S.2270 - Insurance Capital Standards Clarification Act of 2014113th Congress (2013-2014)
|Sponsor:||Sen. Collins, Susan M. [R-ME] (Introduced 04/29/2014)|
|Committees:||Senate - Banking, Housing, and Urban Affairs | House - Financial Services|
|Latest Action:||12/18/2014 Became Public Law No: 113-279. (TXT | PDF) (All Actions)|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.2270 — 113th Congress (2013-2014)All Bill Information (Except Text)
Public Law No: 113-279 (12/18/2014)
(This measure has not been amended since it was passed by the Senate on June 3, 2014. The summary of that version is repeated here.)
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.