capital of the top-tier holding com-
pany; or 
‘‘(III) consolidated operating rev-
enue not less than 5 percent of the 
consolidated operating revenue of the 
top-tier holding company; and 
‘‘(ii) does not include a subsidiary 
that is— 
‘‘(I) a functionally regulated sub-
sidiary; 
‘‘(II) a nonoperating shell hold-
ing company; or 
‘‘(III) primarily engaged in— 
‘‘(aa) servicing activities for 
the holding company or its affili-
ates, including the activities de-
scribed in section 225.22(b)(2) of 
title 12, Code of Federal Regula-
tions; or 
‘‘(bb) internal financial ac-
tivities, as that term is defined in 
section 10A(a).’’. 
(b) REGISTRATION
AND
EXAMINATION.—Section 
10(b) of the Home Owners’ Loan Act (12 U.S.C. 
1467a(b)) is amended— 
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(1) in paragraph (1), by inserting ‘‘, and which 
shall, if applicable, provide for a savings and loan 
holding company to register as an insurance savings 
and loan holding company’’ before the period at the 
end of the first sentence; 
(2) in paragraph (2)— 
(A) in subparagraph (A), by striking 
‘‘Each savings and loan holding company’’ and 
inserting ‘‘Subject to subparagraph (D), each 
savings and loan holding company’’; 
(B) in subparagraph (C)— 
(i) by striking ‘‘Upon’’ and inserting 
the following: 
‘‘(i) IN GENERAL.—Upon’’; and 
(ii) by adding at the end the fol-
lowing: 
‘‘(ii) INSURANCE SAVINGS AND LOAN 
COMPANIES.—In the case of an insurance 
savings and loan holding company— 
‘‘(I) clause (i) shall not apply; 
and 
‘‘(II) the Board shall submit a 
request for any information described 
in clauses (i) through (iii) of subpara-
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graph (B) to the appropriate Federal 
or State regulatory agencies.’’; and 
(C) by adding at the end the following: 
‘‘(D) INSURANCE
SAVINGS
AND
LOAN 
HOLDING
COMPANIES.—An insurance savings 
and loan holding company may be required only 
to file reports related to— 
‘‘(i) the organizational structure of 
the company and any changes in that 
structure; 
‘‘(ii) transactions between the com-
pany and its affiliates; 
‘‘(iii) balance sheet and income state-
ments of a material subsidiary of the com-
pany; and 
‘‘(iv) the capital holdings of the com-
pany in relation to applicable minimum 
capital standards.’’; 
(3) in paragraph (3), by inserting ‘‘, other than 
an insurance savings and loan holding company,’’ 
after ‘‘company’’; and 
(4) in paragraph (4)— 
(A) in subparagraph (A), by inserting 
‘‘and subparagraph (D)’’ after ‘‘2010’’; and 
(B) by adding at the end the following: 
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‘‘(D) INSURANCE
SAVINGS
AND
LOAN 
HOLDING COMPANIES.— 
‘‘(i) TAILORED
EXAMINATIONS
AND 
SUPERVISION.—Board 
examinations 
of, 
and supervisory guidance applicable to, an 
insurance savings and loan holding com-
pany shall be based upon a supervisory 
framework that is— 
‘‘(I) tailored to the risks and ac-
tivities of the business of insurance; 
and 
‘‘(II) developed in consultation 
with State insurance authorities to en-
sure that such framework does not 
duplicate or conflict with State insur-
ance requirements. 
‘‘(ii) EXEMPTION
FOR
COMPANIES 
THAT MEET APPLICABLE CAPITAL STAND-
ARDS.—Subject to clause (iii), the Board 
shall neither examine nor apply supervisory 
guidance to an insurance savings and loan 
holding company, or any subsidiary of an 
insurance savings and loan holding com-
pany (other than a material subsidiary), if 
such company— 
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‘‘(I) meets or exceeds applicable 
State insurance capital standards; and 
‘‘(II) meets or exceeds any min-
imum capital standards for an insur-
ance savings and loan holding com-
pany promulgated by the Board under 
section 171 of the Financial Stability 
Act of 2010 (12 U.S.C. 5371). 
‘‘(iii) CORRECTIVE ACTION PLAN.— 
‘‘(I) IN
GENERAL.—If, based 
upon a capital report submitted pur-
suant to paragraph (2)(D)(iv), an in-
surance savings and loan holding com-
pany is not in compliance with any 
applicable minimum capital standards, 
the Board shall provide a notice of 
noncompliance to the company and re-
quire the company to submit, within 
45 days of the receipt of such notice, 
a plan to restore the capital of the 
company to a level that meets the ap-
plicable minimum standards not later 
than the later of— 
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‘‘(aa) 1 year after the date 
on which the plan is submitted; 
or 
‘‘(bb) a date determined by 
the Board. 
‘‘(II) 
FAILURE
TO
SUBMIT 
PLAN.—If a company fails to submit a 
required capital restoration plan, or 
fails to restore capital to applicable 
minimum standards within the time 
period specified in the plan, the 
Board, following notice and an oppor-
tunity for a hearing, may prohibit the 
application of clause (ii) to the com-
pany until the later of— 
‘‘(aa) the date on which the 
company has met applicable min-
imum capital standards for 2 cal-
endar years; or 
‘‘(bb) a date determined by 
the Board.’’. 
(c) ADMINISTRATION AND ENFORCEMENT.—Section 
10(g) of the Home Owners’ Loan Act (12 U.S.C. 
1467a(g)) is amended— 
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(1) in paragraph (1), by inserting ‘‘In issuing 
any regulation, order, or supervisory guidance appli-
cable to an insurance savings and loan holding com-
pany, including a regulation, order, or guidance re-
lated to capital, stress testing, and cybersecurity, the 
Board shall tailor such regulation, order, or guid-
ance to the risks and activities of the business of in-
surance and shall consult with State insurance au-
thorities to ensure that the regulation, order, or 
guidance does not duplicate or conflict with State in-
surance requirements.’’ after the period at the end; 
and 
(2) in paragraph (2), by inserting ‘‘In the case 
of an insurance savings and loan holding company, 
the authority of the Board to conduct investigations 
shall be limited to the material subsidiaries of the 
insurance savings and loan holding company.’’ after 
the period at the end. 
(d) INTERMEDIATE HOLDING COMPANIES.—Section 
10A(d) of the Home Owners’ Loan Act (12 U.S.C. 
1467b(d)) is amended by adding at the end the following: 
‘‘(3) INSURANCE SAVINGS AND LOAN HOLDING 
COMPANIES.—If the Board requires a grandfathered 
unitary savings and loan holding company that is an 
insurance savings and loan holding company to es-
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tablish an intermediary holding company to engage 
in financial activities, the intermediary holding com-
pany shall be treated as an insurance savings and 
loan holding company for purposes of supervision 
and regulation by the Board.’’. 
(e) EMERGENCY SUPERVISORY AUTHORITY.—Sec-
tion 10 of the Home Owners’ Loan Act (12 U.S.C. 1467a) 
is amended by adding the following new subsection at the 
end thereof: 
‘‘(u) EMERGENCY SUPERVISORY AUTHORITY.—The 
Board, by order, may suspend the application of para-
graphs (2)(C)(ii), (2)(D), and (4)(D) of subsection (c) and 
the final sentences of paragraphs (1) and (2) of subsection 
(g) to an insurance savings and loan holding company and 
apply subsection (b)(3) to an insurance savings and loan 
holding company if the Board, after consultation with the 
State insurance authority for the insurance savings and 
loan holding company, reasonably determines that the op-
erations and activities of the insurance savings and loan 
holding company pose a serious and imminent risk to the 
financial safety and soundness or stability of the insurance 
savings and loan holding company’s subsidiary saving as-
sociation.’’. 
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SEC. 3. ASSESSMENTS AND FEES FOR INSURANCE SAVINGS 
AND LOAN HOLDING COMPANIES. 
Section 11 of the Federal Reserve Act (12 U.S.C. 
248) is amended, in the second subsection (s) (relating 
to assessments), by adding at the end the following: 
‘‘(3) EXCLUDED ASSETS.—With respect to an 
insurance savings and loan holding company, as de-
fined in section 10 of the Home Owners’ Loan Act 
(12 U.S.C. 1467a), the total consolidated assets de-
scribed in paragraph (2)(B) shall not include any 
asset of an insurance company.’’. 
Æ 
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