Property and casualty insurers and reinsurers are mounting afull-court press in an effort to limit involvement by federal andinternational regulators on their business.

The latest efforts came in advance of the meeting of theGroup of 20 scheduled for Nov. 11 and 12 in Seoul, South Korea,in a letter signed by U.S. trade groups representing large insurersand reinsurers, as well as groups representing European, Canadian,Bermuda, Japanese, Brazilian and Australian insurers.

The meeting will address ways the largest nations can join indrafting regulations designed to strengthen and better coordinateregulation of the global financial system.

The letter asks that the world leadership differentiate all insurance industries from banks in craftingmeasures designed to address systemic risk.

The letter to the G-20 leaders contends that insurance companieshave a different risk profile than banks, and that subjecting themto additional capital and reporting requirements in order toprevent systemic risk could well "have the opposite effect byincreasing the risk of moral hazard and causing marketdistortions."

Read more at the National Underwriter.