A Financial System That Creates Economic Opportunities Asset Management and Insurance

Table of Contents
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

• Introduction 3
• Scope of This Report 3
• Review of the Process for This Report 4
• Asset Management Industry in the United States 4
• Insurance Industry in the United States 5
• Summary of Issues and Recommendations 6

Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

• Introduction 13
• The Regulatory Structure of the Asset
• Management Industry 18
• Systemic Risk and Stress Testing 29
• Efficient Regulation and Government Processes 32
• International Engagement 55
• Economic Growth and Informed Choices 64

Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

• Introduction 73
• The Regulatory Structure of the Insurance Industry 80
• Systemic Risk and Solvency 97
• Efficient Regulation and Government Processes 105
• International Engagement 130
• Economic Growth and Informed Choices 140

Appendices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145

• Appendix A: Participants in the Executive Order
• Engagement Process 147
• Appendix B: Regulatory and Legislative Recommendations 153

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