WASHINGTON—U.S. officials voted Friday to remove federal oversight of American International Group Inc., an insurance company now about half the size it was when it was on the brink of collapse and became a poster child of the global financial crisis.

The move is one of the most tangible steps yet in the Trump administration’s push to re-evaluate financial regulations, which has included a top-to-bottom review of rules put in place in response to the crisis. Friday’s move frees the insurance company of stricter oversight by the federal government, such as tighter capital rules, federal approval for large mergers and placement of government examiners at the firm.

The Financial Stability Oversight Council, a group of senior financial regulators, voted 6-3 to rescind the global insurer’s designation as a “systemically important financial institution,” indicating they no longer view AIG as a threat to the broader economy.

The action came earlier than many analysts expected. Although the Trump administration has recommended dozens of changes to financial rules, it has so far taken action incrementally, in part because of the slow pace of installing personnel at key regulators.

AIG Chief Executive Brian Duperreault said in a statement that the council’s “decision reflects the substantial and successful de-risking that AIG’s employees have achieved since 2008. The company is committed to continued vigilant risk management and to working closely with our numerous regulators to enable a strong AIG to continue to serve our clients.”