|Targeted News Service|
In a letter to members of the
"We have to be sure that the insurance assets don't prop up banks to the detriment of policyholders," warned
Reforms outlined in the Dodd-Frank Act gave consolidated supervisory authority to the Federal Reserve over thrift holding companies and systemically important financial institutions engaged in insurance operations. The letter supported potential changes to Dodd-Frank that would allow flexibility for the Federal Reserve to tailor holding company capital and leverage standards specific to the insurance business model. However, the NAIC raised concerns that the assets and capital held in the insurance legal entity must remain available to pay policyholder claims, and any changes should reflect that commitment.
The letter, signed by the officers of the NAIC, was sent in advance of a hearing by the
Click HERE to read the letter. http://www.naic.org/documents/committees_government_relations_140310_naic_letter_capital_standards_hearing.pdf
TNS 18EstebanLiz-140312-30FurigayJane-4663503 30FurigayJane
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