Federal Reserve Proposes Reserve Change for Insurance Companies

Federal Reserve Proposes Reserve Change for Insurance Companies

The Federal Reserve System Board of Governors approved proposed capital requirements for insurers considered systemically important firms that differ significantly from those proposed by European and international insurance regulators. However, the frameworks issued do not outline specific numerical capital requirements for SIFIs, but the approaches were unanimously approved by the central bank's governing board on June 3. They are open for public comment.

The proposed capital standards are less stringent for AIG and Prudential than those imposed on Wall Street banks under a long-awaited Federal Reserve proposal that's meant to limit the chance a major insurer could threaten the financial system. The Fed's proposal rejects the European Union's Solvency II regime and the International Association of Insurance Supervisors' (IAIS) approaches to an international capital standard.

FAIRFIELD ROTARY & TOWN OF FAIRFIELD TO COLLECT FOOD & RAISE FUNDS FOR VETERANS

FAIRFIELD ROTARY & TOWN OF FAIRFIELD TO COLLECT FOOD & RAISE FUNDS FOR VETERANS

Governor Malloy Signs Concrete Bill