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Federal Reserve Board seeks 'building block approach' for global insurance capital standard, official to tell Senate

( September 11, 2019, 23:01 GMT | Official Statement) -- MLex Summary: Thomas Sullivan, an associate director for the Board of Governors of the Federal Reserve System, said that the Fed is working with the International Association of Insurance Supervisors with the intent of creating an international insurance capital standard with a "building block approach" in mind. In response to concerns that the standard includes a valuation method and other requirements that may not be optimal for the US insurance market, Sullivan said the board is looking to build on existing state insurance standards. "The Federal Reserve intends to continue to advocate for the recognition of the building block approach internationally," Sullivan said in testimony prepared for the Senate Committee on Banking, Housing, and Urban Affairs.Statement follows in full....

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