Members of the Senate Banking Committee and a property and casualty trade group took issue Wednesday with new international capital standards that U.S. regulators are considering for regulating systemically significant insurance companies as well as insurers that operate savings and loans.
Sen. Tim Johnson, D-S.D., speaking at a hearing, voiced concern about the rules regulators will use to implement international capital drafted by the Basel Committee on Banking Supervision. Other senators on the committee echoed Johnson's concerns.
The June proposal to implement the so-called "Basel III" standard would require banks and systemically significant non-banks such as insurance companies to maintain "loss-absorbing capital" of at least 7 percent of risk-weighted assets.
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