Insurer Prudential Financial said on Thursday that U.S. regulators had voted to designate the company as systemically risky, bringing it under stricter regulatory oversight.
A group of regulators known as the Financial Stability Oversight Council had been weighing whether Prudential was so big that its failure could threaten U.S. financial markets.
It was doing so under a provision of the 2010 Dodd-Frank law that says the risk council can designate non-bank financial firms as "systemically important." The tag brings tougher capital requirements and means the firms will be regulated by the Federal Reserve.
Prudential had opposed regulators' attempts to give it the systemic tag and argued that it was not too big to fail. The insurer now has 30 days to determine whether it will ask a court to overturn the regulators' decision.
"We are currently reviewing the rationale for the determination and our options," Prudential said in a statement.