
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC6712]

 
                      TITLE 15--COMMERCE AND TRADE
 
                          CHAPTER 93--INSURANCE
 
               SUBCHAPTER I--STATE REGULATION OF INSURANCE
 
Sec. 6712. Insurance underwriting in national banks


(a) In general

    Except as provided in section 6713 of this title, a national bank 
and the subsidiaries of a national bank may not provide insurance in a 
State as principal except that this prohibition shall not apply to 
authorized products.

(b) Authorized products

    For 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) Definition

    For 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

    For purposes of this section, providing insurance (including 
reinsurance) outside the United States that insures, guarantees, or 
indemnifies insurance products provided in a State, or that indemnifies 
an insurance company with regard to insurance products provided in a 
State, shall be considered to be providing insurance as principal in 
that State.

(Pub. L. 106-102, title III, Sec. 302, Nov. 12, 1999, 113 Stat. 1407.)

                  Section Referred to in Other Sections

    This section is referred to in title 12 section 24a.
