Collapse to view only § 6712. Insurance underwriting in national banks
- § 6711. Functional regulation of insurance
- § 6712. Insurance underwriting in national banks
- § 6713. Title insurance activities of national banks and their affiliates
- § 6714. Expedited and equalized dispute resolution for Federal regulators
- § 6715. Certain State affiliation laws preempted for insurance companies and affiliates
- § 6716. Interagency consultation
- § 6717. Definition of State
§ 6711. Functional regulation of insurance
The insurance activities of any person (including a national bank exercising its power to act as agent under section 92 of title 12
(Pub. L. 106–102, title III, § 301, Nov. 12, 1999, 113 Stat. 1407.)
§ 6712. Insurance underwriting in national banks
(a) In general
(b) Authorized productsFor the purposes of this section, a product is authorized if—
(1) as of January 1, 1999, the Comptroller of the Currency had determined in writing that national banks may provide such product as principal, or national banks were in fact lawfully providing such product as principal;
(2) no court of relevant jurisdiction had, by final judgment, overturned a determination of the Comptroller of the Currency that national banks may provide such product as principal; and
(3) the product is not title insurance, or an annuity contract the income of which is subject to tax treatment under section 72 of title 26.
(c) DefinitionFor purposes of this section, the term “insurance” means—
(1) any product regulated as insurance as of January 1, 1999, in accordance with the relevant State insurance law, in the State in which the product is provided;
(2) any product first offered after January 1, 1999, which—
(A) a State insurance regulator determines shall be regulated as insurance in the State in which the product is provided because the product insures, guarantees, or indemnifies against liability, loss of life, loss of health, or loss through damage to or destruction of property, including, but not limited to, surety bonds, life insurance, health insurance, title insurance, and property and casualty insurance (such as private passenger or commercial automobile, homeowners, mortgage, commercial multiperil, general liability, professional liability, workers’ compensation, fire and allied lines, farm owners multiperil, aircraft, fidelity, surety, medical malpractice, ocean marine, inland marine, and boiler and machinery insurance); and
(B) is not a product or service of a bank that is—
(i) a deposit product;
(ii) a loan, discount, letter of credit, or other extension of credit;
(iii) a trust or other fiduciary service;
(iv) a qualified financial contract (as defined in or determined pursuant to section 1821(e)(8)(D)(i) of title 12); or
(v) a financial guaranty, except that this subparagraph (B) shall not apply to a product that includes an insurance component such that if the product is offered or proposed to be offered by the bank as principal—(I) it would be treated as a life insurance contract under section 7702 of title 26; or(II) in the event that the product is not a letter of credit or other similar extension of credit, a qualified financial contract, or a financial guaranty, it would qualify for treatment for losses incurred with respect to such product under section 832(b)(5) of title 26, if the bank were subject to tax as an insurance company under section 831 of that title; or
(3) any annuity contract, the income on which is subject to tax treatment under section 72 of title 26.
(d) Rule of construction
(Pub. L. 106–102, title III, § 302, Nov. 12, 1999, 113 Stat. 1407.)
§ 6713. Title insurance activities of national banks and their affiliates
(a) General prohibition
(b) Nondiscrimination parity exception
(1) In general
(2) Coordination with “wildcard” provision
(c) Grandfathering with consistent regulation
(1) In general
(2) Insurance affiliate
(3) Insurance subsidiary
(d) “Affiliate” and “subsidiary” defined
(e) Rule of construction
(Pub. L. 106–102, title III, § 303, Nov. 12, 1999, 113 Stat. 1408.)
§ 6714. Expedited and equalized dispute resolution for Federal regulators
(a) Filing in Court of Appeals
(b) Expedited review
(c) Supreme Court review
(d) Statute of limitation
No petition may be filed under this section challenging an order, ruling, determination, or other action of a Federal regulator or State insurance regulator after the later of—
(1) the end of the 12-month period beginning on the date on which the first public notice is made of such order, ruling, determination or other action in its final form; or
(2) the end of the 6-month period beginning on the date on which such order, ruling, determination, or other action takes effect.
(e) Standard of review
(Pub. L. 106–102, title III, § 304, Nov. 12, 1999, 113 Stat. 1409.)
§ 6715. Certain State affiliation laws preempted for insurance companies and affiliates
Except as provided in section 6701(c)(2) of this title, no State may, by law, regulation, order, interpretation, or otherwise—
(1) prevent or significantly interfere with the ability of any insurer, or any affiliate of an insurer (whether such affiliate is organized as a stock company, mutual holding company, or otherwise), to become a financial holding company or to acquire control of a depository institution;
(2) limit the amount of an insurer’s assets that may be invested in the voting securities of a depository institution (or any company which controls such institution), except that the laws of an insurer’s State of domicile may limit the amount of such investment to an amount that is not less than 5 percent of the insurer’s admitted assets; or
(3) prevent, significantly interfere with, or have the authority to review, approve, or disapprove a plan of reorganization by which an insurer proposes to reorganize from mutual form to become a stock insurer (whether as a direct or indirect subsidiary of a mutual holding company or otherwise) unless such State is the State of domicile of the insurer.
(Pub. L. 106–102, title III, § 306, Nov. 12, 1999, 113 Stat. 1415.)
§ 6716. Interagency consultation
(a) Purpose
(b) Examination results and other information
(1) Information of the Board
(2) Banking agency information
(3) State insurance regulator information
Upon the request of the Board or the appropriate Federal banking agency, a State insurance regulator may provide any examination or other reports, records, or other information to which such insurance regulator may have access with respect to a company which—
(A) is engaged in insurance activities and regulated by such insurance regulator; and
(B) is an affiliate of a depository institution or financial holding company.
(c) Consultation
(d) Effect on other authority
(e) Confidentiality and privilege
(1) Confidentiality
(2) Privilege
(f) Definitions
For purposes of this section, the following definitions shall apply:
(1) Appropriate Federal banking agency; depository institution
(2) Board and financial holding company
(Pub. L. 106–102, title III, § 307, Nov. 12, 1999, 113 Stat. 1415.)
§ 6717. Definition of State
For purposes of this subchapter, the term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
(Pub. L. 106–102, title III, § 308, Nov. 12, 1999, 113 Stat. 1417.)