I 
113TH CONGRESS 
2D SESSION 
H. R. 4510 
To clarify the application of certain leverage and risk-based requirements 
under the Dodd-Frank Wall Street Reform and Consumer Protection Act. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 29, 2014 
Mr. GARY G. MILLER of California (for himself and Mrs. MCCARTHY of New 
York) introduced the following bill; which was referred to the Committee 
on Financial Services 
A BILL 
To clarify the application of certain leverage and risk-based 
requirements under the Dodd-Frank Wall Street Reform 
and Consumer Protection Act. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Insurance Capital 
Standards Clarification Act of 2014’’. 
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SEC. 2. CLARIFICATION OF APPLICATION OF LEVERAGE 
AND RISK-BASED CAPITAL REQUIREMENTS. 
Section 171 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (12 U.S.C. 5371) is amend-
ed— 
(1) in subsection (a), by adding at the end the 
following: 
‘‘(4) BUSINESS
OF
INSURANCE.—The term 
‘business of insurance’ has the same meaning as in 
section 1002(3). 
‘‘(5) PERSON REGULATED BY A STATE INSUR-
ANCE REGULATOR.—The term ‘person regulated by 
a State insurance regulator’ has the same meaning 
as in section 1002(22). 
‘‘(6) REGULATED
FOREIGN
SUBSIDIARY
AND 
REGULATED FOREIGN AFFILIATE.—The terms ‘regu-
lated foreign subsidiary’ and ‘regulated foreign affil-
iate’ mean a person engaged in the business of in-
surance in a foreign country that is regulated by a 
foreign insurance regulatory authority that is a 
member of the International Association of Insur-
ance Supervisors or other comparable foreign insur-
ance regulatory authority as determined by the 
Board of Governors following consultation with the 
State insurance regulators, including the lead State 
insurance commissioner (or similar State official) of 
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the insurance holding company system as deter-
mined by the procedures within the Financial Anal-
ysis Handbook adopted by the National Association 
of Insurance Commissioners, where the person, or 
its principal United States insurance affiliate, has 
its principal place of business or is domiciled, but 
only to the extent that— 
‘‘(A) such person acts in its capacity as a 
regulated insurance entity; and 
‘‘(B) the Board of Governors does not de-
termine that the capital requirements in a spe-
cific foreign jurisdiction are inadequate. 
‘‘(7) CAPACITY AS A REGULATED INSURANCE 
ENTITY.—The term ‘capacity as a regulated insur-
ance entity’— 
‘‘(A) includes any action or activity under-
taken by a person regulated by a State insur-
ance regulator or a regulated foreign subsidiary 
or regulated foreign affiliate of such person, as 
those actions relate to the provision of insur-
ance, or other activities necessary to engage in 
the business of insurance; and 
‘‘(B) does not include any action or activ-
ity, including any financial activity, that is not 
regulated by a State insurance regulator or a 
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