Notice2024-15348
Study and Report to Congress on the Impact on Consumers and Markets in the United States of a Final International Insurance Capital Standard
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 12, 2024
Issuing agencies
Federal Reserve SystemTreasury Department
Abstract
The Board of Governors of the Federal Reserve System (Board) and the Federal Insurance Office (FIO) of the Department of the Treasury (together, the agencies) are providing notice that the agencies intend to commence drafting a report to Congress on the impact on consumers and markets in the United States before supporting or consenting to the adoption of any final international insurance capital standard. This report is contemplated by section 211(c)(3) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).
Full Text
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<title>Federal Register, Volume 89 Issue 134 (Friday, July 12, 2024)</title>
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[Federal Register Volume 89, Number 134 (Friday, July 12, 2024)]
[Notices]
[Page 57154]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-15348]
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FEDERAL RESERVE SYSTEM
DEPARTMENT OF THE TREASURY
Study and Report to Congress on the Impact on Consumers and
Markets in the United States of a Final International Insurance Capital
Standard
AGENCY: Board of Governors of the Federal Reserve System and Federal
Insurance Office, Department of the Treasury.
ACTION: Notice of commencement of report drafting.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
and the Federal Insurance Office (FIO) of the Department of the
Treasury (together, the agencies) are providing notice that the
agencies intend to commence drafting a report to Congress on the impact
on consumers and markets in the United States before supporting or
consenting to the adoption of any final international insurance capital
standard. This report is contemplated by section 211(c)(3) of the
Economic Growth, Regulatory Relief, and Consumer Protection Act
(EGRRCPA).
DATES: The agencies intend to commence drafting the report after July
12, 2024.
FOR FURTHER INFORMATION CONTACT:
Board: Lara Lylozian, Deputy Associate Director and Chief
Accountant, (202) 475-6656; or Matt Walker, Manager, Insurance
Supervision & Regulation, (202) 872-4971, Division of Supervision and
Regulation; or Dafina Stewart, Deputy Associate General Counsel, (202)
452-2677; Andrew Hartlage, Special Counsel, (202) 452-6483; Jonah Kind,
Senior Counsel, (202) 452-2045; or Jasmin Keskinen, Senior Attorney,
(202) 475-6650, Legal Division, Board of Governors of the Federal
Reserve System, 20th Street and Constitution Avenue NW, Washington, DC
20551. For users of TTY-TRS, please call 711 from any telephone,
anywhere in the United States.
Treasury: Krishna Kundu, Senior Insurance Regulatory Policy
Analyst, FIO, (202) 622-2753; or Mark Schlegel, Senior Counsel, Office
of the General Counsel, Department of the Treasury, (202) 622-1027,
Department of the Treasury, 1500 Pennsylvania Avenue NW, Washington, DC
20220.
SUPPLEMENTARY INFORMATION: Under section 211(c)(3)(A) of EGRRCPA,\1\
the Secretary of the Treasury (the Secretary), the Chair of the Board
(the Chair), and the Director of FIO must, in consultation with the
National Association of Insurance Commissioners, complete a study on,
and submit to Congress a report on the results of the study, the impact
on consumers and markets in the United States before supporting or
consenting to the adoption of any final international insurance capital
standard. In addition, under section 211(c)(3)(B)(i) of EGRRCPA, the
Secretary, the Chair, and the Director of FIO must provide public
notice before the date on which drafting a report required under
subparagraph (A) is commenced.\2\
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\1\ 31 U.S.C. 313 note.
\2\ Id.
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As background, the International Association of Insurance
Supervisors (IAIS) is developing the Insurance Capital Standard (ICS)
as a consolidated group-wide capital standard for internationally
active insurance groups, for the purposes of creating a common language
for supervisory discussions of group solvency and enhancing global
convergence among group capital standards.\3\ The IAIS also is
assessing whether the Aggregation Method under development by the
United States provides comparable outcomes to the ICS, and if so, will
be considered an outcome-equivalent approach for implementation of the
ICS as a prescribed capital requirement.\4\
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\3\ International Association of Insurance Supervisors, <a href="https://www.iaisweb.org/activities-topics/standard-setting/insurance-capital-">https://www.iaisweb.org/activities-topics/standard-setting/insurance-capital-</a> standard/.
\4\ IAIS statement, ``The IAIS begins the AM comparability
assessment,'' October 17, 2023, <a href="https://www.iaisweb.org/uploads/2023/10/IAIS-statement-IAIS-begins-the-AM-comparability-assessment.pdf">https://www.iaisweb.org/uploads/2023/10/IAIS-statement-IAIS-begins-the-AM-comparability-assessment.pdf</a>.
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The agencies hereby give notice that they intend to commence
drafting the report contemplated in section 211(c)(3)(A) after July 12,
2024.
Kayla Arslanian,
Executive Secretary, Department of the Treasury.
Steven E. Seitz,
Director, Federal Insurance Office, Department of the Treasury.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-15348 Filed 7-11-24; 8:45 am]
BILLING CODE 6210-01-P; 4810-AK-P
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