Quarles on insurance supervision and international engagement

Federal Reserve Board Vice Chairman for Supervision Randal K. Quarles spoke yesterday at the American Council of Life Insurers Executive Roundtable in Naples, Florida, on Insurance Supervision and International Engagement. Topics covered in Quarles' presentation included —

• the insurance industry's importance in the economy;
• the Federal Reserve;s consolidated supervision of insurance firms, as mandated by the Dodd-Frank Act;
• the Board's approach to a capital standard for insurance holding companies;
• a preview of the "Building Block" approach that builds upon the regulatory capital rules of subsidiaries' functional regulators--state or foreign insurance regulators for insurance subsidiaries and federal banking regulators for insured depository institutions--to provide a consolidated capital requirement;
• engagement with the National Association of Insurance Commissioners; and
• the Federal Reserve's advocacy in international insurance standard setting