[Federal Register Volume 87, Number 58 (Friday, March 25, 2022)]
[Notices]
[Page 17089]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-06286]


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FEDERAL RESERVE SYSTEM

[Docket No. OP-1765]


Framework for the Supervision of Insurance Organizations; 
Extension of Comment Period

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notification of extension of comment period.

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SUMMARY: On February 4, 2022, the Board of Governors of the Federal 
Reserve System (Board), published in the Federal Register a proposed 
supervisory framework for depository institution holding companies that 
are significantly engaged in insurance activities, or supervised 
insurance organizations. The Board has determined that an extension of 
the comment period until May 5, 2022, is appropriate, and is therefore 
making that extension.

DATES: Comments must be received by May 5, 2022.

ADDRESSES: You may submit comments by any of the methods identified in 
the proposal.

FOR FURTHER INFORMATION CONTACT: Thomas Sullivan, Senior Associate 
Director, (202) 475-7656; Matt Walker, Manager, (202) 872-4971; Brad 
Roberts, Lead Insurance Policy Analyst, (202) 452-2204; or Joan 
Sullivan, Senior Insurance Policy Analyst, (202) 912-4670, Division of 
Supervision and Regulation; or Charles Gray, Deputy General Counsel, 
(202) 872-7589; Andrew Hartlage, Senior Counsel, (202) 452-6483; or 
Christopher Danello, Senior Attorney, (202) 736-1960, Legal Division, 
Board of Governors of the Federal Reserve System, 20th and C Streets 
NW, Washington, DC 20551. For users of TTY-TRS, please call 711 from 
any telephone, anywhere in the United States.

SUPPLEMENTARY INFORMATION: On February 4, 2022, the Board published in 
the Federal Register a proposed supervisory framework for depository 
institution holding companies that are significantly engaged in 
insurance activities, or supervised insurance organizations.\1\ The 
proposed framework would provide 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 would be based 
explicitly on a supervised insurance organization's complexity and 
individual risk profile. The proposed framework would formalize the 
ratings applicable to these firms with rating definitions that reflect 
specific supervisory requirements and expectations. It would also 
emphasize the Board's policy to rely to the fullest extent possible on 
work done by other relevant supervisors, describing, in particular, the 
way it will rely more fully on reports and other supervisory 
information provided by state insurance regulators to minimize the 
burden associated with supervisory duplication.
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    \1\ 87 FR 6537 (February 4, 2022).
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    The notice of proposed guidance stated that the comment period 
would close on April 5, 2022. The Board subsequently received a request 
to extend the comment period. An extension of the comment period will 
provide additional opportunity for the public to consider the proposal 
and prepare comments, including to address the questions posed by the 
Board in the proposal. Therefore, the Board is extending the end of the 
comment period for the proposal from April 5, 2022, to May 5, 2022.

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Secretary of the Board under delegated 
authority, March 21, 2022.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2022-06286 Filed 3-24-22; 8:45 am]
BILLING CODE 6210-01-P