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The Board of Governors of the Federal Reserve System ("FRB") Associate Director of Banking Supervision and Regulation Thomas Sullivan stated that the FRB is constructing a domestic regulatory capital framework for its supervised insurance holding companies that is "well tailored to the business of insurance." The development of the framework stems from Congress's enactment of the Insurance Capital Standards Clarification Act of 2014 (S. 2270). This Act amended the Dodd-Frank Act provision that previously had required the minimum capital standards to be applied to any insurance holding company