[Federal Register Volume 89, Number 134 (Friday, July 12, 2024)]
[Notices]
[Page 57154]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[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, https://www.iaisweb.org/activities-topics/standard-setting/insurance-capital- standard/.
    \4\ IAIS statement, ``The IAIS begins the AM comparability 
assessment,'' October 17, 2023, https://www.iaisweb.org/uploads/2023/10/IAIS-statement-IAIS-begins-the-AM-comparability-assessment.pdf.
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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