Sec. 3. Objectives for international insurance standards
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The objectives of the United States regarding international insurance standards are as follows: To ensure standards that maintain strong protection of policy holders, as reflected in the United States solvency regime. To ensure, pursuant to enactment of the Insurance Capital Standards Clarification Act of 2014 ( Public Law 113–279 ), standards that are appropriate for insurers and are not bank-centric in nature. To promote a principles-based approach to insurance supervision, in which capital adequacy is assessed using risk-based capital requirements for insurance combined with qualitative risk assessment and management tools.
To consider the most efficient and least disruptive approaches to enhancing regulatory assessment of the capital adequacy of insurance groups, including tools that are already in place. To ensure that any international insurance standard recognizes prudential measures used within the United States as satisfying standards finalized by international standard-setting organizations. To support increasing transparency at any global insurance or international standard-setting organization in which the United States participates, including advocating for greater stakeholder public observer access to working groups and committee meetings of the International Association of Insurance Supervisors.
To ensure that there is a sufficient period for public consultation and comment regarding any proposed international insurance standard before it takes effect. To ensure that the Secretary of the Treasury and the Board of Governors of the Federal Reserve System achieve consensus positions with State insurance commissioners when the Secretary and the Board are United States participants in discussions on insurance issues before the International Association of Insurance Supervisors, Financial Stability Board, or any other international forum of financial regulators or supervisors that considers such issues.
To consider the impact of any such standard on the availability and cost of products to consumers. To avoid measures that could limit the availability and accessibility of risk protection and retirement security products that are essential to meeting the needs of aging populations. To ensure that the merits of existing State-based capital standards are recognized and incorporated in any domestic or global insurance capital standard. To advocate for insurance regulatory standards that are based on the nature, scale, and complexity of the risks posed by the regulated insurance group and entity or activity.
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Sec. 3
Objectives for international insurance standards
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