,,ii  #aacth ,,congress  #b;d ,session  
,s4 #bajb  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #aj1    
#bjad,ms4 ,collins introduced the       
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 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 ,act4  #a4 ,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-- 7a7 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 a 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 requirements4  
2 and  7b7 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 ,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  4