,,ii  #aac? ,,congress  #a/ ,session    
,s4 #acfi  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #be1 #bjac ,mr4  
,br[n 7= himself1 ,mr4 ,johanns1 ,mr4   
,kirk1 ,mr4 ,te/]1 & ,mr4 ,toomey7      
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to provide additional          
flexibility to ! ,bo>d ( ,gov]nors ( !  
,f$]al ,res]ve ,sy/em to e/abli% capital
 /&>ds t are prop]ly tailor$ to ! unique
 *>act]i/ics ( ! bus9ess ( insurance1 & 
= o!r purposes4  #a4 ,f9d+s & ,purpose  
7a7 ,f9d+s ,congress f9ds t--  7#a7     
insurance companies are regulat$ by !   
,/ate insurance au?orities ( ! ,/ates 9 
:i* ! insurance companies are domicil$  
or lic5s$ to sell insurance2  7#b7 z    
exemplifi$ by section #e ( ! ,bank      
,hold+ ,company ,act ( #aief 7#ab       
,u4,s4,c4 #ahdd71 ,congress has long    
recogniz$ & s\ght to pres]ve !          
,/ate-bas$ insurance regime2  7#c7      
,s5ate ,report #aaa-agf1 relat+ to !    

,re/or+ ,am]ican ,f9ancial ,/ability    
,act ( #bjaj 7,s4 #cbag71 direct$ ,f$]al
 bank+ ag5cies to consid] ! exi/+       
regulatory requirem5ts1 acc\nt+         
treatm5t1 & unique capital /ructures (  
insurance companies 9 develop+ capital  
requirem5ts = insurance entities2 &     
7#d7 :ile section #aga ( ! ,dodd-,frank 
,wall ,/reet ,re=m & ,consum]           
,protection ,act 7#ab ,u4,s4,c4 #ecga7  
directs ,f$]al bank+ ag5cies to e/abli% 
m9imum risk-bas$ capital & lev]age /&>ds
 on a consolidat$ basis1 ,congress did n
 int5d = ,f$]al bank+ regulators to     
disc>d ! ,/ate risk-bas$ capital sy/em 9
 favor ( a bank+ capital regime4  7b7   
,purpose ,! purpose ( ?is ,act is to    
provide additional flexibility = ! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em  
to e/abli% capital /&>ds t are prop]ly  
tailor$ to ! unique *>act]i/ics ( !     
bus9ess ( insurance4  #b4 ,exclusion (  
insur]s f bank capital rules ,section   
#aga ( ! ,dodd-,frank ,wall ,/reet ,re=m
 & ,consum] ,protection ,act 7#ab       

,u4,s4,c4 #ecga7 is am5d$--  7#a7 9     
subsection 7a71 by add+ at ! end !      
foll[+3  7#d7 ,bus9ess ( insurance ,!   
t]m bus9ess ( insurance has ! same mean+
 z 9 section #ajjb4  7#e7 ,prim>ily     
engag$ 9 ! bus9ess ( insurance ,a       
company is prim>ily engag$ 9 ! bus9ess (
 insurance if--  7,a7 ! annual gross    
rev5ues d]iv$ by ! company & all        
subsidi>ies ( ! company f ! bus9ess (   
insurance repres5t n less ?an #b_/c ( ! 
consolidat$ annual gross rev5ues ( !    
company2 or  7,b7 ! consolidat$ assets (
 ! company & all subsidi>ies ( ! company
 t relate to ! bus9ess ( insurance      
repres5t n less ?an #b_/c ( !           
consolidat$ assets ( ! company4  2 &    
7#b7 9 subsection 7b77#e7--  7,a7 9     
subp>agraph 7,b71 by /rik+ or2  7,b7 9  
subp>agraph 7,c71 by /rik+ ! p]iod at ! 
end & ins]t+ a semicolon2 &  7,c7 by    
add+ at ! end ! foll[+3  7,d7 any       
depository in/itution hold+ company t-- 
7i7 is prim>ily engag$ 9 ! bus9ess (    
insurance2 or  7ii7 is an insurance     

und]writ+ company at ! hold+ company    
level & 0 9 exi/5ce on ,july #ba1 #bjaj2
 or  7,e7 any nonbank f9ancial company  
sup]vis$ by ! ,bo>d ( ,gov]nors t1      
toge!r ) its subsidi>ies1 is prim>ily   
engag$ 9 ! bus9ess ( insurance4  4