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Public Law113th CongressFinance and Financial Sector
S. 2270Became Law

Insurance Capital Standards Clarification Act of 2014

This bill became law

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Law

What it doesSummary public law (Dec 18, 2014)

(This measure has not been amended since it was passed by the Senate on June 3, 2014. The summary of that version is repeated here.)

Insurance Capital Standards Clarification Act of 2014 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) concerning establishment of minimum leverage and minimum risk-based capital requirements on a consolidated basis for a depository institution holding company or a nonbank financial company supervised by the Board of Governors of the Federal Reserve System.

States that federal banking agencies shall not be required to subject any person to such minimum capital requirements, to the extent that such person either: (1) acts in its capacity as a regulated insurance entity regulated by a state insurance regulator, or (2) is a regulated foreign subsidiary engaged in the business of insurance (including a regulated foreign affiliate of such subsidiary).

States that a Board-supervised depository institution holding company or nonbank financial company engaged in the insurance business and regulated by either a state insurance regulator or the National Association of Insurance Commissioners, and which files its holding company financial statements using only Statutory Accounting Principles pursuant to state law, shall not be required by the Board, under this Act or the Home Owners' Loan Act (HOLA), to prepare such financial statements in accordance with Generally Accepted Accounting Principles.

Declares that nothing in this Act shall: (1) limit Board authority to conduct any regulatory or supervisory activity of either a depository institution holding company or a non-bank financial company under Board jurisdiction, including the collecting or reporting of any information on an entity or group-wide basis; or (2) excuse the Board from its obligations to comply with Dodd-Frank requirements regarding examination of nonbank financial companies and HOLA requirements regarding examination of savings and loan holding companies.

What just happenedDec 18, 2014

Became Public Law No: 113-279.

Who’s behind it

Sen. Collins, Susan M. [R-ME](R-ME)Sponsor
33 cosponsors16 D16 R1 I
Read on Congress.gov
33cosponsors2committees25actions1amendments3related bills4subjects
  • Enrolled Bill
  • Referred in HouseJun 5, 2014
  • Engrossed in SenateJun 3, 2014
  • Introduced in SenateApr 29, 2014
  • Public LawDec 19, 2014
  1. Dec 18, 2014President

    Became Public Law No: 113-279.

  2. Dec 18, 2014BecameLaw36000

    Became Public Law No: 113-279.

  3. Dec 18, 2014President

    Signed by President.

  4. Dec 18, 2014BecameLaw36000

    Signed by President.

  5. Dec 12, 2014Floor

    Presented to President.

  6. Dec 12, 2014President28000

    Presented to President.

  7. Dec 10, 2014FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  8. Dec 10, 2014FloorH37100

    On passage Passed without objection. (text: CR H9019-9020)

  9. Dec 10, 2014Floor8000

    Passed/agreed to in House: On passage Passed without objection.(text: CR H9019-9020)

  10. Dec 10, 2014FloorH30000

    Considered by unanimous consent. (consideration: CR H9019-9020)

  11. Dec 10, 2014DischargeH12300

    Committee on Financial Services discharged.

  12. Dec 10, 2014Committee5500

    Committee on Financial Services discharged.

  13. Dec 10, 2014FloorH30200

    Mr. Neugebauer asked unanimous consent to discharge from committee and consider.

  14. Sep 16, 2014Committee

    Committee on Banking, Housing, and Urban Affairs. Hearings held.

  15. Jun 5, 2014IntroReferralH11100

    Referred to the House Committee on Financial Services.

  16. Jun 5, 2014FloorH14000

    Received in the House.

  17. Jun 4, 2014Floor

    Message on Senate action sent to the House.

  18. Jun 3, 2014Floor

    Passed Senate with an amendment by Unanimous Consent.

  19. Jun 3, 2014Floor17000

    Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.

  20. Jun 3, 2014Floor

    Measure laid before Senate by unanimous consent. (consideration: CR S3383-3384)

  21. Jun 3, 2014Discharge

    Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.

  22. Jun 3, 2014Committee14500

    Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.

  23. Apr 29, 2014IntroReferral

    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2472-2473)

  24. Apr 29, 2014IntroReferralB00100

    Sponsor introductory remarks on measure. (CR S2471-2472)

  25. Apr 29, 2014IntroReferral10000

    Introduced in Senate

Public LawDec 18, 201449

(This measure has not been amended since it was passed by the Senate on June 3, 2014. The summary of that version is repeated here.)

Insurance Capital Standards Clarification Act of 2014 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) concerning establishment of minimum leverage and minimum risk-based capital requirements on a consolidated basis for a depository institution holding company or a nonbank financial company supervised by the Board of Governors of the Federal Reserve System.

States that federal banking agencies shall not be required to subject any person to such minimum capital requirements, to the extent that such person either: (1) acts in its capacity as a regulated insurance entity regulated by a state insurance regulator, or (2) is a regulated foreign subsidiary engaged in the business of insurance (including a regulated foreign affiliate of such subsidiary).

States that a Board-supervised depository institution holding company or nonbank financial company engaged in the insurance business and regulated by either a state insurance regulator or the National Association of Insurance Commissioners, and which files its holding company financial statements using only Statutory Accounting Principles pursuant to state law, shall not be required by the Board, under this Act or the Home Owners' Loan Act (HOLA), to prepare such financial statements in accordance with Generally Accepted Accounting Principles.

Declares that nothing in this Act shall: (1) limit Board authority to conduct any regulatory or supervisory activity of either a depository institution holding company or a non-bank financial company under Board jurisdiction, including the collecting or reporting of any information on an entity or group-wide basis; or (2) excuse the Board from its obligations to comply with Dodd-Frank requirements regarding examination of nonbank financial companies and HOLA requirements regarding examination of savings and loan holding companies.

Passed House without amendmentDec 10, 201481

(This measure has not been amended since it was passed by the Senate on June 3, 2014. The summary of that version is repeated here.)

Insurance Capital Standards Clarification Act of 2014 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) concerning establishment of minimum leverage and minimum risk-based capital requirements on a consolidated basis for a depository institution holding company or a nonbank financial company supervised by the Board of Governors of the Federal Reserve System.

States that federal banking agencies shall not be required to subject any person to such minimum capital requirements, to the extent that such person either: (1) acts in its capacity as a regulated insurance entity regulated by a state insurance regulator, or (2) is a regulated foreign subsidiary engaged in the business of insurance (including a regulated foreign affiliate of such subsidiary).

States that a Board-supervised depository institution holding company or nonbank financial company engaged in the insurance business and regulated by either a state insurance regulator or the National Association of Insurance Commissioners, and which files its holding company financial statements using only Statutory Accounting Principles pursuant to state law, shall not be required by the Board, under this Act or the Home Owners' Loan Act (HOLA), to prepare such financial statements in accordance with Generally Accepted Accounting Principles.

Declares that nothing in this Act shall: (1) limit Board authority to conduct any regulatory or supervisory activity of either a depository institution holding company or a non-bank financial company under Board jurisdiction, including the collecting or reporting of any information on an entity or group-wide basis; or (2) excuse the Board from its obligations to comply with Dodd-Frank requirements regarding examination of nonbank financial companies and HOLA requirements regarding examination of savings and loan holding companies.

Passed Senate amendedJun 3, 201435

Insurance Capital Standards Clarification Act of 2014 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) concerning establishment of minimum leverage and minimum risk-based capital requirements on a consolidated basis for a depository institution holding company or a nonbank financial company supervised by the Board of Governors of the Federal Reserve System.

States that federal banking agencies shall not be required to subject any person to such minimum capital requirements, to the extent that such person either: (1) acts in its capacity as a regulated insurance entity regulated by a state insurance regulator, or (2) is a regulated foreign subsidiary engaged in the business of insurance (including a regulated foreign affiliate of such subsidiary).

States that a Board-supervised depository institution holding company or nonbank financial company engaged in the insurance business and regulated by either a state insurance regulator or the National Association of Insurance Commissioners, and which files its holding company financial statements using only Statutory Accounting Principles pursuant to state law, shall not be required by the Board, under this Act or the Home Owners' Loan Act (HOLA), to prepare such financial statements in accordance with Generally Accepted Accounting Principles.

Declares that nothing in this Act shall: (1) limit Board authority to conduct any regulatory or supervisory activity of either a depository institution holding company or a non-bank financial company under Board jurisdiction, including the collecting or reporting of any information on an entity or group-wide basis; or (2) excuse the Board from its obligations to comply with Dodd-Frank requirements regarding examination of nonbank financial companies and HOLA requirements regarding examination of savings and loan holding companies.

Introduced in SenateApr 29, 2014

Insurance Capital Standards Clarification Act of 2014 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act concerning establishment of minimum leverage and minimum risk-based capital requirements on a consolidated basis for a depository institution holding company or a nonbank financial company supervised by the Board of Governors of the Federal Reserve System.

States that federal banking agencies shall not be required to subject any person to such minimum capital requirements, to the extent that such person either: (1) acts in its capacity as a regulated insurance entity regulated by a state insurance regulator, or (2) is a regulated foreign subsidiary engaged in the business of insurance (including a regulated foreign affiliate of such subsidiary).

Exempts from any requirement to prepare holding company financial statements in accordance with Generally Accepted Accounting Principles any Board-supervised depository institution holding company or nonbank financial company that is also a person regulated by a state insurance regulator or a regulated foreign subsidiary (or a regulated foreign affiliate) that files its holding company financial statements using only Statutory Accounting Principles in accordance with state law.