The U.S. Federal Deposit Insurance Corp. (FDIC) on Tuesday approved a final rule requiring banks with 50 billion dollars or more in total assets to submit break-up plans in case of failure.

The rule seeks to address a key lesson learned from the recent financial crisis, and is intended to address the banking industry's exposure to the risks of insolvency of large and complex banks, the FDIC noted.

Now 37 banks are covered by the final rule. They held about 4.14 trillion dollars in insured deposits, or nearly 61 percent of all insured deposits, as of Sept. 30, 2011, said the FDIC.

The FDIC had also cooperated with the Federal Reserve in September 2011 to make a rule that requires systemically important nonbank financial companies and bank holding companies to prepare resolution plans, also known as "living wills", for them to be resolved in an orderly manner under the Bankruptcy Code.

By requiring banks to have living wills, the government is trying to reduce the need for another Wall Street bailout like the one that took place during the 2008 financial crisis.

The final rule, which will be effective on April 1, is part of rule-makings that the FDIC has approved under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The FDIC was created in 1933 and aims to insure deposits at the U.S. 7,437 banks and savings associations.