,i #aac? ,,congress #a/ ,session ,h4 ,r4 #badj ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,may #bc1 #bjac ,mr4 ,g>y ,g4 ,mill] ( ,cali=nia 7= himself & ,mrs4 ,mc,carthy ( ,new ,york7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to p]mit insurance companies t are depository hold+ companies1 or are subsidi>ies ( depository hold+ companies1 to comply ) ! acc\nt+ & capital requirem5ts applicable to ! insurance company "u ,/ate law1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,insurance ,capital & ,acc\nt+ ,/&>ds ,act ( #bjac4 #b4 ,lev]age & risk-bas$ capital requirem5ts ,subsection 7b7 ( section #aga ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecga7;b77 is am5d$-- 7#a7 by r$esignat+ p>agraphs 7#c71 7#d71 7#e71 7#f71 & 7#g7 z p>agraphs 7#d71 7#e71 7#f71 7#g71 & 7#h71 respectively2 & 7#b7 by ins]t+ aft] p>agraph 7#b7 ! foll[+ new p>agraph3 7#c7 ,insurance companies 7,a7 ,9 g5]al ,! m9imum lev]age capital requirem5ts & ! m9imum risk-bas$ capital requirem5ts e/abli%$ "u p>agraphs 7#a7 & 7#b7 %all1 = depository in/itution hold+ companies & nonbank f9ancial companies sup]vis$ by ! ,bo>d ( ,gov]nors t is an insurance company1 or t has "o or m subsidi>ies t are insurance companies-- 7i7 ) respect to ! insurance company1 adh]e to ! regulatory acc\nt+ practices & proc$ures applicable to1 & ! capital /ructure (1 su* companies2 & 7ii7 ) respect to ! insurance company1 utilize ! gov]n+ ,/ate law capital requirem5ts = insurance companies4 7,b7 ,compliance ) capital requirem5ts "u ,/ate law 7i7 ,presumption ,any insurance company1 insurance affiliate1 or insurance subsidi>y 9 compliance ) applicable risk-bas$ capital /&>ds e/abli%$ "u ,/ate law %all be presum$ to satisfy any m9imum capital requirem5ts ( ?is section4 7ii7 ,det]m9ation ( ,bo>d ) respect to presumption ,! ,bo>d ( ,gov]nors may1 on a case-by-case basis on ! record1 det]m9e t ! presumption 9 clause 7i7 %\ld n apply1 provid$ t ! ,bo>d fir/ e/abli%es ?r\gh rulemak+ ! g5]al proc$ures & /&>ds to be utiliz$ = su* proce$+s4 7iii7 ,effect ( det]m9ation ,:]e ! ,bo>d ( ,gov]nors makes a det]m9ation "u clause 7ii7 t ! presumption %\ld n apply to a company1 ! requirem5ts ( subp>agraphs 7,a71 7,c71 & 7,d7 rema9 applicable 9 e/abli%+ capital rules = su* company4 7,c7 ,analysis ( lev]age & risk bas$ capital requirem5ts ,no requirem5ts "u p>agraph 7#a7 & 7#b7 = a company describ$ "u subp>agraph 7,a7 %all apply unless ! ,bo>d-- 7i7 c>ries out a co/-b5efit analysis ( ! application ( ^? requirem5ts specific to a company describ$ "u subp>agraph 7,a71 includ+ solicit+ & review+ public comm5t ( ! analysis prior to any f9al rulemak+1 & ! ,bo>d ( ,gov]nors det]m9es t ! b5efits ( apply+ ! requirem5ts outweigh ! co/2 & 7ii7 c>ries out a quantitative impact /udy ( ! application ( ^? requirem5ts specific to a company describ$ "u subp>agraph 7,a71 includ+ solicit+ & review+ public comm5t ( ! /udy prior to any f9al rulemak+1 & only apply ! requirem5ts if ! ,bo>d ( ,gov]nors det]m9es t ! /udy %[s ! requirem5ts are appropriate4 7,d7 ,rulemak+ requirem5ts ,any rulemak+ implem5t+ p>agraphs 7#a7 & 7#b7 %all sep>ately incorporate & reflect ! requirem5ts provid$ = "u subp>agraphs 7,a71 7,b71 & 7,c74 4 #c4 ,acc\nt+ /&>ds applicable to insurance companies ,section #aae ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecbe7 is am5d$ by add+ at ! end ! foll[+3 7h7 ,acc\nt+ /&>ds applicable to insurance companies ,) respect to a nonbank f9ancial company sup]vis$ by ! ,bo>d ( ,gov]nors t is an insurance company1 ! ,bo>d ( ,gov]nors may n require ! insurance company to comply ) acc\nt+ /&>ds1 includ+ g5]ally accept$ acc\nt+ pr9ciples1 t are diff]5t ?an ^? regulatory acc\nt+ /&>ds applicable to ! insurance company "u applicable ,/ate law4 4 #d4 ,solv5cy1 capital1 & acc\nt+ requirem5ts = insurance-bas$ sav+s & loan hold+ companies ,section #aj7;g7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7g77 is am5d$ by add+ at ! end ! foll[+3 7#f7 ,solv5cy1 capital1 & acc\nt+ requirem5ts = insurance-bas$ sav+s & loan hold+ companies 7,a7 ,9 g5]al ,not)/&+ any o!r provision ( ?is section1 9 e/abli%+ capital /&>ds requir$ = a sav+s & loan hold+ company t is an insurance company or t has "o or m subsidi>ies t are insurance companies1 ! ,bo>d %all-- 7i7 ) respect to ! insurance company1 adh]e to ! regulatory acc\nt+ practices & proc$ures applicable to1 & ! capital /ructure (1 su* company2 7ii7 ) respect to ! insurance company1 utilize ! gov]n+ ,/ate law capital requirem5ts = insur]s2 & 7iii7 n require any insurance company to comply ) acc\nt+ /&>ds1 includ+ g5]ally accept$ acc\nt+ pr9ciples1 t are diff]5t ?an ^? acc\nt+ /&>ds ! company is requir$ to comply ) by ! company's ,/ate regulator4 7,b7 ,compliance ) capital requirem5ts "u ,/ate law 7i7 ,presumption ,any insurance company1 insurance affiliate1 or insurance subsidi>y 9 compliance ) applicable risk-bas$ capital /&>ds e/abli%$ "u ,/ate law %all be presum$ to satisfy any capital requirem5ts ( ?is ,act4 7ii7 ,det]m9ation ( ,bo>d ) respect to presumption ,! ,bo>d may1 on a case-by-case basis on ! record1 det]m9e t ! presumption 9 clause 7i7 %\ld n apply1 provid$ t ! ,bo>d fir/ e/abli%es ?r\gh rulemak+ ! g5]al proc$ures & /&>ds to be utiliz$ = su* proce$+s4 7iii7 ,effect ( det]m9ation ,:]e ! ,bo>d makes a det]m9ation "u clause 7ii7 t ! presumption %\ld n apply to a company1 ! requirem5ts ( subp>agraphs 7,a71 7,c71 & 7,d7 rema9 applicable 9 e/abli%+ capital rules = su* company4 7,c7 ,analysis ( capital requirem5ts ,no capital requirem5ts "u ?is ,act = a company describ$ "u subp>agraph 7,a7 %all apply unless ! ,bo>d-- 7i7 c>ries out a co/-b5efit analysis ( ! application ( ^? requirem5ts specific to a company describ$ "u subp>agraph 7,a71 includ+ solicit+ & review+ public comm5t ( ! analysis prior to any f9al rulemak+1 & ! ,bo>d det]m9es t ! b5efits ( apply+ ! requirem5ts outweigh ! co/2 & 7ii7 c>ries out a quantitative impact /udy ( ! application ( ^? requirem5ts specific to a company describ$ "u subp>agraph 7,a71 includ+ solicit+ & review+ public comm5t ( ! /udy prior to any f9al rulemak+1 & only apply ! requirem5ts if ! ,bo>d det]m9es t ! /udy %[s ! requirem5ts are appropriate4 7,d7 ,rulemak+ requirem5ts ,any rulemak+ sett+ capital rules = companies describ$ 9 subp>agraph 7,a7 %all sep>ately incorporate & reflect ! requirem5ts provid$ = "u subp>agraphs 7,a71 7,b71 & 7,c74 4 #e4 ,s\rce ( /r5g? ,section #ch;,a ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao-#a7 is am5d$-- 7#a7 by r$esignat+ subsections 7c71 7d71 & 7e7 z subsections 7d71 7e71 & 7f71 respectively2 & 7#b7 by ins]t+ aft] subsection 7b7 ! foll[+3 7c7 ,insurance regulator cons5t ,9 cases involv+ a depository in/itution hold+ company t is an insurance company or t has "o or m subsidi>ies t are insurance companies1 be=e ! appropriate ,f$]al bank+ ag5cy may require su* insurance company to be us$ directly or indirectly z a s\rce ( f9ancial /r5g? pursuant to subsection 7a7 or 7b71 ! appropriate ,f$]al bank+ ag5cy %all obta9-- 7#a7 ! cons5t ( ! insurance commission] 7or simil> (ficial *>g$ ) ! pr9cipal responsibility ( sup]vis+ ! bus9ess ( insurance )9 ea* ,/ate1 t]ritory1 or insul> possession ( ! ,unit$ ,/ates7 ( ! insurance company's domicili>y ,/ate2 & 7#b7 a c]tification f su* commission] t ! commission] consid]$ ! safety & s\ndness ( ! insurance company or subsidi>y insurance company prior to provid+ su* cons5t4 4