The Federal Reserve Board ("FRB") published in the Federal Register a request for comments on proposed guidance concerning a framework for the supervision of insurance activities by depository institution holding companies. Comments on the proposal must be received no later than April 5, 2022.
As previously covered, the proposal establishes a supervisory framework that includes:
- application of guidance and allocation of supervisory resources based on the insurance organization's complexity and risk profile;
- formalizing a supervisory rating system to reflect supervisory requirements; and
- utilizing reports and supervisory information provided by state insurance regulators.
The FRB said the framework would provide a supervisory approach that "reflect[s] the differences between banking and insurance."
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