Insurance Capital Standards Clarification Act of 2014

Bill: 113-s-2270
Sponsor: Sen. Collins, Susan M. [R-ME]
Introduced: 2014-04-29 in the Senate
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing
Banking and financial institutions regulation
Foreign and international corporations
Insurance industry and regulation

Summary:
action_date: 2014-04-29
text: 
Insurance Capital Standards Clarification Act of 2014 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act 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).
 
Exempts from any requirement to prepare holding company financial statements in accordance with Generally Accepted Accounting Principles any Board-supervised depository institution holding company or nonbank financial company that is also a person regulated by a state insurance regulator or a regulated foreign subsidiary (or a regulated foreign affiliate) that files its holding company financial statements using only Statutory Accounting Principles in accordance with state law.

action_date: 2014-06-03
text: 
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. 
 

action_date: 2014-12-10
text: 

(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. 
 

action_date: 2014-12-18
text: 

(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. 
 


Legislative actions:
action_date: 2014-12-18
text: Became Public Law No: 113-279.
action_date: 2014-12-18
text: Became Public Law No: 113-279.
action_date: 2014-12-18
text: Signed by President.
action_date: 2014-12-18
text: Signed by President.
action_date: 2014-12-12
text: Presented to President.
action_date: 2014-12-12
text: Presented to President.
action_date: 2014-12-10
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2014-12-10
text: On passage Passed without objection. (text: CR H9019-9020)
action_date: 2014-12-10
text: Passed/agreed to in House: On passage Passed without objection.(text: CR H9019-9020)
action_date: 2014-12-10
text: Considered by unanimous consent. (consideration: CR H9019-9020)
action_date: 2014-12-10
text: Committee on Financial Services discharged.
action_date: 2014-12-10
text: Committee on Financial Services discharged.
action_date: 2014-12-10
text: Mr. Neugebauer asked unanimous consent to discharge from committee and consider.
action_date: 2014-09-16
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.
action_date: 2014-06-05
text: Referred to the House Committee on Financial Services.
action_date: 2014-06-05
text: Received in the House.
action_date: 2014-06-04
text: Message on Senate action sent to the House.
action_date: 2014-06-03
text: Passed Senate with an amendment by Unanimous Consent.
action_date: 2014-06-03
text: Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
action_date: 2014-06-03
text: Measure laid before Senate by unanimous consent. (consideration: CR S3383-3384)
action_date: 2014-06-03
text: Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
action_date: 2014-06-03
text: Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
action_date: 2014-04-29
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2472-2473)
action_date: 2014-04-29
text: Sponsor introductory remarks on measure. (CR S2471-2472)
action_date: 2014-04-29
text: Introduced in Senate

Enacted as: number: 113-279