Treasury nominee says bank regulations won't work for insurance firms

WASHINGTON, Nov 20 (Reuters) - President Barack Obama's nominee to serve as deputy U.S. Treasury Secretary told lawmakers on Wednesday she believes that large systemically important insurance companies should not face the same capital rules as banks.

"A one-size-fits-all approach is not going to work here," Sarah Bloom Raskin told the Senate Finance Committee during her confirmation hearing, noting that insurance companies and banks have "very different" structures.

Raskin's views on the subject will be crucial for General Electric Co's GE Capital, American International Group Inc and Prudential Financial Inc, which earlier this year were all designated by the U.S. risk council as "systemically important" - a tag that carries new capital requirements and supervision by the Federal Reserve.