On September 30, 2014, the Board of Governors of the Federal Reserve System (“Federal Reserve Board”) announced that it will begin a quantitative impact   study (“QIS”) in order to evaluate the effects of the revised regulatory capital framework on savings and loan holding companies and nonbank financial companies supervised by the Federal Reserve Board that are substantially engaged in insurance underwriting activity (“insurance holding companies”). Until this point, the revised regulatory capital framework implementing the Basel III capital rules excluded insurance underwriting activity in order to allow the Federal Reserve Board additional time to formulate an appropriate regulatory capital framework. The results of the QIS will be used in the design of a capital framework for insurance holding companies under the supervision of the Federal Reserve Board.

All insurance holding companies contacted by the Federal Reserve Board requesting participation in the QIS must submit information by December 31, 2014.

The full text of the QIS instructions is available at:

http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20140930a2.pdf.

The full text of the QIS reporting template is available at:

http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20140930a3.pdf.