The Federal Reserve also participates as a member of "Team USA"--together with the state insurance supervisors, the National Association of Insurance Commissioners (NAIC), and the Federal Insurance Office (FIO)--in the international insurance standard-setting process, including the ongoing development of an insurance capital standard (ICS) for internationally active insurance groups. In my remarks today, I will touch on these topics.
In the hope of providing greater transparency, I will also provide some updates on the Board's forthcoming proposal on insurance holding company capital requirements, often referred to as the Building Block Approach (BBA).