Consolidated Financial Statements for Insurance Nonbank Financial Companies

April 22, 2016

The FRB is proposing a new regulatory report for insurance companies.  The proposal affects nonbank financial companies (i) that the FSOC has determined pursuant to section 113 of the Dodd-Frank Act should be supervised by the Board and subject to enhanced prudential standards and (ii) with at least 40 percent of total consolidated assets related to insurance activities as of the end of either of the two most recently completed fiscal years (insurance nonbank financial companies), or as otherwise ordered by the Board.  The report would be submitted quarterly, beginning with the reporting period ending on June 30, 2017,  

The proposed FR 2085 leverages the existing framework of the Board’s Consolidated Financial Statements for Holding Companies (FR Y-9C) (OMB No. 71000128), which collects similar information from bank holding companies, savings and loan holding companies, and securities holding companies (collectively, holding companies).  However, the proposed FR 2085 is tailored to reduce the burden on, and reflect the business and risks of, insurance nonbank financial companies.  Data items that are specific or unique to holding companies were not included in the FR 2085.  Data items that are either more significant or unique to insurance were added.  Where insurance nonbank financial companies and holding companies hold similar assets and liabilities, existing FR Y-9C data definitions and presentation were included in the proposed FR 2085 to facilitate horizontal comparisons. 

To read the report instructions,  click here.