WASHINGTON, D.C., Dec. 10, 2014 — The Independent Insurance Agents & Brokers of America (IIABA or the Big "I") applauds the U.S. House of Representatives for passing S. 2270, the "Insurance Capital Standards Clarification Act of 2014." The legislation was passed by the full House this evening by unanimous consent.
The Big "I" supports this legislation which recognizes the unique nature of insurers as financial services providers and the inherent distinction between the banking and insurance markets. It clarifies that insurance companies subject to Federal Reserve oversight are not forced to comply with bank-centric capital standards.
"Today's House vote is a common-sense solution to a technical issue within Dodd-Frank," says Charles Symington, Big "I" senior vice president of external and government affairs. "The Big 'I' has long supported the principle that banking and insurance are different and require distinct regulatory standards. We thank the House for this bipartisan vote."
The Senate passed identical legislation by unanimous consent in June. The bill now heads to President Barack Obama's desk to be signed into law.
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.