At least three major insurance company groups strongly agree on one insurance capital standards point: They need more time to respond to a Federal Reserve Board capital standards proposal.
The Fed capital standards proposal would apply to “depository institution holding companies significantly engaged in insurance activities.”
The current comment deadline Dec. 23.
The American Council of Life Insurers and the Insurance Coalition, which represents large insurers, are asking for 30 more days to respond.
The National Association of Mutual Insurance Companies wants the deadline to be moved to Feb. 4, 2020.
The Fed has proposed a risk-based capital (RBC) framework called the “building block approach.”