Insurers embrace bill to tailor proposed Fed capital rules
May 29, 2013 by Elizabeth D. Festa
The insurance industry has been 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 and immediately lauded by the life insurance industry. Click here to read…