Capital Requirements for Board-Regulated Institutions Significantly Engaged in Insurance Activities

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form FR Q-1 Capital Requirements for Board-Regulated Institutions Significantly Engaged in Insurance Activities	Form	New	Available
Form FR Q-1 Capital Requirements for Board-Regulated Institutions Significantly Engaged in Insurance Activities	Form	New	Repair queued
FRQ1_20240115_omb.pdf	Supporting Statement A	Uploaded 2024-01-15	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
264439	Ongoing	Form	New	Capital Requirements for Board-Regulated Institutions Significantly Engaged in Insurance Activities
264439	Ongoing	Instruction	New
264438	Initial setup	Form	New	Capital Requirements for Board-Regulated Institutions Significantly Engaged in Insurance Activities
264438	Initial setup	Instruction	New

ICR Details

OMB Control No: 7100-0386	ICR Reference No: 202311-7100-003
Status: Active	Previous ICR Reference No:
Agency/Subagency: FRS	Agency Tracking No: FR Q-1
Title: Capital Requirements for Board-Regulated Institutions Significantly Engaged in Insurance Activities
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/15/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/15/2024
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2027	36 Months From Approved
Responses	10	0	0
Time Burden (Hours)	1,097	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Board adopted a final rule that established minimum risk-based capital requirements for certain depository institution holding companies significantly engaged in insurance activities (insurance depository institution holding companies). The final rule established an enterprise-wide risk-based capital framework, termed the Building Block Approach (BBA), that incorporates legal entity capital requirements such as the requirements prescribed by state insurance regulators, taking into account differences between the business of insurance and banking. The final rule also contains a risk-based capital requirement, in compliance with section 171 of The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Board also adopted the reporting form FR Q-1 in order to collect information related to the BBA. The capital requirements and associated reporting form meet statutory mandates and will help to prevent the economic and consumer impacts resulting from the failure of organizations engaged in banking and insurance. The FR Q-1 is effective January 1, 2024, with the first as of date being December 31, 2024.

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Authorizing Statute(s): US Code: 12 USC 1844(c) Name of Law: Bank Holding Company Act of 1956
   US Code: 12 USC 1467a(b)(2) Name of Law: Home Owners’ Loan Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AF56	Final or interim final rulemaking	88 FR 82950	11/27/2023

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 57240	10/24/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 82950	11/27/2023
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

table that charts list of burden

IC Title	Form No.	Form Name
Initial setup	FR Q-1	Capital Requirements for Board-Regulated Institutions Significantly Engaged in Insurance Activities
Ongoing	FR Q-1	Capital Requirements for Board-Regulated Institutions Significantly Engaged in Insurance Activities

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	10	0	0	10	0	0
Annual Time Burden (Hours)	1,097	0	0	1,097	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new collection. The estimated total annual burden for the FR Q-1 is 1,097 hours.

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Annual Cost to Federal Government: $27,500

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 01/15/2024

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