Page:United States Statutes at Large Volume 105 Part 3.djvu/401

 PUBLIC LAW 102-242 —DEC. 19, 1991 105 STAT. 2285 (B) by redesignating subsection (i) as subsection (h). (b) VIABILITY OF PRIVATE DEPOSIT INSURERS. — 12 USC I83lt (1) DEADLINE FOR INITIAL INDEPENDENT AUDIT.— The initial "°*®- annual audit under section 40(a)(1) of the Federal Deposit Insurance Act (as added by subsection (a)) shall be completed not later than 120 days after the date of enactment of this Act. (2) BUSINESS PLAN REQUIRED.—Not later than 240 days after the date of enactment of this Act, any private deposit insurer shall provide a business plan to each appropriate supervisor of each State in which deposits are received by any depository institution lacking Federal deposit insurance the deposits of which are insured by a private deposit insurer. The business plan shall explain in detail why the private deposit insurer is viable, and shall, at a minimum— (A) describe the insurer's— (i) underwriting standards; (ii) resources, including trends in and forecasts of assets, income, and expenses; (iii) risk-management program, including examination and supervision, problem case resolution, and remedies; and (B) include, for the preceding 5 years, copies of annual audits, annual reports, and annual meeting agendas and minutes. (3) DEFINITIONS.—For purposes of this subsection, the terms "appropriate supervisor", "deposit", "depository institution", and "lacking Federal deposit insurance" have the same meaning as in section 40(f) of the Federal Deposit Insurance Act (as added by subsection (a)). Subtitle G—Technical Corrections SEC. 161. TECHNICAL CORRECTIONS AND CLARIFICATIONS. (a) SECTION 11 OF THE FEDERAL DEPOSIT INSURANCE ACT. —Section 11 of the Federal Deposit Insurance Act (12 U.S.C. 1821) is amended— (1) in subsection (d)(3)(A), by striking "(4)(A)" and inserting " (4)"; (2) in subsection (d)(ll)(B), by striking "(14)(C)" and inserting "(15)(B)"; (3) in subsection (e)(3)(C)(ii), by striking "subsection (k)" and inserting "subsection (i)"; (4) in subsection (e)(4)(B)(iii), by striking "subsection (k)" and inserting "subsection (i)"; (5) in subparagraphs (A) and (E) of subsection (e)(8), by striking "subsections (d)(9) and (i)(4)(I)" and inserting "subsection (d)(9)"; (6) in subsection (n)(9), by striking "(13)" and inserting "(12)"; and (7) in subsection (n)(ll)(D), by striking "(8)" and inserting "(9)". (b) CLARIFICATION OF FDIC POWERS IN FSLIC RESOLUTION FUND CONSERVATORSHIPS AND RECEIVERSHIPS. — Section llA(a) of the Federal Deposit Insurance Act (12 U.S.C. 1821a(a)) is amended by adding at the end the following new paragraphs: '

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