NU Online News Service, Dec. 14, 2:19 p.m. EST
The Federal Deposit Insurance Company has proposed a rule clarifying that a mutual insurance holding company qualifies as an "insurance company" under the Dodd-Frank act, and thus is not subject to the FDIC's orderly liquidation authority.
Matt Brady, a spokesman for the National Association of Mutual Insurance Companies, says the issue was heading off a potential problem in the future. He notes that mutual holding companies do not technically reach the definition of "insurance company" under the Dodd-Frank act, yet both architects for which the law is named have said they never intended the act to apply to mutual holding companies.
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