It is a pleasure to be here with you this morning to discuss the statutory role of the Federal Reserve in supervising and regulating insurance firms. Since we inherited from the Office of Thrift Supervision the oversight of savings and loan holding companies (SLHCs) that contain insurance companies, we have looked at our role as complementing the role you--as insurance regulators--play. We value the interaction we have had with state insurance commissioners on policy matters and are pleased with the growth of ongoing, regularized cooperation in supervising the firms over which we both have oversight authority. Personally, I have profited enormously from the assistance provided by the staff of the National Association of Insurance Commissioners (NAIC) as I delved into the history and practice of capital regulation of insurance companies.
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