U.S. Sen. Susan Collins, R-Maine, attempted to clarify her amendment to the Dodd-Frank Act last week through statements to a Senate committee and the introduction of legislation, moves that a ratings agency says is credit positive for systemically important insurers.
The “Collins Amendment,” or Section 171 of the Dodd-Frank Act, “requires that the Fed impose minimum capital and leverage requirements on all non-bank systemically important financial institutions (SIFIs),” Moody's Investors Service says in its Weekly Credit Outlook.
Collins told a Senate Banking subcommittee last week that her amendment “allows the federal regulators to take into account the distinctions between banking and insurance, and the implications of those distinctions for capital adequacy.”
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