1) Press release -- Federal Reserve Board finalizes supervisory framework for insurance organizations that are overseen by the Board
The Federal Reserve Board on Wednesday finalized a supervisory framework for insurance organizations that are overseen by the Board. The final framework is substantially similar to the proposal made earlier this year.
The supervisory framework applies supervisory guidance and resources based on a supervised insurance organization's risk. It also establishes a supervisory rating system for firms based on their risk profiles and describes how examiners incorporate the work of state insurance regulators.
The supervisory framework will be effective 30 days after publication in the Federal Register.
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20220928a.htm
2) The Fed - SR 22-8: Framework for the Supervision of Insurance Organizations
https://www.federalreserve.gov/supervisionreg/srletters/SR2208.htm
3) FRN: Framework for the Supervision of Insurance Organizations
SUMMARY: The Board is adopting a new supervisory framework for depository institution holding companies significantly engaged in insurance activities, referred to as supervised insurance organizations. The framework provides a supervisory approach that is designed specifically to reflect the differences between banking and insurance. Within the framework, the application of supervisory guidance and the assignment of supervisory resources is based explicitly on a supervised insurance organization's complexity and individual risk profile. The framework establishes the supervisory ratings applicable to these organizations with rating definitions that reflect specific supervisory requirements and expectations. It also emphasizes the Board's policy to rely to the fullest extent possible on work done by other relevant supervisors, describing, in particular, the way it relies on reports and other supervisory information provided by state insurance regulators to minimize supervisory duplication.
DATES: Effective November 3, 2022.
https://www.federalregister.gov/d/2022-21414
