3.0.0 2140 2022-11-15T16:32:44Z 2022-11-15T16:32:44Z House H HR 2013-05-23 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. GARY G. MILLER of California:H.R. 2140.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3 (relating to the power toregulate interstate commerce).[Page H2956]]]> hsba00 Financial Services Committee House Standing Referred to 2013-05-23T13:04:30Z 2013-05-23 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2013-05-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-05-23 Introduced in House IntroReferral 1000 9 Library of Congress M001139 Rep. Miller, Gary G. [R-CA-31] GARY MILLER R CA 31 N M000309 Rep. McCarthy, Carolyn [D-NY-4] CAROLYN MCCARTHY D NY 4 2013-05-23 True Finance and Financial Sector Accounting and auditing Administrative law and regulatory procedures Business investment and capital Federal Reserve System Insurance industry and regulation Life, casualty, property insurance State and local government operations Finance and Financial Sector 00 2013-05-23 Introduced in House 2013-07-09T18:18:13Z 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.

]]> Insurance Capital and Accounting Standards Act of 2013 Display Title Insurance Capital and Accounting Standards Act of 2013 Short Titles as Introduced Insurance Capital and Accounting Standards Act of 2013 Official Title as Introduced 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. Introduced in House 2013-05-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr2140ih/xml/BILLS-113hr2140ih.xml 2013-05-23 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.