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Bill Would Free Insurance Firms From Bank Capital Rules 

March 18, 2014
Cheyenne Hopkins, Bloomberg

The U.S. lawmaker who wrote a Dodd-Frank Act provision that imposes bank-like capital standards on the insurance industry introduced legislation to ease the requirements.

Senator Susan Collins, a Maine Republican, said at a Senate Banking subcommittee hearing today that her 2010 provision was not intended to subject insurance companies to the same capital and liquidity standards as banks.

“While it is essential that insurers subject to Federal Reserve Board oversight be adequately capitalized,” Collins said at the hearing, “it would be improper, and not in keeping with Congress’ intent, for federal regulators to supplant state-based insurance regulation with a bank-centric capital regime for insurance activities.”

Read more: Bloomberg

 

 
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