H.R.2140 - Insurance Capital and Accounting Standards Act of 2013

To permit insurance companies that are depository holding companies, or are subsidiaries of depository holding companies, to comply with the accounting and capital requirements applicable to the insurance company under State law, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To permit insurance companies that are depository holding companies, or are subsidiaries of depository holding companies, to comply with the accounting and capital requirements applicable to the insurance company under State law, and for other purposes. as introduced.
  • Short: Insurance Capital and Accounting Standards Act of 2013 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
05/23/13
 
 
 
 
 
 
 

Official Summary

Insurance Capital and Accounting Standards Act of 2013 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and the Home Owners' Loan Act to make minimum leverage and risk-based capital requirements governing insurance companies under the state law also a

Official Summary

Insurance Capital and Accounting Standards Act of 2013 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and the Home Owners' Loan Act to make minimum leverage and risk-based capital requirements governing insurance companies under the state law also apply to insurance companies that are either depository holding companies or subsidiaries of depository holding companies. Presumes any insurance company, insurance affiliate, or insurance subsidiary in compliance with applicable risk-based capital standards under state law also to be in compliance with minimum capital requirements of Dodd-Frank. Declares inapplicable to such companies the minimum leverage and risk-based capital requirements of Dodd-Frank unless the Board of Governors of the Federal Reserve System (Board) first determines that:
(1) the benefits of applying those requirements outweigh their cost, and
(2) a quantitative impact study shows such requirements to be appropriate. Prohibits the Board from requiring a nonbank financial company that is an insurance company under its supervision to comply with accounting standards that differ from regulatory accounting standards under state law. Amends the Federal Deposit Insurance Act (FDIA) to require a federal banking agency, before requiring a depository institution holding company that is an insurance company (or that has one or more subsidiaries that are insurance companies) to be used directly or indirectly as a source of financial strength for a subsidiary depository institution, to first obtain:
(1) the consent of the domiciliary state insurance commissioner, and
(2) a certification that the commissioner considered the safety and soundness of the insurance company or subsidiary insurance company before providing such consent.

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