Page:United States Statutes at Large Volume 113 Part 2.djvu/399

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1419 policyholder and as approved by the State insurance regulator of the transferee domicile. (4) POLICYHOLDER RIGHTS.— Upon reorganization into a mutual holding company, the contractual rights of the policy- holders are preserved. (5) FAIR AND EQUITABLE TREATMENT OF POLICYHOLDERS. — The reorganization is approved as fair and equitable to the policyholders by the insurance regulator of the transferee domicile. SEC. 313. EFFECT ON STATE LAWS RESTRICTING REDOMESTICATION. 15 USC 6733. (a) IN GENERAL. —Unless otherwise permitted by this subtitle. State laws of any transferor domicile that conflict with the purposes and intent of this subtitle are preempted, including but not limited to— (1) any law that has the purpose or effect of impeding the activities of, teiking any action against, or applying any provision of law or regulation to, any insurer or an affiliate of such insurer because that insurer or any affiliate plans to redomesticate, or has redomesticated, pursuant to this subtitle; (2) any law that has the purpose or effect of impeding the activities of, taking action against, or applying any provision of law or regulation to, any insured or any insurance licensee or other intermediary because such person has procured insurance from or placed insurance with any insurer or affiliate of such insurer that plans to redomesticate, or has redomesticated, pursuant to this subtitle, but only to the extent that such law would treat such insured licensee or other intermediary differently than if the person procured insurance from, or placed insurance with, an insured licensee or other intermediary which had not redomesticated; and (3) any law that has the purpose or effect of terminating, because of the redomestication of a mutual insurer pursuant to this subtitle, any certificate of authority, agent appointment or license, rate approval, or other approval, of any State insurance regulator or other State authority in existence immediately prior to the redomestication in any State other than the transferee domicile. (b) DIFFERENTIAL TREATMENT PROHIBITED.— NO State law, regulation, interpretation, or functional equivalent thereof, of a State other than a transferee domicile may treat a redomesticating or redomesticated insurer or any affiliate thereof any differently than an insurer operating in that State that is not a redomesticating or redomesticated insurer. (c) LAWS PROHIBITING OPERATIONS.— I f any licensed State fails to issue, delays the issuance of, or seeks to revoke an original or renewal certificate of authority of a redomesticated insurer promptly following redomestication, except on grounds and in a manner consistent with its past practices regarding the issuance of certificates of authority to foreign insurers that are not redomesticating, then the redomesticating insurer shall be exempt from any State law of the licensed State to the extent that such State law or the operation of such State law would make unlawful, or regulate, directly or indirectly, the operation of the redomesticated insurer, except that such licensed State may require the redomesticated insurer to—

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