Insurers, even those which operate thrifts, will be temporarily exempt from new tighter capital standards imposed on larger financial institutions under the Basel III capital regimen, the Federal Reserve Board opined today in a new 972-page final rule.
The Fed also said in the new regulation that insurers will be exempt from capital standards imposed on large banks, and do not have to use Generally Accepted Accounting Principles to prove they are exempt, but will be allowed to estimate.
The new rule also said that the Fed will implement a separate capital framework for insurance savings and loan holding companies (SLHCs) to comply with by 2015. It also deals with new regulatory requirements for insurers imposed by the Dodd-Frank financial services reform law.
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