Page:United States Statutes at Large Volume 105 Part 3.djvu/467

 PUBLIC LAW 102-242—DEC. 19, 1991 105 STAT. 2351 this subsection on retaining such investment so long as the bank complies with the applicable requirements established by the Corporation for divesting such investments. " (d) SUBSIDIARIES OF INSURED STATE BANKS. — "(1) IN GENERAL.— After the end of the 1-year period beginning on the date of the enactment of the Federal Deposit Insurance Corporation Improvement Act of 1991, a subsidiary of an insured State bank may not engage as principal in any type of activity that is not permissible for a subsidiary of a national bank unless— "(A) the Corporation has determined that the activity poses no significant risk to the appropriate deposit insurance fund; and "(B) the bank is, and continues to be, in compliance with applicable capital standards prescribed by the appropriate Federal banking agency. "(2) INSURANCE UNDERWRITING PROHIBITED.— " (A) PROHIBITION.— Notwithstanding paragraph (1), no subsidiary of an insured State bank may engage in insurance underwriting except to the extent such activities are permissible for national banks. "(B) CONTINUATION OF EXISTING ACTIVITIES. — Notwithstanding subparagraph (A), a well-capitalized insured State bank or any of its subsidiaries that was lawfully providing insurance as principal in a State on November 21, 1991, may continue to provide, as principal, insurance of the same type to residents of the State (including companies or partnerships incorporated in, organized under the laws of, licensed to do business in, or having an office in the State, but only on behalf of their employees resident in or property located in the State), individuals employed in the State, and any other person to whom the bank or subsidiary hgis provided insurance as principal, without interruption, since such person resided in or was employed in such State. "(C) EXCEPTION. — Subparagraph (A) does not apply to a subsidiary of an insured State bank if— "(i) the insured State bank was required, before June 1, 1991, to provide title insurance as a condition of the bank's initial chartering under State law; and "(ii) control of the insured State bank has not changed since that date. " (e) SAVINGS BANK LIFE INSURANCE. — "(1) IN GENERAL. — No provision of this Act shall be construed as prohibiting or impairing the sale or underwriting of savings bank life insurance, or the ownership of stock in a savings bank life insurance company, by any insured bank which— "(A) is located in the Commonwealth of Massachusetts or State listing, the State of New York or Connecticut; and "(B) meets the consumer disclosure requirements under section 18(k) with respect to such insurance. "(2) FDIC FINDING AND ACTION REGARDING RISK.— "(A) FINDING.—Before the end of the 1-year period beginning on the date of the enactment of the Federal Deposit Insurance Corporation Improvement Act of 1991, the Corporation shall make a finding whether savings bank life insurance activities of insured banks pose or may pose any

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