NEW YORK ( TheStreet) -- AIG ( AIG)'s meltdown in 2008 took much of the financial world by surprise and the Federal Reserve had no clear authority over the insurance giant, but nonetheless had to play a critical role in its rescue. In the wake of the crisis, legislators created a Financial Stability Oversight Council (FSOC) supervised by the Fed that would oversee any non-bank seen to threaten the nation's financial stability. The FSOC has been at work trying to determine which institutions it will oversee, and toward that end on Tuesday it issued a second notice of proposed rulemaking. According to Tuesday's proposed rule, companies to be considered for added FSOC oversight include ones with at least $50 billion in assets, companies on which at least $30 billion in credit default swaps are written and companies with at least $3.5 billion in derivatives liabilities. Outstanding debt will also be a factor, with the Council proposing a threshold of $20 billion. Various trade associations have already weighed in with comments, as well as individual companies. Among the public companies that have argued they should not be subject to FSOC oversight are BlackRock Financial ( BLK)and Sallie Mae ( SLM). Insurers will also get close scrutiny, though Paul Newsome, an analyst who follows the insurance industry for Sandler O'Neill, says he does not expect the FSOC to have a major impact on the industry. Among the companies he follows, which include AIG, ACE Limited ( ACE) and The Travelers Companies ( TRV) Newsome believes only AIG will be selected for additional oversight. "AIG was, and still is, a pretty unique company," Newsome says, adding that in 2008, "overwhelmingly the issue was in its non-insurance businesses. Newsome does not cover Hartford Financial Services ( HIG)and Lincoln National Corp ( LNC) both of which received bailout funds under the government's Troubled Asset Relief Program (TARP). Other big insurers are involved in a range of businesses, such as MassMutual Financial Group, owner of the OppenheimerFunds complex. Roger Crandall, the company's CEO, Chairman and President told TheStreet in a recent interview (see above) that he expects some insurers to be subject to FSOC oversight, though he does not believe MassMutual should be among them. -- Written by Dan Freed in New York.