The NAIC welcomes the letter from Senators Mike Rounds and Kyrsten Sinema and the other 40 Senate signatories to Federal Reserve Vice Chair for Supervision and Financial Stability Board (FSB) Chairman Randal Quarles. The letter requests the FSB address the ongoing concerns with the International Capital Standard (ICS) being developed at the International Association of Insurance Supervisors (IAIS). State insurance regulators have long expressed concerns about the direction of the ICS and its lack of jurisdictional flexibility.
The U.S. has a proven track-record of protecting consumers and markets. The insurance sector plays a critical role in addressing longevity risks such as climate, infrastructure, and aging populations. The NAIC is committed to working constructively toward an ICS that is widely implementable and takes national as well as global issues into account.