#aac? ,,congress  #b;d ,session  ,s4    
#bbgj  ,,an ,,act  ,to cl>ify !         
application ( c]ta9 lev]age & risk-bas$ 
requirem5ts "u ! ,dodd-,frank ,wall     
,/reet ,re=m & ,consum] ,protection     
,act4  #a4 ,%ort title ,?is ,act may be 
cit$ z ! ,insurance ,capital ,/&>ds     
,cl>ification ,act ( #bjad4  #b4        
,cl>ification ( application ( lev]age & 
risk-bas$ capital requirem5ts ,section  
#aga ( ! ,dodd-,frank ,wall ,/reet ,re=m
 & ,consum] ,protection ,act 7#ab       
,u4,s4,c4 #ecga7 is am5d$-- 7#a7 9      
subsection 7a71 by add+ at ! end !      
foll[+3  7#d7 ,bus9ess ( insurance ,!   
t]m bus9ess ( insurance has ! same mean+
 z 9 section #ajjb7c74  7#e7 ,p]son     
regulat$ by a /ate insurance regulator  
,! t]m p]son regulat$ by a ,/ate        
insurance regulator has ! same mean+ z 9
 section #ajjb7bb74  7#f7 ,regulat$     
=eign subsidi>y & regulat$ =eign        
affiliate ,! t]ms regulat$ =eign        
subsidi>y & regulat$ =eign affiliate    
mean a p]son engag$ 9 ! bus9ess (       

insurance 9 a =eign c\ntry t is regulat$
 by a =eign insurance regulatory        
au?ority t is a memb] ( ! ,int]national 
,association ( ,insurance ,sup]visors or
 o!r comp>able =eign insurance          
regulatory au?ority z det]m9$ by ! ,bo>d
 ( ,gov]nors foll[+ consultation ) !    
,/ate insurance regulators1 includ+ !   
lead ,/ate insurance commission] 7or    
simil> ,/ate (ficial7 ( ! insurance     
hold+ company sy/em z det]m9$ by !      
proc$ures )9 ! ,f9ancial ,analysis      
,h&book adopt$ by ! ,national           
,association ( ,insurance ,commission]s1
 :]e ! p]son1 or its pr9cipal ,unit$    
,/ates insurance affiliate1 has its     
pr9cipal place ( bus9ess or is domicil$1
 b only to ! ext5t t-- 7,a7 su* p]son   
acts 9 its capacity z a regulat$        
insurance entity2 &  7,b7 ! ,bo>d (     
,gov]nors does n det]m9e t ! capital    
requirem5ts 9 a specific =eign          
jurisdiction are inadequate4  7#g7      
,capacity z a regulat$ insurance entity 
,! t]m capacity z a regulat$ insurance  

entity-- 7,a7 includes any action or    
activity und]tak5 by a p]son regulat$ by
 a ,/ate insurance regulator or a       
regulat$ =eign subsidi>y or regulat$    
=eign affiliate ( su* p]son1 z ^?       
actions relate to ! provision (         
insurance1 or o!r activities necess>y to
 engage 9 ! bus9ess ( insurance2 &  7,b7
 does n include any action or activity1 
includ+ any f9ancial activity1 t is n   
regulat$ by a ,/ate insurance regulator 
or a =eign ag5cy or au?ority & subject  
to ,/ate insurance capital requirem5ts  
or1 9 ! case ( a regulat$ =eign         
subsidi>y or regulat$ =eign affiliate1  
capital requirem5ts impos$ by a =eign   
insurance regulatory au?ority4  2 &     
7#b7 by add+ at ! end ! foll[+ new      
subsection3  7c7 ,cl>ification  7#a7 ,9 
g5]al ,9 e/abli%+ ! m9imum lev]age      
capital requirem5ts & m9imum risk-bas$  
capital requirem5ts on a consolidat$    
basis = a depository in/itution hold+   
company or a nonbank f9ancial company   
sup]vis$ by ! ,bo>d ( ,gov]nors z       

requir$ "u p>agraphs 7#a7 & 7#b7 (      
subsection 7b71 ! appropriate ,f$]al    
bank+ ag5cies %all n be requir$ to      
include1 = any purpose ( ?is section    
7includ+ 9 any det]m9ation (            
consolidation71 a p]son regulat$ by a   
,/ate insurance regulator or a regulat$ 
=eign subsidi>y or a regulat$ =eign     
affiliate ( su* p]son engag$ 9 ! bus9ess
 ( insurance1 to ! ext5t t su* p]son    
acts 9 its capacity z a regulat$        
insurance entity4  7#b7 ,rule (         
con/ruction on bo>d's au?ority ,?is     
subsection %all n be con/ru$ to         
prohibit1 modify1 limit1 or o!rwise     
sup]s$e any o!r provision ( ,f$]al law t
 provides ! ,bo>d ( ,gov]nors au?ority  
to issue regulations & ord]s relat+ to  
capital requirem5ts = depository        
in/itution hold+ companies or nonbank   
f9ancial companies sup]vis$ by ! ,bo>d (
 ,gov]nors4  7#c7 ,rule ( con/ruction on
 acc\nt+ pr9ciples  7,a7 ,9 g5]al ,a    
depository in/itution hold+ company or  
nonbank f9ancial company sup]vis$ by !  

,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve t  
is also a p]son regulat$ by a ,/ate     
insurance regulator t is engag$ 9 !     
bus9ess ( insurance t files f9ancial    
/atem5ts ) a ,/ate insurance regulator  
or ! ,national ,association ( ,insurance
 ,commission]s utiliz+ only ,/atutory   
,acc\nt+ ,pr9ciples 9 accordance ) ,/ate
 law1 %all n be requir$ by ! ,bo>d "u ! 
au?ority ( ?is section or ! au?ority ( !
 ,home ,own]s' ,loan ,act to prep>e su* 
f9ancial /atem5ts 9 accordance )        
,g5]ally ,accept$ ,acc\nt+ ,pr9ciples4  
7,b7 ,pres]vation ( au?ority ,no?+ 9    
subp>agraph 7,a7 %all limit ! au?ority (
 ! ,bo>d "u any o!r applicable provision
 ( law to conduct any regulatory or     
sup]visory activity ( a depository      
in/itution hold+ company or non-bank    
f9ancial company sup]vis$ by ! ,bo>d (  
,gov]nors1 includ+ ! collection or      
report+ ( any in=mation on an entity or 
gr\p-wide basis4 ,no?+ 9 ?is p>agraph   
%all excuse ! ,bo>d f its obligations to
 comply ) section #afa7;a7 ( !          

,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #ecfa7;a77 & section #aj7;b77#b7 ( !   
,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 
#adfg;a7b77#b771 z appropriate4  4      
,pass$ ! ,s5ate ,june #c1               
#bjad4,secret>y