Should P&C insurance companies be subject to new rules under the Dodd-Frank law?

The American Insurance Association submitted comments to the Financial Stability Oversight Council’s advanced notice of proposed rulemaking, stating the AIA’s position that property and casualty insurance companies “engaged in traditional insurance activities” are not a threat to the financial stability of the United States and, as such, do not need the supervision and regulation as outlined in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

What do you think? Does the business model for traditional P&C insurers put them in the “too big to fail” category? Should P&C insurers be subject to the proposed supervision?