Efforts are now underway to push legislation through the Senate on an expedited basis that would clarify that the Federal Reserve Board can apply insurance-based capital standards to the insurance portion of any insurance holding company it oversees.
The bill is S. 2270, "the Insurance Capital Standards Clarification Act of 2014." It would revise Sec. 171 of the Dodd-Frank Act, the so-called "Collins Amendment." The Fed says its lawyers interpret the Collins Amendment" to require the Federal Reserve to apply bank capital rules to insurance companies it supervises.
S. 2270 and the companion House bill, H.R. 4510, clarifies that the Fed can apply insurance-based capital standards to the insurance portion of the business, while still keeping banking capital standards for the banking portion of the business.
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