
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: 15USC6716]

 
                      TITLE 15--COMMERCE AND TRADE
 
                          CHAPTER 93--INSURANCE
 
               SUBCHAPTER I--STATE REGULATION OF INSURANCE
 
Sec. 6716. Interagency consultation


(a) Purpose

    It is the intention of the Congress that the Board of Governors of 
the Federal Reserve System, as the umbrella supervisor for financial 
holding companies, and the State insurance regulators, as the functional 
regulators of companies engaged in insurance activities, coordinate 
efforts to supervise companies that control both a depository 
institution and a company engaged in insurance activities regulated 
under State law. In particular, Congress believes that the Board and the 
State insurance regulators should share, on a confidential basis, 
information relevant to the supervision of companies that control both a 
depository institution and a company engaged in insurance activities, 
including information regarding the financial health of the consolidated 
organization and information regarding transactions and relationships 
between insurance companies and affiliated depository institutions. The 
appropriate Federal banking agencies for depository institutions should 
also share, on a confidential basis, information with the relevant State 
insurance regulators regarding transactions and relationships between 
depository institutions and affiliated companies engaged in insurance 
activities. The purpose of this section is to encourage this 
coordination and confidential sharing of information, and to thereby 
improve both the efficiency and the quality of the supervision of 
financial holding companies and their affiliated depository institutions 
and companies engaged in insurance activities.

(b) Examination results and other information

                    (1) Information of the Board

        Upon the request of the appropriate insurance regulator of any 
    State, the Board may provide any information of the Board regarding 
    the financial condition, risk management policies, and operations of 
    any financial holding company that controls a company that is 
    engaged in insurance activities and is regulated by such State 
    insurance regulator, and regarding any transaction or relationship 
    between such an insurance company and any affiliated depository 
    institution. The Board may provide any other information to the 
    appropriate State insurance regulator that the Board believes is 
    necessary or appropriate to permit the State insurance regulator to 
    administer and enforce applicable State insurance laws.

                   (2) Banking agency information

        Upon the request of the appropriate insurance regulator of any 
    State, the appropriate Federal banking agency may provide any 
    information of the agency regarding any transaction or relationship 
    between a depository institution supervised by such Federal banking 
    agency and any affiliated company that is engaged in insurance 
    activities regulated by such State insurance regulator. The 
    appropriate Federal banking agency may provide any other information 
    to the appropriate State insurance regulator that the agency 
    believes is necessary or appropriate to permit the State insurance 
    regulator to administer and enforce applicable State insurance laws.

              (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

    Before making any determination relating to the initial affiliation 
of, or the continuing affiliation of, a depository institution or 
financial holding company with a company engaged in insurance 
activities, the appropriate Federal banking agency shall consult with 
the appropriate State insurance regulator of such company and take the 
views of such insurance regulator into account in making such 
determination.

(d) Effect on other authority

    Nothing in this section shall limit in any respect the authority of 
the appropriate Federal banking agency with respect to a depository 
institution or bank holding company or any affiliate thereof under any 
provision of law.

(e) Confidentiality and privilege

                         (1) Confidentiality

        The appropriate Federal banking agency shall not provide any 
    information or material that is entitled to confidential treatment 
    under applicable Federal banking agency regulations, or other 
    applicable law, to a State insurance regulator unless such regulator 
    agrees to maintain the information or material in confidence and to 
    take all reasonable steps to oppose any effort to secure disclosure 
    of the information or material by the regulator. The appropriate 
    Federal banking agency shall treat as confidential any information 
    or material obtained from a State insurance regulator that is 
    entitled to confidential treatment under applicable State 
    regulations, or other applicable law, and take all reasonable steps 
    to oppose any effort to secure disclosure of the information or 
    material by the Federal banking agency.

                            (2) Privilege

        The provision pursuant to this section of information or 
    material by a Federal banking agency or State insurance regulator 
    shall not constitute a waiver of, or otherwise affect, any privilege 
    to which the information or material is otherwise subject.

(f) Definitions

    For purposes of this section, the following definitions shall apply:

         (1) Appropriate Federal banking agency; depository 
                                 institution

        The terms ``appropriate Federal banking agency'' and 
    ``depository institution'' have the same meanings as in section 1813 
    of title 12.

               (2) Board and financial holding company

        The terms ``Board'' and ``financial holding company'' have the 
    same meanings as in section 1841 of title 12.

(Pub. L. 106-102, title III, Sec. 307, Nov. 12, 1999, 113 Stat. 1415.)
