15 U.S.C. § 6715 — Certain State affiliation laws preempted for insurance companies and affiliates
submitted 27 years ago by Pub. L. 106-102 to r/title-15-COMMERCE-AND-TRADE · 183 words · no verdicts yet
Except for the specified provision, this section bars States from restricting specified insurance-company affiliations, investments, and reorganizations. It also preserves a limited investment restriction for an insurer’s State of domicile.
Except as provided in section 6701(c)(2), a State* may not by law, regulation, order, interpretation, or otherwise: (1) prevent or significantly interfere with an insurer or affiliate, whether a stock company, mutual holding company, or otherwise, becoming a financial holding company or acquiring control of a depository institution; (2) limit an insurer's investment in voting securities of a depository institution or its controlling company, except that the insurer's State of domicile may limit it to an amount not less than 5 percent of admitted assets; or (3) prevent, significantly interfere with, or review, approve, or disapprove a mutual-to-stock reorganization plan, unless the State is the insurer's State of domicile.
Except as provided in section 6701(c)(2) of this title, no State* may, by law, regulation, order, interpretation, or otherwise—
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;
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
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.
Source credit: (Pub. L. 106–102, title III, § 306, Nov. 12, 1999, 113 Stat. 1415.)
- 1999Enacted · Pub. L. 106-102 · 113 Stat. 1415
A history note hasn’t been published yet. The record shows enactment by Pub. L. 106-102 on 1999-11-12.
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