FRB Extends Comment Period on Proposed Supervision Framework for Insurance Activities
The Federal Reserve Board ("FRB") extended the comment period on proposed guidance on a framework for supervision of insurance activities. Comments on the proposal must be received by May 5, 2022. As previously covered, the comments were originally due on or before April 5, 2022.
The proposal establishes a supervisory framework which includes: (i) guidance and allocation of supervisory resources; (ii) formalizing a supervisory rating system; and (iii) relationship between the FRB and state insurance regulators.