[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2102 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2102

     To clarify the application of certain leverage and risk-based 
   requirements under the Dodd-Frank Wall Street Reform and Consumer 
                            Protection Act.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 10, 2014

  Ms. Collins introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
     To clarify the application of certain leverage and risk-based 
   requirements under the Dodd-Frank Wall Street Reform and Consumer 
                            Protection Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CLARIFICATION OF APPLICATION OF LEVERAGE AND RISK-BASED 
              CAPITAL REQUIREMENTS.

    Section 171 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5371) is amended--
     (a) in subsection (a), by adding at the end the following:
            ``(4) Business of insurance.--The term `business of 
        insurance' has the same meaning as in section 1002(3).
            ``(5) Person regulated by a state insurance regulator.--The 
        term `person regulated by a State insurance regulator' has the 
        same meaning as in section 1002(22).
            ``(6) Regulated foreign subsidiary and regulated foreign 
        affiliate.--The terms `regulated foreign subsidiary' and 
        `regulated foreign affiliate' mean a person engaged in the 
        business of insurance in a foreign country that is regulated by 
        a foreign insurance regulatory authority that is a member of 
        the International Association of Insurance Supervisors or other 
        comparable foreign insurance regulatory authority as determined 
        by the Board of Governors following consultation with the State 
        insurance regulators, including the lead State insurance 
        commissioner (or similar State official) of the insurance 
        holding company system as determined by the procedures within 
        the Financial Analysis Handbook adopted by the National 
        Association of Insurance Commissioners, where the person, or 
        its principal United States insurance affiliate, has its 
        principal place of business or is domiciled, but only to the 
        extent that--
                    ``(A) such person acts in its capacity as a 
                regulated insurance entity; and
                    ``(B) the Board of Governors does not determine 
                that the capital requirements in a specific foreign 
                jurisdiction are inadequate.
            ``(7) Capacity as a regulated insurance entity.--The term 
        `capacity as a regulated insurance entity'--
                    ``(A) includes any action or activity undertaken by 
                a person regulated by a State insurance regulator or a 
                regulated foreign subsidiary or a regulated foreign 
                affiliate of such person, as those actions relate to 
                the provision of insurance, or other activities 
                necessary to engage in the business of insurance; and
                    ``(B) does not include any action or activity, 
                including any financial activity, that is not regulated 
                by a State insurance regulator or a foreign agency or 
                authority and subject to State insurance capital 
                requirements.''; and
    (b) by adding at the end the following new subsection:
    ``(c) Clarification.--
            ``(1) In general.--In establishing the minimum leverage 
        capital requirements 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 as required under 
        paragraphs (1) and (2) of subsection (b), the appropriate 
        Federal banking agencies shall not be required to include, for 
        any purpose of this section (including in any determination of 
        consolidation), a person regulated by a State insurance 
        regulator or a regulated foreign subsidiary or a regulated 
        foreign affiliate of such person engaged in the business of 
        insurance, to the extent that such person acts in its capacity 
        as a regulated insurance entity.
            ``(2) Rule of construction.--This subsection shall not be 
        construed to prohibit, modify, limit, or otherwise supersede 
        any other provision of Federal law that provides the Board of 
        Governors authority to issue regulations and orders relating to 
        capital requirements for depository institution holding 
        companies or nonbank financial companies supervised by the 
        Board of Governors.''.
                                 <all>