,,ic #aacth ,,congress #b;d ,session ,s4 #bbgj ,,in ,,the ,,house ,,of ,,representatives ,june #e1 #bjad ,referred to the ,committee on ,financial ,services ,,an ,,act ,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 7,a7 ,in general ,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 that is engaged in the business of insurance that files financial statements with a ,state insurance regulator or the ,national ,association of ,insurance ,commissioners utilizing only ,statutory ,accounting ,principles in accordance with ,state law1 shall not be required by the ,board under the authority of this section or the authority of the ,home ,owners' ,loan ,act to prepare such financial statements in accordance with ,generally ,accepted ,accounting ,principles4 7,b7 ,preservation of authority ,nothing in subparagraph 7,a7 shall limit the authority of the ,board under any other applicable provision of law to conduct any regulatory or supervisory activity of a depository institution holding company or non-bank financial company supervised by the ,board of ,governors1 including the collection or reporting of any information on an entity or group-wide basis4 ,nothing in this paragraph shall excuse the ,board from its obligations to comply with section #afa7;a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecfa7;a77 and section #aj7;b77#b7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7b77#b771 as appropriate4 4 ,passed the ,senate ,june #c1 #bjad4,nancy ,erickson1,secretary