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Excerpt from SNL Financial -- "The insurers took on an increasing percentage of below-investment-grade bonds and shifted more assets to off-balance-sheet vehicles, while escaping scrutiny through 'regulatory arbitrage' techniques, C.V. Starr Professor of Economics Viral Acharya said Oct. 14. The result is an industry that has added to its systemic risk during a period where most others are focused on reducing financial hazards. 'Everything in financial plumbing is connected to each other,' he said. 'We find that the insurance sector really doesn't seem that different from the banking sector.'"

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