Fed to mobilize its insurance capital proposal in campaign to modify global plan

11 January 2019 10:35am
The US Federal Reserve will try to leverage its upcoming proposal on insurance capital requirements in an effort to make an international plan more suitable for the US market, Fed Governor Randal Quarles said.

Quarles, the vice chairman for supervision, said yesterday that the Fed and US insurance regulators are seeking an alternative to the insurance capital standard, or ICS, proposed by the International Association of Insurance Supervisors.

“The current core proposal in the ICS would face implementation challenges in the United States,” he said at an American Council of Life Insurers event.