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9 11, 2022

DAILY110922

2022-11-09T16:59:00-05:00November 9th, 2022|2- Daily Briefing|

FIO, HHS Plan Longer Ponder on Federal Cyberinsurance

The Federal Insurance Office and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency today extended the comment deadline for comments on whether a federal insurance response is warranted for catastrophic cyber risk.  The earlier notice asked what type of catastrophic attacks on U.S. critical infrastructure are most likely, how best to measure their effect, the current catastrophic insurance landscape, and how any federal insurance should be structured.

FDIC Board Stands By DSIB Resolution Reform

At today’s FDIC Systemic Resolution Advisory Committee session, Acting Chairman Martin Gruenberg defended the release of proposed DSIB resolution standards as guidelines, not rules.  Director Chopra reiterated concerns he expressed at a recent FDIC board meeting (see Client Report DEPOSITINSURANCE115), pressing for a structural rewrite of both DSIB and GSIB resolution standards.  Acting Comptroller Hsu focused largely on supervisory build-out, noting the need for more creative, forward-looking assessments of resolution plans.  Mr. Hsu also wants regulatory statements to ensure that investors understand that TLAC is a buffer of capital-at-risk in the event of extreme stress.

Daily110922.pdf

9 09, 2022

INSURANCE61

2022-11-09T12:56:29-05:00September 9th, 2022|5- Client Report|

Senate Banking Considers Insurance Risk, Reach

Chairman Brown (D-OH) convened a hearing today focused on the insurance industry largely focusing on the extent to which private-equity takeovers endanger insurance solvency and threaten pensioners following risk transfers.  Republicans generally denied any concerns but joined the chairman in urging U.S. agencies to play an active role in IAIS and decline to join global standards adverse to U.S. interests.  Sen. Van Hollen (D-MD) also raised the issue of insurance-industry reliance on the Home Loan Banks, but a witness representing the NAIC and the head of the Federal Insurance Office took no stand on any concerns here.  Senators also addressed insurance discrimination, reparations, cyber risk coverage, and climate hazards, but no legislation in any of these arenas was advanced.

INSURANCE61.PDF

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