The provisions, initially applicable to scheduled commercial banks, have in January 2019, also been extended to cover authorised non-banks that issue PPIs.
The proposed reporting requirements differ substantially from reporting requirements for bank holding companies, and from available U.S. Generally Accepted Accounting Principles (U.S. GAAP) financial information filed with the SEC. They are highly tailored to the assets, liabilities, and risks of insurance companies. We look forward to receiving public comment on the proposal.