regulated foreign subsidiary
(6) Regulated foreign subsidiary and regulated foreign affiliate The terms “regulated foreign subsidiary” and “regulated foreign affiliate” mean a person engaged in the business of insurance in a foreign country that is regulated by a foreign insurance regulatory authority that is a member of the International Association of Insurance Supervisors or other comparable foreign insurance regulatory authority as determined by the Board of Governors following consultation with the State insurance regulators, including the lead State insurance commissioner (or similar State official) of the insurance holding company system as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners, where the person, or its principal United States insurance affiliate, has its principal place of business or is domiciled, but only to the extent that— (A) such person acts in its capacity as a regulated insurance entity; and (B) the Board of Governors does not determine that the capital requirements in a specific foreign jurisdiction are inadequate.