Study and Report to Congress on the Impact on Consumers and Markets in the United States of a Final International Insurance Capital Standard, 57154 [2024-15348]

Download as PDF 57154 Federal Register / Vol. 89, No. 134 / Friday, July 12, 2024 / Notices Please note that any updates made to any aspect of the ACF waiver and authorization hearing will be posted online at: https://www.epa.gov/ regulations-emissions-vehicles-andengines/virtual-public-hearingcalifornias-advanced-clean-fleet.While the EPA expects the hearing to go forward as set forth above, please monitor the hearing website or contact the person listed in the FOR FURTHER INFORMATION CONTACT section to determine if there are any updates. The EPA does not intend to publish a document in the Federal Register announcing updates. Each commenter will have 3 minutes to provide oral testimony. The EPA may ask clarifying questions during the oral presentations but will not respond to the presentations at that time. The EPA recommends submitting the text of your oral comments as written comments to the docket. Written statements and supporting information submitted during the comment period will be considered with the same weight as oral comments and supporting information presented at the public hearing for the respective authorization request. The Agency will make a verbatim record of the proceedings at the hearing that will be placed in the docket. The EPA will keep the record open until September 16, 2024. After expiration of the comment period, the Administrator will render a decision on CARB’s request based on the record of the public hearing, relevant written submissions, and other information that he deems pertinent. William Charmley, Director, Assessment and Standards Division, Office of Transportation and Air Quality. [FR Doc. 2024–15343 Filed 7–11–24; 8:45 am] BILLING CODE 6560–50–P FEDERAL RESERVE SYSTEM DEPARTMENT OF THE TREASURY Study and Report to Congress on the Impact on Consumers and Markets in the United States of a Final International Insurance Capital Standard Board of Governors of the Federal Reserve System and Federal Insurance Office, Department of the Treasury. ACTION: Notice of commencement of report drafting. lotter on DSK11XQN23PROD with NOTICES1 AGENCY: The Board of Governors of the Federal Reserve System (Board) and the Federal Insurance Office (FIO) of the Department of the Treasury (together, SUMMARY: VerDate Sep<11>2014 16:35 Jul 11, 2024 Jkt 262001 the agencies) are providing notice that the agencies intend to commence drafting a report to Congress on the impact on consumers and markets in the United States before supporting or consenting to the adoption of any final international insurance capital standard. This report is contemplated by section 211(c)(3) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). DATES: The agencies intend to commence drafting the report after July 12, 2024. FOR FURTHER INFORMATION CONTACT: Board: Lara Lylozian, Deputy Associate Director and Chief Accountant, (202) 475–6656; or Matt Walker, Manager, Insurance Supervision & Regulation, (202) 872–4971, Division of Supervision and Regulation; or Dafina Stewart, Deputy Associate General Counsel, (202) 452–2677; Andrew Hartlage, Special Counsel, (202) 452–6483; Jonah Kind, Senior Counsel, (202) 452–2045; or Jasmin Keskinen, Senior Attorney, (202) 475–6650, Legal Division, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551. For users of TTY–TRS, please call 711 from any telephone, anywhere in the United States. Treasury: Krishna Kundu, Senior Insurance Regulatory Policy Analyst, FIO, (202) 622–2753; or Mark Schlegel, Senior Counsel, Office of the General Counsel, Department of the Treasury, (202) 622–1027, Department of the Treasury, 1500 Pennsylvania Avenue NW, Washington, DC 20220. SUPPLEMENTARY INFORMATION: Under section 211(c)(3)(A) of EGRRCPA,1 the Secretary of the Treasury (the Secretary), the Chair of the Board (the Chair), and the Director of FIO must, in consultation with the National Association of Insurance Commissioners, complete a study on, and submit to Congress a report on the results of the study, the impact on consumers and markets in the United States before supporting or consenting to the adoption of any final international insurance capital standard. In addition, under section 211(c)(3)(B)(i) of EGRRCPA, the Secretary, the Chair, and the Director of FIO must provide public notice before the date on which drafting a report required under subparagraph (A) is commenced.2 As background, the International Association of Insurance Supervisors (IAIS) is developing the Insurance Capital Standard (ICS) as a consolidated PO 00000 1 31 U.S.C. 313 note. 2 Id. Frm 00032 Fmt 4703 Sfmt 4703 group-wide capital standard for internationally active insurance groups, for the purposes of creating a common language for supervisory discussions of group solvency and enhancing global convergence among group capital standards.3 The IAIS also is assessing whether the Aggregation Method under development by the United States provides comparable outcomes to the ICS, and if so, will be considered an outcome-equivalent approach for implementation of the ICS as a prescribed capital requirement.4 The agencies hereby give notice that they intend to commence drafting the report contemplated in section 211(c)(3)(A) after July 12, 2024. Kayla Arslanian, Executive Secretary, Department of the Treasury. Steven E. Seitz, Director, Federal Insurance Office, Department of the Treasury. Benjamin W. McDonough, Deputy Secretary and Ombuds of the Board. [FR Doc. 2024–15348 Filed 7–11–24; 8:45 am] BILLING CODE 6210–01–P; 4810–AK–P DEPARTMENT OF HEALTH AND HUMAN SERVICES Administration for Children and Families Submission for Office of Management and Budget (OMB) Review; Community Services Block Grant (CSBG) Model State Plan Applications (OMB No. 0970–0382) Office of Community Services, Administration for Children and Families, U.S. Department of Health and Human Services. ACTION: Request for public comments. AGENCY: The Office of Community Services (OCS), Administration for Children and Families (ACF) requests a 3-year extension of the Community Services Block Grant (CSBG) State Plan, CSBG Eligible Entity Master List, and the American Customer Survey Index (ACSI) forms (OMB #0970–0382, expiration 8/31/2024). There are no changes requested to these information collections. SUMMARY: 3 International Association of Insurance Supervisors, https://www.iaisweb.org/activitiestopics/standard-setting/insurance-capitalstandard/. 4 IAIS statement, ‘‘The IAIS begins the AM comparability assessment,’’ October 17, 2023, https://www.iaisweb.org/uploads/2023/10/IAISstatement-IAIS-begins-the-AM-comparabilityassessment.pdf. E:\FR\FM\12JYN1.SGM 12JYN1

Agencies

[Federal Register Volume 89, Number 134 (Friday, July 12, 2024)]
[Notices]
[Page 57154]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-15348]


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FEDERAL RESERVE SYSTEM

DEPARTMENT OF THE TREASURY


Study and Report to Congress on the Impact on Consumers and 
Markets in the United States of a Final International Insurance Capital 
Standard

AGENCY: Board of Governors of the Federal Reserve System and Federal 
Insurance Office, Department of the Treasury.

ACTION: Notice of commencement of report drafting.

-----------------------------------------------------------------------

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
and the Federal Insurance Office (FIO) of the Department of the 
Treasury (together, the agencies) are providing notice that the 
agencies intend to commence drafting a report to Congress on the impact 
on consumers and markets in the United States before supporting or 
consenting to the adoption of any final international insurance capital 
standard. This report is contemplated by section 211(c)(3) of the 
Economic Growth, Regulatory Relief, and Consumer Protection Act 
(EGRRCPA).

DATES: The agencies intend to commence drafting the report after July 
12, 2024.

FOR FURTHER INFORMATION CONTACT: 
    Board: Lara Lylozian, Deputy Associate Director and Chief 
Accountant, (202) 475-6656; or Matt Walker, Manager, Insurance 
Supervision & Regulation, (202) 872-4971, Division of Supervision and 
Regulation; or Dafina Stewart, Deputy Associate General Counsel, (202) 
452-2677; Andrew Hartlage, Special Counsel, (202) 452-6483; Jonah Kind, 
Senior Counsel, (202) 452-2045; or Jasmin Keskinen, Senior Attorney, 
(202) 475-6650, Legal Division, Board of Governors of the Federal 
Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 
20551. For users of TTY-TRS, please call 711 from any telephone, 
anywhere in the United States.
    Treasury: Krishna Kundu, Senior Insurance Regulatory Policy 
Analyst, FIO, (202) 622-2753; or Mark Schlegel, Senior Counsel, Office 
of the General Counsel, Department of the Treasury, (202) 622-1027, 
Department of the Treasury, 1500 Pennsylvania Avenue NW, Washington, DC 
20220.

SUPPLEMENTARY INFORMATION: Under section 211(c)(3)(A) of EGRRCPA,\1\ 
the Secretary of the Treasury (the Secretary), the Chair of the Board 
(the Chair), and the Director of FIO must, in consultation with the 
National Association of Insurance Commissioners, complete a study on, 
and submit to Congress a report on the results of the study, the impact 
on consumers and markets in the United States before supporting or 
consenting to the adoption of any final international insurance capital 
standard. In addition, under section 211(c)(3)(B)(i) of EGRRCPA, the 
Secretary, the Chair, and the Director of FIO must provide public 
notice before the date on which drafting a report required under 
subparagraph (A) is commenced.\2\
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    \1\ 31 U.S.C. 313 note.
    \2\ Id.
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    As background, the International Association of Insurance 
Supervisors (IAIS) is developing the Insurance Capital Standard (ICS) 
as a consolidated group-wide capital standard for internationally 
active insurance groups, for the purposes of creating a common language 
for supervisory discussions of group solvency and enhancing global 
convergence among group capital standards.\3\ The IAIS also is 
assessing whether the Aggregation Method under development by the 
United States provides comparable outcomes to the ICS, and if so, will 
be considered an outcome-equivalent approach for implementation of the 
ICS as a prescribed capital requirement.\4\
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    \3\ International Association of Insurance Supervisors, https://www.iaisweb.org/activities-topics/standard-setting/insurance-capital- standard/.
    \4\ IAIS statement, ``The IAIS begins the AM comparability 
assessment,'' October 17, 2023, https://www.iaisweb.org/uploads/2023/10/IAIS-statement-IAIS-begins-the-AM-comparability-assessment.pdf.
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    The agencies hereby give notice that they intend to commence 
drafting the report contemplated in section 211(c)(3)(A) after July 12, 
2024.

Kayla Arslanian,
Executive Secretary, Department of the Treasury.
Steven E. Seitz,
Director, Federal Insurance Office, Department of the Treasury.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2024-15348 Filed 7-11-24; 8:45 am]
BILLING CODE 6210-01-P; 4810-AK-P

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