Insurance Capital and Accounting Standards Act of 2013
Latest action · May 23, 2013 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 23, 2013
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Insurance Capital and Accounting Standards Act of 2013 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and the Home Owners' Loan Act to make minimum leverage and risk-based capital requirements governing insurance companies under the state law also apply to insurance companies that are either depository holding companies or subsidiaries of depository holding companies.
Presumes any insurance company, insurance affiliate, or insurance subsidiary in compliance with applicable risk-based capital standards under state law also to be in compliance with minimum capital requirements of Dodd-Frank.
Declares inapplicable to such companies the minimum leverage and risk-based capital requirements of Dodd-Frank unless the Board of Governors of the Federal Reserve System (Board) first determines that: (1) the benefits of applying those requirements outweigh their cost, and (2) a quantitative impact study shows such requirements to be appropriate.
Prohibits the Board from requiring a nonbank financial company that is an insurance company under its supervision to comply with accounting standards that differ from regulatory accounting standards under state law.
Amends the Federal Deposit Insurance Act (FDIA) to require a federal banking agency, before requiring a depository institution holding company that is an insurance company (or that has one or more subsidiaries that are insurance companies) to be used directly or indirectly as a source of financial strength for a subsidiary depository institution, to first obtain: (1) the consent of the domiciliary state insurance commissioner, and (2) a certification that the commissioner considered the safety and soundness of the insurance company or subsidiary insurance company before providing such consent.
Cosponsors 1
Members who signed on, in the order they did. All signed on May 23, 2013.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Carolyn McCarthy | Original | May 23, 2013 |
Actions 2
Everything that happened, newest first.
- May 23, 2013Introduced in House
- May 23, 2013Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- May 23, 2013Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.