Page:United States Statutes at Large Volume 124.djvu/1622

 124 STAT. 1596 PUBLIC LAW 111–203—JULY 21, 2010 reinsurer, the State in which the insurer or reinsurer is incor- porated or entered through, and licensed. (3) NAIC.—The term ‘‘NAIC’’ means the National Associa- tion of Insurance Commissioners or any successor entity. (4) REINSURANCE.—The term ‘‘reinsurance’’ means the assumption by an insurer of all or part of a risk undertaken originally by another insurer. (5) REINSURER.— (A) IN GENERAL.—The term ‘‘reinsurer’’ means an insurer to the extent that the insurer— (i) is principally engaged in the business of reinsur- ance; (ii) does not conduct significant amounts of direct insurance as a percentage of its net premiums; and (iii) is not engaged in an ongoing basis in the business of soliciting direct insurance. (B) DETERMINATION.—A determination of whether an insurer is a reinsurer shall be made under the laws of the State of domicile in accordance with this paragraph. (6) STATE.—The term ‘‘State’’ includes any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa. PART III—RULE OF CONSTRUCTION SEC. 541. RULE OF CONSTRUCTION. Nothing in this subtitle or the amendments made by this sub- title shall be construed to modify, impair, or supersede the applica- tion of the antitrust laws. Any implied or actual conflict between this subtitle and any amendments to this subtitle and the antitrust laws shall be resolved in favor of the operation of the antitrust laws. SEC. 542. SEVERABILITY. If any section or subsection of this subtitle, or any application of such provision to any person or circumstance, is held to be unconstitutional, the remainder of this subtitle, and the application of the provision to any other person or circumstance, shall not be affected. TITLE VI—IMPROVEMENTS TO REGULA- TION OF BANK AND SAVINGS ASSO- CIATION HOLDING COMPANIES AND DEPOSITORY INSTITUTIONS SEC. 601. SHORT TITLE. This title may be cited as the ‘‘Bank and Savings Association Holding Company and Depository Institution Regulatory Improve- ments Act of 2010’’. SEC. 602. DEFINITION. For purposes of this title, a company is a ‘‘commercial firm’’ if the annual gross revenues derived by the company and all of its affiliates from activities that are financial in nature (as defined 12 USC 1815 note. Bank and Savings Association Holding Company and Depository Institution Regulatory Improvements Act of 2010. 12 USC 1811 note. 15 USC 8232. 15 USC 8231.