 1181 12 useful useful ADJ cblr-1764 1181 13 , , PUNCT cblr-1764 1181 14 quantitative quantitative ADJ cblr-1764 1181 15 cba cba PROPN cblr-1764 1181 16 requires require VERB cblr-1764 1181 17 financial financial ADJ cblr-1764 1181 18 agencies agency NOUN cblr-1764 1181 19 to to PART cblr-1764 1181 20 move move VERB cblr-1764 1181 21 beyond beyond ADP cblr-1764 1181 22 a a DET cblr-1764 1181 23 partial partial ADJ cblr-1764 1181 24 equilibrium equilibrium NOUN cblr-1764 1181 25 analysis analysis NOUN cblr-1764 1181 26 ( ( PUNCT cblr-1764 1181 27 how how SCONJ cblr-1764 1181 28 will will AUX cblr-1764 1181 29 capital capital NOUN cblr-1764 1181 30 requirements requirement NOUN cblr-1764 1181 31 for for ADP cblr-1764 1181 32 banks bank NOUN cblr-1764 1181 33 affect affect VERB cblr-1764 1181 34 the the DET cblr-1764 1181 35 lending lending NOUN cblr-1764 1181 36 of of ADP cblr-1764 1181 37 those those DET cblr-1764 1181 38 banks bank NOUN cblr-1764 1181 39 ? ? PUNCT cblr-1764 1181 40 ) ) PUNCT cblr-1764 1181 41 to to PART cblr-1764 1181 42 estimate estimate VERB cblr-1764 1181 43 general general ADJ cblr-1764 1181 44 equilibrium equilibrium NOUN cblr-1764 1181 45 results result NOUN cblr-1764 1181 46 ( ( PUNCT cblr-1764 1181 47 to to ADP cblr-1764 1181 48 what what DET cblr-1764 1181 49 extent extent NOUN cblr-1764 1181 50 will will AUX cblr-1764 1181 51 imposing impose VERB cblr-1764 1181 52 capital capital NOUN cblr-1764 1181 53 requirements requirement NOUN cblr-1764 1181 54 on on ADP cblr-1764 1181 55 banks bank NOUN cblr-1764 1181 56 contribute contribute VERB cblr-1764 1181 57 to to ADP cblr-1764 1181 58 372 372 NUM cblr-1764 1181 59 see see NOUN cblr-1764 1181 60 posner posner NOUN cblr-1764 1181 61 & & CCONJ cblr-1764 1181 62 weyl weyl PROPN cblr-1764 1181 63 , , PUNCT cblr-1764 1181 64 supra supra PROPN cblr-1764 1181 65 note note PROPN cblr-1764 1181 66 366 366 NUM cblr-1764 1181 67 , , PUNCT cblr-1764 1181 68 at at ADP cblr-1764 1181 69 34 34 NUM cblr-1764 1181 70 ; ; PUNCT cblr-1764 1181 71 coates coate NOUN cblr-1764 1181 72 , , PUNCT cblr-1764 1181 73 supra supra PROPN cblr-1764 1181 74 note note NOUN cblr-1764 1181 75 30 30 NUM cblr-1764 1181 76 , , PUNCT cblr-1764 1181 77 at at ADP cblr-1764 1181 78 890–94 890–94 NOUN cblr-1764 1181 79 . . PUNCT cblr-1764 1182 1 373 373 NUM cblr-1764 1182 2 see see VERB cblr-1764 1182 3 aon aon PROPN cblr-1764 1182 4 , , PUNCT cblr-1764 1182 5 supra supra PROPN cblr-1764 1182 6 note note NOUN cblr-1764 1182 7 52 52 NUM cblr-1764 1182 8 . . PUNCT cblr-1764 1183 1 turk turk PROPN cblr-1764 1183 2 – – PUNCT cblr-1764 1183 3 final final ADJ cblr-1764 1183 4 no no NOUN cblr-1764 1183 5 . . PUNCT cblr-1764 1184 1 3:967 3:967 NUM cblr-1764 1184 2 ] ] PUNCT cblr-1764 1184 3 insurance insurance NOUN cblr-1764 1184 4 convergence convergence NOUN cblr-1764 1184 5 1067 1067 NUM cblr-1764 1184 6 reducing reduce VERB cblr-1764 1184 7 the the DET cblr-1764 1184 8 “ " PUNCT cblr-1764 1184 9 cost cost NOUN cblr-1764 1184 10 of of ADP cblr-1764 1184 11 a a DET cblr-1764 1184 12 statistical statistical ADJ cblr-1764 1184 13 financial financial ADJ cblr-1764 1184 14 crisis crisis NOUN cblr-1764 1184 15 ” " PUNCT cblr-1764 1184 16 that that PRON cblr-1764 1184 17 may may AUX cblr-1764 1184 18 appear appear VERB cblr-1764 1184 19 anywhere anywhere ADV cblr-1764 1184 20 in in ADP cblr-1764 1184 21 the the DET cblr-1764 1184 22 financial financial ADJ cblr-1764 1184 23 system system NOUN cblr-1764 1184 24 ? ? PUNCT cblr-1764 1184 25 ) ) PUNCT cblr-1764 1184 26 . . PUNCT cblr-1764 1185 1 cba cba PROPN cblr-1764 1185 2 is be AUX cblr-1764 1185 3 more more ADV cblr-1764 1185 4 tractable tractable ADJ cblr-1764 1185 5 in in ADP cblr-1764 1185 6 environmental environmental ADJ cblr-1764 1185 7 and and CCONJ cblr-1764 1185 8 safety safety NOUN cblr-1764 1185 9 regulation regulation NOUN cblr-1764 1185 10 because because SCONJ cblr-1764 1185 11 , , PUNCT cblr-1764 1185 12 unlike unlike ADP cblr-1764 1185 13 finance finance NOUN cblr-1764 1185 14 , , PUNCT cblr-1764 1185 15 those those DET cblr-1764 1185 16 areas area NOUN cblr-1764 1185 17 of of ADP cblr-1764 1185 18 the the DET cblr-1764 1185 19 economy economy NOUN cblr-1764 1185 20 are be AUX cblr-1764 1185 21 not not PART cblr-1764 1185 22 as as ADV cblr-1764 1185 23 susceptible susceptible ADJ cblr-1764 1185 24 to to ADP cblr-1764 1185 25 the the DET cblr-1764 1185 26 two two NUM cblr-1764 1185 27 regulatory regulatory ADJ cblr-1764 1185 28 boundary boundary ADJ cblr-1764 1185 29 problems problem NOUN cblr-1764 1185 30 : : PUNCT cblr-1764 1185 31 financial financial ADJ cblr-1764 1185 32 assets asset NOUN cblr-1764 1185 33 are be AUX cblr-1764 1185 34 much much ADV cblr-1764 1185 35 more more ADJ cblr-1764 1185 36 mobile mobile ADJ cblr-1764 1185 37 across across ADP cblr-1764 1185 38 jurisdictional jurisdictional ADJ cblr-1764 1185 39 boundaries boundary NOUN cblr-1764 1185 40 than than SCONJ cblr-1764 1185 41 are be AUX cblr-1764 1185 42 coal coal NOUN cblr-1764 1185 43 - - PUNCT cblr-1764 1185 44 fired fire VERB cblr-1764 1185 45 power power NOUN cblr-1764 1185 46 plants plant NOUN cblr-1764 1185 47 ; ; PUNCT cblr-1764 1185 48 financial financial ADJ cblr-1764 1185 49 transactions transaction NOUN cblr-1764 1185 50 can can AUX cblr-1764 1185 51 be be AUX cblr-1764 1185 52 refashioned refashion VERB cblr-1764 1185 53 to to PART cblr-1764 1185 54 elude elude VERB cblr-1764 1185 55 regulatory regulatory ADJ cblr-1764 1185 56 categories category NOUN cblr-1764 1185 57 more more ADV cblr-1764 1185 58 easily easily ADV cblr-1764 1185 59 than than SCONJ cblr-1764 1185 60 can can AUX cblr-1764 1185 61 automobiles automobile NOUN cblr-1764 1185 62 or or CCONJ cblr-1764 1185 63 buildinginsulation buildinginsulation NOUN cblr-1764 1185 64 materials.374 materials.374 PROPN cblr-1764 1185 65 professors professor NOUN cblr-1764 1185 66 posner posner NOUN cblr-1764 1185 67 and and CCONJ cblr-1764 1185 68 weyl weyl VERB cblr-1764 1185 69 refer refer VERB cblr-1764 1185 70 to to ADP cblr-1764 1185 71 regulatory regulatory ADJ cblr-1764 1185 72 arbitrage arbitrage NOUN cblr-1764 1185 73 as as ADP cblr-1764 1185 74 generating generate VERB cblr-1764 1185 75 “ " PUNCT cblr-1764 1185 76 second second ADJ cblr-1764 1185 77 - - PUNCT cblr-1764 1185 78 order order NOUN cblr-1764 1185 79 and and CCONJ cblr-1764 1185 80 thirdorder thirdorder NOUN cblr-1764 1185 81 effects effect NOUN cblr-1764 1185 82 , , PUNCT cblr-1764 1185 83 ” " PUNCT cblr-1764 1185 84 which which PRON cblr-1764 1185 85 must must AUX cblr-1764 1185 86 be be AUX cblr-1764 1185 87 estimated estimate VERB cblr-1764 1185 88 with with ADP cblr-1764 1185 89 “ " PUNCT cblr-1764 1185 90 coarse coarse ADJ cblr-1764 1185 91 assumptions assumption NOUN cblr-1764 1185 92 and and CCONJ cblr-1764 1185 93 rules rule NOUN cblr-1764 1185 94 of of ADP cblr-1764 1185 95 thumb thumb NOUN cblr-1764 1185 96 . . PUNCT cblr-1764 1185 97 ”375 ”375 PUNCT cblr-1764 1186 1 but but CCONJ cblr-1764 1186 2 , , PUNCT cblr-1764 1186 3 given give VERB cblr-1764 1186 4 the the DET cblr-1764 1186 5 magnitude magnitude NOUN cblr-1764 1186 6 of of ADP cblr-1764 1186 7 these these DET cblr-1764 1186 8 effects effect NOUN cblr-1764 1186 9 in in ADP cblr-1764 1186 10 finance finance NOUN cblr-1764 1186 11 , , PUNCT cblr-1764 1186 12 as as SCONJ cblr-1764 1186 13 reflected reflect VERB cblr-1764 1186 14 by by ADP cblr-1764 1186 15 the the DET cblr-1764 1186 16 rise rise NOUN cblr-1764 1186 17 of of ADP cblr-1764 1186 18 shadow shadow NOUN cblr-1764 1186 19 banking banking NOUN cblr-1764 1186 20 and and CCONJ cblr-1764 1186 21 insurance insurance NOUN cblr-1764 1186 22 sectors sector NOUN cblr-1764 1186 23 , , PUNCT cblr-1764 1186 24 resorting resort VERB cblr-1764 1186 25 to to ADP cblr-1764 1186 26 rules rule NOUN cblr-1764 1186 27 of of ADP cblr-1764 1186 28 thumb thumb NOUN cblr-1764 1186 29 means mean VERB cblr-1764 1186 30 that that SCONJ cblr-1764 1186 31 in in ADP cblr-1764 1186 32 practice practice NOUN cblr-1764 1186 33 quantitative quantitative ADJ cblr-1764 1186 34 cba cba NOUN cblr-1764 1186 35 will will AUX cblr-1764 1186 36 collapse collapse VERB cblr-1764 1186 37 into into ADP cblr-1764 1186 38 conceptual conceptual ADJ cblr-1764 1186 39 cba cba PROPN cblr-1764 1186 40 . . PUNCT cblr-1764 1187 1 of of ADP cblr-1764 1187 2 course course ADV cblr-1764 1187 3 , , PUNCT cblr-1764 1187 4 environmental environmental ADJ cblr-1764 1187 5 and and CCONJ cblr-1764 1187 6 safety safety NOUN cblr-1764 1187 7 regulations regulation NOUN cblr-1764 1187 8 can can AUX cblr-1764 1187 9 be be AUX cblr-1764 1187 10 fraught fraught ADJ cblr-1764 1187 11 with with ADP cblr-1764 1187 12 uncertainty uncertainty NOUN cblr-1764 1187 13 as as ADV cblr-1764 1187 14 well well ADV cblr-1764 1187 15 , , PUNCT cblr-1764 1187 16 and and CCONJ cblr-1764 1187 17 face face VERB cblr-1764 1187 18 the the DET cblr-1764 1187 19 additional additional ADJ cblr-1764 1187 20 challenge challenge NOUN cblr-1764 1187 21 of of ADP cblr-1764 1187 22 being be AUX cblr-1764 1187 23 forced force VERB cblr-1764 1187 24 to to PART cblr-1764 1187 25 monetize monetize VERB cblr-1764 1187 26 intangible intangible ADJ cblr-1764 1187 27 goods good NOUN cblr-1764 1187 28 such such ADJ cblr-1764 1187 29 as as ADP cblr-1764 1187 30 the the DET cblr-1764 1187 31 value value NOUN cblr-1764 1187 32 of of ADP cblr-1764 1187 33 a a DET cblr-1764 1187 34 life.376 life.376 ADJ cblr-1764 1187 35 one one NUM cblr-1764 1187 36 method method NOUN cblr-1764 1187 37 agencies agency NOUN cblr-1764 1187 38 use use VERB cblr-1764 1187 39 to to PART cblr-1764 1187 40 cope cope VERB cblr-1764 1187 41 374 374 NUM cblr-1764 1187 42 cf cf NOUN cblr-1764 1187 43 . . PUNCT cblr-1764 1188 1 jeffrey jeffrey PROPN cblr-1764 1188 2 n. n. PROPN cblr-1764 1188 3 gordon gordon PROPN cblr-1764 1188 4 , , PUNCT cblr-1764 1188 5 the the DET cblr-1764 1188 6 empty empty ADJ cblr-1764 1188 7 call call NOUN cblr-1764 1188 8 for for ADP cblr-1764 1188 9 benefit benefit NOUN cblr-1764 1188 10 - - PUNCT cblr-1764 1188 11 cost cost NOUN cblr-1764 1188 12 analysis analysis NOUN cblr-1764 1188 13 in in ADP cblr-1764 1188 14 financial financial ADJ cblr-1764 1188 15 regulation regulation NOUN cblr-1764 1188 16 , , PUNCT cblr-1764 1188 17 43 43 NUM cblr-1764 1188 18 j. j. PROPN cblr-1764 1188 19 legal legal ADJ cblr-1764 1188 20 stud stud NOUN cblr-1764 1188 21 . . PUNCT cblr-1764 1189 1 s351 s351 PROPN cblr-1764 1189 2 , , PUNCT cblr-1764 1189 3 s365–66 s365–66 PROPN cblr-1764 1189 4 ( ( PUNCT cblr-1764 1189 5 2014 2014 NUM cblr-1764 1189 6 ) ) PUNCT cblr-1764 1189 7 ; ; PUNCT cblr-1764 1189 8 coates coate NOUN cblr-1764 1189 9 , , PUNCT cblr-1764 1189 10 supra supra PROPN cblr-1764 1189 11 note note NOUN cblr-1764 1189 12 30 30 NUM cblr-1764 1189 13 , , PUNCT cblr-1764 1189 14 at at ADP cblr-1764 1189 15 1002–03 1002–03 PROPN cblr-1764 1189 16 ( ( PUNCT cblr-1764 1189 17 referring refer VERB cblr-1764 1189 18 to to ADP cblr-1764 1189 19 the the DET cblr-1764 1189 20 “ " PUNCT cblr-1764 1189 21 non non ADJ cblr-1764 1189 22 - - ADJ cblr-1764 1189 23 stationary stationary ADJ cblr-1764 1189 24 ” " PUNCT cblr-1764 1189 25 character character NOUN cblr-1764 1189 26 of of ADP cblr-1764 1189 27 finance finance NOUN cblr-1764 1189 28 ) ) PUNCT cblr-1764 1189 29 . . PUNCT cblr-1764 1190 1 375 375 NUM cblr-1764 1190 2 eric eric PROPN cblr-1764 1190 3 a. a. NOUN cblr-1764 1190 4 posner posner PROPN cblr-1764 1190 5 & & CCONJ cblr-1764 1190 6 e. e. PROPN cblr-1764 1190 7 glen glen PROPN cblr-1764 1190 8 weyl weyl PROPN cblr-1764 1190 9 , , PUNCT cblr-1764 1190 10 cost cost NOUN cblr-1764 1190 11 - - PUNCT cblr-1764 1190 12 benefit benefit NOUN cblr-1764 1190 13 analysis analysis NOUN cblr-1764 1190 14 of of ADP cblr-1764 1190 15 financial financial ADJ cblr-1764 1190 16 regulations regulation NOUN cblr-1764 1190 17 : : PUNCT cblr-1764 1190 18 a a DET cblr-1764 1190 19 response response NOUN cblr-1764 1190 20 to to ADP cblr-1764 1190 21 criticisms criticism NOUN cblr-1764 1190 22 , , PUNCT cblr-1764 1190 23 124 124 NUM cblr-1764 1190 24 yale yale PROPN cblr-1764 1190 25 l.j.f l.j.f PROPN cblr-1764 1190 26 . . PUNCT cblr-1764 1191 1 246 246 NUM cblr-1764 1191 2 , , PUNCT cblr-1764 1191 3 251 251 NUM cblr-1764 1191 4 ( ( PUNCT cblr-1764 1191 5 2015 2015 NUM cblr-1764 1191 6 ) ) PUNCT cblr-1764 1191 7 , , PUNCT cblr-1764 1192 1 http://www.yalelawjournal.org/pdf/posner-weylpdf_ijby4z9e.pdf http://www.yalelawjournal.org/pdf/posner-weylpdf_ijby4z9e.pdf PROPN cblr-1764 1193 1 [ [ X cblr-1764 1193 2 http:// http:// PROPN cblr-1764 1193 3 perma.cc/6je5-svhd perma.cc/6je5-svhd NOUN cblr-1764 1193 4 ] ] PUNCT cblr-1764 1193 5 . . PUNCT cblr-1764 1194 1 376 376 NUM cblr-1764 1194 2 the the DET cblr-1764 1194 3 frequent frequent ADJ cblr-1764 1194 4 assertion assertion NOUN cblr-1764 1194 5 that that SCONJ cblr-1764 1194 6 monetization monetization NOUN cblr-1764 1194 7 of of ADP cblr-1764 1194 8 non non ADJ cblr-1764 1194 9 - - ADJ cblr-1764 1194 10 market market ADJ cblr-1764 1194 11 goods good NOUN cblr-1764 1194 12 such such ADJ cblr-1764 1194 13 as as ADP cblr-1764 1194 14 human human ADJ cblr-1764 1194 15 lives life NOUN cblr-1764 1194 16 makes make VERB cblr-1764 1194 17 cba cba PROPN cblr-1764 1194 18 for for ADP cblr-1764 1194 19 environmental environmental ADJ cblr-1764 1194 20 regulation regulation NOUN cblr-1764 1194 21 more more ADJ cblr-1764 1194 22 “ " PUNCT cblr-1764 1194 23 uncertain uncertain ADJ cblr-1764 1194 24 ” " PUNCT cblr-1764 1194 25 than than SCONJ cblr-1764 1194 26 would would AUX cblr-1764 1194 27 be be AUX cblr-1764 1194 28 the the DET cblr-1764 1194 29 case case NOUN cblr-1764 1194 30 for for ADP cblr-1764 1194 31 financial financial ADJ cblr-1764 1194 32 regulation regulation NOUN cblr-1764 1194 33 elides elide VERB cblr-1764 1194 34 an an DET cblr-1764 1194 35 important important ADJ cblr-1764 1194 36 distinction distinction NOUN cblr-1764 1194 37 . . PUNCT cblr-1764 1195 1 regulators regulator NOUN cblr-1764 1195 2 may may AUX cblr-1764 1195 3 in in ADP cblr-1764 1195 4 fact fact NOUN cblr-1764 1195 5 have have VERB cblr-1764 1195 6 reliable reliable ADJ cblr-1764 1195 7 estimates estimate NOUN cblr-1764 1195 8 regarding regard VERB cblr-1764 1195 9 the the DET cblr-1764 1195 10 relationship relationship NOUN cblr-1764 1195 11 between between ADP cblr-1764 1195 12 the the DET cblr-1764 1195 13 presence presence NOUN cblr-1764 1195 14 of of ADP cblr-1764 1195 15 a a DET cblr-1764 1195 16 particular particular ADJ cblr-1764 1195 17 toxin toxin NOUN cblr-1764 1195 18 and and CCONJ cblr-1764 1195 19 fatality fatality NOUN cblr-1764 1195 20 rates rate NOUN cblr-1764 1195 21 ; ; PUNCT cblr-1764 1195 22 the the DET cblr-1764 1195 23 further further ADJ cblr-1764 1195 24 task task NOUN cblr-1764 1195 25 of of ADP cblr-1764 1195 26 assigning assign VERB cblr-1764 1195 27 a a DET cblr-1764 1195 28 dollar dollar NOUN cblr-1764 1195 29 - - PUNCT cblr-1764 1195 30 multiplier multiplier NOUN cblr-1764 1195 31 to to ADP cblr-1764 1195 32 the the DET cblr-1764 1195 33 number number NOUN cblr-1764 1195 34 of of ADP cblr-1764 1195 35 lives life NOUN cblr-1764 1195 36 at at ADP cblr-1764 1195 37 risk risk NOUN cblr-1764 1195 38 involves involve VERB cblr-1764 1195 39 stipulating stipulate VERB cblr-1764 1195 40 to to ADP cblr-1764 1195 41 a a DET cblr-1764 1195 42 philosophical philosophical ADJ cblr-1764 1195 43 position position NOUN cblr-1764 1195 44 , , PUNCT cblr-1764 1195 45 and and CCONJ cblr-1764 1195 46 does do AUX cblr-1764 1195 47 not not PART cblr-1764 1195 48 pose pose VERB cblr-1764 1195 49 an an DET cblr-1764 1195 50 intractable intractable ADJ cblr-1764 1195 51 calculation calculation NOUN cblr-1764 1195 52 problem problem NOUN cblr-1764 1195 53 . . PUNCT cblr-1764 1196 1 references reference NOUN cblr-1764 1196 2 to to ADP cblr-1764 1196 3 the the DET cblr-1764 1196 4 usefulness usefulness NOUN cblr-1764 1196 5 of of ADP cblr-1764 1196 6 cba cba PROPN cblr-1764 1196 7 in in ADP cblr-1764 1196 8 the the DET cblr-1764 1196 9 antitrust antitrust ADJ cblr-1764 1196 10 context context NOUN cblr-1764 1196 11 are be AUX cblr-1764 1196 12 also also ADV cblr-1764 1196 13 not not PART cblr-1764 1196 14 quite quite ADV cblr-1764 1196 15 on on ADP cblr-1764 1196 16 point point NOUN cblr-1764 1196 17 . . PUNCT cblr-1764 1197 1 antitrust antitrust ADJ cblr-1764 1197 2 cba cba NOUN cblr-1764 1197 3 typically typically ADV cblr-1764 1197 4 begins begin VERB cblr-1764 1197 5 with with ADP cblr-1764 1197 6 an an DET cblr-1764 1197 7 initial initial ADJ cblr-1764 1197 8 step step NOUN cblr-1764 1197 9 of of ADP cblr-1764 1197 10 “ " PUNCT cblr-1764 1197 11 defining define VERB cblr-1764 1197 12 the the DET cblr-1764 1197 13 [ [ X cblr-1764 1197 14 relevant relevant X cblr-1764 1197 15 ] ] X cblr-1764 1197 16 market market NOUN cblr-1764 1197 17 , , PUNCT cblr-1764 1197 18 ” " PUNCT cblr-1764 1197 19 and and CCONJ cblr-1764 1197 20 thereby thereby ADV cblr-1764 1197 21 reduces reduce VERB cblr-1764 1197 22 the the DET cblr-1764 1197 23 problem problem NOUN cblr-1764 1197 24 to to ADP cblr-1764 1197 25 a a DET cblr-1764 1197 26 partial partial ADJ cblr-1764 1197 27 turk turk NOUN cblr-1764 1197 28 – – PUNCT cblr-1764 1198 1 final final ADJ cblr-1764 1198 2 1068 1068 NUM cblr-1764 1198 3 columbia columbia PROPN cblr-1764 1198 4 business business NOUN cblr-1764 1198 5 law law PROPN cblr-1764 1198 6 review review NOUN cblr-1764 1198 7 [ [ X cblr-1764 1198 8 vol vol NOUN cblr-1764 1198 9 . . NOUN cblr-1764 1198 10 2015 2015 NUM cblr-1764 1198 11 with with ADP cblr-1764 1198 12 this this DET cblr-1764 1198 13 uncertainty uncertainty NOUN cblr-1764 1198 14 is be AUX cblr-1764 1198 15 known know VERB cblr-1764 1198 16 as as ADP cblr-1764 1198 17 “ " PUNCT cblr-1764 1198 18 break break VERB cblr-1764 1198 19 - - PUNCT cblr-1764 1198 20 even even ADV cblr-1764 1198 21 ” " PUNCT cblr-1764 1198 22 analysis.377 analysis.377 NOUN cblr-1764 1198 23 assume assume VERB cblr-1764 1198 24 osha osha PROPN cblr-1764 1198 25 proposes propose VERB cblr-1764 1198 26 a a DET cblr-1764 1198 27 rule rule NOUN cblr-1764 1198 28 to to PART cblr-1764 1198 29 limit limit VERB cblr-1764 1198 30 lead lead ADJ cblr-1764 1198 31 concentrations concentration NOUN cblr-1764 1198 32 in in ADP cblr-1764 1198 33 paint paint NOUN cblr-1764 1198 34 ; ; PUNCT cblr-1764 1198 35 cba cba PROPN cblr-1764 1198 36 requires require VERB cblr-1764 1198 37 that that SCONJ cblr-1764 1198 38 it it PRON cblr-1764 1198 39 project project VERB cblr-1764 1198 40 the the DET cblr-1764 1198 41 implementation implementation NOUN cblr-1764 1198 42 costs cost NOUN cblr-1764 1198 43 that that PRON cblr-1764 1198 44 will will AUX cblr-1764 1198 45 be be AUX cblr-1764 1198 46 incurred incur VERB cblr-1764 1198 47 by by ADP cblr-1764 1198 48 employers employer NOUN cblr-1764 1198 49 and and CCONJ cblr-1764 1198 50 weigh weigh VERB cblr-1764 1198 51 them they PRON cblr-1764 1198 52 relative relative ADJ cblr-1764 1198 53 to to ADP cblr-1764 1198 54 the the DET cblr-1764 1198 55 estimated estimate VERB cblr-1764 1198 56 reduction reduction NOUN cblr-1764 1198 57 in in ADP cblr-1764 1198 58 the the DET cblr-1764 1198 59 incidence incidence NOUN cblr-1764 1198 60 of of ADP cblr-1764 1198 61 lead lead ADJ cblr-1764 1198 62 toxicity toxicity NOUN cblr-1764 1198 63 in in ADP cblr-1764 1198 64 workers worker NOUN cblr-1764 1198 65 . . PUNCT cblr-1764 1199 1 break break VERB cblr-1764 1199 2 - - PUNCT cblr-1764 1199 3 even even ADV cblr-1764 1199 4 analysis analysis NOUN cblr-1764 1199 5 requires require VERB cblr-1764 1199 6 that that SCONJ cblr-1764 1199 7 osha osha PROPN cblr-1764 1199 8 only only ADV cblr-1764 1199 9 propose propose VERB cblr-1764 1199 10 the the DET cblr-1764 1199 11 rule rule NOUN cblr-1764 1199 12 if if SCONJ cblr-1764 1199 13 the the DET cblr-1764 1199 14 lowest low ADJ cblr-1764 1199 15 point point NOUN cblr-1764 1199 16 in in ADP cblr-1764 1199 17 the the DET cblr-1764 1199 18 estimated estimate VERB cblr-1764 1199 19 range range NOUN cblr-1764 1199 20 of of ADP cblr-1764 1199 21 benefits benefit NOUN cblr-1764 1199 22 exceeds exceed VERB cblr-1764 1199 23 the the DET cblr-1764 1199 24 high high ADJ cblr-1764 1199 25 - - PUNCT cblr-1764 1199 26 point point NOUN cblr-1764 1199 27 of of ADP cblr-1764 1199 28 the the DET cblr-1764 1199 29 estimated estimate VERB cblr-1764 1199 30 range range NOUN cblr-1764 1199 31 of of ADP cblr-1764 1199 32 costs cost NOUN cblr-1764 1199 33 . . PUNCT cblr-1764 1200 1 break break VERB cblr-1764 1200 2 - - PUNCT cblr-1764 1200 3 even even ADV cblr-1764 1200 4 analysis analysis NOUN cblr-1764 1200 5 mitigates mitigate NOUN cblr-1764 1200 6 against against ADP cblr-1764 1200 7 uncertain uncertain ADJ cblr-1764 1200 8 projections projection NOUN cblr-1764 1200 9 because because SCONJ cblr-1764 1200 10 , , PUNCT cblr-1764 1200 11 even even ADV cblr-1764 1200 12 if if SCONJ cblr-1764 1200 13 osha osha PROPN cblr-1764 1200 14 ’s ’s PART cblr-1764 1200 15 estimates estimate NOUN cblr-1764 1200 16 prove prove VERB cblr-1764 1200 17 to to PART cblr-1764 1200 18 be be AUX cblr-1764 1200 19 substantially substantially ADV cblr-1764 1200 20 inaccurate inaccurate ADJ cblr-1764 1200 21 , , PUNCT cblr-1764 1200 22 they they PRON cblr-1764 1200 23 should should AUX cblr-1764 1200 24 nonetheless nonetheless ADV cblr-1764 1200 25 fall fall VERB cblr-1764 1200 26 within within ADP cblr-1764 1200 27 the the DET cblr-1764 1200 28 range range NOUN cblr-1764 1200 29 between between ADP cblr-1764 1200 30 the the DET cblr-1764 1200 31 lowest low ADJ cblr-1764 1200 32 anticipated anticipate VERB cblr-1764 1200 33 benefits benefit NOUN cblr-1764 1200 34 and and CCONJ cblr-1764 1200 35 highest high ADJ cblr-1764 1200 36 estimated estimate VERB cblr-1764 1200 37 costs cost NOUN cblr-1764 1200 38 so so ADV cblr-1764 1200 39 long long ADV cblr-1764 1200 40 as as SCONJ cblr-1764 1200 41 the the DET cblr-1764 1200 42 estimates estimate NOUN cblr-1764 1200 43 roughly roughly ADV cblr-1764 1200 44 tend tend VERB cblr-1764 1200 45 in in ADP cblr-1764 1200 46 the the DET cblr-1764 1200 47 right right ADJ cblr-1764 1200 48 direction direction NOUN cblr-1764 1200 49 . . PUNCT cblr-1764 1201 1 in in ADP cblr-1764 1201 2 the the DET cblr-1764 1201 3 context context NOUN cblr-1764 1201 4 of of ADP cblr-1764 1201 5 financial financial ADJ cblr-1764 1201 6 regulation regulation NOUN cblr-1764 1201 7 , , PUNCT cblr-1764 1201 8 though though ADV cblr-1764 1201 9 , , PUNCT cblr-1764 1201 10 applying apply VERB cblr-1764 1201 11 the the DET cblr-1764 1201 12 liberal liberal ADJ cblr-1764 1201 13 break break NOUN cblr-1764 1201 14 - - PUNCT cblr-1764 1201 15 even even ADV cblr-1764 1201 16 criterion criterion NOUN cblr-1764 1201 17 might might AUX cblr-1764 1201 18 still still ADV cblr-1764 1201 19 be be AUX cblr-1764 1201 20 insufficient insufficient ADJ cblr-1764 1201 21 . . PUNCT cblr-1764 1202 1 this this PRON cblr-1764 1202 2 can can AUX cblr-1764 1202 3 be be AUX cblr-1764 1202 4 shown show VERB cblr-1764 1202 5 by by ADP cblr-1764 1202 6 returning return VERB cblr-1764 1202 7 to to ADP cblr-1764 1202 8 the the DET cblr-1764 1202 9 cba cba PROPN cblr-1764 1202 10 hypothetical hypothetical ADJ cblr-1764 1202 11 for for ADP cblr-1764 1202 12 capital capital NOUN cblr-1764 1202 13 requirements requirement NOUN cblr-1764 1202 14 , , PUNCT cblr-1764 1202 15 as as SCONJ cblr-1764 1202 16 it it PRON cblr-1764 1202 17 would would AUX cblr-1764 1202 18 have have AUX cblr-1764 1202 19 been be AUX cblr-1764 1202 20 applied apply VERB cblr-1764 1202 21 at at ADP cblr-1764 1202 22 the the DET cblr-1764 1202 23 time time NOUN cblr-1764 1202 24 of of ADP cblr-1764 1202 25 basel basel PROPN cblr-1764 1202 26 ii ii PROPN cblr-1764 1202 27 . . PUNCT cblr-1764 1203 1 presumably presumably ADV cblr-1764 1203 2 , , PUNCT cblr-1764 1203 3 regulators regulator NOUN cblr-1764 1203 4 would would AUX cblr-1764 1203 5 tally tally VERB cblr-1764 1203 6 the the DET cblr-1764 1203 7 costs cost NOUN cblr-1764 1203 8 that that PRON cblr-1764 1203 9 basel basel PROPN cblr-1764 1203 10 ii ii PROPN cblr-1764 1203 11 ’s ’s PART cblr-1764 1203 12 restrictions restriction NOUN cblr-1764 1203 13 on on ADP cblr-1764 1203 14 bank bank NOUN cblr-1764 1203 15 lending lending NOUN cblr-1764 1203 16 would would AUX cblr-1764 1203 17 have have VERB cblr-1764 1203 18 on on ADP cblr-1764 1203 19 the the DET cblr-1764 1203 20 economy economy NOUN cblr-1764 1203 21 , , PUNCT cblr-1764 1203 22 estimate estimate VERB cblr-1764 1203 23 the the DET cblr-1764 1203 24 crisis crisis NOUN cblr-1764 1203 25 - - PUNCT cblr-1764 1203 26 prevention prevention NOUN cblr-1764 1203 27 benefits benefit NOUN cblr-1764 1203 28 of of ADP cblr-1764 1203 29 reduced reduce VERB cblr-1764 1203 30 risk risk NOUN cblr-1764 1203 31 - - PUNCT cblr-1764 1203 32 taking taking NOUN cblr-1764 1203 33 by by ADP cblr-1764 1203 34 banks bank NOUN cblr-1764 1203 35 , , PUNCT cblr-1764 1203 36 and and CCONJ cblr-1764 1203 37 then then ADV cblr-1764 1203 38 compare compare VERB cblr-1764 1203 39 magnitudes magnitude NOUN cblr-1764 1203 40 . . PUNCT cblr-1764 1204 1 the the DET cblr-1764 1204 2 problem problem NOUN cblr-1764 1204 3 is be AUX cblr-1764 1204 4 that that SCONJ cblr-1764 1204 5 according accord VERB cblr-1764 1204 6 to to ADP cblr-1764 1204 7 a a DET cblr-1764 1204 8 quite quite ADV cblr-1764 1204 9 common common ADJ cblr-1764 1204 10 assessment assessment NOUN cblr-1764 1204 11 of of ADP cblr-1764 1204 12 the the DET cblr-1764 1204 13 effects effect NOUN cblr-1764 1204 14 of of ADP cblr-1764 1204 15 basel basel PROPN cblr-1764 1204 16 ii,378 ii,378 PROPN cblr-1764 1204 17 an an DET cblr-1764 1204 18 ex ex X cblr-1764 1204 19 post post NOUN cblr-1764 1204 20 cba cba PROPN cblr-1764 1204 21 would would AUX cblr-1764 1204 22 find find VERB cblr-1764 1204 23 that that SCONJ cblr-1764 1204 24 the the DET cblr-1764 1204 25 ex ex PROPN cblr-1764 1204 26 ante ante PROPN cblr-1764 1204 27 cba cba PROPN cblr-1764 1204 28 was be AUX cblr-1764 1204 29 not not PART cblr-1764 1204 30 only only ADV cblr-1764 1204 31 incorrect incorrect ADJ cblr-1764 1204 32 , , PUNCT cblr-1764 1204 33 but but CCONJ cblr-1764 1204 34 made make VERB cblr-1764 1204 35 a a DET cblr-1764 1204 36 ( ( PUNCT cblr-1764 1204 37 + + ADJ cblr-1764 1204 38 /- /- ADJ cblr-1764 1204 39 ) ) PUNCT cblr-1764 1204 40 sign sign NOUN cblr-1764 1204 41 - - PUNCT cblr-1764 1204 42 error error NOUN cblr-1764 1204 43 for for ADP cblr-1764 1204 44 both both DET cblr-1764 1204 45 prongs prong NOUN cblr-1764 1204 46 of of ADP cblr-1764 1204 47 the the DET cblr-1764 1204 48 analysis analysis NOUN cblr-1764 1204 49 . . PUNCT cblr-1764 1205 1 basel basel PROPN cblr-1764 1205 2 ii ii PROPN cblr-1764 1205 3 arguably arguably ADV cblr-1764 1205 4 pushed push VERB cblr-1764 1205 5 banks bank NOUN cblr-1764 1205 6 into into ADP cblr-1764 1205 7 aaa aaa NOUN cblr-1764 1205 8 - - PUNCT cblr-1764 1205 9 rated rate VERB cblr-1764 1205 10 mortgagebacked mortgagebacked ADJ cblr-1764 1205 11 securities security NOUN cblr-1764 1205 12 , , PUNCT cblr-1764 1205 13 which which PRON cblr-1764 1205 14 increased increase VERB cblr-1764 1205 15 the the DET cblr-1764 1205 16 flow flow NOUN cblr-1764 1205 17 of of ADP cblr-1764 1205 18 credit credit NOUN cblr-1764 1205 19 to to ADP cblr-1764 1205 20 the the DET cblr-1764 1205 21 housing housing NOUN cblr-1764 1205 22 market market NOUN cblr-1764 1205 23 , , PUNCT cblr-1764 1205 24 and and CCONJ cblr-1764 1205 25 contributed contribute VERB cblr-1764 1205 26 to to ADP cblr-1764 1205 27 the the DET cblr-1764 1205 28 housing housing NOUN cblr-1764 1205 29 boom boom NOUN cblr-1764 1205 30 . . PUNCT cblr-1764 1206 1 in in ADP cblr-1764 1206 2 equilibrium equilibrium NOUN cblr-1764 1206 3 analysis analysis NOUN cblr-1764 1206 4 . . PUNCT cblr-1764 1207 1 because because SCONJ cblr-1764 1207 2 of of ADP cblr-1764 1207 3 the the DET cblr-1764 1207 4 regulatory regulatory ADJ cblr-1764 1207 5 arbitrage arbitrage NOUN cblr-1764 1207 6 features feature VERB cblr-1764 1207 7 unique unique ADJ cblr-1764 1207 8 to to ADP cblr-1764 1207 9 finance finance NOUN cblr-1764 1207 10 that that PRON cblr-1764 1207 11 are be AUX cblr-1764 1207 12 emphasized emphasize VERB cblr-1764 1207 13 in in ADP cblr-1764 1207 14 this this DET cblr-1764 1207 15 article article NOUN cblr-1764 1207 16 , , PUNCT cblr-1764 1207 17 cba cba PROPN cblr-1764 1207 18 for for ADP cblr-1764 1207 19 financial financial ADJ cblr-1764 1207 20 regulation regulation NOUN cblr-1764 1207 21 can can AUX cblr-1764 1207 22 miss miss VERB cblr-1764 1207 23 wide wide ADV cblr-1764 1207 24 of of ADP cblr-1764 1207 25 the the DET cblr-1764 1207 26 mark mark NOUN cblr-1764 1207 27 unless unless SCONJ cblr-1764 1207 28 it it PRON cblr-1764 1207 29 accounts account VERB cblr-1764 1207 30 for for ADP cblr-1764 1207 31 much much ADV cblr-1764 1207 32 more more ADV cblr-1764 1207 33 elusive elusive ADJ cblr-1764 1207 34 general general ADJ cblr-1764 1207 35 equilibrium equilibrium NOUN cblr-1764 1207 36 effects effect NOUN cblr-1764 1207 37 . . PUNCT cblr-1764 1208 1 377 377 NUM cblr-1764 1208 2 see see VERB cblr-1764 1208 3 cass cass PROPN cblr-1764 1208 4 r. r. PROPN cblr-1764 1208 5 sunstein sunstein PROPN cblr-1764 1208 6 , , PUNCT cblr-1764 1208 7 financial financial ADJ cblr-1764 1208 8 regulation regulation NOUN cblr-1764 1208 9 and and CCONJ cblr-1764 1208 10 cost cost NOUN cblr-1764 1208 11 - - PUNCT cblr-1764 1208 12 benefit benefit NOUN cblr-1764 1208 13 analysis analysis NOUN cblr-1764 1208 14 , , PUNCT cblr-1764 1208 15 124 124 NUM cblr-1764 1208 16 yale yale PROPN cblr-1764 1208 17 l.j.f l.j.f NOUN cblr-1764 1208 18 . . PUNCT cblr-1764 1208 19 263 263 NUM cblr-1764 1208 20 , , PUNCT cblr-1764 1208 21 270–75 270–75 NUM cblr-1764 1208 22 ( ( PUNCT cblr-1764 1208 23 2015 2015 NUM cblr-1764 1208 24 ) ) PUNCT cblr-1764 1208 25 , , PUNCT cblr-1764 1208 26 http://www.yalelaw http://www.yalelaw NOUN cblr-1764 1208 27 journal.org/forum/financial-regulation-and-cost-benefit-analysis journal.org/forum/financial-regulation-and-cost-benefit-analysis NOUN cblr-1764 1208 28 [ [ X cblr-1764 1208 29 http://perma.cc/mk4d-kbrm http://perma.cc/mk4d-kbrm X cblr-1764 1208 30 ] ] X cblr-1764 1208 31 . . PUNCT cblr-1764 1209 1 378 378 NUM cblr-1764 1209 2 see see VERB cblr-1764 1209 3 romano romano NOUN cblr-1764 1209 4 , , PUNCT cblr-1764 1209 5 supra supra ADJ cblr-1764 1209 6 note note NOUN cblr-1764 1209 7 192 192 NUM cblr-1764 1209 8 , , PUNCT cblr-1764 1209 9 at at ADP cblr-1764 1209 10 12–13 12–13 NUM cblr-1764 1209 11 ; ; PUNCT cblr-1764 1209 12 whitehead whitehead PROPN cblr-1764 1209 13 , , PUNCT cblr-1764 1209 14 supra supra PROPN cblr-1764 1209 15 note note NOUN cblr-1764 1209 16 194 194 NUM cblr-1764 1209 17 , , PUNCT cblr-1764 1209 18 at at ADP cblr-1764 1209 19 333–34 333–34 NUM cblr-1764 1209 20 ; ; PUNCT cblr-1764 1209 21 atik atik PROPN cblr-1764 1209 22 , , PUNCT cblr-1764 1209 23 supra supra PROPN cblr-1764 1209 24 note note NOUN cblr-1764 1209 25 250 250 NUM cblr-1764 1209 26 , , PUNCT cblr-1764 1209 27 at at ADP cblr-1764 1209 28 734–45 734–45 PROPN cblr-1764 1209 29 . . PUNCT cblr-1764 1210 1 turk turk PROPN cblr-1764 1210 2 – – PUNCT cblr-1764 1210 3 final final ADJ cblr-1764 1210 4 no no NOUN cblr-1764 1210 5 . . PUNCT cblr-1764 1211 1 3:967 3:967 NUM cblr-1764 1211 2 ] ] PUNCT cblr-1764 1211 3 insurance insurance NOUN cblr-1764 1211 4 convergence convergence NOUN cblr-1764 1211 5 1069 1069 NUM cblr-1764 1211 6 other other ADJ cblr-1764 1211 7 words word NOUN cblr-1764 1211 8 , , PUNCT cblr-1764 1211 9 it it PRON cblr-1764 1211 10 increased increase VERB cblr-1764 1211 11 ( ( PUNCT cblr-1764 1211 12 rather rather ADV cblr-1764 1211 13 than than ADP cblr-1764 1211 14 decreased decrease VERB cblr-1764 1211 15 ) ) PUNCT cblr-1764 1211 16 lending lending NOUN cblr-1764 1211 17 to to ADP cblr-1764 1211 18 the the DET cblr-1764 1211 19 real real ADJ cblr-1764 1211 20 economy economy NOUN cblr-1764 1211 21 . . PUNCT cblr-1764 1212 1 at at ADP cblr-1764 1212 2 the the DET cblr-1764 1212 3 same same ADJ cblr-1764 1212 4 time time NOUN cblr-1764 1212 5 , , PUNCT cblr-1764 1212 6 as as SCONJ cblr-1764 1212 7 was be AUX cblr-1764 1212 8 notoriously notoriously ADV cblr-1764 1212 9 discovered discover VERB cblr-1764 1212 10 in in ADP cblr-1764 1212 11 2008 2008 NUM cblr-1764 1212 12 , , PUNCT cblr-1764 1212 13 the the DET cblr-1764 1212 14 aaa aaa NOUN cblr-1764 1212 15 - - PUNCT cblr-1764 1212 16 rated rate VERB cblr-1764 1212 17 securities security NOUN cblr-1764 1212 18 that that PRON cblr-1764 1212 19 basel basel PROPN cblr-1764 1212 20 ii ii PROPN cblr-1764 1212 21 weighted weight VERB cblr-1764 1212 22 as as ADP cblr-1764 1212 23 essentially essentially ADV cblr-1764 1212 24 risk risk NOUN cblr-1764 1212 25 - - PUNCT cblr-1764 1212 26 free free ADJ cblr-1764 1212 27 turned turn VERB cblr-1764 1212 28 out out ADP cblr-1764 1212 29 to to PART cblr-1764 1212 30 be be AUX cblr-1764 1212 31 quite quite ADV cblr-1764 1212 32 risky risky ADJ cblr-1764 1212 33 , , PUNCT cblr-1764 1212 34 and and CCONJ cblr-1764 1212 35 basel basel PROPN cblr-1764 1212 36 ii ii PROPN cblr-1764 1212 37 therefore therefore ADV cblr-1764 1212 38 had have VERB cblr-1764 1212 39 the the DET cblr-1764 1212 40 effect effect NOUN cblr-1764 1212 41 of of ADP cblr-1764 1212 42 increasing increase VERB cblr-1764 1212 43 ( ( PUNCT cblr-1764 1212 44 not not PART cblr-1764 1212 45 decreasing decrease VERB cblr-1764 1212 46 ) ) PUNCT cblr-1764 1212 47 the the DET cblr-1764 1212 48 amount amount NOUN cblr-1764 1212 49 of of ADP cblr-1764 1212 50 risk risk NOUN cblr-1764 1212 51 borne bear VERB cblr-1764 1212 52 by by ADP cblr-1764 1212 53 the the DET cblr-1764 1212 54 banking banking NOUN cblr-1764 1212 55 system system NOUN cblr-1764 1212 56 and and CCONJ cblr-1764 1212 57 the the DET cblr-1764 1212 58 statistical statistical ADJ cblr-1764 1212 59 cost cost NOUN cblr-1764 1212 60 of of ADP cblr-1764 1212 61 a a DET cblr-1764 1212 62 crisis crisis NOUN cblr-1764 1212 63 . . PUNCT cblr-1764 1213 1 such such DET cblr-1764 1213 2 a a DET cblr-1764 1213 3 result result NOUN cblr-1764 1213 4 , , PUNCT cblr-1764 1213 5 of of ADP cblr-1764 1213 6 negative negative ADJ cblr-1764 1213 7 “ " PUNCT cblr-1764 1213 8 benefits benefit NOUN cblr-1764 1213 9 ” " PUNCT cblr-1764 1213 10 and and CCONJ cblr-1764 1213 11 positive positive ADJ cblr-1764 1213 12 “ " PUNCT cblr-1764 1213 13 costs cost NOUN cblr-1764 1213 14 , , PUNCT cblr-1764 1213 15 ” " PUNCT cblr-1764 1213 16 is be AUX cblr-1764 1213 17 foreign foreign ADJ cblr-1764 1213 18 to to ADP cblr-1764 1213 19 cba cba PROPN cblr-1764 1213 20 in in ADP cblr-1764 1213 21 environmental environmental ADJ cblr-1764 1213 22 or or CCONJ cblr-1764 1213 23 transportation transportation NOUN cblr-1764 1213 24 regulation regulation NOUN cblr-1764 1213 25 , , PUNCT cblr-1764 1213 26 and and CCONJ cblr-1764 1213 27 can can AUX cblr-1764 1213 28 not not PART cblr-1764 1213 29 be be AUX cblr-1764 1213 30 saved save VERB cblr-1764 1213 31 by by ADP cblr-1764 1213 32 the the DET cblr-1764 1213 33 restrictive restrictive ADJ cblr-1764 1213 34 assumption assumption NOUN cblr-1764 1213 35 of of ADP cblr-1764 1213 36 break break NOUN cblr-1764 1213 37 - - PUNCT cblr-1764 1213 38 even even ADV cblr-1764 1213 39 analysis.379 analysis.379 ADP cblr-1764 1213 40 ultimately ultimately ADV cblr-1764 1213 41 , , PUNCT cblr-1764 1213 42 it it PRON cblr-1764 1213 43 is be AUX cblr-1764 1213 44 hard hard ADJ cblr-1764 1213 45 to to PART cblr-1764 1213 46 argue argue VERB cblr-1764 1213 47 against against ADP cblr-1764 1213 48 the the DET cblr-1764 1213 49 propositions proposition NOUN cblr-1764 1213 50 that that PRON cblr-1764 1213 51 benefits benefit NOUN cblr-1764 1213 52 should should AUX cblr-1764 1213 53 exceed exceed VERB cblr-1764 1213 54 costs cost NOUN cblr-1764 1213 55 and and CCONJ cblr-1764 1213 56 that that SCONJ cblr-1764 1213 57 , , PUNCT cblr-1764 1213 58 where where SCONJ cblr-1764 1213 59 practicable practicable ADJ cblr-1764 1213 60 , , PUNCT cblr-1764 1213 61 estimates estimate NOUN cblr-1764 1213 62 should should AUX cblr-1764 1213 63 be be AUX cblr-1764 1213 64 quantified quantify VERB cblr-1764 1213 65 . . PUNCT cblr-1764 1214 1 but but CCONJ cblr-1764 1214 2 this this PRON cblr-1764 1214 3 does do AUX cblr-1764 1214 4 not not PART cblr-1764 1214 5 mean mean VERB cblr-1764 1214 6 that that SCONJ cblr-1764 1214 7 financial financial ADJ cblr-1764 1214 8 regulation regulation NOUN cblr-1764 1214 9 would would AUX cblr-1764 1214 10 be be AUX cblr-1764 1214 11 materially materially ADV cblr-1764 1214 12 improved improve VERB cblr-1764 1214 13 by by ADP cblr-1764 1214 14 requiring require VERB cblr-1764 1214 15 federal federal ADJ cblr-1764 1214 16 agencies agency NOUN cblr-1764 1214 17 to to PART cblr-1764 1214 18 perform perform VERB cblr-1764 1214 19 the the DET cblr-1764 1214 20 ritualized ritualized ADJ cblr-1764 1214 21 cba cba NOUN cblr-1764 1214 22 currently currently ADV cblr-1764 1214 23 practiced practice VERB cblr-1764 1214 24 in in ADP cblr-1764 1214 25 environmental environmental ADJ cblr-1764 1214 26 and and CCONJ cblr-1764 1214 27 health health NOUN cblr-1764 1214 28 and and CCONJ cblr-1764 1214 29 safety safety NOUN cblr-1764 1214 30 regulation.380 regulation.380 VERB cblr-1764 1214 31 cba cba NOUN cblr-1764 1214 32 proponents proponent NOUN cblr-1764 1214 33 ’ ' PUNCT cblr-1764 1214 34 argument argument NOUN cblr-1764 1214 35 that that SCONJ cblr-1764 1214 36 “ " PUNCT cblr-1764 1214 37 cba cba PROPN cblr-1764 1214 38 provides provide VERB cblr-1764 1214 39 a a DET cblr-1764 1214 40 useful useful ADJ cblr-1764 1214 41 device device NOUN cblr-1764 1214 42 for for ADP cblr-1764 1214 43 combating combat VERB cblr-1764 1214 44 regulatory regulatory ADJ cblr-1764 1214 45 arbitrage arbitrage NOUN cblr-1764 1214 46 . . PUNCT cblr-1764 1215 1 because because SCONJ cblr-1764 1215 2 cba cba PROPN cblr-1764 1215 3 involves involve VERB cblr-1764 1215 4 a a DET cblr-1764 1215 5 predictable predictable ADJ cblr-1764 1215 6 method method NOUN cblr-1764 1215 7 and and CCONJ cblr-1764 1215 8 relies rely VERB cblr-1764 1215 9 on on ADP cblr-1764 1215 10 data datum NOUN cblr-1764 1215 11 that that PRON cblr-1764 1215 12 are be AUX cblr-1764 1215 13 generally generally ADV cblr-1764 1215 14 available available ADJ cblr-1764 1215 15 , , PUNCT cblr-1764 1215 16 whether whether SCONJ cblr-1764 1215 17 firms firm NOUN cblr-1764 1215 18 can can AUX cblr-1764 1215 19 more more ADV cblr-1764 1215 20 easily easily ADV cblr-1764 1215 21 predict predict VERB cblr-1764 1215 22 how how SCONJ cblr-1764 1215 23 agencies agency NOUN cblr-1764 1215 24 will will AUX cblr-1764 1215 25 react react VERB cblr-1764 1215 26 to to ADP cblr-1764 1215 27 new new ADJ cblr-1764 1215 28 activities”381 activities”381 PROPN cblr-1764 1215 29 is be AUX cblr-1764 1215 30 also also ADV cblr-1764 1215 31 questionable questionable ADJ cblr-1764 1215 32 . . PUNCT cblr-1764 1216 1 in in ADP cblr-1764 1216 2 general general ADJ cblr-1764 1216 3 , , PUNCT cblr-1764 1216 4 when when SCONJ cblr-1764 1216 5 a a DET cblr-1764 1216 6 particular particular ADJ cblr-1764 1216 7 measure measure NOUN cblr-1764 1216 8 379 379 NUM cblr-1764 1216 9 although although SCONJ cblr-1764 1216 10 no no DET cblr-1764 1216 11 quantitative quantitative ADJ cblr-1764 1216 12 cba cba NOUN cblr-1764 1216 13 was be AUX cblr-1764 1216 14 in in ADP cblr-1764 1216 15 fact fact NOUN cblr-1764 1216 16 performed perform VERB cblr-1764 1216 17 prior prior ADV cblr-1764 1216 18 to to ADP cblr-1764 1216 19 basel basel PROPN cblr-1764 1216 20 ii ii PROPN cblr-1764 1216 21 , , PUNCT cblr-1764 1216 22 a a DET cblr-1764 1216 23 result result NOUN cblr-1764 1216 24 consistent consistent ADJ cblr-1764 1216 25 to to ADP cblr-1764 1216 26 that that PRON cblr-1764 1216 27 described describe VERB cblr-1764 1216 28 above above ADV cblr-1764 1216 29 was be AUX cblr-1764 1216 30 arrived arrive VERB cblr-1764 1216 31 at at ADP cblr-1764 1216 32 by by ADP cblr-1764 1216 33 the the DET cblr-1764 1216 34 u.k u.k PROPN cblr-1764 1216 35 . . PROPN cblr-1764 1216 36 ’s ’s PART cblr-1764 1216 37 financial financial PROPN cblr-1764 1216 38 services service NOUN cblr-1764 1216 39 authority authority NOUN cblr-1764 1216 40 , , PUNCT cblr-1764 1216 41 when when SCONJ cblr-1764 1216 42 it it PRON cblr-1764 1216 43 performed perform VERB cblr-1764 1216 44 one one NUM cblr-1764 1216 45 of of ADP cblr-1764 1216 46 the the DET cblr-1764 1216 47 more more ADV cblr-1764 1216 48 sophisticated sophisticated ADJ cblr-1764 1216 49 finance finance NOUN cblr-1764 1216 50 cbas cbas NOUN cblr-1764 1216 51 to to ADP cblr-1764 1216 52 date date NOUN cblr-1764 1216 53 . . PUNCT cblr-1764 1217 1 in in ADP cblr-1764 1217 2 evaluating evaluate VERB cblr-1764 1217 3 a a DET cblr-1764 1217 4 proposed propose VERB cblr-1764 1217 5 rule rule NOUN cblr-1764 1217 6 to to PART cblr-1764 1217 7 reform reform VERB cblr-1764 1217 8 mortgage mortgage NOUN cblr-1764 1217 9 lending lending NOUN cblr-1764 1217 10 , , PUNCT cblr-1764 1217 11 the the DET cblr-1764 1217 12 fsa fsa PROPN cblr-1764 1217 13 ’s ’s PART cblr-1764 1217 14 report report NOUN cblr-1764 1217 15 conceded concede VERB cblr-1764 1217 16 that that SCONJ cblr-1764 1217 17 “ " PUNCT cblr-1764 1217 18 the the DET cblr-1764 1217 19 margin margin NOUN cblr-1764 1217 20 of of ADP cblr-1764 1217 21 error error NOUN cblr-1764 1217 22 inherent inherent ADJ cblr-1764 1217 23 in in ADP cblr-1764 1217 24 the the DET cblr-1764 1217 25 estimation estimation NOUN cblr-1764 1217 26 of of ADP cblr-1764 1217 27 the the DET cblr-1764 1217 28 macroeconomic macroeconomic ADJ cblr-1764 1217 29 impacts impact NOUN cblr-1764 1217 30 means mean VERB cblr-1764 1217 31 that that SCONJ cblr-1764 1217 32 in in ADP cblr-1764 1217 33 reality reality NOUN cblr-1764 1217 34 [ [ X cblr-1764 1217 35 the the DET cblr-1764 1217 36 rule rule NOUN cblr-1764 1217 37 ’s ’s PART cblr-1764 1217 38 ] ] PUNCT cblr-1764 1217 39 impact impact NOUN cblr-1764 1217 40 could could AUX cblr-1764 1217 41 either either CCONJ cblr-1764 1217 42 be be AUX cblr-1764 1217 43 positive positive ADJ cblr-1764 1217 44 or or CCONJ cblr-1764 1217 45 negative negative ADJ cblr-1764 1217 46 . . PUNCT cblr-1764 1217 47 ” " PUNCT cblr-1764 1218 1 coates coate NOUN cblr-1764 1218 2 , , PUNCT cblr-1764 1218 3 supra supra PROPN cblr-1764 1218 4 note note NOUN cblr-1764 1218 5 30 30 NUM cblr-1764 1218 6 , , PUNCT cblr-1764 1218 7 at at ADP cblr-1764 1218 8 951 951 NUM cblr-1764 1218 9 , , PUNCT cblr-1764 1218 10 989–90 989–90 NUM cblr-1764 1218 11 ; ; PUNCT cblr-1764 1218 12 cf cf X cblr-1764 1218 13 . . PUNCT cblr-1764 1219 1 i i PRON cblr-1764 1219 2 d. d. PROPN cblr-1764 1219 3 at at ADP cblr-1764 1219 4 951 951 NUM cblr-1764 1219 5 ( ( PUNCT cblr-1764 1219 6 quoting quote VERB cblr-1764 1219 7 the the DET cblr-1764 1219 8 sec sec PROPN cblr-1764 1219 9 ’s ’s PART cblr-1764 1219 10 chief chief ADJ cblr-1764 1219 11 economist economist NOUN cblr-1764 1219 12 , , PUNCT cblr-1764 1219 13 who who PRON cblr-1764 1219 14 claimed claim VERB cblr-1764 1219 15 in in ADP cblr-1764 1219 16 the the DET cblr-1764 1219 17 context context NOUN cblr-1764 1219 18 of of ADP cblr-1764 1219 19 a a DET cblr-1764 1219 20 corporate corporate ADJ cblr-1764 1219 21 governance governance NOUN cblr-1764 1219 22 cba cba NOUN cblr-1764 1219 23 that that SCONJ cblr-1764 1219 24 “ " PUNCT cblr-1764 1219 25 no no DET cblr-1764 1219 26 sound sound ADJ cblr-1764 1219 27 structural structural ADJ cblr-1764 1219 28 model model NOUN cblr-1764 1219 29 exists exist VERB cblr-1764 1219 30 . . PUNCT cblr-1764 1219 31 . . PUNCT cblr-1764 1219 32 . . PUNCT cblr-1764 1220 1 to to PART cblr-1764 1220 2 isolate isolate VERB cblr-1764 1220 3 the the DET cblr-1764 1220 4 effect effect NOUN cblr-1764 1220 5 ” " PUNCT cblr-1764 1220 6 of of ADP cblr-1764 1220 7 competing compete VERB cblr-1764 1220 8 board board NOUN cblr-1764 1220 9 - - PUNCT cblr-1764 1220 10 composition composition NOUN cblr-1764 1220 11 rules rule NOUN cblr-1764 1220 12 ) ) PUNCT cblr-1764 1220 13 . . PUNCT cblr-1764 1221 1 380 380 NUM cblr-1764 1221 2 “ " PUNCT cblr-1764 1221 3 ritualized ritualize VERB cblr-1764 1221 4 , , PUNCT cblr-1764 1221 5 ” " PUNCT cblr-1764 1221 6 because because SCONJ cblr-1764 1221 7 there there PRON cblr-1764 1221 8 is be VERB cblr-1764 1221 9 an an DET cblr-1764 1221 10 open open ADJ cblr-1764 1221 11 question question NOUN cblr-1764 1221 12 over over ADP cblr-1764 1221 13 cba cba PROPN cblr-1764 1221 14 ’s ’s PART cblr-1764 1221 15 actual actual ADJ cblr-1764 1221 16 influence influence NOUN cblr-1764 1221 17 on on ADP cblr-1764 1221 18 agency agency NOUN cblr-1764 1221 19 practice practice NOUN cblr-1764 1221 20 . . PUNCT cblr-1764 1222 1 see see VERB cblr-1764 1222 2 matthew matthew PROPN cblr-1764 1222 3 d. d. PROPN cblr-1764 1222 4 adler adler PROPN cblr-1764 1222 5 & & CCONJ cblr-1764 1222 6 eric eric PROPN cblr-1764 1222 7 a. a. PROPN cblr-1764 1222 8 posner posner PROPN cblr-1764 1222 9 , , PUNCT cblr-1764 1222 10 cost cost NOUN cblr-1764 1222 11 - - PUNCT cblr-1764 1222 12 benefit benefit NOUN cblr-1764 1222 13 analysis analysis NOUN cblr-1764 1222 14 : : PUNCT cblr-1764 1222 15 legal legal ADJ cblr-1764 1222 16 , , PUNCT cblr-1764 1222 17 economic economic ADJ cblr-1764 1222 18 , , PUNCT cblr-1764 1222 19 and and CCONJ cblr-1764 1222 20 philosophical philosophical ADJ cblr-1764 1222 21 perspectives perspective NOUN cblr-1764 1222 22 , , PUNCT cblr-1764 1222 23 29 29 NUM cblr-1764 1222 24 j. j. PROPN cblr-1764 1222 25 legal legal ADJ cblr-1764 1222 26 stud stud NOUN cblr-1764 1222 27 . . PUNCT cblr-1764 1223 1 837 837 NUM cblr-1764 1223 2 , , PUNCT cblr-1764 1223 3 841–42 841–42 NOUN cblr-1764 1223 4 ( ( PUNCT cblr-1764 1223 5 2000 2000 NUM cblr-1764 1223 6 ) ) PUNCT cblr-1764 1223 7 . . PUNCT cblr-1764 1224 1 381 381 NUM cblr-1764 1224 2 posner posner NOUN cblr-1764 1224 3 & & CCONJ cblr-1764 1224 4 weyl weyl PROPN cblr-1764 1224 5 , , PUNCT cblr-1764 1224 6 supra supra PROPN cblr-1764 1224 7 note note PROPN cblr-1764 1224 8 366 366 NUM cblr-1764 1224 9 , , PUNCT cblr-1764 1224 10 at at ADP cblr-1764 1224 11 34 34 NUM cblr-1764 1224 12 . . PUNCT cblr-1764 1224 13 turk turk PROPN cblr-1764 1224 14 – – PUNCT cblr-1764 1224 15 final final ADJ cblr-1764 1224 16 1070 1070 NUM cblr-1764 1224 17 columbia columbia PROPN cblr-1764 1224 18 business business NOUN cblr-1764 1224 19 law law PROPN cblr-1764 1224 20 review review NOUN cblr-1764 1224 21 [ [ X cblr-1764 1224 22 vol vol NOUN cblr-1764 1224 23 . . NOUN cblr-1764 1224 24 2015 2015 NUM cblr-1764 1224 25 becomes become VERB cblr-1764 1224 26 a a DET cblr-1764 1224 27 policy policy NOUN cblr-1764 1224 28 target target NOUN cblr-1764 1224 29 , , PUNCT cblr-1764 1224 30 its its PRON cblr-1764 1224 31 prospective prospective ADJ cblr-1764 1224 32 value value NOUN cblr-1764 1224 33 as as ADP cblr-1764 1224 34 a a DET cblr-1764 1224 35 measure measure NOUN cblr-1764 1224 36 is be AUX cblr-1764 1224 37 reduced reduce VERB cblr-1764 1224 38 , , PUNCT cblr-1764 1224 39 not not PART cblr-1764 1224 40 increased.382 increased.382 VERB cblr-1764 1224 41 an an DET cblr-1764 1224 42 interesting interesting ADJ cblr-1764 1224 43 illustration illustration NOUN cblr-1764 1224 44 of of ADP cblr-1764 1224 45 this this DET cblr-1764 1224 46 dynamic dynamic NOUN cblr-1764 1224 47 is be AUX cblr-1764 1224 48 the the DET cblr-1764 1224 49 market market NOUN cblr-1764 1224 50 for for ADP cblr-1764 1224 51 “ " PUNCT cblr-1764 1224 52 364 364 NUM cblr-1764 1224 53 - - PUNCT cblr-1764 1224 54 day day NOUN cblr-1764 1224 55 repo repo NOUN cblr-1764 1224 56 ” " PUNCT cblr-1764 1224 57 contracts contract NOUN cblr-1764 1224 58 , , PUNCT cblr-1764 1224 59 which which PRON cblr-1764 1224 60 developed develop VERB cblr-1764 1224 61 in in ADP cblr-1764 1224 62 response response NOUN cblr-1764 1224 63 to to ADP cblr-1764 1224 64 basel basel NOUN cblr-1764 1224 65 provisions provision NOUN cblr-1764 1224 66 that that PRON cblr-1764 1224 67 encouraged encourage VERB cblr-1764 1224 68 banks bank NOUN cblr-1764 1224 69 to to PART cblr-1764 1224 70 hold hold VERB cblr-1764 1224 71 assets asset NOUN cblr-1764 1224 72 with with ADP cblr-1764 1224 73 a a DET cblr-1764 1224 74 maturity maturity NOUN cblr-1764 1224 75 of of ADP cblr-1764 1224 76 less less ADJ cblr-1764 1224 77 than than ADP cblr-1764 1224 78 one one NUM cblr-1764 1224 79 year year NOUN cblr-1764 1224 80 as as ADP cblr-1764 1224 81 “ " PUNCT cblr-1764 1224 82 liquidity liquidity NOUN cblr-1764 1224 83 enhancements enhancement NOUN cblr-1764 1224 84 . . PUNCT cblr-1764 1224 85 ”383 ”383 PROPN cblr-1764 1224 86 and and CCONJ cblr-1764 1224 87 , , PUNCT cblr-1764 1224 88 as as SCONJ cblr-1764 1224 89 has have AUX cblr-1764 1224 90 been be AUX cblr-1764 1224 91 observed observe VERB cblr-1764 1224 92 , , PUNCT cblr-1764 1224 93 regulators regulator NOUN cblr-1764 1224 94 rightly rightly ADV cblr-1764 1224 95 keep keep VERB cblr-1764 1224 96 the the DET cblr-1764 1224 97 parameters parameter NOUN cblr-1764 1224 98 of of ADP cblr-1764 1224 99 bank bank NOUN cblr-1764 1224 100 stress stress NOUN cblr-1764 1224 101 tests test VERB cblr-1764 1224 102 secret secret ADV cblr-1764 1224 103 beforehand beforehand ADV cblr-1764 1224 104 , , PUNCT cblr-1764 1224 105 so so SCONJ cblr-1764 1224 106 that that SCONJ cblr-1764 1224 107 banks bank NOUN cblr-1764 1224 108 can can AUX cblr-1764 1224 109 not not PART cblr-1764 1224 110 game game VERB cblr-1764 1224 111 the the DET cblr-1764 1224 112 results.384 results.384 NOUN cblr-1764 1224 113 in in ADP cblr-1764 1224 114 sum sum NOUN cblr-1764 1224 115 , , PUNCT cblr-1764 1224 116 while while SCONJ cblr-1764 1224 117 extending extend VERB cblr-1764 1224 118 quantified quantified ADJ cblr-1764 1224 119 cba cba NOUN cblr-1764 1224 120 to to ADP cblr-1764 1224 121 financial financial ADJ cblr-1764 1224 122 regulation regulation NOUN cblr-1764 1224 123 may may AUX cblr-1764 1224 124 prove prove VERB cblr-1764 1224 125 innocuous innocuous ADJ cblr-1764 1224 126 , , PUNCT cblr-1764 1224 127 there there PRON cblr-1764 1224 128 is be VERB cblr-1764 1224 129 a a DET cblr-1764 1224 130 good good ADJ cblr-1764 1224 131 case case NOUN cblr-1764 1224 132 for for ADP cblr-1764 1224 133 being be AUX cblr-1764 1224 134 cautiously cautiously ADV cblr-1764 1224 135 pessimistic pessimistic ADJ cblr-1764 1224 136 about about ADP cblr-1764 1224 137 its its PRON cblr-1764 1224 138 potential potential NOUN cblr-1764 1224 139 for for ADP cblr-1764 1224 140 producing produce VERB cblr-1764 1224 141 a a DET cblr-1764 1224 142 more more ADV cblr-1764 1224 143 effective effective ADJ cblr-1764 1224 144 body body NOUN cblr-1764 1224 145 of of ADP cblr-1764 1224 146 financial financial ADJ cblr-1764 1224 147 regulation regulation NOUN cblr-1764 1224 148 . . PUNCT cblr-1764 1225 1 because because SCONJ cblr-1764 1225 2 boundary boundary ADJ cblr-1764 1225 3 problems problem NOUN cblr-1764 1225 4 generate generate VERB cblr-1764 1225 5 large large ADJ cblr-1764 1225 6 uncertainties uncertainty NOUN cblr-1764 1225 7 in in ADP cblr-1764 1225 8 the the DET cblr-1764 1225 9 estimates estimate NOUN cblr-1764 1225 10 of of ADP cblr-1764 1225 11 financial financial ADJ cblr-1764 1225 12 cba cba PROPN cblr-1764 1225 13 , , PUNCT cblr-1764 1225 14 quantitative quantitative ADJ cblr-1764 1225 15 cba cba NOUN cblr-1764 1225 16 converges converge VERB cblr-1764 1225 17 with with ADP cblr-1764 1225 18 the the DET cblr-1764 1225 19 status status NOUN cblr-1764 1225 20 quo quo NOUN cblr-1764 1225 21 of of ADP cblr-1764 1225 22 conceptual conceptual ADJ cblr-1764 1225 23 analysis analysis NOUN cblr-1764 1225 24 when when SCONJ cblr-1764 1225 25 applied apply VERB cblr-1764 1225 26 in in ADP cblr-1764 1225 27 practice.385 practice.385 NOUN cblr-1764 1225 28 the the DET cblr-1764 1225 29 case case NOUN cblr-1764 1225 30 of of ADP cblr-1764 1225 31 insurance insurance NOUN cblr-1764 1225 32 underscores underscore VERB cblr-1764 1225 33 this this DET cblr-1764 1225 34 point point NOUN cblr-1764 1225 35 , , PUNCT cblr-1764 1225 36 by by ADP cblr-1764 1225 37 demonstrating demonstrate VERB cblr-1764 1225 38 that that SCONJ cblr-1764 1225 39 opportunities opportunity NOUN cblr-1764 1225 40 for for ADP cblr-1764 1225 41 regulatory regulatory ADJ cblr-1764 1225 42 arbitrage arbitrage NOUN cblr-1764 1225 43 are be AUX cblr-1764 1225 44 surprisingly surprisingly ADV cblr-1764 1225 45 pervasive pervasive ADJ cblr-1764 1225 46 and and CCONJ cblr-1764 1225 47 difficult difficult ADJ cblr-1764 1225 48 to to PART cblr-1764 1225 49 anticipate anticipate VERB cblr-1764 1225 50 in in ADP cblr-1764 1225 51 advance advance NOUN cblr-1764 1225 52 . . PUNCT cblr-1764 1226 1 vi vi X cblr-1764 1226 2 . . PROPN cblr-1764 1226 3 conclusion conclusion NOUN cblr-1764 1226 4 this this DET cblr-1764 1226 5 article article NOUN cblr-1764 1226 6 challenges challenge VERB cblr-1764 1226 7 the the DET cblr-1764 1226 8 conventional conventional ADJ cblr-1764 1226 9 wisdom wisdom NOUN cblr-1764 1226 10 that that SCONJ cblr-1764 1226 11 the the DET cblr-1764 1226 12 role role NOUN cblr-1764 1226 13 of of ADP cblr-1764 1226 14 insurance insurance NOUN cblr-1764 1226 15 in in ADP cblr-1764 1226 16 the the DET cblr-1764 1226 17 2008 2008 NUM cblr-1764 1226 18 crisis crisis NOUN cblr-1764 1226 19 was be AUX cblr-1764 1226 20 limited limit VERB cblr-1764 1226 21 to to ADP cblr-1764 1226 22 aig aig PROPN cblr-1764 1226 23 . . PUNCT cblr-1764 1227 1 instead instead ADV cblr-1764 1227 2 , , PUNCT cblr-1764 1227 3 it it PRON cblr-1764 1227 4 shows show VERB cblr-1764 1227 5 that that SCONJ cblr-1764 1227 6 financial financial ADJ cblr-1764 1227 7 innovation innovation NOUN cblr-1764 1227 8 on on ADP cblr-1764 1227 9 an an DET cblr-1764 1227 10 industrywide industrywide ADJ cblr-1764 1227 11 scale scale NOUN cblr-1764 1227 12 has have AUX cblr-1764 1227 13 led lead VERB cblr-1764 1227 14 insurance insurance NOUN cblr-1764 1227 15 companies company NOUN cblr-1764 1227 16 to to PART cblr-1764 1227 17 adopt adopt VERB cblr-1764 1227 18 economic economic ADJ cblr-1764 1227 19 382 382 NUM cblr-1764 1227 20 this this DET cblr-1764 1227 21 rule rule NOUN cblr-1764 1227 22 of of ADP cblr-1764 1227 23 thumb thumb NOUN cblr-1764 1227 24 was be AUX cblr-1764 1227 25 originated originate VERB cblr-1764 1227 26 in in ADP cblr-1764 1227 27 the the DET cblr-1764 1227 28 context context NOUN cblr-1764 1227 29 of of ADP cblr-1764 1227 30 monetary monetary ADJ cblr-1764 1227 31 policy policy NOUN cblr-1764 1227 32 , , PUNCT cblr-1764 1227 33 and and CCONJ cblr-1764 1227 34 is be AUX cblr-1764 1227 35 sometimes sometimes ADV cblr-1764 1227 36 referred refer VERB cblr-1764 1227 37 to to ADP cblr-1764 1227 38 as as ADP cblr-1764 1227 39 “ " PUNCT cblr-1764 1227 40 goodhart goodhart PROPN cblr-1764 1227 41 ’s ’s PART cblr-1764 1227 42 law law NOUN cblr-1764 1227 43 . . PUNCT cblr-1764 1227 44 ” " PUNCT cblr-1764 1228 1 see see VERB cblr-1764 1228 2 charles charles PROPN cblr-1764 1228 3 goodhart goodhart PROPN cblr-1764 1228 4 , , PUNCT cblr-1764 1228 5 problems problem NOUN cblr-1764 1228 6 of of ADP cblr-1764 1228 7 monetary monetary ADJ cblr-1764 1228 8 management management NOUN cblr-1764 1228 9 : : PUNCT cblr-1764 1228 10 the the DET cblr-1764 1228 11 u.k u.k PROPN cblr-1764 1228 12 . . PROPN cblr-1764 1228 13 experience experience PROPN cblr-1764 1228 14 , , PUNCT cblr-1764 1228 15 in in ADP cblr-1764 1228 16 inflation inflation NOUN cblr-1764 1228 17 , , PUNCT cblr-1764 1228 18 depression depression NOUN cblr-1764 1228 19 and and CCONJ cblr-1764 1228 20 economic economic ADJ cblr-1764 1228 21 policy policy NOUN cblr-1764 1228 22 in in ADP cblr-1764 1228 23 the the DET cblr-1764 1228 24 west west NOUN cblr-1764 1228 25 111 111 NUM cblr-1764 1228 26 , , PUNCT cblr-1764 1228 27 116 116 NUM cblr-1764 1228 28 ( ( PUNCT cblr-1764 1228 29 anthony anthony PROPN cblr-1764 1228 30 s. s. PROPN cblr-1764 1228 31 courakis courakis PROPN cblr-1764 1228 32 ed ed NOUN cblr-1764 1228 33 . . PROPN cblr-1764 1228 34 , , PUNCT cblr-1764 1228 35 1981 1981 NUM cblr-1764 1228 36 ) ) PUNCT cblr-1764 1228 37 . . PUNCT cblr-1764 1229 1 383 383 NUM cblr-1764 1229 2 see see VERB cblr-1764 1229 3 viral viral ADJ cblr-1764 1229 4 v. v. ADP cblr-1764 1229 5 acharya acharya PROPN cblr-1764 1229 6 , , PUNCT cblr-1764 1229 7 the the DET cblr-1764 1229 8 dodd dodd PROPN cblr-1764 1229 9 - - PUNCT cblr-1764 1229 10 frank frank PROPN cblr-1764 1229 11 act act PROPN cblr-1764 1229 12 and and CCONJ cblr-1764 1229 13 basel basel PROPN cblr-1764 1229 14 iii iii PROPN cblr-1764 1229 15 18 18 NUM cblr-1764 1229 16 ( ( PUNCT cblr-1764 1229 17 int’l int’l NUM cblr-1764 1229 18 growth growth PROPN cblr-1764 1229 19 ctr ctr PROPN cblr-1764 1229 20 . . PROPN cblr-1764 1229 21 , , PUNCT cblr-1764 1229 22 working work VERB cblr-1764 1229 23 paper paper NOUN cblr-1764 1229 24 no no INTJ cblr-1764 1229 25 . . PROPN cblr-1764 1229 26 18 18 NUM cblr-1764 1229 27 , , PUNCT cblr-1764 1229 28 2011 2011 NUM cblr-1764 1229 29 ) ) PUNCT cblr-1764 1229 30 , , PUNCT cblr-1764 1229 31 http://www.theigc.org/wpcontent/uploads/2014/09/acharya-2011-working-paper.pdf http://www.theigc.org/wpcontent/uploads/2014/09/acharya-2011-working-paper.pdf PROPN cblr-1764 1230 1 [ [ X cblr-1764 1230 2 http://perma http://perma NOUN cblr-1764 1230 3 . . PUNCT cblr-1764 1230 4 cc cc NOUN cblr-1764 1230 5 / / SYM cblr-1764 1230 6 x3um-69px x3um-69px PROPN cblr-1764 1230 7 ] ] PUNCT cblr-1764 1230 8 . . PUNCT cblr-1764 1231 1 384 384 NUM cblr-1764 1231 2 gordon gordon PROPN cblr-1764 1231 3 , , PUNCT cblr-1764 1231 4 supra supra PROPN cblr-1764 1231 5 note note PROPN cblr-1764 1231 6 374 374 NUM cblr-1764 1231 7 , , PUNCT cblr-1764 1231 8 at at ADP cblr-1764 1231 9 17 17 NUM cblr-1764 1231 10 ( ( PUNCT cblr-1764 1231 11 stating state VERB cblr-1764 1231 12 that that SCONJ cblr-1764 1231 13 “ " PUNCT cblr-1764 1231 14 the the DET cblr-1764 1231 15 stress stress NOUN cblr-1764 1231 16 scenarios scenario NOUN cblr-1764 1231 17 are be AUX cblr-1764 1231 18 not not PART cblr-1764 1231 19 spelled spell VERB cblr-1764 1231 20 out out ADP cblr-1764 1231 21 in in ADP cblr-1764 1231 22 advance advance NOUN cblr-1764 1231 23 to to PART cblr-1764 1231 24 avoid avoid VERB cblr-1764 1231 25 giving give VERB cblr-1764 1231 26 the the DET cblr-1764 1231 27 firm firm NOUN cblr-1764 1231 28 a a DET cblr-1764 1231 29 specific specific ADJ cblr-1764 1231 30 benchmark benchmark NOUN cblr-1764 1231 31 to to PART cblr-1764 1231 32 manage manage VERB cblr-1764 1231 33 towards towards ADP cblr-1764 1231 34 ” " PUNCT cblr-1764 1231 35 ) ) PUNCT cblr-1764 1231 36 . . PUNCT cblr-1764 1232 1 385 385 NUM cblr-1764 1232 2 posner posner PROPN cblr-1764 1232 3 & & CCONJ cblr-1764 1232 4 weyl weyl PROPN cblr-1764 1232 5 , , PUNCT cblr-1764 1232 6 supra supra PROPN cblr-1764 1232 7 note note NOUN cblr-1764 1232 8 375 375 NUM cblr-1764 1232 9 , , PUNCT cblr-1764 1232 10 at at ADP cblr-1764 1232 11 258 258 NUM cblr-1764 1232 12 ( ( PUNCT cblr-1764 1232 13 “ " PUNCT cblr-1764 1232 14 when when SCONJ cblr-1764 1232 15 cba cba PROPN cblr-1764 1232 16 is be AUX cblr-1764 1232 17 based base VERB cblr-1764 1232 18 on on ADP cblr-1764 1232 19 uncertain uncertain ADJ cblr-1764 1232 20 calculations calculation NOUN cblr-1764 1232 21 , , PUNCT cblr-1764 1232 22 conceptual conceptual ADJ cblr-1764 1232 23 cba cba NOUN cblr-1764 1232 24 and and CCONJ cblr-1764 1232 25 ordinary ordinary ADJ cblr-1764 1232 26 cba cba NOUN cblr-1764 1232 27 do do AUX cblr-1764 1232 28 not not PART cblr-1764 1232 29 differ differ VERB cblr-1764 1232 30 . . PUNCT cblr-1764 1232 31 ” " PUNCT cblr-1764 1232 32 ) ) PUNCT cblr-1764 1232 33 . . PUNCT cblr-1764 1233 1 turk turk PROPN cblr-1764 1233 2 – – PUNCT cblr-1764 1233 3 final final ADJ cblr-1764 1233 4 no no NOUN cblr-1764 1233 5 . . PUNCT cblr-1764 1234 1 3:967 3:967 NUM cblr-1764 1234 2 ] ] PUNCT cblr-1764 1234 3 insurance insurance NOUN cblr-1764 1234 4 convergence convergence NOUN cblr-1764 1234 5 1071 1071 NUM cblr-1764 1234 6 functions function NOUN cblr-1764 1234 7 that that PRON cblr-1764 1234 8 are be AUX cblr-1764 1234 9 similar similar ADJ cblr-1764 1234 10 to to ADP cblr-1764 1234 11 those those PRON cblr-1764 1234 12 of of ADP cblr-1764 1234 13 banking banking NOUN cblr-1764 1234 14 or or CCONJ cblr-1764 1234 15 securities security NOUN cblr-1764 1234 16 firms firm NOUN cblr-1764 1234 17 , , PUNCT cblr-1764 1234 18 and and CCONJ cblr-1764 1234 19 thereby thereby ADV cblr-1764 1234 20 converge converge VERB cblr-1764 1234 21 with with ADP cblr-1764 1234 22 the the DET cblr-1764 1234 23 broader broad ADJ cblr-1764 1234 24 financial financial ADJ cblr-1764 1234 25 sector sector NOUN cblr-1764 1234 26 . . PUNCT cblr-1764 1235 1 it it PRON cblr-1764 1235 2 then then ADV cblr-1764 1235 3 examines examine VERB cblr-1764 1235 4 the the DET cblr-1764 1235 5 policy policy NOUN cblr-1764 1235 6 issues issue NOUN cblr-1764 1235 7 raised raise VERB cblr-1764 1235 8 by by ADP cblr-1764 1235 9 this this DET cblr-1764 1235 10 convergence convergence NOUN cblr-1764 1235 11 trend trend NOUN cblr-1764 1235 12 from from ADP cblr-1764 1235 13 the the DET cblr-1764 1235 14 perspective perspective NOUN cblr-1764 1235 15 of of ADP cblr-1764 1235 16 the the DET cblr-1764 1235 17 two two NUM cblr-1764 1235 18 boundary boundary ADJ cblr-1764 1235 19 problems problem NOUN cblr-1764 1235 20 that that PRON cblr-1764 1235 21 are be AUX cblr-1764 1235 22 generally generally ADV cblr-1764 1235 23 applicable applicable ADJ cblr-1764 1235 24 to to ADP cblr-1764 1235 25 all all DET cblr-1764 1235 26 financial financial ADJ cblr-1764 1235 27 regulation regulation NOUN cblr-1764 1235 28 . . PUNCT cblr-1764 1236 1 definitional definitional ADJ cblr-1764 1236 2 regulatory regulatory ADJ cblr-1764 1236 3 boundaries boundary NOUN cblr-1764 1236 4 seek seek VERB cblr-1764 1236 5 to to PART cblr-1764 1236 6 categorize categorize VERB cblr-1764 1236 7 certain certain ADJ cblr-1764 1236 8 financial financial ADJ cblr-1764 1236 9 products product NOUN cblr-1764 1236 10 as as ADP cblr-1764 1236 11 “ " PUNCT cblr-1764 1236 12 insurance insurance NOUN cblr-1764 1236 13 ” " PUNCT cblr-1764 1236 14 and and CCONJ cblr-1764 1236 15 regulate regulate VERB cblr-1764 1236 16 them they PRON cblr-1764 1236 17 accordingly accordingly ADV cblr-1764 1236 18 . . PUNCT cblr-1764 1237 1 but but CCONJ cblr-1764 1237 2 , , PUNCT cblr-1764 1237 3 new new ADJ cblr-1764 1237 4 forms form NOUN cblr-1764 1237 5 of of ADP cblr-1764 1237 6 insurance insurance NOUN cblr-1764 1237 7 have have AUX cblr-1764 1237 8 been be AUX cblr-1764 1237 9 developed develop VERB cblr-1764 1237 10 that that PRON cblr-1764 1237 11 fit fit VERB cblr-1764 1237 12 uneasily uneasily ADV cblr-1764 1237 13 with with ADP cblr-1764 1237 14 the the DET cblr-1764 1237 15 formalistic formalistic ADJ cblr-1764 1237 16 nature nature NOUN cblr-1764 1237 17 of of ADP cblr-1764 1237 18 traditional traditional ADJ cblr-1764 1237 19 regulatory regulatory ADJ cblr-1764 1237 20 definitions definition NOUN cblr-1764 1237 21 . . PUNCT cblr-1764 1238 1 regulations regulation NOUN cblr-1764 1238 2 are be AUX cblr-1764 1238 3 also also ADV cblr-1764 1238 4 characterized characterize VERB cblr-1764 1238 5 by by ADP cblr-1764 1238 6 jurisdictional jurisdictional ADJ cblr-1764 1238 7 boundaries boundary NOUN cblr-1764 1238 8 that that PRON cblr-1764 1238 9 limit limit VERB cblr-1764 1238 10 the the DET cblr-1764 1238 11 scope scope NOUN cblr-1764 1238 12 to to PART cblr-1764 1238 13 which which PRON cblr-1764 1238 14 they they PRON cblr-1764 1238 15 are be AUX cblr-1764 1238 16 applied apply VERB cblr-1764 1238 17 . . PUNCT cblr-1764 1239 1 however however ADV cblr-1764 1239 2 , , PUNCT cblr-1764 1239 3 the the DET cblr-1764 1239 4 integration integration NOUN cblr-1764 1239 5 of of ADP cblr-1764 1239 6 insurance insurance NOUN cblr-1764 1239 7 markets market NOUN cblr-1764 1239 8 and and CCONJ cblr-1764 1239 9 their their PRON cblr-1764 1239 10 interconnection interconnection NOUN cblr-1764 1239 11 with with ADP cblr-1764 1239 12 other other ADJ cblr-1764 1239 13 sectors sector NOUN cblr-1764 1239 14 of of ADP cblr-1764 1239 15 the the DET cblr-1764 1239 16 financial financial ADJ cblr-1764 1239 17 system system NOUN cblr-1764 1239 18 has have AUX cblr-1764 1239 19 put put VERB cblr-1764 1239 20 into into ADP cblr-1764 1239 21 question question NOUN cblr-1764 1239 22 the the DET cblr-1764 1239 23 current current ADJ cblr-1764 1239 24 jurisdictional jurisdictional ADJ cblr-1764 1239 25 structure structure NOUN cblr-1764 1239 26 of of ADP cblr-1764 1239 27 insurance insurance NOUN cblr-1764 1239 28 regulation regulation NOUN cblr-1764 1239 29 , , PUNCT cblr-1764 1239 30 which which PRON cblr-1764 1239 31 is be AUX cblr-1764 1239 32 highly highly ADV cblr-1764 1239 33 fragmented fragmented ADJ cblr-1764 1239 34 at at ADP cblr-1764 1239 35 both both CCONJ cblr-1764 1239 36 the the DET cblr-1764 1239 37 domestic domestic ADJ cblr-1764 1239 38 and and CCONJ cblr-1764 1239 39 international international ADJ cblr-1764 1239 40 levels level NOUN cblr-1764 1239 41 . . PUNCT cblr-1764 1240 1 regulatory regulatory ADJ cblr-1764 1240 2 activities activity NOUN cblr-1764 1240 3 following follow VERB cblr-1764 1240 4 the the DET cblr-1764 1240 5 2008 2008 NUM cblr-1764 1240 6 crisis crisis NOUN cblr-1764 1240 7 , , PUNCT cblr-1764 1240 8 as as SCONJ cblr-1764 1240 9 manifested manifest VERB cblr-1764 1240 10 in in ADP cblr-1764 1240 11 dodd dodd PROPN cblr-1764 1240 12 - - PUNCT cblr-1764 1240 13 frank frank ADJ cblr-1764 1240 14 and and CCONJ cblr-1764 1240 15 various various ADJ cblr-1764 1240 16 international international ADJ cblr-1764 1240 17 initiatives initiative NOUN cblr-1764 1240 18 , , PUNCT cblr-1764 1240 19 have have AUX cblr-1764 1240 20 added add VERB cblr-1764 1240 21 urgency urgency NOUN cblr-1764 1240 22 to to ADP cblr-1764 1240 23 the the DET cblr-1764 1240 24 two two NUM cblr-1764 1240 25 boundary boundary ADJ cblr-1764 1240 26 problems problem NOUN cblr-1764 1240 27 because because SCONJ cblr-1764 1240 28 they they PRON cblr-1764 1240 29 represent represent VERB cblr-1764 1240 30 tentative tentative ADJ cblr-1764 1240 31 first first ADJ cblr-1764 1240 32 steps step NOUN cblr-1764 1240 33 towards towards ADP cblr-1764 1240 34 redrawing redrawe VERB cblr-1764 1240 35 regulatory regulatory ADJ cblr-1764 1240 36 boundaries boundary NOUN cblr-1764 1240 37 governing govern VERB cblr-1764 1240 38 insurance insurance NOUN cblr-1764 1240 39 , , PUNCT cblr-1764 1240 40 which which PRON cblr-1764 1240 41 may may AUX cblr-1764 1240 42 or or CCONJ cblr-1764 1240 43 may may AUX cblr-1764 1240 44 not not PART cblr-1764 1240 45 serve serve VERB cblr-1764 1240 46 as as ADP cblr-1764 1240 47 the the DET cblr-1764 1240 48 basis basis NOUN cblr-1764 1240 49 for for ADP cblr-1764 1240 50 further far ADV cblr-1764 1240 51 - - PUNCT cblr-1764 1240 52 reaching reach VERB cblr-1764 1240 53 reforms reform NOUN cblr-1764 1240 54 . . PUNCT cblr-1764 1241 1 this this DET cblr-1764 1241 2 article article NOUN cblr-1764 1241 3 targets target VERB cblr-1764 1241 4 a a DET cblr-1764 1241 5 gap gap NOUN cblr-1764 1241 6 in in ADP cblr-1764 1241 7 the the DET cblr-1764 1241 8 law law NOUN cblr-1764 1241 9 literature literature NOUN cblr-1764 1241 10 , , PUNCT cblr-1764 1241 11 which which PRON cblr-1764 1241 12 has have AUX cblr-1764 1241 13 been be AUX cblr-1764 1241 14 slow slow ADJ cblr-1764 1241 15 to to PART cblr-1764 1241 16 recognize recognize VERB cblr-1764 1241 17 the the DET cblr-1764 1241 18 implications implication NOUN cblr-1764 1241 19 of of ADP cblr-1764 1241 20 these these DET cblr-1764 1241 21 regulatory regulatory ADJ cblr-1764 1241 22 and and CCONJ cblr-1764 1241 23 economic economic ADJ cblr-1764 1241 24 changes change NOUN cblr-1764 1241 25 in in ADP cblr-1764 1241 26 insurance insurance NOUN cblr-1764 1241 27 . . PUNCT cblr-1764 1242 1 legal legal ADJ cblr-1764 1242 2 scholarship scholarship NOUN cblr-1764 1242 3 has have AUX cblr-1764 1242 4 also also ADV cblr-1764 1242 5 failed fail VERB cblr-1764 1242 6 to to PART cblr-1764 1242 7 update update VERB cblr-1764 1242 8 a a DET cblr-1764 1242 9 prior prior ADJ cblr-1764 1242 10 literature literature NOUN cblr-1764 1242 11 that that PRON cblr-1764 1242 12 examined examine VERB cblr-1764 1242 13 the the DET cblr-1764 1242 14 convergence convergence NOUN cblr-1764 1242 15 between between ADP cblr-1764 1242 16 financial financial ADJ cblr-1764 1242 17 services service NOUN cblr-1764 1242 18 industries industry NOUN cblr-1764 1242 19 , , PUNCT cblr-1764 1242 20 which which PRON cblr-1764 1242 21 was be AUX cblr-1764 1242 22 concerned concern VERB cblr-1764 1242 23 with with ADP cblr-1764 1242 24 efficiency efficiency NOUN cblr-1764 1242 25 gains gain NOUN cblr-1764 1242 26 from from ADP cblr-1764 1242 27 the the DET cblr-1764 1242 28 merger merger NOUN cblr-1764 1242 29 activity activity NOUN cblr-1764 1242 30 of of ADP cblr-1764 1242 31 the the DET cblr-1764 1242 32 1990s 1990s NUM cblr-1764 1242 33 rather rather ADV cblr-1764 1242 34 than than ADP cblr-1764 1242 35 the the DET cblr-1764 1242 36 threats threat NOUN cblr-1764 1242 37 to to ADP cblr-1764 1242 38 systemic systemic ADJ cblr-1764 1242 39 stability stability NOUN cblr-1764 1242 40 presented present VERB cblr-1764 1242 41 by by ADP cblr-1764 1242 42 the the DET cblr-1764 1242 43 latest late ADJ cblr-1764 1242 44 generation generation NOUN cblr-1764 1242 45 of of ADP cblr-1764 1242 46 financial financial ADJ cblr-1764 1242 47 innovation innovation NOUN cblr-1764 1242 48 . . PUNCT cblr-1764 1243 1 in in ADP cblr-1764 1243 2 applying apply VERB cblr-1764 1243 3 the the DET cblr-1764 1243 4 boundary boundary ADJ cblr-1764 1243 5 problem problem NOUN cblr-1764 1243 6 framework framework NOUN cblr-1764 1243 7 to to ADP cblr-1764 1243 8 insurance insurance NOUN cblr-1764 1243 9 , , PUNCT cblr-1764 1243 10 this this DET cblr-1764 1243 11 article article NOUN cblr-1764 1243 12 comes come VERB cblr-1764 1243 13 to to ADP cblr-1764 1243 14 two two NUM cblr-1764 1243 15 general general ADJ cblr-1764 1243 16 conclusions conclusion NOUN cblr-1764 1243 17 that that PRON cblr-1764 1243 18 are be AUX cblr-1764 1243 19 in in ADP cblr-1764 1243 20 tension tension NOUN cblr-1764 1243 21 with with ADP cblr-1764 1243 22 the the DET cblr-1764 1243 23 current current ADJ cblr-1764 1243 24 thrust thrust NOUN cblr-1764 1243 25 of of ADP cblr-1764 1243 26 policy policy NOUN cblr-1764 1243 27 and/or and/or CCONJ cblr-1764 1243 28 the the DET cblr-1764 1243 29 literature literature NOUN cblr-1764 1243 30 . . PUNCT cblr-1764 1244 1 first first ADV cblr-1764 1244 2 , , PUNCT cblr-1764 1244 3 with with ADP cblr-1764 1244 4 respect respect NOUN cblr-1764 1244 5 to to ADP cblr-1764 1244 6 jurisdictional jurisdictional ADJ cblr-1764 1244 7 boundaries boundary NOUN cblr-1764 1244 8 , , PUNCT cblr-1764 1244 9 the the DET cblr-1764 1244 10 newly newly ADV cblr-1764 1244 11 established establish VERB cblr-1764 1244 12 financial financial ADJ cblr-1764 1244 13 insurance insurance NOUN cblr-1764 1244 14 office office NOUN cblr-1764 1244 15 is be AUX cblr-1764 1244 16 inappropriately inappropriately ADV cblr-1764 1244 17 structured structure VERB cblr-1764 1244 18 to to PART cblr-1764 1244 19 leverage leverage VERB cblr-1764 1244 20 international international ADJ cblr-1764 1244 21 harmonization harmonization NOUN cblr-1764 1244 22 agreements agreement NOUN cblr-1764 1244 23 into into ADP cblr-1764 1244 24 domestic domestic ADJ cblr-1764 1244 25 reforms reform NOUN cblr-1764 1244 26 , , PUNCT cblr-1764 1244 27 whereas whereas SCONJ cblr-1764 1244 28 turk turk PROPN cblr-1764 1244 29 – – PUNCT cblr-1764 1244 30 final final ADJ cblr-1764 1244 31 1072 1072 NUM cblr-1764 1244 32 columbia columbia PROPN cblr-1764 1244 33 business business NOUN cblr-1764 1244 34 law law PROPN cblr-1764 1244 35 review review NOUN cblr-1764 1244 36 [ [ X cblr-1764 1244 37 vol vol NOUN cblr-1764 1244 38 . . NOUN cblr-1764 1244 39 2015 2015 NUM cblr-1764 1244 40 the the DET cblr-1764 1244 41 reverse reverse ADJ cblr-1764 1244 42 orientation orientation NOUN cblr-1764 1244 43 would would AUX cblr-1764 1244 44 be be AUX cblr-1764 1244 45 more more ADV cblr-1764 1244 46 effective effective ADJ cblr-1764 1244 47 . . PUNCT cblr-1764 1245 1 this this PRON cblr-1764 1245 2 is be AUX cblr-1764 1245 3 because because SCONJ cblr-1764 1245 4 , , PUNCT cblr-1764 1245 5 in in ADP cblr-1764 1245 6 the the DET cblr-1764 1245 7 united united PROPN cblr-1764 1245 8 states states PROPN cblr-1764 1245 9 , , PUNCT cblr-1764 1245 10 there there PRON cblr-1764 1245 11 is be VERB cblr-1764 1245 12 a a DET cblr-1764 1245 13 strong strong ADJ cblr-1764 1245 14 case case NOUN cblr-1764 1245 15 for for ADP cblr-1764 1245 16 moving move VERB cblr-1764 1245 17 from from ADP cblr-1764 1245 18 the the DET cblr-1764 1245 19 current current ADJ cblr-1764 1245 20 state state NOUN cblr-1764 1245 21 - - PUNCT cblr-1764 1245 22 centered center VERB cblr-1764 1245 23 framework framework NOUN cblr-1764 1245 24 to to ADP cblr-1764 1245 25 a a DET cblr-1764 1245 26 system system NOUN cblr-1764 1245 27 that that PRON cblr-1764 1245 28 includes include VERB cblr-1764 1245 29 a a DET cblr-1764 1245 30 substantial substantial ADJ cblr-1764 1245 31 body body NOUN cblr-1764 1245 32 of of ADP cblr-1764 1245 33 preemptive preemptive ADJ cblr-1764 1245 34 federal federal ADJ cblr-1764 1245 35 rules rule NOUN cblr-1764 1245 36 , , PUNCT cblr-1764 1245 37 at at ADP cblr-1764 1245 38 least least ADJ cblr-1764 1245 39 in in ADP cblr-1764 1245 40 the the DET cblr-1764 1245 41 case case NOUN cblr-1764 1245 42 of of ADP cblr-1764 1245 43 solvency solvency NOUN cblr-1764 1245 44 regulation regulation NOUN cblr-1764 1245 45 . . PUNCT cblr-1764 1246 1 on on ADP cblr-1764 1246 2 the the DET cblr-1764 1246 3 other other ADJ cblr-1764 1246 4 hand hand NOUN cblr-1764 1246 5 , , PUNCT cblr-1764 1246 6 due due ADP cblr-1764 1246 7 to to ADP cblr-1764 1246 8 the the DET cblr-1764 1246 9 enforcement enforcement NOUN cblr-1764 1246 10 and and CCONJ cblr-1764 1246 11 informationscarcity informationscarcity NOUN cblr-1764 1246 12 problems problem NOUN cblr-1764 1246 13 attendant attendant ADJ cblr-1764 1246 14 to to ADP cblr-1764 1246 15 cross cross ADJ cblr-1764 1246 16 - - ADJ cblr-1764 1246 17 border border ADJ cblr-1764 1246 18 regulatory regulatory ADJ cblr-1764 1246 19 cooperation cooperation NOUN cblr-1764 1246 20 , , PUNCT cblr-1764 1246 21 the the DET cblr-1764 1246 22 desirability desirability NOUN cblr-1764 1246 23 of of ADP cblr-1764 1246 24 ambitious ambitious ADJ cblr-1764 1246 25 international international ADJ cblr-1764 1246 26 rules rule NOUN cblr-1764 1246 27 for for ADP cblr-1764 1246 28 insurers insurer NOUN cblr-1764 1246 29 is be AUX cblr-1764 1246 30 less less ADV cblr-1764 1246 31 compelling compelling ADJ cblr-1764 1246 32 . . PUNCT cblr-1764 1247 1 therefore therefore ADV cblr-1764 1247 2 the the DET cblr-1764 1247 3 fio fio NOUN cblr-1764 1247 4 would would AUX cblr-1764 1247 5 be be AUX cblr-1764 1247 6 most most ADV cblr-1764 1247 7 useful useful ADJ cblr-1764 1247 8 if if SCONJ cblr-1764 1247 9 it it PRON cblr-1764 1247 10 was be AUX cblr-1764 1247 11 reoriented reorient VERB cblr-1764 1247 12 to to PART cblr-1764 1247 13 prioritize prioritize VERB cblr-1764 1247 14 domestic domestic ADJ cblr-1764 1247 15 reform reform NOUN cblr-1764 1247 16 , , PUNCT cblr-1764 1247 17 and and CCONJ cblr-1764 1247 18 to to PART cblr-1764 1247 19 only only ADV cblr-1764 1247 20 pursue pursue VERB cblr-1764 1247 21 harmonization harmonization NOUN cblr-1764 1247 22 of of ADP cblr-1764 1247 23 a a DET cblr-1764 1247 24 relatively relatively ADV cblr-1764 1247 25 small small ADJ cblr-1764 1247 26 subset subset NOUN cblr-1764 1247 27 of of ADP cblr-1764 1247 28 regulations regulation NOUN cblr-1764 1247 29 across across ADP cblr-1764 1247 30 countries country NOUN cblr-1764 1247 31 . . PUNCT cblr-1764 1248 1 second second ADJ cblr-1764 1248 2 , , PUNCT cblr-1764 1248 3 with with ADP cblr-1764 1248 4 respect respect NOUN cblr-1764 1248 5 to to ADP cblr-1764 1248 6 definitional definitional ADJ cblr-1764 1248 7 boundaries boundary NOUN cblr-1764 1248 8 , , PUNCT cblr-1764 1248 9 there there PRON cblr-1764 1248 10 is be VERB cblr-1764 1248 11 a a DET cblr-1764 1248 12 tendency tendency NOUN cblr-1764 1248 13 in in ADP cblr-1764 1248 14 the the DET cblr-1764 1248 15 literature literature NOUN cblr-1764 1248 16 to to PART cblr-1764 1248 17 reflexively reflexively ADV cblr-1764 1248 18 propose propose VERB cblr-1764 1248 19 more more ADJ cblr-1764 1248 20 “ " PUNCT cblr-1764 1248 21 functional functional ADJ cblr-1764 1248 22 ” " PUNCT cblr-1764 1248 23 regulatory regulatory ADJ cblr-1764 1248 24 categories category NOUN cblr-1764 1248 25 in in ADP cblr-1764 1248 26 response response NOUN cblr-1764 1248 27 to to ADP cblr-1764 1248 28 financial financial ADJ cblr-1764 1248 29 engineering engineering NOUN cblr-1764 1248 30 that that PRON cblr-1764 1248 31 changes change VERB cblr-1764 1248 32 the the DET cblr-1764 1248 33 economic economic ADJ cblr-1764 1248 34 features feature NOUN cblr-1764 1248 35 of of ADP cblr-1764 1248 36 products product NOUN cblr-1764 1248 37 or or CCONJ cblr-1764 1248 38 firms firm NOUN cblr-1764 1248 39 . . PUNCT cblr-1764 1249 1 however however ADV cblr-1764 1249 2 , , PUNCT cblr-1764 1249 3 identifying identify VERB cblr-1764 1249 4 a a DET cblr-1764 1249 5 clear clear ADJ cblr-1764 1249 6 economic economic ADJ cblr-1764 1249 7 commonality commonality NOUN cblr-1764 1249 8 across across ADP cblr-1764 1249 9 different different ADJ cblr-1764 1249 10 financial financial ADJ cblr-1764 1249 11 services service NOUN cblr-1764 1249 12 is be AUX cblr-1764 1249 13 insufficient insufficient ADJ cblr-1764 1249 14 to to PART cblr-1764 1249 15 justify justify VERB cblr-1764 1249 16 a a DET cblr-1764 1249 17 move move NOUN cblr-1764 1249 18 to to ADP cblr-1764 1249 19 more more ADV cblr-1764 1249 20 functional functional ADJ cblr-1764 1249 21 definitions definition NOUN cblr-1764 1249 22 , , PUNCT cblr-1764 1249 23 because because SCONJ cblr-1764 1249 24 there there PRON cblr-1764 1249 25 are be VERB cblr-1764 1249 26 subtle subtle ADJ cblr-1764 1249 27 advantages advantage NOUN cblr-1764 1249 28 to to ADP cblr-1764 1249 29 retaining retain VERB cblr-1764 1249 30 a a DET cblr-1764 1249 31 substantial substantial ADJ cblr-1764 1249 32 degree degree NOUN cblr-1764 1249 33 of of ADP cblr-1764 1249 34 formalism formalism NOUN cblr-1764 1249 35 . . PUNCT cblr-1764 1250 1 for for ADP cblr-1764 1250 2 example example NOUN cblr-1764 1250 3 , , PUNCT cblr-1764 1250 4 modifying modify VERB cblr-1764 1250 5 definitional definitional ADJ cblr-1764 1250 6 boundaries boundary NOUN cblr-1764 1250 7 to to PART cblr-1764 1250 8 track track VERB cblr-1764 1250 9 the the DET cblr-1764 1250 10 economic economic ADJ cblr-1764 1250 11 function function NOUN cblr-1764 1250 12 of of ADP cblr-1764 1250 13 newer new ADJ cblr-1764 1250 14 products product NOUN cblr-1764 1250 15 sold sell VERB cblr-1764 1250 16 by by ADP cblr-1764 1250 17 insurance insurance NOUN cblr-1764 1250 18 companies company NOUN cblr-1764 1250 19 — — PUNCT cblr-1764 1250 20 such such ADJ cblr-1764 1250 21 as as ADP cblr-1764 1250 22 credit credit NOUN cblr-1764 1250 23 default default NOUN cblr-1764 1250 24 swaps swap NOUN cblr-1764 1250 25 and and CCONJ cblr-1764 1250 26 fixed fix VERB cblr-1764 1250 27 - - PUNCT cblr-1764 1250 28 indexed index VERB cblr-1764 1250 29 annuities annuity NOUN cblr-1764 1250 30 — — PUNCT cblr-1764 1250 31 would would AUX cblr-1764 1250 32 likely likely ADV cblr-1764 1250 33 lead lead VERB cblr-1764 1250 34 to to ADP cblr-1764 1250 35 a a DET cblr-1764 1250 36 cumbersome cumbersome ADJ cblr-1764 1250 37 and and CCONJ cblr-1764 1250 38 inefficient inefficient ADJ cblr-1764 1250 39 regulatory regulatory ADJ cblr-1764 1250 40 treatment treatment NOUN cblr-1764 1250 41 relative relative ADJ cblr-1764 1250 42 to to ADP cblr-1764 1250 43 the the DET cblr-1764 1250 44 status status NOUN cblr-1764 1250 45 quo quo NOUN cblr-1764 1250 46 . . PUNCT cblr-1764 1251 1 so so ADV cblr-1764 1251 2 too too ADV cblr-1764 1251 3 , , PUNCT cblr-1764 1251 4 an an DET cblr-1764 1251 5 approach approach NOUN cblr-1764 1251 6 that that PRON cblr-1764 1251 7 broadly broadly ADV cblr-1764 1251 8 imposes impose VERB cblr-1764 1251 9 the the DET cblr-1764 1251 10 same same ADJ cblr-1764 1251 11 regulatory regulatory ADJ cblr-1764 1251 12 standards standard NOUN cblr-1764 1251 13 to to ADP cblr-1764 1251 14 systemically systemically ADV cblr-1764 1251 15 - - PUNCT cblr-1764 1251 16 significant significant ADJ cblr-1764 1251 17 insurers insurer NOUN cblr-1764 1251 18 as as ADP cblr-1764 1251 19 apply apply VERB cblr-1764 1251 20 to to ADP cblr-1764 1251 21 large large ADJ cblr-1764 1251 22 banks bank NOUN cblr-1764 1251 23 would would AUX cblr-1764 1251 24 represent represent VERB cblr-1764 1251 25 functional functional ADJ cblr-1764 1251 26 overreach overreach NOUN cblr-1764 1251 27 . . PUNCT cblr-1764 1252 1 however however ADV cblr-1764 1252 2 , , PUNCT cblr-1764 1252 3 a a DET cblr-1764 1252 4 more more ADV cblr-1764 1252 5 modest modest ADJ cblr-1764 1252 6 move move NOUN cblr-1764 1252 7 away away ADV cblr-1764 1252 8 from from ADP cblr-1764 1252 9 formal formal ADJ cblr-1764 1252 10 definitions definition NOUN cblr-1764 1252 11 may may AUX cblr-1764 1252 12 be be AUX cblr-1764 1252 13 called call VERB cblr-1764 1252 14 for for ADP cblr-1764 1252 15 with with ADP cblr-1764 1252 16 regard regard NOUN cblr-1764 1252 17 to to ADP cblr-1764 1252 18 rules rule NOUN cblr-1764 1252 19 that that SCONJ cblr-1764 1252 20 subject subject ADJ cblr-1764 1252 21 entities entity NOUN cblr-1764 1252 22 categorized categorize VERB cblr-1764 1252 23 as as ADP cblr-1764 1252 24 “ " PUNCT cblr-1764 1252 25 insurance insurance NOUN cblr-1764 1252 26 companies company NOUN cblr-1764 1252 27 ” " PUNCT cblr-1764 1252 28 to to ADP cblr-1764 1252 29 certain certain ADJ cblr-1764 1252 30 accounting accounting NOUN cblr-1764 1252 31 standards standard NOUN cblr-1764 1252 32 and and CCONJ cblr-1764 1252 33 credit credit NOUN cblr-1764 1252 34 ratings rating NOUN cblr-1764 1252 35 treatments treatment NOUN cblr-1764 1252 36 that that PRON cblr-1764 1252 37 depart depart VERB cblr-1764 1252 38 sharply sharply ADV cblr-1764 1252 39 from from ADP cblr-1764 1252 40 those those PRON cblr-1764 1252 41 used use VERB cblr-1764 1252 42 for for ADP cblr-1764 1252 43 banks bank NOUN cblr-1764 1252 44 and and CCONJ cblr-1764 1252 45 securities security NOUN cblr-1764 1252 46 firms firm NOUN cblr-1764 1252 47 . . PUNCT cblr-1764 1253 1 insurance insurance NOUN cblr-1764 1253 2 is be AUX cblr-1764 1253 3 often often ADV cblr-1764 1253 4 considered consider VERB cblr-1764 1253 5 to to PART cblr-1764 1253 6 be be AUX cblr-1764 1253 7 a a DET cblr-1764 1253 8 quiet quiet ADJ cblr-1764 1253 9 and and CCONJ cblr-1764 1253 10 conservative conservative ADJ cblr-1764 1253 11 corner corner NOUN cblr-1764 1253 12 of of ADP cblr-1764 1253 13 the the DET cblr-1764 1253 14 financial financial ADJ cblr-1764 1253 15 services service NOUN cblr-1764 1253 16 industry industry NOUN cblr-1764 1253 17 , , PUNCT cblr-1764 1253 18 and and CCONJ cblr-1764 1253 19 associated associate VERB cblr-1764 1253 20 with with ADP cblr-1764 1253 21 more more ADV cblr-1764 1253 22 mundane mundane ADJ cblr-1764 1253 23 regulatory regulatory ADJ cblr-1764 1253 24 issues issue NOUN cblr-1764 1253 25 than than ADP cblr-1764 1253 26 those those DET cblr-1764 1253 27 attendant attendant NOUN cblr-1764 1253 28 to to PART cblr-1764 1253 29 hedge hedge VERB cblr-1764 1253 30 funds fund NOUN cblr-1764 1253 31 , , PUNCT cblr-1764 1253 32 investment investment NOUN cblr-1764 1253 33 banks bank NOUN cblr-1764 1253 34 , , PUNCT cblr-1764 1253 35 and and CCONJ cblr-1764 1253 36 the the DET cblr-1764 1253 37 like like ADJ cblr-1764 1253 38 . . PUNCT cblr-1764 1254 1 but but CCONJ cblr-1764 1254 2 in in ADP cblr-1764 1254 3 fact fact NOUN cblr-1764 1254 4 , , PUNCT cblr-1764 1254 5 it it PRON cblr-1764 1254 6 provides provide VERB cblr-1764 1254 7 a a DET cblr-1764 1254 8 dramatic dramatic ADJ cblr-1764 1254 9 case case NOUN cblr-1764 1254 10 of of ADP cblr-1764 1254 11 how how SCONJ cblr-1764 1254 12 financial financial ADJ cblr-1764 1254 13 innovation innovation NOUN cblr-1764 1254 14 can can AUX cblr-1764 1254 15 present present VERB cblr-1764 1254 16 complicated complicated ADJ cblr-1764 1254 17 tradeoffs tradeoff NOUN cblr-1764 1254 18 for for ADP cblr-1764 1254 19 the the DET cblr-1764 1254 20 design design NOUN cblr-1764 1254 21 turk turk NOUN cblr-1764 1254 22 – – PUNCT cblr-1764 1254 23 final final ADJ cblr-1764 1254 24 no no NOUN cblr-1764 1254 25 . . PUNCT cblr-1764 1255 1 3:967 3:967 NUM cblr-1764 1255 2 ] ] X cblr-1764 1255 3 insurance insurance NOUN cblr-1764 1255 4 convergence convergence NOUN cblr-1764 1255 5 1073 1073 NUM cblr-1764 1255 6 of of ADP cblr-1764 1255 7 regulation regulation NOUN cblr-1764 1255 8 . . PUNCT cblr-1764 1256 1 the the DET cblr-1764 1256 2 primary primary ADJ cblr-1764 1256 3 force force NOUN cblr-1764 1256 4 driving drive VERB cblr-1764 1256 5 this this DET cblr-1764 1256 6 complexity complexity NOUN cblr-1764 1256 7 is be AUX cblr-1764 1256 8 the the DET cblr-1764 1256 9 presence presence NOUN cblr-1764 1256 10 of of ADP cblr-1764 1256 11 jurisdictional jurisdictional ADJ cblr-1764 1256 12 and and CCONJ cblr-1764 1256 13 definitional definitional ADJ cblr-1764 1256 14 boundary boundary ADJ cblr-1764 1256 15 problems problem NOUN cblr-1764 1256 16 , , PUNCT cblr-1764 1256 17 which which PRON cblr-1764 1256 18 are be AUX cblr-1764 1256 19 relatively relatively ADV cblr-1764 1256 20 acute acute ADJ cblr-1764 1256 21 in in ADP cblr-1764 1256 22 finance finance NOUN cblr-1764 1256 23 and and CCONJ cblr-1764 1256 24 open open VERB cblr-1764 1256 25 up up ADP cblr-1764 1256 26 a a DET cblr-1764 1256 27 vast vast ADJ cblr-1764 1256 28 role role NOUN cblr-1764 1256 29 for for ADP cblr-1764 1256 30 regulatory regulatory ADJ cblr-1764 1256 31 arbitrage arbitrage NOUN cblr-1764 1256 32 , , PUNCT cblr-1764 1256 33 the the DET cblr-1764 1256 34 limits limit NOUN cblr-1764 1256 35 of of ADP cblr-1764 1256 36 which which PRON cblr-1764 1256 37 can can AUX cblr-1764 1256 38 not not PART cblr-1764 1256 39 be be AUX cblr-1764 1256 40 estimated estimate VERB cblr-1764 1256 41 with with ADP cblr-1764 1256 42 confidence confidence NOUN cblr-1764 1256 43 . . PUNCT cblr-1764 1257 1 as as ADP cblr-1764 1257 2 a a DET cblr-1764 1257 3 result result NOUN cblr-1764 1257 4 of of ADP cblr-1764 1257 5 this this DET cblr-1764 1257 6 uncertainty uncertainty NOUN cblr-1764 1257 7 , , PUNCT cblr-1764 1257 8 recent recent ADJ cblr-1764 1257 9 proposals proposal NOUN cblr-1764 1257 10 for for ADP cblr-1764 1257 11 requiring require VERB cblr-1764 1257 12 federal federal ADJ cblr-1764 1257 13 agencies agency NOUN cblr-1764 1257 14 to to PART cblr-1764 1257 15 perform perform VERB cblr-1764 1257 16 rigorously rigorously ADV cblr-1764 1257 17 quantitative quantitative ADJ cblr-1764 1257 18 cost cost NOUN cblr-1764 1257 19 - - PUNCT cblr-1764 1257 20 benefit benefit NOUN cblr-1764 1257 21 analysis analysis NOUN cblr-1764 1257 22 when when SCONJ cblr-1764 1257 23 formulating formulate VERB cblr-1764 1257 24 financial financial ADJ cblr-1764 1257 25 regulations regulation NOUN cblr-1764 1257 26 may may AUX cblr-1764 1257 27 not not PART cblr-1764 1257 28 materially materially ADV cblr-1764 1257 29 improve improve VERB cblr-1764 1257 30 regulatory regulatory ADJ cblr-1764 1257 31 outcomes outcome NOUN cblr-1764 1257 32 . . PUNCT cblr-1764 1258 1 although although SCONJ cblr-1764 1258 2 this this DET cblr-1764 1258 3 article article NOUN cblr-1764 1258 4 has have AUX cblr-1764 1258 5 offered offer VERB cblr-1764 1258 6 directions direction NOUN cblr-1764 1258 7 for for ADP cblr-1764 1258 8 reform reform NOUN cblr-1764 1258 9 in in ADP cblr-1764 1258 10 a a DET cblr-1764 1258 11 variety variety NOUN cblr-1764 1258 12 of of ADP cblr-1764 1258 13 areas area NOUN cblr-1764 1258 14 , , PUNCT cblr-1764 1258 15 the the DET cblr-1764 1258 16 primary primary ADJ cblr-1764 1258 17 point point NOUN cblr-1764 1258 18 is be AUX cblr-1764 1258 19 to to PART cblr-1764 1258 20 use use VERB cblr-1764 1258 21 insurance insurance NOUN cblr-1764 1258 22 as as ADP cblr-1764 1258 23 a a DET cblr-1764 1258 24 case case NOUN cblr-1764 1258 25 study study NOUN cblr-1764 1258 26 for for ADP cblr-1764 1258 27 problems problem NOUN cblr-1764 1258 28 that that PRON cblr-1764 1258 29 are be AUX cblr-1764 1258 30 endemic endemic ADJ cblr-1764 1258 31 to to PART cblr-1764 1258 32 finance finance VERB cblr-1764 1258 33 in in ADP cblr-1764 1258 34 general general ADJ cblr-1764 1258 35 , , PUNCT cblr-1764 1258 36 and and CCONJ cblr-1764 1258 37 to to PART cblr-1764 1258 38 illuminate illuminate VERB cblr-1764 1258 39 the the DET cblr-1764 1258 40 conceptual conceptual ADJ cblr-1764 1258 41 difficulties difficulty NOUN cblr-1764 1258 42 that that PRON cblr-1764 1258 43 appear appear VERB cblr-1764 1258 44 in in ADP cblr-1764 1258 45 each each DET cblr-1764 1258 46 policy policy NOUN cblr-1764 1258 47 context context NOUN cblr-1764 1258 48 . . PUNCT cblr-1764 1259 1 awareness awareness NOUN cblr-1764 1259 2 of of ADP cblr-1764 1259 3 the the DET cblr-1764 1259 4 tradeoffs tradeoff NOUN cblr-1764 1259 5 implied imply VERB cblr-1764 1259 6 by by ADP cblr-1764 1259 7 the the DET cblr-1764 1259 8 boundary boundary ADJ cblr-1764 1259 9 problems problem NOUN cblr-1764 1259 10 of of ADP cblr-1764 1259 11 finance finance NOUN cblr-1764 1259 12 is be AUX cblr-1764 1259 13 a a DET cblr-1764 1259 14 prerequisite prerequisite NOUN cblr-1764 1259 15 for for ADP cblr-1764 1259 16 any any DET cblr-1764 1259 17 balanced balanced ADJ cblr-1764 1259 18 inquiry inquiry NOUN cblr-1764 1259 19 into into ADP cblr-1764 1259 20 what what DET cblr-1764 1259 21 steps step NOUN cblr-1764 1259 22 may may AUX cblr-1764 1259 23 be be AUX cblr-1764 1259 24 taken take VERB cblr-1764 1259 25 to to PART cblr-1764 1259 26 provide provide VERB cblr-1764 1259 27 regulation regulation NOUN cblr-1764 1259 28 that that PRON cblr-1764 1259 29 is be AUX cblr-1764 1259 30 conducive conducive ADJ cblr-1764 1259 31 to to ADP cblr-1764 1259 32 a a DET cblr-1764 1259 33 more more ADV cblr-1764 1259 34 efficient efficient ADJ cblr-1764 1259 35 and and CCONJ cblr-1764 1259 36 stable stable ADJ cblr-1764 1259 37 financial financial ADJ cblr-1764 1259 38 system system NOUN cblr-1764 1259 39 . . PUNCT