There’s more time to comment on a proposal to implement a framework for the supervision of certain insurance organizations overseen by the Federal Reserve, the agency said Friday. Comments will now be taken until May 5.
Originally, comments were due by April 5, according to the Fed. The comment period was extended, the agency added, to give parties more time to prepare comments.
As proposed in January, the proposed framework would apply to any depository institution holding company that is an insurance underwriting company or that has more than 25% of its consolidated assets held by insurance underwriting subsidiaries. The proposal would also formalize a supervisory rating system for these companies and describe how examiners work with state insurance regulators, the agency said.