Statement from NAIC President and North Dakota Insurance Commissioner Adam Hamm in response to the U.S. Senate passing the Insurance Capital Standards Act of 2014

6/4/14 The following is a statement from NAIC President and North Dakota Insurance Commissioner Adam Hamm in response to the U.S. Senate passing the Insurance Capital Standards Act of 2014.

We commend the U.S. Senate for passing the Insurance Capital Standards Act of 2014, which ensures that the Federal Reserve has the flexibility to apply appropriate capital requirements to the insurance companies they supervise. Applying bank-like capital standards to insurance companies designated as systemically important or that operate as a thrift holding company could be detrimental to policyholder protections and financial stability in the insurance sector. The Senate took a big step in ensuring the Federal Reserve can apply appropriate capital standards to such companies, and we look forward to similar action in the House on this important issue.