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United States · Bill · S

S. 1369 (113th)

A bill to provide additional flexibility to the Board of Governors of the Federal Reserve System to establish capital standards that are properly tailored to the unique characteristics of the business of insurance, and for other purposes.

openUnited States· United States Congress· EN

Introduced

25 July 2013

Last action

11 March 2014 · Committee

Status

Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.

Sponsors

Sen. Brown, Sherrod [D-OH], Sen. Johanns, Mike [R-NE], Sen. Kirk, Mark Steven [R-IL], Sen. Tester, Jon [D-MT], Sen. Toomey, Patrick [R-PA], Sen. Hagan, Kay R. [D-NC], Sen. Harkin, Tom [D-IA], Sen. Warner, Mark R. [D-VA], Sen. Blunt, Roy [R-MO], Sen. Portman, Rob [R-OH], Sen. Klobuchar, Amy [D-MN], Sen. Heller, Dean [R-NV], Sen. Coburn, Tom [R-OK], Sen. Carper, Thomas R. [D-DE], Sen. Grassley, Chuck [R-IA], Sen. Moran, Jerry [R-KS], Sen. Murphy, Christopher [D-CT], Sen. Vitter, David [R-LA], Sen. Menendez, Robert [D-NJ], Sen. Isakson, Johnny [R-GA], Sen. Chambliss, Saxby [R-GA], Sen. McCaskill, Claire [D-MO], Sen. Begich, Mark [D-AK], Sen. Scott, Tim [R-SC], Sen. Landrieu, Mary L. [D-LA]

Subjects

Discovery layer

Source updated

14 January 2025

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Summary

Amends the Dodd-Frank Wall Street Reform and Consumer Protection to exclude insurers from bank capital rules. Declares that a company is "primarily engaged in the business of insurance" if: (1) the annual gross revenues derived by it and all of its subsidiaries from the business of insurance represent at least 2/3 of its consolidated annual gross revenues, or (2) the consolidated assets of the company and its subsidiaries relating to the business of insurance represent at least 2/3 of its consolidated assets. Exempts from minimum leverage capital requirements and minimum risk-based capital requirements any depository institution holding company that: (1) is primarily engaged in the business of insurance; (2) is an insurance underwriting company at the holding company level and was in existence on July 21, 2010; or (3) any nonbank financial company supervised by the Board of Governors of the Federal Reserve System that, together with its subsidiaries, is primarily engaged in the business of insurance.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 25 July 2013

    Introduced

    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

  2. 25 July 2013

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 11 March 2014

    Committee

    Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 25 July 2013

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 25 July 2013

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 25 July 2013

    Open at official source

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Sponsors

Related records

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Sources

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