The Economic Growth, Regulatory Relief, and Consumer Protection Act was signed into law on May 24, 2018. This report is submitted pursuant to section 211(c)(4) of this act, which directs the Chairman of the Board of Governors of the Federal Reserve System and the Secretary of the U.S. Department of the Treasury, or their designees, to report to Congress on the efforts of Treasury and the Federal Reserve to increase transparency at meetings of the International Association of Insurance Supervisors (IAIS).
Established in 1994, the IAIS is the international standard-setting body responsible for developing and assisting in the implementation of principles, standards, and other supporting material for supervision of the insurance sector. The IAIS additionally serves as a forum for members to exchange ideas and share experiences about insurance supervision and insurance markets. IAIS members include insurance supervisors and regulators from more than 200 jurisdictions in more than 140 countries.