summary
Introduced
04/29/2014
04/29/2014
In Committee
06/05/2014
06/05/2014
Crossed Over
06/05/2014
06/05/2014
Passed
12/12/2014
12/12/2014
Dead
Signed/Enacted/Adopted
12/18/2014
12/18/2014
Introduced Session
113th Congress
Bill Summary
Insurance Capital Standards Clarification Act of 2014 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) concerning establishment of minimum leverage and minimum risk-based capital requirements on a consolidated basis for a depository institution holding company or a nonbank financial company supervised by the Board of Governors of the Federal Reserve System. States that federal banking agencies shall not be required to subject any person to such minimum capital requirements, to the extent that such person either: (1) acts in its capacity as a regulated insurance entity regulated by a state insurance regulator, or (2) is a regulated foreign subsidiary engaged in the business of insurance (including a regulated foreign affiliate of such subsidiary). States that a Board-supervised depository institution holding company or nonbank financial company engaged in the insurance business and regulated by either a state insurance regulator or the National Association of Insurance Commissioners, and which files its holding company financial statements using only Statutory Accounting Principles pursuant to state law, shall not be required by the Board, under this Act or the Home Owners' Loan Act (HOLA), to prepare such financial statements in accordance with Generally Accepted Accounting Principles. Declares that nothing in this Act shall: (1) limit Board authority to conduct any regulatory or supervisory activity of either a depository institution holding company or a non-bank financial company under Board jurisdiction, including the collecting or reporting of any information on an entity or group-wide basis; or (2) excuse the Board from its obligations to comply with Dodd-Frank requirements regarding examination of nonbank financial companies and HOLA requirements regarding examination of savings and loan holding companies.
AI Summary
This bill, the Insurance Capital Standards Clarification Act of 2014, amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to clarify how certain capital requirements apply to companies involved in the insurance business. Specifically, it states that federal banking agencies, like the Board of Governors of the Federal Reserve System, are not required to apply minimum capital requirements to entities that are regulated insurance entities by a state insurance regulator or are regulated foreign subsidiaries or affiliates engaged in the insurance business. This means that insurance companies regulated at the state level, or their foreign counterparts, will generally be exempt from these specific federal capital requirements when acting in their capacity as insurance providers. The bill also clarifies that such companies, if regulated by a state insurance regulator or the National Association of Insurance Commissioners and using Statutory Accounting Principles (a set of accounting rules specific to the insurance industry) for their state filings, will not be forced by the Board of Governors to prepare their financial statements using Generally Accepted Accounting Principles (GAAP), which are broader accounting standards. Importantly, this clarification does not limit the Board's general authority to supervise and collect information from these companies, nor does it excuse the Board from its existing obligations under Dodd-Frank or the Home Owners' Loan Act (HOLA) regarding examinations.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (34)
Susan Collins (R)*,
Kelly Ayotte (R),
Tammy Baldwin (D),
Richard Blumenthal (D),
Roy Blunt (R),
Cory Booker (D),
Sherrod Brown (D),
Richard Burr (R),
Tom Carper (D),
Saxby Chambliss (R),
Dick Durbin (D),
Michael Enzi (R),
Deb Fischer (R),
Chuck Grassley (R),
Kay Hagan (D),
Tom Harkin (D),
Heidi Heitkamp (D),
Dean Heller (R),
Johnny Isakson (R),
Mike Johanns (R),
Angus King (I),
Mark Kirk (R),
Amy Klobuchar (D),
Claire McCaskill (D),
Bob Menendez (D),
Jerry Moran (R),
Rob Portman (R),
Chuck Schumer (D),
Tim Scott (R),
Jeanne Shaheen (D),
Jon Tester (D),
Pat Toomey (R),
David Vitter (R),
Mark Warner (D),
Last Action
Became Public Law No: 113-279. (on 12/18/2014)
Official Document
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