You are here:HomeNews CenterInsurance News2014House Passes “Collins Amendment Fix”

House Passes “Collins Amendment Fix”

Hours after voting overwhelmingly to pass a reauthorization of the terrorism insurance program, the U.S. House passed a bill designed to clarify that the Federal Reserve Board can apply insurance-based capital standards—rather than bank-centric rules—to the insurance portion of any insurance holding company it oversees...
December 11, 2014

Hours after voting overwhelmingly to pass a reauthorization of the terrorism insurance program, the U.S. House passed a bill designed to clarify that the Federal Reserve Board can apply insurance-based capital standards—rather than bank-centric rules—to the insurance portion of any insurance holding company it oversees.

Late on December 10, the House unanimously approved the Insurance Capital Standards Clarification Act of 2014 (S. 2270). The Senate had passed the amendment as a stand-alone bill June 3. The bill now goes to President Obama for his signature.

PIA supported S.2270. It will modify a provision of the 2010 Dodd-Frank Act written by Senator Susan Collins (R-ME), who testified at an April House hearing that the 2010 amendment on capital standards that she wrote was never meant to apply similarly to insurers and banks.

Filed under: