Basel III capital rules aren't suitable for insurers, senator says

11/15/2012 | PropertyCasualty360

Senate banking committee members expressed concern about a proposal that would apply international capital standards to insurance companies deemed systemically significant and insurers with thrifts. Banking agencies need to coordinate with insurance regulators "to better understand the insurance-accounting framework and risk-based capital model currently used," said Sen. Tim Johnson, D-S.D. PCI said Basel III capital standards could hurt businesses and the economy, and that regulatory agencies must "identify the perceived gaps that were exposed during the financial crisis and then develop the most effective and efficient approach to bridging those gaps."

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