Sen. Susan Collins, R-Maine, today unequivocally supported the insurance industry's contention that the Federal Reserve Board was wrong in seeking to impose "bank-centric" rules on insurers subject to Fed regulation.
She testified before a Senate committee that her amendment to the Dodd-Frank Act dealing with minimum-capital standards for bank and thrift holding companies regulated by the Fed does not require the Fed to supplant prudential state-based insurance regulation with a bank-centric capital regime for insurance activities.
Two types of insurers are overseen by the Fed: systemically significant financial institutions, or SIFIs, such as American International Group and Prudential Financial, and most likely, MetLife; and insurers operating savings and loans.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
