,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #deaj  ,,in ,,the ,,house ,,of  
,,representatives  ,april #bi1 #bjad    
,mr4 ,gary ,g4 ,miller of ,california   
7for himself and ,mrs4 ,mc,carthy of    
,new ,york7 introduced the following    
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to clarify the application of  
certain leverage and risk-based         
requirements under the ,dodd-,frank     
,wall ,street ,reform and ,consumer     
,protection ,act4  #a4 ,short title     
,this ,act may be cited as the          
,insurance ,capital ,standards          
,clarification ,act of #bjad4  #b4      
,clarification of application of        
leverage and risk-based capital         
requirements ,section #aga of the       
,dodd-,frank ,wall ,street ,reform and  
,consumer ,protection ,act 7#ab         
,u4,s4,c4 #ecga7 is amended--  7#a7 in  
subsection 7a71 by adding at the end the
 following3  7#d7 ,business of insurance
 ,the term business of insurance has the

 same meaning as in section #ajjb7c74   
7#e7 ,person regulated by a state       
insurance regulator ,the term person    
regulated by a ,state insurance         
regulator has the same meaning as in    
section #ajjb7bb74  7#f7 ,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  
regulators1 including the lead ,state   
insurance commissioner 7or similar      
,state official7 of the insurance       
holding company system as determined by 
the procedures within the ,financial    
,analysis ,handbook adopted by the      

,national ,association of ,insurance    
,commissioners1 where the person1 or its
 principal ,united ,states insurance    
affiliate1 has its principal place of   
business or is domiciled1 but only to   
the extent that--  7,a7 such person acts
 in its capacity as a regulated         
insurance entity2 and  7,b7 the ,board  
of ,governors does not determine that   
the capital requirements in a specific  
foreign jurisdiction are inadequate4    
7#g7 ,capacity as a regulated insurance 
entity ,the term capacity as a regulated
 insurance entity--  7,a7 includes any  
action or activity undertaken by a      
person regulated by a ,state insurance  
regulator or a regulated foreign        
subsidiary or regulated foreign         
affiliate of such person1 as those      
actions relate to the provision of      
insurance1 or other activities necessary
 to engage in the business of insurance2
 and  7,b7 does not include any action  
or activity1 including any financial    
activity1 that is not regulated by a    

,state insurance regulator or a foreign 
agency or authority and subject to      
,state insurance capital requirements   
or1 in the case of a regulated foreign  
subsidiary or regulated foreign         
affiliate1 capital requirements imposed 
by a foreign insurance regulatory       
authority4  2 and  7#b7 by adding at the
 end the following new subsection3  7c7 
,clarification  7#a7 ,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 7#a7 and 7#b7 of subsection  
7b71 the appropriate ,federal banking   
agencies shall not be required to       
include1 for any purpose of this section
 7including in any determination of     
consolidation71 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       
insurance1 to the extent that such      
person acts in its capacity as a        
regulated insurance entity4  7#b7 ,rule 
of construction on board's authority    
,this subsection shall not be construed 
to prohibit1 modify1 limit1 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 ,governors4  7#c7 ,rule of    
construction on accounting principles   
,notwithstanding any other provision of 
law1 a depository institution holding   
company or nonbank financial company    
supervised by the ,board of ,governors  
of the ,federal ,reserve that is also a 
person regulated by a ,state insurance  
regulator or a regulated foreign        
subsidiary or a regulated foreign       

affiliate of such person that files its 
holding company financial statements    
utilizing only ,statutory ,accounting   
,principles in accordance with ,state   
law1 shall not be required to prepare   
such financial statements in accordance 
with ,generally ,accepted ,accounting   
,principles4  4