Notice2024-27005
Study and Report to Congress on the Impact on Consumers and Markets in the United States of a Final International Insurance Capital Standard
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Published
November 20, 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 have completed drafting and submitted a report to Congress as contemplated by section 211(c)(3) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), on the impact on consumers and markets in the United States before supporting or consenting to the adoption of a final international insurance capital standard. In accordance with section 211(c)(3)(B)(ii) of EGRRCPA, the agencies invite comment on the report.
Full Text
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<title>Federal Register, Volume 89 Issue 224 (Wednesday, November 20, 2024)</title>
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[Federal Register Volume 89, Number 224 (Wednesday, November 20, 2024)]
[Notices]
[Pages 91750-91751]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-27005]
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FEDERAL RESERVE SYSTEM
[Docket No. OP-1845]
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 completion of report drafting; request for comments.
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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 have completed drafting
[[Page 91751]]
and submitted a report to Congress as contemplated by section 211(c)(3)
of the Economic Growth, Regulatory Relief, and Consumer Protection Act
(EGRRCPA), on the impact on consumers and markets in the United States
before supporting or consenting to the adoption of a final
international insurance capital standard. In accordance with section
211(c)(3)(B)(ii) of EGRRCPA, the agencies invite comment on the report.
DATES: Comments must be received by January 12, 2025.
ADDRESSES: Comments should be directed to:
Board: You may submit comments, identified by Docket No. OP-1845 by
any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#c5b7a0a2b6eba6aaa8a8a0abb1b685a3a0a1a0b7a4a9b7a0b6a0b7b3a0eba2aab3"><span class="__cf_email__" data-cfemail="0b796e6c7825686466666e657f784b6d6e6f6e796a67796e786e797d6e256c647d">[email protected]</span></a>. Include the
docket number in the subject line of the message.
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
In general, all public comments will be made available on the
Board's website at <a href="http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm">www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm</a> as submitted, and will not be modified to remove
confidential, contact or any identifiable information. Public comments
may also be viewed electronically or in paper in Room M-4365A, 2001 C
St. NW, Washington, DC 20551, between 9 a.m. and 5 p.m. during Federal
business weekdays.
Treasury: Submit comments electronically through the Federal
eRulemaking Portal at <a href="http://www.regulations.gov">http://www.regulations.gov</a>, in accordance with
the instructions on that site, or by mail to the Federal Insurance
Office, Attn: Krishna Kundu, Room 1410 MT, Department of the Treasury,
1500 Pennsylvania Avenue NW, Washington, DC 20220. Because postal mail
may be subject to processing delays, it is recommended that comments be
submitted electronically. If submitting comments by mail, please submit
an original version with two copies. Comments should be captioned
``FED-FIO ICS Impact Study Report.'' In general, Treasury will post all
comments to <a href="http://www.regulations.gov">www.regulations.gov</a> without change, including any business
or personal information provided such as names, addresses, email
addresses, or telephone numbers. All comments, including attachments
and other supporting materials, are part of the public record and
subject to public disclosure. You should submit only information that
you wish to make available publicly.
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, section 211(c)(3)(B)(ii) of EGRRCPA provides
that there shall be an opportunity for public comment for a period of
60 days after the date on which the report is submitted to Congress.\2\
Previously, the Secretary, the Chair, and the Director of FIO provided
public notice before commencing to draft the report, as required by
section 211(c)(3)(B)(i) of EGRRCPA.\3\ In connection with this request
for comment, the Secretary, the Chair, and the Director of FIO are also
providing public notice that the draft of the report is completed, as
required by section 211(c)(3)(B)(i) of EGRRCPA.
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\1\ 31 U.S.C. 313 note.
\2\ Id.
\3\ 89 FR 57154 (July 12, 2024).
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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, to create a common language for insurance
supervisors and enhance global convergence on insurance capital
regulation.\4\ The IAIS also is assessing whether the Aggregation
Method developed by the United States provides comparable outcomes to
the ICS. If so, it will be considered an outcome-equivalent approach
for implementation of the ICS as a prescribed capital requirement.\5\
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\4\ 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/.
\5\ 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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On November 13, 2024, the Secretary, the Chair, and the Director of
FIO submitted to Congress the report contemplated in section
211(c)(3)(A) of EGRRCPA. Pursuant to section 211(c)(3)(C) of EGRRCPA,
the Secretary, the Chair, and the Director of FIO also submitted the
report to the Comptroller General of the United States for review. A
copy of the report is available at <a href="https://www.federalreserve.gov/publications/the-impact-of-the-international-insurance-capital-standard-on-consumers-and-markets-in-the-united-states.htm">https://www.federalreserve.gov/publications/the-impact-of-the-international-insurance-capital-standard-on-consumers-and-markets-in-the-united-states.htm</a>. The
agencies invite public comment on the report. Interested persons should
direct their comments as provided above in this notice. Comments must
be received by January 12, 2025.
Kayla Arslanian,
Executive Secretary, Department of the Treasury.
Steven E. Seitz,
Director, Federal Insurance Office, Department of the Treasury.
By order of the Chair of the Board of Governors of the Federal
Reserve System.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2024-27005 Filed 11-19-24; 8:45 am]
BILLING CODE 6210-01-P
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