White House support for insurance-specific rules
October 20, 2014 by Arthur D. Postal
The White House appears likely to support legislation allowing the Federal Reserve Board to apply insurance-based capital standards to the insurance portion of any insurance holding company it oversees, the president and CEO of the American Council of Life Insurance said today.
Indeed, the bill will be “well-received at the White House,” Dirk Kempthorne said at the opening general session of the ACLI annual conference, now underway at the JW Marriott Hotel in Washington.
There are two different versions of the legislation, both aimed at amending the so-called “Collins amendment” to the Dodd-Frank Act that will clarify that the Federal Reserve Board clarifying that the Fed can use State Accounting Principles, or SAP, in overseeing insurers regulated as systemically important financial institutions, or those that operate thrift holding companies.
