Page:United States Statutes at Large Volume 105 Part 3.djvu/492

 105 STAT. 2376 PUBLIC LAW 102-242 —DEC. 19, 1991 "No supervisory agency which transfers any such record under this subsection shall be deemed to have waived any privilege applicable to that record under law.". Subtitle C—Final Settlement Payment Procedure SEC. 416. FINAL SETTLEMENT PAYMENT PROCEDURE. Section 11(d)(4) of the Federal Deposit Insurance Act (12 U.S.C. 1821(d)) is amended to read as follows: " (4) RULEMAKING AUTHORITY RELATING TO DETERMINATION OF CLAIMS.— "(A) IN GENERAL.—The Corporation may prescribe regulations regarding the allowance or disallowance of claims by the receiver and providing for administrative determinations of claims and review of such determination. "(B) FINAL SETTLEMENT PAYMENT PROCEDURE.— "(i) IN GENERAL. — In the handling of receiverships of insured depository institutions, to maintain essential liquidity and to prevent financial disruption, the Corporation may, after the declaration of an institution's insolvency, settle all uninsured and unsecured claims on the receivership with a final settlement payment which shall constitute full payment and disposition of the Corporation's obligations to such claimants. " (ii) FINAL SETTLEMENT PAYMENT. —For purposes of clause (i), a final settlement payment shall be payment of an amount equal to the product of the final settlement payment rate and the amount of the uninsured and unsecured claim on the receivership; and "(iii) FINAL SETTLEMENT PAYMENT RATE. —For purposes of clause (ii), the final settlement payment rate shall be a percentage rate reflecting an average of the Corporation's receivership recovery experience, determined by the Corporation in such a way that over such time period as the Corporation may deem appropriate, the Corporation in total will receive no more or less than it would have received in total as a general creditor standing in the place of insured depositors in each specific receivership. "(iv) CORPORATION AUTHORITY. — The Corporation may undertake such supervisory actions and promulgate such regulations as may be necessary to assure that the requirements of this section can be implemented with respect to each insured depository institution in the event of its insolvency.".

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