S.1369 - A bill to provide additional flexibility to the Board of Governors of the Federal Reserve System to establish capital standards that are properly tailored to the unique characteristics of the business of insurance, and for other purposes.113th Congress (2013-2014)
|Sponsor:||Sen. Brown, Sherrod [D-OH] (Introduced 07/25/2013)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 03/11/2014 Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held. (All Actions)|
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Summary: S.1369 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in Senate (07/25/2013)
Amends the Dodd-Frank Wall Street Reform and Consumer Protection to exclude insurers from bank capital rules.
Declares that a company is "primarily engaged in the business of insurance" if: (1) the annual gross revenues derived by it and all of its subsidiaries from the business of insurance represent at least 2/3 of its consolidated annual gross revenues, or (2) the consolidated assets of the company and its subsidiaries relating to the business of insurance represent at least 2/3 of its consolidated assets.
Exempts from minimum leverage capital requirements and minimum risk-based capital requirements any depository institution holding company that: (1) is primarily engaged in the business of insurance; (2) is an insurance underwriting company at the holding company level and was in existence on July 21, 2010; or (3) any nonbank financial company supervised by the Board of Governors of the Federal Reserve System that, together with its subsidiaries, is primarily engaged in the business of insurance.