Purpose, applicability, and reservations of authority.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) A top-tier depository institution holding company that is an insurance underwriting company; or (2) A top-tier depository institution holding company, that, as of June 30 of the previous calendar year, held 25 percent or more of its total consolidated assets in insurance underwriting companies (other than assets associated with insurance underwriting for credit risk). For purposes of this paragraph (b)(2), the Board-regulated institution must calculate its total consolidated assets in accordance with GAAP, or if the Board-regulated institution does not calculate its total consolidated assets under GAAP for any regulatory purpose (including compliance with applicable securities laws), the company may estimate its total consolidated assets, subject to review and adjustment by the Board; or (3) Depository institution holding company in a supervised insurance organization; or (4) An institution that is otherwise made subject to this subpart by the Board. (c) (1) Exclusively files financial statements in accordance with Statutory Accounting Principles (SAP); (2) Is not subject to a state insurance capital requirement; and (3) Has no subsidiary depository institution holding company that— (i) Is subject to a capital requirement; or (ii) Does not exclusively file financial statements in accordance with SAP. (d) (ii) Notwithstanding any provision of § 217.608, the Board may find that a capital resource may be included in the building block available capital of a depositor

official document · source cfr-2024 · id 12:§ 217.601