The Federal Reserve Board is seeking to become one of the many U.S. members of the International Association of Insurance Supervisors (IAIS), according to sources.
The Fed is said to be negotiating with the National Association of Insurance Commissioners (NAIC) and the Federal Insurance Office (FIO) located within the U.S. Treasury to become a member of the IAIS' important Executive Committee.
The IAIS said through a spokesperson that it cannot discuss internal administrative matters, such as whether the Fed (or any authority) has submitted an application. Membership decisions are made at the IAIS general meeting, which will be held in Chinese Taipei in mid-October. However, the Executive Committee can decide to allow an applicant to provisionally participate in IAIS activities until full membership is granted.
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Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
