Page:United States Statutes at Large Volume 113 Part 2.djvu/397

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1417 (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 3 of the Federal Deposit Insurance Act. (2) BOARD AND FINANCIAL HOLDING COMPANY. —The terms "Board" and "financial holding company" have the same meanings as in section 2 of the Bank Holding Company Act of 1956. SEC. 308. DEFINITION OF STATE. 15 USC 6717. For purposes of this subtitle, the term "State" means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. Subtitle B—Redomestication of Mutual Insurers SEC. 311. GENERAL APPLICATION. 15 USC 6731. This subtitle shall only apply to a mutual insurance company in a State which has not enacted a law which expressly establishes reasonable terms and conditions for a mutual insurance company domiciled in such State to reorganize into a mutual holding company. SEC. 312. REDOMESTICATION OF MUTUAL INSURERS. 15 USC 6732. (a) REDOMESTICATION.— ^A mutual insurer organized under the laws of any State may transfer its domicile to a transferee domicile as a step in a reorganization in which, pursuant to the laws of the transferee domicile and consistent with the standards in subsection (f), the mutual insurer becomes a stock insurer that is a direct or indirect subsidiary of a mutual holding company. (b) RESULTING DOMICILE. —Upon complying with the applicable law of the transferee domicile governing transfers of domicile and completion of a transfer pursuant to this section, the mutual insurer shall cease to be a domestic insurer in the transferor domicile and, as a continuation of its corporate existence, shall be a domestic insurer of the transferee domicile. (c) LICENSES PRESERVED. —The certificate of authority, agents' appointments and licenses, rates, approvals and other items that a licensed State allows and that are in existence immediately prior to the date that a redomesticating insurer transfers its domicile pursuant to this subtitle shall continue in full force and effect upon transfer, if the insurer remains duly qualified to transact the business of insurance in such licensed State. (d) EFFECTIVENESS OF OUTSTANDING POLICIES AND CON- TRACTS. —

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