The House passed legislation on Tuesday stating that the Federal Reserve Board can apply insurance-based capital standards to the insurance portion of any insurance holding company it oversees. The vote was 327-97.
However, the bill, the "Insurance Capital Standards Clarification Act of 2014," H.R. 5461, carries baggage through other provisions unlikely to be accepted by the Senate. This will likely delay final legislative action on the clarification until Congress returns to work in a so-called "lame duck" session after the mid-term elections.
The Senate measure, S. 2270, "the Insurance Capital Standards Clarification Act of 2014," would merely clarify that statutory accounting principles can be used by the Fed in overseeing insurance companies.
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