Page:United States Statutes at Large Volume 124.djvu/2026

 124 STAT. 2000 PUBLIC LAW 111–203—JULY 21, 2010 (f) EXCLUSION FOR PERSONS REGULATED BY A STATE INSURANCE REGULATOR.— (1) IN GENERAL.—No provision of this title shall be con- strued as altering, amending, or affecting the authority of any State insurance regulator to adopt rules, initiate enforcement proceedings, or take any other action with respect to a person regulated by a State insurance regulator. Except as provided in paragraph (2), the Bureau shall have no authority to exercise any power to enforce this title with respect to a person regulated by a State insurance regulator. (2) DESCRIPTION OF ACTIVITIES.—Paragraph (1) does not apply to any person described in such paragraph to the extent that such person is engaged in the offering or provision of any consumer financial product or service or is otherwise sub- ject to any enumerated consumer law or any law for which authorities are transferred under subtitle F or H. (3) STATE INSURANCE AUTHORITY UNDER GRAMM-LEACH- BLILEY.—Notwithstanding paragraph (2), the Bureau shall not exercise any authorities that are granted a State insurance authority under section 505(a)(6) of the Gramm-Leach-Bliley Act with respect to a person regulated by a State insurance authority. (g) EXCLUSION FOR EMPLOYEE BENEFIT AND COMPENSATION PLANS AND CERTAIN OTHER ARRANGEMENTS UNDER THE INTERNAL REVENUE CODE OF 1986.— (1) PRESERVATION OF AUTHORITY OF OTHER AGENCIES.— No provision of this title shall be construed as altering, amending, or affecting the authority of the Secretary of the Treasury, the Secretary of Labor, or the Commissioner of Internal Revenue to adopt regulations, initiate enforcement proceedings, or take any actions with respect to any specified plan or arrangement. (2) ACTIVITIES NOT CONSTITUTING THE OFFERING OR PROVI- SION OF ANY CONSUMER FINANCIAL PRODUCT OR SERVICE.—For purposes of this title, a person shall not be treated as having engaged in the offering or provision of any consumer financial product or service solely because such person is— (A) a specified plan or arrangement; (B) engaged in the activity of establishing or maintaining, for the benefit of employees of such person (or for members of an employee organization), any specified plan or arrangement; or (C) engaged in the activity of establishing or maintaining a qualified tuition program under section 529(b)(1) of the Internal Revenue Code of 1986 offered by a State or other prepaid tuition program offered by a State. (3) LIMITATION ON BUREAU AUTHORITY.— (A) IN GENERAL.—Except as provided under subpara- graphs (B) and (C), the Bureau may not exercise any rule- making or enforcement authority with respect to products or services that relate to any specified plan or arrangement. (B) BUREAU ACTION PURSUANT TO AGENCY REQUEST.— (i) AGENCY REQUEST.—The Secretary and the Sec- retary of Labor may jointly issue a written request to the Bureau regarding implementation of appropriate consumer protection standards under this title with