FRB Request for Comment on Proposed Framework for the Supervision of Insurers With Full-Service Banks or Thrifts
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Key takeaway:
- On January 28, 2022, the Federal Reserve Board (“FRB”) released for comment proposed guidance to implement a framework for depository institution holding companies significantly engaged in insurance activities, or supervised insurance organizations.
- The proposed supervisory framework would apply guidance and allocate supervisory resources based on the risk of certain insurance organizations as well as “formalize a supervisory rating system for these companies and describe how examiners work with state insurance regulators.”
- The proposed guidance emphasizes the importance and benefits of the FRB’s policy of relying to the fullest extent possible on work done by other relevant supervisors, particularly the work done by state insurance regulators.