AIA Statement on Basel III Rule Issued by the Federal Reserve Board
Targeted News Service
WASHINGTON, July 2 — The American Insurance Association issued the following news release:
J. Stephen Zielezienski, AIA senior vice president and general counsel, issued the following statement on the Federal Reserve Board's final Basel III capital rule.
Mr. Zielezienski statement follows:
"During the public comment period, AIA urged the Federal Reserve Board to not apply bank-centric rules to the insurance industry. We are pleased that the Board's final rule provides a temporary exemption for savings and loan holding companies that derive more than 25 percent of their total consolidated assets from insurance underwriting activities. We hope that, as the Board further reviews its action, it will make this exemption permanent so that companies that are actively engaged in the business of insurance and subject to Board supervision will not be forced to adopt an inappropriate capital framework that could weaken their ability to compete."