No, you read it wrong. The Brown (D)/Collins (R) amendment clarifies Dodd-Frank so that insurance companies are not regulated by the same capital standards as banks (which is currently what is being done). The law is also seeking to make it so mutual companies do not have to report based on GAAP standards since the regulators look at SAP.
Did I read that right? A republican for more regulation and a democrat fighting it?
No, you read it wrong. The Brown (D)/Collins (R) amendment clarifies Dodd-Frank so that insurance companies are not regulated by the same capital standards as banks (which is currently what is being done). The law is also seeking to make it so mutual companies do not have to report based on GAAP standards since the regulators look at SAP.