President Barack Obama has signed legislation intended to relax capital and liquidity standards for insurers under the Dodd-Frank Act.
The law gives the Federal Reserve flexibility in setting the standard for insurers.
The legislation (S.2270) was approved by the Senate in June and by the House this month.
The insurance industry had lobbied for the change to the 2010 Dodd-Frank flaw, arguing that they should not be subject to the same rules as banks.
Federal Reserve Chair Janet Yellen and Governor Daniel Tarullo supported the change.
Related:
- Banks Balk at Easing Dodd-Frank Capital Requirements for Insurers
- Sen. Collins: Finding the Right Capital Regulations for Insurers
- Senate Bill Gives Federal Reserve Flexibility on Systemically Important Insurers
- Insurers Urge Lawmakers Not to Impose Bank Capital Requirements on Industry
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