Title 15 — Commerce and Trade
Chapter 93 — Insurance
§ 6715. Certain State affiliation laws preempted for insurance companies and affiliates
Statutory text
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 106–102 title III § 306 · 113 Stat. 1338
Enacted · 15 U.S.C. § 6715
(Pub. L. 106–102, title III, § 306, Nov. 12, 1999, 113 Stat. 1415.)
Source evidence
Code source credit
(Pub. L. 106–102, title III, § 306, Nov. 12, 1999, 113 Stat. 1415.)Enacted provision · exact public law section
SEC. 306. CERTAIN STATE AFFILIATION LAWS PREEMPTED FOR INSURANCE COMPANIES AND AFFILIATES. Except as provided in section 104(c)(2), 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.
1 of 1 references resolved to an enrolled provision