Fed’s Quarles outlines ‘building block approach’ to insurance regulation
Regulator chose not to copy and paste banking sector regulations onto insurers, says vice-chair
Federal Reserve vice-chair Randal Quarles outlined the central bank’s “building block approach” to setting capital requirements for insurers during remarks on January 9.
“We decided against applying the [Federal Reserve] Board’s bank holding company capital rules to supervised insurance firms at the enterprise level, in light of the very different business models of insurance and banking,” Quarles told a life insurance conference in Florida.
He said the Fed similarly chose not to mimic the
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