Notice2022-06286
Framework for the Supervision of Insurance Organizations; Extension of Comment Period
Primary source
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Published
March 25, 2022
Issuing agencies
Federal Reserve System
Abstract
On February 4, 2022, the Board of Governors of the Federal Reserve System (Board), published in the Federal Register a proposed supervisory framework for depository institution holding companies that are significantly engaged in insurance activities, or supervised insurance organizations. The Board has determined that an extension of the comment period until May 5, 2022, is appropriate, and is therefore making that extension.
Full Text
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<title>Federal Register, Volume 87 Issue 58 (Friday, March 25, 2022)</title>
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[Federal Register Volume 87, Number 58 (Friday, March 25, 2022)]
[Notices]
[Page 17089]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-06286]
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FEDERAL RESERVE SYSTEM
[Docket No. OP-1765]
Framework for the Supervision of Insurance Organizations;
Extension of Comment Period
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notification of extension of comment period.
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SUMMARY: On February 4, 2022, the Board of Governors of the Federal
Reserve System (Board), published in the Federal Register a proposed
supervisory framework for depository institution holding companies that
are significantly engaged in insurance activities, or supervised
insurance organizations. The Board has determined that an extension of
the comment period until May 5, 2022, is appropriate, and is therefore
making that extension.
DATES: Comments must be received by May 5, 2022.
ADDRESSES: You may submit comments by any of the methods identified in
the proposal.
FOR FURTHER INFORMATION CONTACT: Thomas Sullivan, Senior Associate
Director, (202) 475-7656; Matt Walker, Manager, (202) 872-4971; Brad
Roberts, Lead Insurance Policy Analyst, (202) 452-2204; or Joan
Sullivan, Senior Insurance Policy Analyst, (202) 912-4670, Division of
Supervision and Regulation; or Charles Gray, Deputy General Counsel,
(202) 872-7589; Andrew Hartlage, Senior Counsel, (202) 452-6483; or
Christopher Danello, Senior Attorney, (202) 736-1960, Legal Division,
Board of Governors of the Federal Reserve System, 20th and C Streets
NW, Washington, DC 20551. For users of TTY-TRS, please call 711 from
any telephone, anywhere in the United States.
SUPPLEMENTARY INFORMATION: On February 4, 2022, the Board published in
the Federal Register a proposed supervisory framework for depository
institution holding companies that are significantly engaged in
insurance activities, or supervised insurance organizations.\1\ The
proposed framework would provide a supervisory approach that is
designed specifically to reflect the differences between banking and
insurance. Within the framework, the application of supervisory
guidance and the assignment of supervisory resources would be based
explicitly on a supervised insurance organization's complexity and
individual risk profile. The proposed framework would formalize the
ratings applicable to these firms with rating definitions that reflect
specific supervisory requirements and expectations. It would also
emphasize the Board's policy to rely to the fullest extent possible on
work done by other relevant supervisors, describing, in particular, the
way it will rely more fully on reports and other supervisory
information provided by state insurance regulators to minimize the
burden associated with supervisory duplication.
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\1\ 87 FR 6537 (February 4, 2022).
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The notice of proposed guidance stated that the comment period
would close on April 5, 2022. The Board subsequently received a request
to extend the comment period. An extension of the comment period will
provide additional opportunity for the public to consider the proposal
and prepare comments, including to address the questions posed by the
Board in the proposal. Therefore, the Board is extending the end of the
comment period for the proposal from April 5, 2022, to May 5, 2022.
By order of the Board of Governors of the Federal Reserve
System, acting through the Secretary of the Board under delegated
authority, March 21, 2022.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2022-06286 Filed 3-24-22; 8:45 am]
BILLING CODE 6210-01-P
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