AIG's regulated insurance operations did not bring the company down. Similar to many bank failures, the problems were in the less regulated financial services subsidiaries and the holding company, not in the highly-regulated insurance carriers. AIG has now formally agreed to draw up to $85 billion from the Federal Reserve window, for 80 percent of its equity in the form of warrants. Repayment will require some asset sales, likely to include some of AIG's insurance operations. Insurers may learn to love regulation again.