The insurance industry is helping birth new legislation that would address one of the most vexing issues for insurers in the Federal Reserve's stable of supervision.
H.R. 2140, Insurance Capital and Accounting Standards Act of 2013, introduced in the House by Rep. Gary G. Miller, R-Calif., and Carolyn McCarthy, D-N.Y., would offer relief from the Dodd-Frank Act requirement that the Fed's proposed capital standards for banks must apply also to nonbanks, such as insurers, if they fall under Fed supervision.
The bill was introduced May 23.
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