Fed near completion of capital rule for insurance firms – Quarles
Federal Reserve Vice Chair of Supervision Randal Quarles said on Wednesday that the Fed is close to finalizing the insurance capital rule required by the Dodd–Frank Wall Street Reform and Consumer Protection Act.
However, given the differences between the sectors, Quarles highlighted that “no single, uniform approach to capital regulation is appropriate” for both banking and insurance companies.
“So rather than trying to create a single capital framework that would work for all types of financial institutions, we decided to propose an aggregation approach that incorporates approaches developed specifically for each type of institution and its risks,” he concluded in his remarks at the National Association of Insurance Commissioners International Insurance Forum.
Get involved!
Comments