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US (United States) Code. Title 15. Chapter 93: Insurance

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15 USC CHAPTER 93 - INSURANCE 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

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CHAPTER 93 - INSURANCE

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Sec.

6701. Operation of State law.

(a) State regulation of the business of insurance.

(b) Mandatory insurance licensing requirements.

(d) Activities.

(e) Nondiscrimination.

(f) Limitation.

(g) Definitions.

SUBCHAPTER I - STATE REGULATION OF INSURANCE

6711. Functional regulation of insurance.

6712. Insurance underwriting in national banks.

(a) In general.

(b) Authorized products.

(d) Rule of construction.

6713. Title insurance activities of national banks and their

affiliates.

(a) General prohibition.

(b) Nondiscrimination parity exception.

(d) ''Affiliate'' and ''subsidiary'' defined.

(e) Rule of construction.

6714. Expedited and equalized dispute resolution for Federal

regulators.

(a) Filing in Court of Appeals.

(b) Expedited review.

(d) Statute of limitation.

(e) Standard of review.

6715. Certain State affiliation laws preempted for insurance

companies and affiliates.

6716. Interagency consultation.

(a) Purpose.

(b) Examination results and other information.

(d) Effect on other authority.

(e) Confidentiality and privilege.

(f) Definitions.

6717. Definition of State.

SUBCHAPTER II - REDOMESTICATION OF MUTUAL INSURERS

6731. General application.

6732. Redomestication of mutual insurers.

(a) Redomestication.

(b) Resulting domicile.

(d) Effectiveness of outstanding policies and

contracts.

(e) Notice.

(f) Procedural requirements.

6733. Effect on State laws restricting redomestication.

(a) In general.

(b) Differential treatment prohibited.

6734. Other provisions.

(a) Judicial review.

(b) Severability.

6735. Definitions.

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

6751. State flexibility in multistate licensing reforms.

(a) In general.

(b) Uniformity required.

(d) Determination.

(e) Continued application.

(f) Savings provision.

(g) Uniform licensing.

6752. National Association of Registered Agents and Brokers.

(a) Establishment.

(b) Status.

6753. Purpose.

6754. Relationship to the Federal Government.

6755. Membership.

(a) Eligibility.

(b) Authority to establish membership criteria.

(d) Membership criteria.

(e) Effect of membership.

(f) Annual renewal.

(g) Continuing education.

(h) Suspension and revocation.

(i) Office of consumer complaints.

6756. Board of directors.

(a) Establishment.

(b) Powers.

(d) Terms.

(e) Board vacancies.

(f) Meetings.

6757. Officers.

(a) In general.

(b) Criteria for chairperson.

6758. Bylaws, rules, and disciplinary action.

(a) Adoption and amendment of bylaws.

(b) Adoption and amendment of rules.

(d) Disciplinary action by the Association.

(e) NAIC review of disciplinary action.

(f) Effect of review.

(g) Scope of review.

6759. Assessments.

(a) Insurance producers subject to assessment.

(b) NAIC assessments.

6760. Functions of the NAIC.

(a) Administrative procedure.

(b) Examinations and reports.

6761. Liability of the Association and the directors, officers, and

employees of the Association.

(a) In general.

(b) Liability of the Association, its directors,

officers, and employees.

6762. Elimination of NAIC oversight.

(a) In general.

(b) Board appointments.

6763. Relationship to State law.

(a) Preemption of State laws.

(b) Prohibited actions.

6764. Coordination with other regulators.

(a) Coordination with State insurance regulators.

(b) Coordination with the National Association of

Securities Dealers.

6765. Judicial review.

(a) Jurisdiction.

(b) Exhaustion of remedies.

6766. Definitions.

SUBCHAPTER IV - RENTAL CAR AGENCY INSURANCE ACTIVITIES

6781. Standard of regulation for motor vehicle rentals.

(a) Protection against retroactive application of

regulatory and legal action.

(b) Preeminence of State insurance law.

(d) Motor vehicle defined.

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15 USC Sec. 6701 01/06/03

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TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

-HEAD-

Sec. 6701. Operation of State law

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(a) State regulation of the business of insurance

The Act entitled ''An Act to express the intent of Congress with

reference to the regulation of the business of insurance'' and

approved March 9, 1945 (15 U.S.C. 1011 et seq.) (commonly referred

to as the ''McCarran-Ferguson Act'') remains the law of the United

States.

(b) Mandatory insurance licensing requirements

No person shall engage in the business of insurance in a State as

principal or agent unless such person is licensed as required by

the appropriate insurance regulator of such State in accordance

with the relevant State insurance law, subject to subsections (c),

(d), and (e) of this section.

(1) In general

Except as provided in paragraph (2), no State may, by statute,

regulation, order, interpretation, or other action, prevent or

restrict a depository institution, or an affiliate thereof, from

being affiliated directly or indirectly or associated with any

person, as authorized or permitted by this Act or any other

provision of Federal law.

(2) Insurance

With respect to affiliations between depository institutions,

or any affiliate thereof, and any insurer, paragraph (1) does not

prohibit -

(A) any State from -

(i) collecting, reviewing, and taking actions (including

approval and disapproval) on applications and other documents

or reports concerning any proposed acquisition of, or a

change or continuation of control of, an insurer domiciled in

that State; and

(ii) exercising authority granted under applicable State

law to collect information concerning any proposed

acquisition of, or a change or continuation of control of, an

insurer engaged in the business of insurance in, and

regulated as an insurer by, such State;

during the 60-day period preceding the effective date of the

acquisition or change or continuation of control, so long as

the collecting, reviewing, taking actions, or exercising

authority by the State does not have the effect of

discriminating, intentionally or unintentionally, against a

depository institution or an affiliate thereof, or against any

other person based upon an association of such person with a

depository institution;

(B) any State from requiring any person that is acquiring

control of an insurer domiciled in that State to maintain or

restore the capital requirements of that insurer to the level

required under the capital regulations of general applicability

in that State to avoid the requirement of preparing and filing

with the insurance regulatory authority of that State a plan to

increase the capital of the insurer, except that any

determination by the State insurance regulatory authority with

respect to such requirement shall be made not later than 60

days after the date of notification under subparagraph (A); or

stock in an insurer, or a company formed for the purpose of

controlling such insurer, after the conversion of the insurer

from mutual to stock form so long as such restriction does not

have the effect of discriminating, intentionally or

unintentionally, against a depository institution or an

affiliate thereof, or against any other person based upon an

association of such person with a depository institution.

(d) Activities

(1) In general

Except as provided in paragraph (3), and except with respect to

insurance sales, solicitation, and cross marketing activities,

which shall be governed by paragraph (2), no State may, by

statute, regulation, order, interpretation, or other action,

prevent or restrict a depository institution or an affiliate

thereof from engaging directly or indirectly, either by itself or

in conjunction with an affiliate, or any other person, in any

activity authorized or permitted under this Act and the

amendments made by this Act.

(2) Insurance sales

(A) In general

In accordance with the legal standards for preemption set

forth in the decision of the Supreme Court of the United States

in Barnett Bank of Marion County N.A. v. Nelson, 517 U.S. 25

(1996), no State may, by statute, regulation, order,

interpretation, or other action, prevent or significantly

interfere with the ability of a depository institution, or an

affiliate thereof, to engage, directly or indirectly, either by

itself or in conjunction with an affiliate or any other person,

in any insurance sales, solicitation, or crossmarketing

activity.

(B) Certain State laws preserved

Notwithstanding subparagraph (A), a State may impose any of

the following restrictions, or restrictions that are

substantially the same as but no more burdensome or restrictive

than those in each of the following clauses:

(i) Restrictions prohibiting the rejection of an insurance

policy by a depository institution or an affiliate of a

depository institution, solely because the policy has been

issued or underwritten by any person who is not associated

with such depository institution or affiliate when the

insurance is required in connection with a loan or extension

of credit.

(ii) Restrictions prohibiting a requirement for any debtor,

insurer, or insurance agent or broker to pay a separate

charge in connection with the handling of insurance that is

required in connection with a loan or other extension of

credit or the provision of another traditional banking

product by a depository institution, or any affiliate of a

depository institution, unless such charge would be required

when the depository institution or affiliate is the licensed

insurance agent or broker providing the insurance.

(iii) Restrictions prohibiting the use of any advertisement

or other insurance promotional material by a depository

institution or any affiliate of a depository institution that

would cause a reasonable person to believe mistakenly that -

(I) the Federal Government or a State is responsible for

the insurance sales activities of, or stands behind the

credit of, the institution or affiliate; or

(II) a State, or the Federal Government guarantees any

returns on insurance products, or is a source of payment on

any insurance obligation of or sold by the institution or

affiliate;

(iv) Restrictions prohibiting the payment or receipt of any

commission or brokerage fee or other valuable consideration

for services as an insurance agent or broker to or by any

person, unless such person holds a valid State license

regarding the applicable class of insurance at the time at

which the services are performed, except that, in this

clause, the term ''services as an insurance agent or broker''

does not include a referral by an unlicensed person of a

customer or potential customer to a licensed insurance agent

or broker that does not include a discussion of specific

insurance policy terms and conditions.

(v) Restrictions prohibiting any compensation paid to or

received by any individual who is not licensed to sell

insurance, for the referral of a customer that seeks to

purchase, or seeks an opinion or advice on, any insurance

product to a person that sells or provides opinions or advice

on such product, based on the purchase of insurance by the

customer.

(vi) Restrictions prohibiting the release of the insurance

information of a customer (defined as information concerning

the premiums, terms, and conditions of insurance coverage,

including expiration dates and rates, and insurance claims of

a customer contained in the records of the depository

institution or an affiliate thereof) to any person other than

an officer, director, employee, agent, or affiliate of a

depository institution, for the purpose of soliciting or

selling insurance, without the express consent of the

customer, other than a provision that prohibits -

(I) a transfer of insurance information to an

unaffiliated insurer in connection with transferring

insurance in force on existing insureds of the depository

institution or an affiliate thereof, or in connection with

a merger with or acquisition of an unaffiliated insurer; or

(II) the release of information as otherwise authorized

by State or Federal law.

(vii) Restrictions prohibiting the use of health

information obtained from the insurance records of a customer

for any purpose, other than for its activities as a licensed

agent or broker, without the express consent of the customer.

(viii) Restrictions prohibiting the extension of credit or

any product or service that is equivalent to an extension of

credit, lease or sale of property of any kind, or furnishing

of any services or fixing or varying the consideration for

any of the foregoing, on the condition or requirement that

the customer obtain insurance from a depository institution

or an affiliate of a depository institution, or a particular

insurer, agent, or broker, other than a prohibition that

would prevent any such depository institution or affiliate -

(I) from engaging in any activity described in this

clause that would not violate section 106 of the Bank

Holding Company Act Amendments of 1970 (12 U.S.C. 1971 et

seq.), as interpreted by the Board of Governors of the

Federal Reserve System; or

(II) from informing a customer or prospective customer

that insurance is required in order to obtain a loan or

credit, that loan or credit approval is contingent upon the

procurement by the customer of acceptable insurance, or

that insurance is available from the depository institution

or an affiliate of the depository institution.

(ix) Restrictions requiring, when an application by a

consumer for a loan or other extension of credit from a

depository institution is pending, and insurance is offered

or sold to the consumer or is required in connection with the

loan or extension of credit by the depository institution or

any affiliate thereof, that a written disclosure be provided

to the consumer or prospective customer indicating that the

customer's choice of an insurance provider will not affect

the credit decision or credit terms in any way, except that

the depository institution may impose reasonable requirements

concerning the creditworthiness of the insurer and scope of

coverage chosen.

(x) Restrictions requiring clear and conspicuous

disclosure, in writing, where practicable, to the customer

prior to the sale of any insurance policy that such policy -

(I) is not a deposit;

(II) is not insured by the Federal Deposit Insurance

Corporation;

(III) is not guaranteed by any depository institution or,

if appropriate, an affiliate of any such institution or any

person soliciting the purchase of or selling insurance on

the premises thereof; and

(IV) where appropriate, involves investment risk,

including potential loss of principal.

(xi) Restrictions requiring that, when a customer obtains

insurance (other than credit insurance or flood insurance)

and credit from a depository institution, or any affiliate of

such institution, or any person soliciting the purchase of or

selling insurance on the premises thereof, the credit and

insurance transactions be completed through separate

documents.

(xii) Restrictions prohibiting, when a customer obtains

insurance (other than credit insurance or flood insurance)

and credit from a depository institution or an affiliate of

such institution, or any person soliciting the purchase of or

selling insurance on the premises thereof, inclusion of the

expense of insurance premiums in the primary credit

transaction without the express written consent of the

customer.

(xiii) Restrictions requiring maintenance of separate and

distinct books and records relating to insurance

transactions, including all files relating to and reflecting

consumer complaints, and requiring that such insurance books

and records be made available to the appropriate State

insurance regulator for inspection upon reasonable notice.

(i) OCC deference

Section 6714(e) of this title does not apply with respect

to any State statute, regulation, order, interpretation, or

other action regarding insurance sales, solicitation, or

cross marketing activities described in subparagraph (A) that

was issued, adopted, or enacted before September 3, 1998, and

that is not described in subparagraph (B).

(ii) Nondiscrimination

Subsection (e) of this section does not apply with respect

to any State statute, regulation, order, interpretation, or

other action regarding insurance sales, solicitation, or

cross marketing activities described in subparagraph (A) that

was issued, adopted, or enacted before September 3, 1998, and

that is not described in subparagraph (B).

(iii) Construction

Nothing in this paragraph shall be construed -

(I) to limit the applicability of the decision of the

Supreme Court in Barnett Bank of Marion County N.A. v.

Nelson, 517 U.S. 25 (1996) with respect to any State

statute, regulation, order, interpretation, or other action

that is not referred to or described in subparagraph (B);

(II) to create any inference with respect to any State

statute, regulation, order, interpretation, or other action

that is not described in this paragraph.

(3) Insurance activities other than sales

State statutes, regulations, interpretations, orders, and other

actions shall not be preempted under paragraph (1) to the extent

that they -

(A) relate to, or are issued, adopted, or enacted for the

purpose of regulating the business of insurance in accordance

with the Act entitled ''An Act to express the intent of

Congress with reference to the regulation of the business of

insurance'' and approved March 9, 1945 (15 U.S.C. 1011 et seq.)

(commonly referred to as the ''McCarran-Ferguson Act'');

(B) apply only to persons that are not depository

institutions, but that are directly engaged in the business of

insurance (except that they may apply to depository

institutions engaged in providing savings bank life insurance

as principal to the extent of regulating such insurance);

insurance sales, solicitations, or cross marketing activities;

and

(D) are not prohibited under subsection (e) of this section.

(4) Financial activities other than insurance

No State statute, regulation, order, interpretation, or other

action shall be preempted under paragraph (1) to the extent that

(A) it does not relate to, and is not issued and adopted, or

enacted for the purpose of regulating, directly or indirectly,

insurance sales, solicitations, or cross marketing activities

covered under paragraph (2);

(B) it does not relate to, and is not issued and adopted, or

enacted for the purpose of regulating, directly or indirectly,

the business of insurance activities other than sales,

solicitations, or cross marketing activities, covered under

paragraph (3);

enforcement actions referred to in subsection (f) of this

section; and

(D) it -

(i) does not distinguish by its terms between depository

institutions, and affiliates thereof, engaged in the activity

at issue and other persons engaged in the same activity in a

manner that is in any way adverse with respect to the conduct

of the activity by any such depository institution or

affiliate engaged in the activity at issue;

(ii) as interpreted or applied, does not have, and will not

have, an impact on depository institutions, or affiliates

thereof, engaged in the activity at issue, or any person who

has an association with any such depository institution or

affiliate, that is substantially more adverse than its impact

on other persons engaged in the same activity that are not

depository institutions or affiliates thereof, or persons who

do not have an association with any such depository

institution or affiliate;

(iii) does not effectively prevent a depository institution

or affiliate thereof from engaging in activities authorized

or permitted by this Act or any other provision of Federal

law; and

(iv) does not conflict with the intent of this Act

generally to permit affiliations that are authorized or

permitted by Federal law.

(e) Nondiscrimination

Except as provided in any restrictions described in subsection

(d)(2)(B) of this section, no State may, by statute, regulation,

order, interpretation, or other action, regulate the insurance

activities authorized or permitted under this Act or any other

provision of Federal law of a depository institution, or affiliate

thereof, to the extent that such statute, regulation, order,

interpretation, or other action -

(1) distinguishes by its terms between depository institutions,

or affiliates thereof, and other persons engaged in such

activities, in a manner that is in any way adverse to any such

depository institution, or affiliate thereof;

(2) as interpreted or applied, has or will have an impact on

depository institutions, or affiliates thereof, that is

substantially more adverse than its impact on other persons

providing the same products or services or engaged in the same

activities that are not depository institutions, or affiliates

thereof, or persons or entities affiliated therewith;

(3) effectively prevents a depository institution, or affiliate

thereof, from engaging in insurance activities authorized or

permitted by this Act or any other provision of Federal law; or

(4) conflicts with the intent of this Act generally to permit

affiliations that are authorized or permitted by Federal law

between depository institutions, or affiliates thereof, and

persons engaged in the business of insurance.

(f) Limitation

Subsections (c) and (d) of this section shall not be construed to

affect -

(1) the jurisdiction of the securities commission (or any

agency or office performing like functions) of any State, under

the laws of such State -

(A) to investigate and bring enforcement actions, consistent

with section 77r(c) of this title, with respect to fraud or

deceit or unlawful conduct by any person, in connection with

securities or securities transactions; or

(B) to require the registration of securities or the

licensure or registration of brokers, dealers, or investment

advisers (consistent with section 80b-3a of this title), or the

associated persons of a broker, dealer, or investment adviser

(consistent with such section 80b-3a of this title); or

(2) State laws, regulations, orders, interpretations, or other

actions of general applicability relating to the governance of

corporations, partnerships, limited liability companies, or other

business associations incorporated or formed under the laws of

that State or domiciled in that State, or the applicability of

the antitrust laws of any State or any State law that is similar

to the antitrust laws if such laws, regulations, orders,

interpretations, or other actions are not inconsistent with the

purposes of this Act to authorize or permit certain affiliations

and to remove barriers to such affiliations.

(g) Definitions

For purposes of this section, the following definitions shall

apply:

(1) Affiliate

The term ''affiliate'' means any company that controls, is

controlled by, or is under common control with another company.

(2) Antitrust laws

The term ''antitrust laws'' has the meaning given the term in

subsection (a) of section 12 of this title, and includes section

45 of this title (to the extent that such section 45 relates to

unfair methods of competition).

(3) Depository institution

The term ''depository institution'' -

(A) has the meaning given the term in section 1813 of title

12; and

(B) includes any foreign bank that maintains a branch,

agency, or commercial lending company in the United States.

(4) Insurer

The term ''insurer'' means any person engaged in the business

of insurance.

(5) State

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.

-SOURCE-

(Pub. L. 106-102, title I, Sec. 104, Nov. 12, 1999, 113 Stat.

1352.)

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REFERENCES IN TEXT

The McCarran-Ferguson Act, referred to in subsecs. (a) and

(d)(3)(A), is act Mar. 9, 1945, ch. 20, 59 Stat. 33, which is

classified generally to chapter 20 (Sec. 1011 et seq.) of this

title. For complete classification of this Act to the Code, see

Short Title note set out under section 1011 of this title and

Tables.

This Act, referred to in subsecs. (c)(1), (d)(1), (4)(D)(iii),

(iv), (e), and (f)(2), is Pub. L. 106-102, Nov. 12, 1999, 113 Stat.

1338, known as the Gramm-Leach-Bliley Act. For complete

classification of this Act to the Code, see Short Title of 1999

Amendment note set out under section 1811 of Title 12, Banks and

Banking, and Tables.

Section 106 of the Bank Holding Company Act Amendments of 1970,

referred to in subsec. (d)(2)(B)(viii)(I), is Pub. L. 91-607, title

I, Sec. 106, Dec. 31, 1970, 84 Stat. 1766, as amended, which is

classified generally to chapter 22 (Sec. 1971 et seq.) of Title 12,

Banks and Banking.

-MISC2-

SHORT TITLE OF 2002 AMENDMENT

Pub. L. 107-297, Sec. 1(a), Nov. 26, 2002, 116 Stat. 2322,

provided that: ''This Act (amending section 248 of Title 12, Banks

and Banking, and sections 1606 and 1610 of Title 28, Judiciary and

Judicial Procedure, enacting provisions set out as notes under this

section and section 1610 of Title 28, and amending provisions set

out as a note under section 1610 of Title 28) may be cited as the

'Terrorism Risk Insurance Act of 2002'.''

TERRORISM INSURANCE PROGRAM

Pub. L. 107-297, title I, Nov. 26, 2002, 116 Stat. 2322, provided

that:

''SEC. 101. CONGRESSIONAL FINDINGS AND PURPOSE.

''(a) Findings. - The Congress finds that -

''(1) the ability of businesses and individuals to obtain

property and casualty insurance at reasonable and predictable

prices, in order to spread the risk of both routine and

catastrophic loss, is critical to economic growth, urban

development, and the construction and maintenance of public and

private housing, as well as to the promotion of United States

exports and foreign trade in an increasingly interconnected

world;

''(2) property and casualty insurance firms are important

financial institutions, the products of which allow mutualization

of risk and the efficient use of financial resources and enhance

the ability of the economy to maintain stability, while

responding to a variety of economic, political, environmental,

and other risks with a minimum of disruption;

''(3) the ability of the insurance industry to cover the

unprecedented financial risks presented by potential acts of

terrorism in the United States can be a major factor in the

recovery from terrorist attacks, while maintaining the stability

of the economy;

''(4) widespread financial market uncertainties have arisen

following the terrorist attacks of September 11, 2001, including

the absence of information from which financial institutions can

make statistically valid estimates of the probability and cost of

future terrorist events, and therefore the size, funding, and

allocation of the risk of loss caused by such acts of terrorism;

''(5) a decision by property and casualty insurers to deal with

such uncertainties, either by terminating property and casualty

coverage for losses arising from terrorist events, or by

radically escalating premium coverage to compensate for risks of

loss that are not readily predictable, could seriously hamper

ongoing and planned construction, property acquisition, and other

business projects, generate a dramatic increase in rents, and

otherwise suppress economic activity; and

''(6) the United States Government should provide temporary

financial compensation to insured parties, contributing to the

stabilization of the United States economy in a time of national

crisis, while the financial services industry develops the

systems, mechanisms, products, and programs necessary to create a

viable financial services market for private terrorism risk

insurance.

''(b) Purpose. - The purpose of this title is to establish a

temporary Federal program that provides for a transparent system of

shared public and private compensation for insured losses resulting

from acts of terrorism, in order to -

''(1) protect consumers by addressing market disruptions and

ensure the continued widespread availability and affordability of

property and casualty insurance for terrorism risk; and

''(2) allow for a transitional period for the private markets

to stabilize, resume pricing of such insurance, and build

capacity to absorb any future losses, while preserving State

insurance regulation and consumer protections.

''SEC. 102. DEFINITIONS.

''In this title, the following definitions shall apply:

''(1) Act of terrorism. -

''(A) Certification. - The term 'act of terrorism' means any

act that is certified by the Secretary, in concurrence with the

Secretary of State, and the Attorney General of the United

States -

''(i) to be an act of terrorism;

''(ii) to be a violent act or an act that is dangerous to -

''(I) human life;

''(II) property; or

''(III) infrastructure;

''(iii) to have resulted in damage within the United

States, or outside of the United States in the case of -

''(I) an air carrier or vessel described in paragraph (5)(B); or

''(II) the premises of a United States mission; and

''(iv) to have been committed by an individual or

individuals acting on behalf of any foreign person or foreign

interest, as part of an effort to coerce the civilian

population of the United States or to influence the policy or

affect the conduct of the United States Government by

coercion.

''(B) Limitation. - No act shall be certified by the

Secretary as an act of terrorism if -

''(i) the act is committed as part of the course of a war

declared by the Congress, except that this clause shall not

apply with respect to any coverage for workers' compensation;

''(ii) property and casualty insurance losses resulting

from the act, in the aggregate, do not exceed $5,000,000.

''(C) Determinations final. - Any certification of, or

determination not to certify, an act as an act of terrorism

under this paragraph shall be final, and shall not be subject

to judicial review.

''(D) Nondelegation. - The Secretary may not delegate or

designate to any other officer, employee, or person, any

determination under this paragraph of whether, during the

effective period of the Program, an act of terrorism has

occurred.

''(2) Affiliate. - The term 'affiliate' means, with respect to

an insurer, any entity that controls, is controlled by, or is

under common control with the insurer.

''(3) Control. - An entity has 'control' over another entity,

if -

''(A) the entity directly or indirectly or acting through 1

or more other persons owns, controls, or has power to vote 25

percent or more of any class of voting securities of the other

entity;

''(B) the entity controls in any manner the election of a

majority of the directors or trustees of the other entity; or

''(C) the Secretary determines, after notice and opportunity

for hearing, that the entity directly or indirectly exercises a

controlling influence over the management or policies of the

other entity.

''(4) Direct earned premium. - The term 'direct earned premium'

means a direct earned premium for property and casualty insurance

issued by any insurer for insurance against losses occurring at

the locations described in subparagraphs (A) and (B) of paragraph

(5).

''(5) Insured loss. - The term 'insured loss' means any loss

resulting from an act of terrorism (including an act of war, in

the case of workers' compensation) that is covered by primary or

excess property and casualty insurance issued by an insurer if

such loss -

''(A) occurs within the United States; or

''(B) occurs to an air carrier (as defined in section 40102

of title 49, United States Code), to a United States flag

vessel (or a vessel based principally in the United States, on

which United States income tax is paid and whose insurance

coverage is subject to regulation in the United States),

regardless of where the loss occurs, or at the premises of any

United States mission.

''(6) Insurer. - The term 'insurer' means any entity, including

any affiliate thereof -

''(A) that is -

''(i) licensed or admitted to engage in the business of

providing primary or excess insurance in any State;

''(ii) not licensed or admitted as described in clause (i),

if it is an eligible surplus line carrier listed on the

Quarterly Listing of Alien Insurers of the NAIC, or any

successor thereto;

''(iii) approved for the purpose of offering property and

casualty insurance by a Federal agency in connection with

maritime, energy, or aviation activity;

''(iv) a State residual market insurance entity or State

workers' compensation fund; or

''(v) any other entity described in section 103(f), to the

extent provided in the rules of the Secretary issued under

section 103(f);

''(B) that receives direct earned premiums for any type of

commercial property and casualty insurance coverage, other than

in the case of entities described in sections 103(d) and

103(f); and

''(C) that meets any other criteria that the Secretary may

reasonably prescribe.

''(7) Insurer deductible. - The term 'insurer deductible' means

''(A) for the Transition Period, the value of an insurer's

direct earned premiums over the calendar year immediately

preceding the date of enactment of this Act (Nov. 26, 2002),

multiplied by 1 percent;

''(B) for Program Year 1, the value of an insurer's direct

earned premiums over the calendar year immediately preceding

Program Year 1, multiplied by 7 percent;

''(C) for Program Year 2, the value of an insurer's direct

earned premiums over the calendar year immediately preceding

Program Year 2, multiplied by 10 percent;

''(D) for Program Year 3, the value of an insurer's direct

earned premiums over the calendar year immediately preceding

Program Year 3, multiplied by 15 percent; and

''(E) notwithstanding subparagraphs (A) through (D), for the

Transition Period, Program Year 1, Program Year 2, or Program

Year 3, if an insurer has not had a full year of operations

during the calendar year immediately preceding such Period or

Program Year, such portion of the direct earned premiums of the

insurer as the Secretary determines appropriate, subject to

appropriate methodologies established by the Secretary for

measuring such direct earned premiums.

''(8) NAIC. - The term 'NAIC' means the National Association of

Insurance Commissioners.

''(9) Person. - The term 'person' means any individual,

business or nonprofit entity (including those organized in the

form of a partnership, limited liability company, corporation, or

association), trust or estate, or a State or political

subdivision of a State or other governmental unit.

''(10) Program. - The term 'Program' means the Terrorism

Insurance Program established by this title.

''(11) Program years. -

''(A) Transition period. - The term 'Transition Period' means

the period beginning on the date of enactment of this Act (Nov.

26, 2002) and ending on December 31, 2002.

''(B) Program year 1. - The term 'Program Year 1' means the

period beginning on January 1, 2003 and ending on December 31,

2003.

''(C) Program year 2. - The term 'Program Year 2' means the

period beginning on January 1, 2004 and ending on December 31,

2004.

''(D) Program year 3. - The term 'Program Year 3' means the

period beginning on January 1, 2005 and ending on December 31,

2005.

''(12) Property and casualty insurance. - The term 'property

and casualty insurance' -

''(A) means commercial lines of property and casualty

insurance, including excess insurance, workers' compensation

insurance, and surety insurance; and

''(B) does not include -

''(i) Federal crop insurance issued or reinsured under the

Federal Crop Insurance Act (7 U.S.C. 1501 et seq.), or any

other type of crop or livestock insurance that is privately

issued or reinsured;

''(ii) private mortgage insurance (as that term is defined

in section 2 of the Homeowners Protection Act of 1998 (12

U.S.C. 4901)) or title insurance;

''(iii) financial guaranty insurance issued by monoline

financial guaranty insurance corporations;

''(iv) insurance for medical malpractice;

''(v) health or life insurance, including group life

insurance;

''(vi) flood insurance provided under the National Flood

Insurance Act of 1968 (42 U.S.C. 4001 et seq.); or

''(vii) reinsurance or retrocessional reinsurance.

''(13) Secretary. - The term 'Secretary' means the Secretary of

the Treasury.

''(14) State. - The term 'State' means any State of the United

States, the District of Columbia, the Commonwealth of Puerto

Rico, the Commonwealth of the Northern Mariana Islands, American

Samoa, Guam, each of the United States Virgin Islands, and any

territory or possession of the United States.

''(15) United states. - The term 'United States' means the

several States, and includes the territorial sea and the

continental shelf of the United States, as those terms are

defined in the Violent Crime Control and Law Enforcement Act of

1994 (18 U.S.C. 2280, 2281).

''(16) Rule of construction for dates. - With respect to any

reference to a date in this title, such day shall be construed -

''(A) to begin at 12:01 a.m. on that date; and

''(B) to end at midnight on that date.

''SEC. 103. TERRORISM INSURANCE PROGRAM.

''(a) Establishment of Program. -

''(1) In general. - There is established in the Department of

the Treasury the Terrorism Insurance Program.

''(2) Authority of the secretary. - Notwithstanding any other

provision of State or Federal law, the Secretary shall administer

the Program, and shall pay the Federal share of compensation for

insured losses in accordance with subsection (e).

''(3) Mandatory participation. - Each entity that meets the

definition of an insurer under this title shall participate in

the Program.

''(b) Conditions for Federal Payments. - No payment may be made

by the Secretary under this section with respect to an insured loss

that is covered by an insurer, unless -

''(1) the person that suffers the insured loss, or a person

acting on behalf of that person, files a claim with the insurer;

''(2) the insurer provides clear and conspicuous disclosure to

the policyholder of the premium charged for insured losses

covered by the Program and the Federal share of compensation for

insured losses under the Program -

''(A) in the case of any policy that is issued before the

date of enactment of this Act (Nov. 26, 2002), not later than

90 days after that date of enactment;

''(B) in the case of any policy that is issued within 90 days

of the date of enactment of this Act, at the time of offer,

purchase, and renewal of the policy; and

''(C) in the case of any policy that is issued more than 90

days after the date of enactment of this Act, on a separate

line item in the policy, at the time of offer, purchase, and

renewal of the policy;

''(3) the insurer processes the claim for the insured loss in

accordance with appropriate business practices, and any

reasonable procedures that the Secretary may prescribe; and

''(4) the insurer submits to the Secretary, in accordance with

such reasonable procedures as the Secretary may establish -

''(A) a claim for payment of the Federal share of

compensation for insured losses under the Program;

''(B) written certification -

''(i) of the underlying claim; and

''(ii) of all payments made for insured losses; and

''(C) certification of its compliance with the provisions of

this subsection.

''(c) Mandatory Availability. -

''(1) Initial program periods. - During the period beginning on

the first day of the Transition Period and ending on the last day

of Program Year 2, each entity that meets the definition of an

insurer under section 102 -

''(A) shall make available, in all of its property and

casualty insurance policies, coverage for insured losses; and

''(B) shall make available property and casualty insurance

coverage for insured losses that does not differ materially

from the terms, amounts, and other coverage limitations

applicable to losses arising from events other than acts of

terrorism.

''(2) Program year 3. - Not later than September 1, 2004, the

Secretary shall, based on the factors referred to in section

108(d)(1), determine whether the provisions of subparagraphs (A)

and (B) of paragraph (1) should be extended through Program Year

''(d) State Residual Market Insurance Entities. -

''(1) In general. - The Secretary shall issue regulations, as

soon as practicable after the date of enactment of this Act (Nov.

26, 2002), that apply the provisions of this title to State

residual market insurance entities and State workers'

compensation funds.

''(2) Treatment of certain entities. - For purposes of the

regulations issued pursuant to paragraph (1) -

''(A) a State residual market insurance entity that does not

share its profits and losses with private sector insurers shall

be treated as a separate insurer; and

''(B) a State residual market insurance entity that shares

its profits and losses with private sector insurers shall not

be treated as a separate insurer, and shall report to each

private sector insurance participant its share of the insured

losses of the entity, which shall be included in each private

sector insurer's insured losses.

''(3) Treatment of participation in certain entities. - Any

insurer that participates in sharing profits and losses of a

State residual market insurance entity shall include in its

calculations of premiums any premiums distributed to the insurer

by the State residual market insurance entity.

''(e) Insured Loss Shared Compensation. -

''(1) Federal share. -

''(A) In general. - The Federal share of compensation under

the Program to be paid by the Secretary for insured losses of

an insurer during the Transition Period and each Program Year

shall be equal to 90 percent of that portion of the amount of

such insured losses that exceeds the applicable insurer

deductible required to be paid during such Transition Period or

such Program Year.

''(B) Prohibition on duplicative compensation. - The Federal

share of compensation for insured losses under the Program

shall be reduced by the amount of compensation provided by the

Federal Government to any person under any other Federal

program for those insured losses.

''(2) Cap on annual liability. -

''(A) In general. - Notwithstanding paragraph (1) or any

other provision of Federal or State law, if the aggregate

insured losses exceed $100,000,000,000, during the period

beginning on the first day of the Transition Period and ending

on the last day of Program Year 1, or during Program Year 2 or

Program Year 3 (until such time as the Congress may act

otherwise with respect to such losses) -

''(i) the Secretary shall not make any payment under this

title for any portion of the amount of such losses that

exceeds $100,000,000,000; and

''(ii) no insurer that has met its insurer deductible shall

be liable for the payment of any portion of that amount that

exceeds $100,000,000,000.

''(B) Insurer share. - For purposes of subparagraph (A), the

Secretary shall determine the pro rata share of insured losses

to be paid by each insurer that incurs insured losses under the

Program.

''(3) Notice to congress. - The Secretary shall notify the

Congress if estimated or actual aggregate insured losses exceed

$100,000,000,000 during the period beginning on the first day of

the Transition Period and ending on the last day of Program Year

1, or during Program Year 2 or Program Year 3, and the Congress

shall determine the procedures for and the source of any payments

for such excess insured losses.

''(4) Final netting. - The Secretary shall have sole discretion

to determine the time at which claims relating to any insured

loss or act of terrorism shall become final.

''(5) Determinations final. - Any determination of the

Secretary under this subsection shall be final, unless expressly

provided, and shall not be subject to judicial review.

''(6) Insurance marketplace aggregate retention amount. - For

purposes of paragraph (7), the insurance marketplace aggregate

retention amount shall be -

''(A) for the period beginning on the first day of the

Transition Period and ending on the last day of Program Year 1,

the lesser of -

''(i) $10,000,000,000; and

''(ii) the aggregate amount, for all insurers, of insured

losses during such period;

''(B) for Program Year 2, the lesser of -

''(i) $12,500,000,000; and

''(ii) the aggregate amount, for all insurers, of insured

losses during such Program Year; and

''(C) for Program Year 3, the lesser of -

''(i) $15,000,000,000; and

''(ii) the aggregate amount, for all insurers, of insured

losses during such Program Year.

''(7) Recoupment of federal share. -

''(A) Mandatory recoupment amount. - For purposes of this

paragraph, the mandatory recoupment amount for each of the

periods referred to in subparagraphs (A), (B), and (C) of

paragraph (6) shall be the difference between -

''(i) the insurance marketplace aggregate retention amount

under paragraph (6) for such period; and

''(ii) the aggregate amount, for all insurers, of insured

losses during such period that are not compensated by the

Federal Government because such losses -

''(I) are within the insurer deductible for the insurer subject to

the losses; or

''(II) are within the portion of losses of the insurer that exceed

the insurer deductible, but are not compensated pursuant to

paragraph (1).

''(B) No mandatory recoupment if uncompensated losses exceed

insurance marketplace retention. - Notwithstanding subparagraph

(A), if the aggregate amount of uncompensated insured losses

referred to in clause (ii) of such subparagraph for any period

referred to in subparagraph (A), (B), or (C) of paragraph (6)

is greater than the insurance marketplace aggregate retention

amount under paragraph (6) for such period, the mandatory

recoupment amount shall be $0.

''(C) Mandatory establishment of surcharges to recoup

mandatory recoupment amount. - The Secretary shall collect, for

repayment of the Federal financial assistance provided in

connection with all acts of terrorism (or acts of war, in the

case of workers compensation) occurring during any of the

periods referred to in subparagraph (A), (B), or (C) of

paragraph (6), terrorism loss risk-spreading premiums in an

amount equal to any mandatory recoupment amount for such

period.

''(D) Discretionary recoupment of remainder of financial

assistance. - To the extent that the amount of Federal

financial assistance provided exceeds any mandatory recoupment

amount, the Secretary may recoup, through terrorism loss

risk-spreading premiums, such additional amounts that the

Secretary believes can be recouped, based on -

''(i) the ultimate costs to taxpayers of no additional

recoupment;

''(ii) the economic conditions in the commercial

marketplace, including the capitalization, profitability, and

investment returns of the insurance industry and the current

cycle of the insurance markets;

''(iii) the affordability of commercial insurance for

small- and medium-sized businesses; and

''(iv) such other factors as the Secretary considers

appropriate.

''(8) Policy surcharge for terrorism loss risk-spreading

premiums. -

''(A) Policyholder premium. - Any amount established by the

Secretary as a terrorism loss risk-spreading premium shall -

''(i) be imposed as a policyholder premium surcharge on

property and casualty insurance policies in force after the

date of such establishment;

''(ii) begin with such period of coverage during the year

as the Secretary determines appropriate; and

''(iii) be based on a percentage of the premium amount

charged for property and casualty insurance coverage under

the policy.

''(B) Collection. - The Secretary shall provide for insurers

to collect terrorism loss risk-spreading premiums and remit

such amounts collected to the Secretary.

''(C) Percentage limitation. - A terrorism loss

risk-spreading premium (including any additional amount

included in such premium on a discretionary basis pursuant to

paragraph (7)(D)) may not exceed, on an annual basis, the

amount equal to 3 percent of the premium charged for property

and casualty insurance coverage under the policy.

''(D) Adjustment for urban and smaller commercial and rural

areas and different lines of insurance. -

''(i) Adjustments. - In determining the method and manner

of imposing terrorism loss risk-spreading premiums, including

the amount of such premiums, the Secretary shall take into

consideration -

''(I) the economic impact on commercial centers of urban areas,

including the effect on commercial rents and commercial

insurance premiums, particularly rents and premiums charged

to small businesses, and the availability of lease space

and commercial insurance within urban areas;

''(II) the risk factors related to rural areas and smaller

commercial centers, including the potential exposure to

loss and the likely magnitude of such loss, as well as any

resulting cross-subsidization that might result; and

''(III) the various exposures to terrorism risk for different

lines of insurance.

''(ii) Recoupment of adjustments. - Any mandatory

recoupment amounts not collected by the Secretary because of

adjustments under this subparagraph shall be recouped through

additional terrorism loss risk-spreading premiums.

''(E) Timing of premiums. - The Secretary may adjust the

timing of terrorism loss risk-spreading premiums to provide for

equivalent application of the provisions of this title to

policies that are not based on a calendar year, or to apply

such provisions on a daily, monthly, or quarterly basis, as

appropriate.

''(f) Captive Insurers and Other Self-Insurance Arrangements. -

The Secretary may, in consultation with the NAIC or the appropriate

State regulatory authority, apply the provisions of this title, as

appropriate, to other classes or types of captive insurers and

other self-insurance arrangements by municipalities and other

entities (such as workers' compensation self-insurance programs and

State workers' compensation reinsurance pools), but only if such

application is determined before the occurrence of an act of

terrorism in which such an entity incurs an insured loss and all of

the provisions of this title are applied comparably to such

entities.

''(g) Reinsurance to Cover Exposure. -

''(1) Obtaining coverage. - This title may not be construed to

limit or prevent insurers from obtaining reinsurance coverage for

insurer deductibles or insured losses retained by insurers

pursuant to this section, nor shall the obtaining of such

coverage affect the calculation of such deductibles or

retentions.

''(2) Limitation on financial assistance. - The amount of

financial assistance provided pursuant to this section shall not

be reduced by reinsurance paid or payable to an insurer from

other sources, except that recoveries from such other sources,

taken together with financial assistance for the Transition

Period or a Program Year provided pursuant to this section, may

not exceed the aggregate amount of the insurer's insured losses

for such period. If such recoveries and financial assistance for

the Transition Period or a Program Year exceed such aggregate

amount of insured losses for that period and there is no

agreement between the insurer and any reinsurer to the contrary,

an amount in excess of such aggregate insured losses shall be

returned to the Secretary.

''(h) Group Life Insurance Study. -

''(1) Study. - The Secretary shall study, on an expedited

basis, whether adequate and affordable catastrophe reinsurance

for acts of terrorism is available to life insurers in the United

States that issue group life insurance, and the extent to which

the threat of terrorism is reducing the availability of group

life insurance coverage for consumers in the United States.

''(2) Conditional Coverage. - To the extent that the Secretary

determines that such coverage is not or will not be reasonably

available to both such insurers and consumers, the Secretary

shall, in consultation with the NAIC -

''(A) apply the provisions of this title, as appropriate, to

providers of group life insurance; and

''(B) provide such restrictions, limitations, or conditions

with respect to any financial assistance provided that the

Secretary deems appropriate, based on the study under paragraph

(1).

''(i) Study and Report. -

''(1) Study. - The Secretary, after consultation with the NAIC,

representatives of the insurance industry, and other experts in

the insurance field, shall conduct a study of the potential

effects of acts of terrorism on the availability of life

insurance and other lines of insurance coverage, including

personal lines.

''(2) Report. - Not later than 9 months after the date of

enactment of this Act (Nov. 26, 2002), the Secretary shall submit

a report to the Congress on the results of the study conducted

under paragraph (1).

''SEC. 104. GENERAL AUTHORITY AND ADMINISTRATION OF CLAIMS.

''(a) General Authority. - The Secretary shall have the powers

and authorities necessary to carry out the Program, including

authority -

''(1) to investigate and audit all claims under the Program;

and

''(2) to prescribe regulations and procedures to effectively

administer and implement the Program, and to ensure that all

insurers and self-insured entities that participate in the

Program are treated comparably under the Program.

''(b) Interim Rules and Procedures. - The Secretary may issue

interim final rules or procedures specifying the manner in which -

''(1) insurers may file and certify claims under the Program;

''(2) the Federal share of compensation for insured losses will

be paid under the Program, including payments based on estimates

of or actual insured losses;

''(3) the Secretary may, at any time, seek repayment from or

reimburse any insurer, based on estimates of insured losses under

the Program, to effectuate the insured loss sharing provisions in

section 103; and

''(4) the Secretary will determine any final netting of

payments under the Program, including payments owed to the

Federal Government from any insurer and any Federal share of

compensation for insured losses owed to any insurer, to

effectuate the insured loss sharing provisions in section 103.

''(c) Consultation. - The Secretary shall consult with the NAIC,

as the Secretary determines appropriate, concerning the Program.

''(d) Contracts for Services. - The Secretary may employ persons

or contract for services as may be necessary to implement the

Program.

''(e) Civil Penalties. -

''(1) In general. - The Secretary may assess a civil monetary

penalty in an amount not exceeding the amount under paragraph (2)

against any insurer that the Secretary determines, on the record

after opportunity for a hearing -

''(A) has failed to charge, collect, or remit terrorism loss

risk-spreading premiums under section 103(e) in accordance with

the requirements of, or regulations issued under, this title;

''(B) has intentionally provided to the Secretary erroneous

information regarding premium or loss amounts;

''(C) submits to the Secretary fraudulent claims under the

Program for insured losses;

''(D) has failed to provide the disclosures required under

subsection (f); or

''(E) has otherwise failed to comply with the provisions of,

or the regulations issued under, this title.

''(2) Amount. - The amount under this paragraph is the greater

of $1,000,000 and, in the case of any failure to pay, charge,

collect, or remit amounts in accordance with this title or the

regulations issued under this title, such amount in dispute.

''(3) Recovery of amount in dispute. - A penalty under this

subsection for any failure to pay, charge, collect, or remit

amounts in accordance with this title or the regulations under

this title shall be in addition to any such amounts recovered by

the Secretary.

''(f) Submission of Premium Information. -

''(1) In general. - The Secretary shall annually compile

information on the terrorism risk insurance premium rates of

insurers for the preceding year.

''(2) Access to information. - To the extent that such

information is not otherwise available to the Secretary, the

Secretary may require each insurer to submit to the NAIC

terrorism risk insurance premium rates, as necessary to carry out

paragraph (1), and the NAIC shall make such information available

to the Secretary.

''(3) Availability to congress. - The Secretary shall make

information compiled under this subsection available to the

Congress, upon request.

''(g) Funding. -

''(1) Federal payments. - There are hereby appropriated, out of

funds in the Treasury not otherwise appropriated, such sums as

may be necessary to pay the Federal share of compensation for

insured losses under the Program.

''(2) Administrative expenses. - There are hereby appropriated,

out of funds in the Treasury not otherwise appropriated, such

sums as may be necessary to pay reasonable costs of administering

the Program.

''SEC. 105. PREEMPTION AND NULLIFICATION OF PRE-EXISTING TERRORISM

EXCLUSIONS.

''(a) General Nullification. - Any terrorism exclusion in a

contract for property and casualty insurance that is in force on

the date of enactment of this Act (Nov. 26, 2002) shall be void to

the extent that it excludes losses that would otherwise be insured

losses.

''(b) General Preemption. - Any State approval of any terrorism

exclusion from a contract for property and casualty insurance that

is in force on the date of enactment of this Act, shall be void to

the extent that it excludes losses that would otherwise be insured

losses.

''(c) Reinstatement of Terrorism Exclusions. - Notwithstanding

subsections (a) and (b) or any provision of State law, an insurer

may reinstate a preexisting provision in a contract for property

and casualty insurance that is in force on the date of enactment of

this Act (Nov. 26, 2002) and that excludes coverage for an act of

terrorism only -

''(1) if the insurer has received a written statement from the

insured that affirmatively authorizes such reinstatement; or

''(2) if -

''(A) the insured fails to pay any increased premium charged

by the insurer for providing such terrorism coverage; and

''(B) the insurer provided notice, at least 30 days before

any such reinstatement, of -

''(i) the increased premium for such terrorism coverage;

and

''(ii) the rights of the insured with respect to such

coverage, including any date upon which the exclusion would

be reinstated if no payment is received.

''SEC. 106. PRESERVATION PROVISIONS.

''(a) State Law. - Nothing in this title shall affect the

jurisdiction or regulatory authority of the insurance commissioner

(or any agency or office performing like functions) of any State

over any insurer or other person -

''(1) except as specifically provided in this title; and

''(2) except that -

''(A) the definition of the term 'act of terrorism' in

section 102 shall be the exclusive definition of that term for

purposes of compensation for insured losses under this title,

and shall preempt any provision of State law that is

inconsistent with that definition, to the extent that such

provision of law would otherwise apply to any type of insurance

covered by this title;

''(B) during the period beginning on the date of enactment of

this Act (Nov. 26, 2002) and ending on December 31, 2003, rates

and forms for terrorism risk insurance covered by this title

and filed with any State shall not be subject to prior approval

or a waiting period under any law of a State that would

otherwise be applicable, except that nothing in this title

affects the ability of any State to invalidate a rate as

excessive, inadequate, or unfairly discriminatory, and, with

respect to forms, where a State has prior approval authority,

it shall apply to allow subsequent review of such forms; and

''(C) during the period beginning on the date of enactment of

this Act and for so long as the Program is in effect, as

provided in section 108, including authority in subsection

108(b), books and records of any insurer that are relevant to

the Program shall be provided, or caused to be provided, to the

Secretary, upon request by the Secretary, notwithstanding any

provision of the laws of any State prohibiting or limiting such

access.

''(b) Existing Reinsurance Agreements. - Nothing in this title

shall be construed to alter, amend, or expand the terms of coverage

under any reinsurance agreement in effect on the date of enactment

of this Act (Nov. 26, 2002). The terms and conditions of such an

agreement shall be determined by the language of that agreement.

''SEC. 107. LITIGATION MANAGEMENT.

''(a) Procedures and Damages. -

''(1) In general. - If the Secretary makes a determination

pursuant to section 102 that an act of terrorism has occurred,

there shall exist a Federal cause of action for property damage,

personal injury, or death arising out of or resulting from such

act of terrorism, which shall be the exclusive cause of action

and remedy for claims for property damage, personal injury, or

death arising out of or relating to such act of terrorism, except

as provided in subsection (b).

''(2) Preemption of state actions. - All State causes of action

of any kind for property damage, personal injury, or death

arising out of or resulting from an act of terrorism that are

otherwise available under State law are hereby preempted, except

as provided in subsection (b).

''(3) Substantive law. - The substantive law for decision in

any such action described in paragraph (1) shall be derived from

the law, including choice of law principles, of the State in

which such act of terrorism occurred, unless such law is

otherwise inconsistent with or preempted by Federal law.

''(4) Jurisdiction. - For each determination described in

paragraph (1), not later than 90 days after the occurrence of an

act of terrorism, the Judicial Panel on Multidistrict Litigation

shall designate 1 district court or, if necessary, multiple

district courts of the United States that shall have original and

exclusive jurisdiction over all actions for any claim (including

any claim for loss of property, personal injury, or death)

relating to or arising out of an act of terrorism subject to this

section. The Judicial Panel on Multidistrict Litigation shall

select and assign the district court or courts based on the

convenience of the parties and the just and efficient conduct of

the proceedings. For purposes of personal jurisdiction, the

district court or courts designated by the Judicial Panel on

Multidistrict Litigation shall be deemed to sit in all judicial

districts in the United States.

''(5) Punitive damages. - Any amounts awarded in an action

under paragraph (1) that are attributable to punitive damages

shall not count as insured losses for purposes of this title.

''(b) Exclusion. - Nothing in this section shall in any way limit

the liability of any government, an organization, or person who

knowingly participates in, conspires to commit, aids and abets, or

commits any act of terrorism with respect to which a determination

described in subsection (a)(1) was made.

''(c) Right of Subrogation. - The United States shall have the

right of subrogation with respect to any payment or claim paid by

the United States under this title.

''(d) Relationship to Other Law. - Nothing in this section shall

be construed to affect -

''(1) any party's contractual right to arbitrate a dispute; or

''(2) any provision of the Air Transportation Safety and System

Stabilization Act (Public Law 107-42; 49 U.S.C. 40101 note.).

''(e) Effective Period. - This section shall apply only to

actions described in subsection (a)(1) that arise out of or result

from acts of terrorism that occur or occurred during the effective

period of the Program.

''SEC. 108. TERMINATION OF PROGRAM.

''(a) Termination of Program. - The Program shall terminate on

December 31, 2005.

''(b) Continuing Authority to Pay or Adjust Compensation. -

Following the termination of the Program, the Secretary may take

such actions as may be necessary to ensure payment, recoupment,

reimbursement, or adjustment of compensation for insured losses

arising out of any act of terrorism occurring during the period in

which the Program was in effect under this title, in accordance

with the provisions of section 103 and regulations promulgated

thereunder.

''(c) Repeal; Savings Clause. - This title is repealed on the

final termination date of the Program under subsection (a), except

that such repeal shall not be construed -

''(1) to prevent the Secretary from taking, or causing to be

taken, such actions under subsection (b) of this section,

paragraph (4), (5), (6), (7), or (8) of section 103(e), or

subsection (a)(1), (c), (d), or (e) of section 104, as in effect

on the day before the date of such repeal, or applicable

regulations promulgated thereunder, during any period in which

the authority of the Secretary under subsection (b) of this

section is in effect; or

''(2) to prevent the availability of funding under section

104(g) during any period in which the authority of the Secretary

under subsection (b) of this section is in effect.

''(d) Study and Report on the Program. -

''(1) Study. - The Secretary, in consultation with the NAIC,

representatives of the insurance industry and of policy holders,

other experts in the insurance field, and other experts as

needed, shall assess the effectiveness of the Program and the

likely capacity of the property and casualty insurance industry

to offer insurance for terrorism risk after termination of the

Program, and the availability and affordability of such insurance

for various policyholders, including railroads, trucking, and

public transit.

''(2) Report. - The Secretary shall submit a report to the

Congress on the results of the study conducted under paragraph

(1) not later than June 30, 2005.''

-TRANS-

TERMINATION OF TRUST TERRITORY OF THE PACIFIC ISLANDS

For termination of Trust Territory of the Pacific Islands, see

note set out preceding section 1681 of Title 48, Territories and

Insular Possessions.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 6711, 6713, 6715, 6805 of

this title; title 12 section 1844.

-CITE-

15 USC SUBCHAPTER I - STATE REGULATION OF INSURANCE 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER I - STATE REGULATION OF INSURANCE

-HEAD-

SUBCHAPTER I - STATE REGULATION OF INSURANCE

-CITE-

15 USC Sec. 6711 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER I - STATE REGULATION OF INSURANCE

-HEAD-

Sec. 6711. Functional regulation of insurance

-STATUTE-

The insurance activities of any person (including a national bank

exercising its power to act as agent under section 92 of title 12)

shall be functionally regulated by the States, subject to section

6701 of this title.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 301, Nov. 12, 1999, 113 Stat.

1407.)

-CITE-

15 USC Sec. 6712 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER I - STATE REGULATION OF INSURANCE

-HEAD-

Sec. 6712. Insurance underwriting in national banks

-STATUTE-

(a) In general

Except as provided in section 6713 of this title, a national bank

and the subsidiaries of a national bank may not provide insurance

in a State as principal except that this prohibition shall not

apply to authorized products.

(b) Authorized products

For the purposes of this section, a product is authorized if -

(1) as of January 1, 1999, the Comptroller of the Currency had

determined in writing that national banks may provide such

product as principal, or national banks were in fact lawfully

providing such product as principal;

(2) no court of relevant jurisdiction had, by final judgment,

overturned a determination of the Comptroller of the Currency

that national banks may provide such product as principal; and

(3) the product is not title insurance, or an annuity contract

the income of which is subject to tax treatment under section 72

of title 26.

For purposes of this section, the term ''insurance'' means -

(1) any product regulated as insurance as of January 1, 1999,

in accordance with the relevant State insurance law, in the State

in which the product is provided;

(2) any product first offered after January 1, 1999, which -

(A) a State insurance regulator determines shall be regulated

as insurance in the State in which the product is provided

because the product insures, guarantees, or indemnifies against

liability, loss of life, loss of health, or loss through damage

to or destruction of property, including, but not limited to,

surety bonds, life insurance, health insurance, title

insurance, and property and casualty insurance (such as private

passenger or commercial automobile, homeowners, mortgage,

commercial multiperil, general liability, professional

liability, workers' compensation, fire and allied lines, farm

owners multiperil, aircraft, fidelity, surety, medical

malpractice, ocean marine, inland marine, and boiler and

machinery insurance); and

(B) is not a product or service of a bank that is -

(i) a deposit product;

(ii) a loan, discount, letter of credit, or other extension

of credit;

(iii) a trust or other fiduciary service;

(iv) a qualified financial contract (as defined in or

determined pursuant to section 1821(e)(8)(D)(i) of title 12);

(v) a financial guaranty, except that this subparagraph (B)

shall not apply to a product that includes an insurance

component such that if the product is offered or proposed to

be offered by the bank as principal -

(I) it would be treated as a life insurance contract

under section 7702 of title 26; or

(II) in the event that the product is not a letter of

credit or other similar extension of credit, a qualified

financial contract, or a financial guaranty, it would

qualify for treatment for losses incurred with respect to

such product under section 832(b)(5) of title 26, if the

bank were subject to tax as an insurance company under

section 831 of that title; or

(3) any annuity contract, the income on which is subject to tax

treatment under section 72 of title 26.

(d) Rule of construction

For purposes of this section, providing insurance (including

reinsurance) outside the United States that insures, guarantees, or

indemnifies insurance products provided in a State, or that

indemnifies an insurance company with regard to insurance products

provided in a State, shall be considered to be providing insurance

as principal in that State.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 302, Nov. 12, 1999, 113 Stat.

1407.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 12 section 24a.

-CITE-

15 USC Sec. 6713 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER I - STATE REGULATION OF INSURANCE

-HEAD-

Sec. 6713. Title insurance activities of national banks and their

affiliates

-STATUTE-

(a) General prohibition

No national bank may engage in any activity involving the

underwriting or sale of title insurance.

(b) Nondiscrimination parity exception

(1) In general

Notwithstanding any other provision of law (including section

6701 of this title), in the case of any State in which banks

organized under the laws of such State are authorized to sell

title insurance as agent, a national bank may sell title

insurance as agent in such State, but only in the same manner, to

the same extent, and under the same restrictions as such State

banks are authorized to sell title insurance as agent in such

State.

(2) Coordination with ''wildcard'' provision

A State law which authorizes State banks to engage in any

activities in such State in which a national bank may engage

shall not be treated as a statute which authorizes State banks to

sell title insurance as agent, for purposes of paragraph (1).

(1) In general

Except as provided in paragraphs (2) and (3) and

notwithstanding subsections (a) and (b) of this section, a

national bank, and a subsidiary of a national bank, may conduct

title insurance activities which such national bank or subsidiary

was actively and lawfully conducting before November 12, 1999.

(2) Insurance affiliate

In the case of a national bank which has an affiliate which

provides insurance as principal and is not a subsidiary of the

bank, the national bank and any subsidiary of the national bank

may not engage in the underwriting of title insurance pursuant to

paragraph (1).

(3) Insurance subsidiary

In the case of a national bank which has a subsidiary which

provides insurance as principal and has no affiliate other than a

subsidiary which provides insurance as principal, the national

bank may not directly engage in any activity involving the

underwriting of title insurance.

(d) ''Affiliate'' and ''subsidiary'' defined

For purposes of this section, the terms ''affiliate'' and

''subsidiary'' have the same meanings as in section 1841 of title

12.

(e) Rule of construction

No provision of this Act or any other Federal law shall be

construed as superseding or affecting a State law which was in

effect before November 12, 1999, and which prohibits title

insurance from being offered, provided, or sold in such State, or

from being underwritten with respect to real property in such

State, by any person whatsoever.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 303, Nov. 12, 1999, 113 Stat.

1408.)

-REFTEXT-

REFERENCES IN TEXT

This Act, referred to in subsec. (e), is Pub. L. 106-102, Nov.

12, 1999, 113 Stat. 1338, known as the Gramm-Leach-Bliley Act. For

complete classification of this Act to the Code, see Short Title of

1999 Amendment note set out under section 1811 of Title 12, Banks

and Banking, and Tables.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 6712 of this title; title

12 section 24a.

-CITE-

15 USC Sec. 6714 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER I - STATE REGULATION OF INSURANCE

-HEAD-

Sec. 6714. Expedited and equalized dispute resolution for Federal

regulators

-STATUTE-

(a) Filing in Court of Appeals

In the case of a regulatory conflict between a State insurance

regulator and a Federal regulator regarding insurance issues,

including whether a State law, rule, regulation, order, or

interpretation regarding any insurance sales or solicitation

activity is properly treated as preempted under Federal law, the

Federal or State regulator may seek expedited judicial review of

such determination by the United States Court of Appeals for the

circuit in which the State is located or in the United States Court

of Appeals for the District of Columbia Circuit by filing a

petition for review in such court.

(b) Expedited review

The United States Court of Appeals in which a petition for review

is filed in accordance with subsection (a) of this section shall

complete all action on such petition, including rendering a

judgment, before the end of the 60-day period beginning on the date

on which such petition is filed, unless all parties to such

proceeding agree to any extension of such period.

Any request for certiorari to the Supreme Court of the United

States of any judgment of a United States Court of Appeals with

respect to a petition for review under this section shall be filed

with the Supreme Court of the United States as soon as practicable

after such judgment is issued.

(d) Statute of limitation

No petition may be filed under this section challenging an order,

ruling, determination, or other action of a Federal regulator or

State insurance regulator after the later of -

(1) the end of the 12-month period beginning on the date on

which the first public notice is made of such order, ruling,

determination or other action in its final form; or

(2) the end of the 6-month period beginning on the date on

which such order, ruling, determination, or other action takes

effect.

(e) Standard of review

The court shall decide a petition filed under this section based

on its review on the merits of all questions presented under State

and Federal law, including the nature of the product or activity

and the history and purpose of its regulation under State and

Federal law, without unequal deference.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 304, Nov. 12, 1999, 113 Stat.

1409.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 6701 of this title.

-CITE-

15 USC Sec. 6715 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER I - STATE REGULATION OF INSURANCE

-HEAD-

Sec. 6715. Certain State affiliation laws preempted for insurance

companies and affiliates

-STATUTE-

Except as provided in section 6701(c)(2) of this title, no State

may, by law, regulation, order, interpretation, or otherwise -

(1) prevent or significantly interfere with the ability of any

insurer, or any affiliate of an insurer (whether such affiliate

is organized as a stock company, mutual holding company, or

otherwise), to become a financial holding company or to acquire

control of a depository institution;

(2) limit the amount of an insurer's assets that may be

invested in the voting securities of a depository institution (or

any company which controls such institution), except that the

laws of an insurer's State of domicile may limit the amount of

such investment to an amount that is not less than 5 percent of

the insurer's admitted assets; or

(3) prevent, significantly interfere with, or have the

authority to review, approve, or disapprove a plan of

reorganization by which an insurer proposes to reorganize from

mutual form to become a stock insurer (whether as a direct or

indirect subsidiary of a mutual holding company or otherwise)

unless such State is the State of domicile of the insurer.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 306, Nov. 12, 1999, 113 Stat.

1415.)

-CITE-

15 USC Sec. 6716 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER I - STATE REGULATION OF INSURANCE

-HEAD-

Sec. 6716. Interagency consultation

-STATUTE-

(a) Purpose

It is the intention of the Congress that the Board of Governors

of the Federal Reserve System, as the umbrella supervisor for

financial holding companies, and the State insurance regulators, as

the functional regulators of companies engaged in insurance

activities, coordinate efforts to supervise companies that control

both a depository institution and a company engaged in insurance

activities regulated under State law. In particular, Congress

believes that the Board and the State insurance regulators should

share, on a confidential basis, information relevant to the

supervision of companies that control both a depository institution

and a company engaged in insurance activities, including

information regarding the financial health of the consolidated

organization and information regarding transactions and

relationships between insurance companies and affiliated depository

institutions. The appropriate Federal banking agencies for

depository institutions should also share, on a confidential basis,

information with the relevant State insurance regulators regarding

transactions and relationships between depository institutions and

affiliated companies engaged in insurance activities. The purpose

of this section is to encourage this coordination and confidential

sharing of information, and to thereby improve both the efficiency

and the quality of the supervision of financial holding companies

and their affiliated depository institutions and companies engaged

in insurance activities.

(b) Examination results and other information

(1) Information of the Board

Upon the request of the appropriate insurance regulator of any

State, the Board may provide any information of the Board

regarding the financial condition, risk management policies, and

operations of any financial holding company that controls a

company that is engaged in insurance activities and is regulated

by such State insurance regulator, and regarding any transaction

or relationship between such an insurance company and any

affiliated depository institution. The Board may provide any

other information to the appropriate State insurance regulator

that the Board believes is necessary or appropriate to permit the

State insurance regulator to administer and enforce applicable

State insurance laws.

(2) Banking agency information

Upon the request of the appropriate insurance regulator of any

State, the appropriate Federal banking agency may provide any

information of the agency regarding any transaction or

relationship between a depository institution supervised by such

Federal banking agency and any affiliated company that is engaged

in insurance activities regulated by such State insurance

regulator. The appropriate Federal banking agency may provide

any other information to the appropriate State insurance

regulator that the agency believes is necessary or appropriate to

permit the State insurance regulator to administer and enforce

applicable State insurance laws.

(3) State insurance regulator information

Upon the request of the Board or the appropriate Federal

banking agency, a State insurance regulator may provide any

examination or other reports, records, or other information to

which such insurance regulator may have access with respect to a

company which -

(A) is engaged in insurance activities and regulated by such

insurance regulator; and

(B) is an affiliate of a depository institution or financial

holding company.

Before making any determination relating to the initial

affiliation of, or the continuing affiliation of, a depository

institution or financial holding company with a company engaged in

insurance activities, the appropriate Federal banking agency shall

consult with the appropriate State insurance regulator of such

company and take the views of such insurance regulator into account

in making such determination.

(d) Effect on other authority

Nothing in this section shall limit in any respect the authority

of the appropriate Federal banking agency with respect to a

depository institution or bank holding company or any affiliate

thereof under any provision of law.

(e) Confidentiality and privilege

(1) Confidentiality

The appropriate Federal banking agency shall not provide any

information or material that is entitled to confidential

treatment under applicable Federal banking agency regulations, or

other applicable law, to a State insurance regulator unless such

regulator agrees to maintain the information or material in

confidence and to take all reasonable steps to oppose any effort

to secure disclosure of the information or material by the

regulator. The appropriate Federal banking agency shall treat as

confidential any information or material obtained from a State

insurance regulator that is entitled to confidential treatment

under applicable State regulations, or other applicable law, and

take all reasonable steps to oppose any effort to secure

disclosure of the information or material by the Federal banking

agency.

(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

1813 of title 12.

(2) Board and financial holding company

The terms ''Board'' and ''financial holding company'' have the

same meanings as in section 1841 of title 12.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 307, Nov. 12, 1999, 113 Stat.

1415.)

-CITE-

15 USC Sec. 6717 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER I - STATE REGULATION OF INSURANCE

-HEAD-

Sec. 6717. Definition of State

-STATUTE-

For purposes of this subchapter, 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.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 308, Nov. 12, 1999, 113 Stat.

1417.)

-REFTEXT-

REFERENCES IN TEXT

This subchapter, referred to in text, was in original ''this

subtitle'', meaning subtitle A (Sec. 301 et seq.) of title III of

Pub. L. 106-102, which enacted this subchapter and section 1831x of

Title 12, Banks and Banking. For complete classification of this

subtitle to the Code, see Tables.

-TRANS-

TERMINATION OF TRUST TERRITORY OF THE PACIFIC ISLANDS

For termination of Trust Territory of the Pacific Islands, see

note set out preceding section 1681 of Title 48, Territories and

Insular Possessions.

-CITE-

15 USC SUBCHAPTER II - REDOMESTICATION OF MUTUAL INSURERS 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER II - REDOMESTICATION OF MUTUAL INSURERS

-HEAD-

SUBCHAPTER II - REDOMESTICATION OF MUTUAL INSURERS

-CITE-

15 USC Sec. 6731 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER II - REDOMESTICATION OF MUTUAL INSURERS

-HEAD-

Sec. 6731. General application

-STATUTE-

This subchapter 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.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 311, Nov. 12, 1999, 113 Stat.

1417.)

-MISC1-

EFFECTIVE DATE

Pub. L. 106-102, title III, Sec. 316, Nov. 12, 1999, 113 Stat.

1422, provided that: ''This subtitle (subtitle B (Sec. 311-316) of

title III of Pub. L. 106-102, enacting this subchapter) shall take

effect on the date of the enactment of this Act (Nov. 12, 1999).''

-CITE-

15 USC Sec. 6732 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER II - REDOMESTICATION OF MUTUAL INSURERS

-HEAD-

Sec. 6732. Redomestication of mutual insurers

-STATUTE-

(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) of

this section, 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.

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

subchapter 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 contracts

(1) In general

All outstanding insurance policies and annuities contracts of a

redomesticating insurer shall remain in full force and effect and

need not be endorsed as to the new domicile of the insurer,

unless so ordered by the State insurance regulator of a licensed

State, and then only in the case of outstanding policies and

contracts whose owners reside in such licensed State.

(2) Forms

(A) Applicable State law may require a redomesticating insurer

to file new policy forms with the State insurance regulator of a

licensed State on or before the effective date of the transfer.

(B) Notwithstanding subparagraph (A), a redomesticating insurer

may use existing policy forms with appropriate endorsements to

reflect the new domicile of the redomesticating insurer until the

new policy forms are approved for use by the State insurance

regulator of such licensed State.

(e) Notice

A redomesticating insurer shall give notice of the proposed

transfer to the State insurance regulator of each licensed State

and shall file promptly any resulting amendments to corporate

documents required to be filed by a foreign licensed mutual insurer

with the insurance regulator of each such licensed State.

(f) Procedural requirements

No mutual insurer may redomesticate to another State and

reorganize into a mutual holding company pursuant to this section

unless the State insurance regulator of the transferee domicile

determines that the plan of reorganization of the insurer includes

the following requirements:

(1) Approval by board of directors and policyholders

The reorganization is approved by at least a majority of the

board of directors of the mutual insurer and at least a majority

of the policyholders who vote after notice, disclosure of the

reorganization and the effects of the transaction on policyholder

contractual rights, and reasonable opportunity to vote, in

accordance with such notice, disclosure, and voting procedures as

are approved by the State insurance regulator of the transferee

domicile.

(2) Continued voting control by policyholders; review of public

stock offering

After the consummation of a reorganization, the policyholders

of the reorganized insurer shall have the same voting rights with

respect to the mutual holding company as they had before the

reorganization with respect to the mutual insurer. With respect

to an initial public offering of stock, the offering shall be

conducted in compliance with applicable securities laws and in a

manner approved by the State insurance regulator of the

transferee domicile.

(3) Award of stock or grant of options to officers and directors

During the applicable period provided for under the State law

of the transferee domicile following completion of an initial

public offering, or for a period of six months if no such

applicable period is provided, neither a stock holding company

nor the converted insurer shall award any stock options or stock

grants to persons who are elected officers or directors of the

mutual holding company, the stock holding company, or the

converted insurer, except with respect to any such awards or

options to which a person is entitled as a 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 policyholders 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.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 312, Nov. 12, 1999, 113 Stat.

1417.)

-CITE-

15 USC Sec. 6733 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER II - REDOMESTICATION OF MUTUAL INSURERS

-HEAD-

Sec. 6733. Effect on State laws restricting redomestication

-STATUTE-

(a) In general

Unless otherwise permitted by this subchapter, State laws of any

transferor domicile that conflict with the purposes and intent of

this subchapter are preempted, including but not limited to -

(1) any law that has the purpose or effect of impeding the

activities of, taking 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

subchapter;

(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 subchapter, 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 subchapter, 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.

If 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 -

(1) comply with the unfair claim settlement practices law of

the licensed State;

(2) pay, on a nondiscriminatory basis, applicable premium and

other taxes which are levied on licensed insurers or

policyholders under the laws of the licensed State;

(3) register with and designate the State insurance regulator

as its agent solely for the purpose of receiving service of legal

documents or process;

(4) submit to an examination by the State insurance regulator

in any licensed State in which the redomesticated insurer is

doing business to determine the insurer's financial condition, if

(A) the State insurance regulator of the transferee domicile

has not begun an examination of the redomesticated insurer and

has not scheduled such an examination to begin before the end

of the 1-year period beginning on the date of the

redomestication; and

(B) any such examination is coordinated to avoid unjustified

duplication and repetition;

(5) comply with a lawful order issued in -

(A) a delinquency proceeding commenced by the State insurance

regulator of any licensed State if there has been a judicial

finding of financial impairment under paragraph (7); or

(B) a voluntary dissolution proceeding;

(6) comply with any State law regarding deceptive, false, or

fraudulent acts or practices, except that if the licensed State

seeks an injunction regarding the conduct described in this

paragraph, such injunction must be obtained from a court of

competent jurisdiction as provided in section 6734(a) of this

title;

(7) comply with an injunction issued by a court of competent

jurisdiction, upon a petition by the State insurance regulator

alleging that the redomesticating insurer is in hazardous

financial condition or is financially impaired;

(8) participate in any insurance insolvency guaranty

association on the same basis as any other insurer licensed in

the licensed State; and

(9) require a person acting, or offering to act, as an

insurance licensee for a redomesticated insurer in the licensed

State to obtain a license from that State, except that such State

may not impose any qualification or requirement that

discriminates against a nonresident insurance licensee.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 313, Nov. 12, 1999, 113 Stat.

1419.)

-CITE-

15 USC Sec. 6734 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER II - REDOMESTICATION OF MUTUAL INSURERS

-HEAD-

Sec. 6734. Other provisions

-STATUTE-

(a) Judicial review

The appropriate United States district court shall have exclusive

jurisdiction over litigation arising under this section (FOOTNOTE

1) involving any redomesticating or redomesticated insurer.

(FOOTNOTE 1) See References in Text note below.

(b) Severability

If any provision of this section, (FOOTNOTE 1) or the application

thereof to any person or circumstances, is held invalid, the

remainder of the section, (FOOTNOTE 1) and the application of such

provision to other persons or circumstances, shall not be affected

thereby.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 314, Nov. 12, 1999, 113 Stat.

1420.)

-REFTEXT-

REFERENCES IN TEXT

This section, referred to in text, probably should be a reference

to this subtitle, meaning subtitle B (Sec. 311-316) of title III of

Pub. L. 106-102, which is classified generally to this subchapter.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 6733, 6735 of this title.

-CITE-

15 USC Sec. 6735 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER II - REDOMESTICATION OF MUTUAL INSURERS

-HEAD-

Sec. 6735. Definitions

-STATUTE-

For purposes of this subchapter, the following definitions shall

apply:

(1) Court of competent jurisdiction

The term ''court of competent jurisdiction'' means a court

authorized pursuant to section 6734(a) of this title to

adjudicate litigation arising under this subchapter.

(2) Domicile

The term ''domicile'' means the State in which an insurer is

incorporated, chartered, or organized.

(3) Insurance licensee

The term ''insurance licensee'' means any person holding a

license under State law to act as insurance agent, subagent,

broker, or consultant.

(4) Institution

The term ''institution'' means a corporation, joint stock

company, limited liability company, limited liability

partnership, association, trust, partnership, or any similar

entity.

(5) Licensed State

The term ''licensed State'' means any State, 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 in which the

redomesticating insurer has a certificate of authority in effect

immediately prior to the redomestication.

(6) Mutual insurer

The term ''mutual insurer'' means a mutual insurer organized

under the laws of any State.

(7) Person

The term ''person'' means an individual, institution,

government or governmental agency, State or political subdivision

of a State, public corporation, board, association, estate,

trustee, or fiduciary, or other similar entity.

(8) Policyholder

The term ''policyholder'' means the owner of a policy issued by

a mutual insurer, except that, with respect to voting rights, the

term means a member of a mutual insurer or mutual holding company

granted the right to vote, as determined under applicable State

law.

(9) Redomesticated insurer

The term ''redomesticated insurer'' means a mutual insurer that

has redomesticated pursuant to this subchapter.

(10) Redomesticating insurer

The term ''redomesticating insurer'' means a mutual insurer

that is redomesticating pursuant to this subchapter.

(11) Redomestication or transfer

The term ''redomestication'' or ''transfer'' means the transfer

of the domicile of a mutual insurer from one State to another

State pursuant to this subchapter.

(12) State insurance regulator

The term ''State insurance regulator'' means the principal

insurance regulatory authority of a State, 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.

(13) State law

The term ''State law'' means the statutes of any State, 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 and

any regulation, order, or requirement prescribed pursuant to any

such statute.

(14) Transferee domicile

The term ''transferee domicile'' means the State to which a

mutual insurer is redomesticating pursuant to this subchapter.

(15) Transferor domicile

The term ''transferor domicile'' means the State from which a

mutual insurer is redomesticating pursuant to this subchapter.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 315, Nov. 12, 1999, 113 Stat.

1420.)

-TRANS-

TERMINATION OF TRUST TERRITORY OF THE PACIFIC ISLANDS

For termination of Trust Territory of the Pacific Islands, see

note set out preceding section 1681 of Title 48, Territories and

Insular Possessions.

-CITE-

15 USC SUBCHAPTER III - NATIONAL ASSOCIATION OF

REGISTERED AGENTS AND BROKERS 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-CITE-

15 USC Sec. 6751 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6751. State flexibility in multistate licensing reforms

-STATUTE-

(a) In general

The provisions of this subchapter shall take effect unless, not

later than 3 years after November 12, 1999, at least a majority of

the States -

(1) have enacted uniform laws and regulations governing the

licensure of individuals and entities authorized to sell and

solicit the purchase of insurance within the State; or

(2) have enacted reciprocity laws and regulations governing the

licensure of nonresident individuals and entities authorized to

sell and solicit insurance within those States.

(b) Uniformity required

States shall be deemed to have established the uniformity

necessary to satisfy subsection (a)(1) of this section if the

States -

(1) establish uniform criteria regarding the integrity,

personal qualifications, education, training, and experience of

licensed insurance producers, including the qualification and

training of sales personnel in ascertaining the appropriateness

of a particular insurance product for a prospective customer;

(2) establish uniform continuing education requirements for

licensed insurance producers;

(3) establish uniform ethics course requirements for licensed

insurance producers in conjunction with the continuing education

requirements under paragraph (2);

(4) establish uniform criteria to ensure that an insurance

product, including any annuity contract, sold to a consumer is

suitable and appropriate for the consumer based on financial

information disclosed by the consumer; and

(5) do not impose any requirement upon any insurance producer

to be licensed or otherwise qualified to do business as a

nonresident that has the effect of limiting or conditioning that

producer's activities because of its residence or place of

operations, except that countersignature requirements imposed on

nonresident producers shall not be deemed to have the effect of

limiting or conditioning a producer's activities because of its

residence or place of operations under this section.

States shall be deemed to have established the reciprocity

required to satisfy subsection (a)(2) of this section if the

following conditions are met:

(1) Administrative licensing procedures

At least a majority of the States permit a producer that has a

resident license for selling or soliciting the purchase of

insurance in its home State to receive a license to sell or

solicit the purchase of insurance in such majority of States as a

nonresident to the same extent that such producer is permitted to

sell or solicit the purchase of insurance in its State, if the

producer's home State also awards such licenses on such a

reciprocal basis, without satisfying any additional requirements

other than submitting -

(A) a request for licensure;

(B) the application for licensure that the producer submitted

to its home State;

in its home State; and

(D) the payment of any requisite fee to the appropriate

authority.

(2) Continuing education requirements

A majority of the States accept an insurance producer's

satisfaction of its home State's continuing education

requirements for licensed insurance producers to satisfy the

States' own continuing education requirements if the producer's

home State also recognizes the satisfaction of continuing

education requirements on such a reciprocal basis.

(3) No limiting nonresident requirements

A majority of the States do not impose any requirement upon any

insurance producer to be licensed or otherwise qualified to do

business as a nonresident that has the effect of limiting or

conditioning that producer's activities because of its residence

or place of operations, except that countersignature requirements

imposed on nonresident producers shall not be deemed to have the

effect of limiting or conditioning a producer's activities

because of its residence or place of operations under this

section.

(4) Reciprocal reciprocity

Each of the States that satisfies paragraphs (1), (2), and (3)

grants reciprocity to residents of all of the other States that

satisfy such paragraphs.

(d) Determination

(1) NAIC determination

At the end of the 3-year period beginning on November 12, 1999,

the National Association of Insurance Commissioners (hereafter in

this subchapter referred to as the ''NAIC'') shall determine, in

consultation with the insurance commissioners or chief insurance

regulatory officials of the States, whether the uniformity or

reciprocity required by subsections (b) and (c) of this section

has been achieved.

(2) Judicial review

The appropriate United States district court shall have

exclusive jurisdiction over any challenge to the NAIC's

determination under this section and such court shall apply the

standards set forth in section 706 of title 5 when reviewing any

such challenge.

(e) Continued application

If, at any time, the uniformity or reciprocity required by

subsections (b) and (c) of this section no longer exists, the

provisions of this subchapter shall take effect 2 years after the

date on which such uniformity or reciprocity ceases to exist,

unless the uniformity or reciprocity required by those provisions

is satisfied before the expiration of that 2-year period.

(f) Savings provision

No provision of this section shall be construed as requiring that

any law, regulation, provision, or action of any State which

purports to regulate insurance producers, including any such law,

regulation, provision, or action which purports to regulate unfair

trade practices or establish consumer protections, including

countersignature laws, be altered or amended in order to satisfy

the uniformity or reciprocity required by subsections (b) and (c)

of this section, unless any such law, regulation, provision, or

action is inconsistent with a specific requirement of any such

subsection and then only to the extent of such inconsistency.

(g) Uniform licensing

Nothing in this section shall be construed to require any State

to adopt new or additional licensing requirements to achieve the

uniformity necessary to satisfy subsection (a)(1) of this section.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 321, Nov. 12, 1999, 113 Stat.

1422.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 6762 of this title.

-CITE-

15 USC Sec. 6752 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6752. National Association of Registered Agents and Brokers

-STATUTE-

(a) Establishment

There is established the National Association of Registered

Agents and Brokers (hereafter in this subchapter referred to as the

''Association'').

(b) Status

The Association shall -

(1) be a nonprofit corporation;

(2) have succession until dissolved by an Act of Congress;

(3) not be an agent or instrumentality of the United States

Government; and

(4) except as otherwise provided in this Act, be subject to,

and have all the powers conferred upon a nonprofit corporation by

the District of Columbia Nonprofit Corporation Act (D.C. Code,

sec. 29y-1001 et seq.).

-SOURCE-

(Pub. L. 106-102, title III, Sec. 322, Nov. 12, 1999, 113 Stat.

1424.)

-REFTEXT-

REFERENCES IN TEXT

This Act, referred to in subsec. (b)(4), is Pub. L. 106-102, Nov.

12, 1999, 113 Stat. 1338, known as the Gramm-Leach-Bliley Act. For

complete classification of this Act to the Code, see Short title of

1999 Amendment note set out under section 1811 of Title 12, Banks

and Banking, and Tables.

The District of Columbia Nonprofit Corporation Act, referred to

in subsec. (b)(4), is Pub. L. 87-569, Aug. 6, 1962, 76 Stat. 265,

as amended, which is not classified to the Code.

-CITE-

15 USC Sec. 6753 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6753. Purpose

-STATUTE-

The purpose of the Association shall be to provide a mechanism

through which uniform licensing, appointment, continuing education,

and other insurance producer sales qualification requirements and

conditions can be adopted and applied on a multistate basis, while

preserving the right of States to license, supervise, and

discipline insurance producers and to prescribe and enforce laws

and regulations with regard to insurance-related consumer

protection and unfair trade practices.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 323, Nov. 12, 1999, 113 Stat.

1424.)

-CITE-

15 USC Sec. 6754 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6754. Relationship to the Federal Government

-STATUTE-

The Association shall be subject to the supervision and oversight

of the NAIC.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 324, Nov. 12, 1999, 113 Stat.

1424.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 6762 of this title.

-CITE-

15 USC Sec. 6755 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6755. Membership

-STATUTE-

(a) Eligibility

(1) In general

Any State-licensed insurance producer shall be eligible to

become a member in the Association.

(2) Ineligibility for suspension or revocation of license

Notwithstanding paragraph (1), a State-licensed insurance

producer shall not be eligible to become a member if a State

insurance regulator has suspended or revoked such producer's

license in that State during the 3-year period preceding the date

on which such producer applies for membership.

(3) Resumption of eligibility

Paragraph (2) shall cease to apply to any insurance producer if

(A) the State insurance regulator renews the license of such

producer in the State in which the license was suspended or

revoked; or

(B) the suspension or revocation is subsequently overturned.

(b) Authority to establish membership criteria

The Association shall have the authority to establish membership

criteria that -

(1) bear a reasonable relationship to the purposes for which

the Association was established; and

(2) do not unfairly limit the access of smaller agencies to the

Association membership.

(1) Classes of membership

The Association may establish separate classes of membership,

with separate criteria, if the Association reasonably determines

that performance of different duties requires different levels of

education, training, or experience.

(2) Categories

The Association may establish separate categories of membership

for individuals and for other persons. The establishment of any

such categories of membership shall be based either on the types

of licensing categories that exist under State laws or on the

aggregate amount of business handled by an insurance producer.

No special categories of membership, and no distinct membership

criteria, shall be established for members which are depository

institutions or for their employees, agents, or affiliates.

(d) Membership criteria

(1) In general

The Association may establish criteria for membership which

shall include standards for integrity, personal qualifications,

education, training, and experience.

(2) Minimum standard

In establishing criteria under paragraph (1), the Association

shall consider the highest levels of insurance producer

qualifications established under the licensing laws of the

States.

(e) Effect of membership

Membership in the Association shall entitle the member to

licensure in each State for which the member pays the requisite

fees, including licensing fees and, where applicable, bonding

requirements, set by such State.

(f) Annual renewal

Membership in the Association shall be renewed on an annual

basis.

(g) Continuing education

The Association shall establish, as a condition of membership,

continuing education requirements which shall be comparable to or

greater than the continuing education requirements under the

licensing laws of a majority of the States.

(h) Suspension and revocation

The Association may -

(1) inspect and examine the records and offices of the members

of the Association to determine compliance with the criteria for

membership established by the Association; and

(2) suspend or revoke the membership of an insurance producer

if -

(A) the producer fails to meet the applicable membership

criteria of the Association; or

(B) the producer has been subject to disciplinary action

pursuant to a final adjudicatory proceeding under the

jurisdiction of a State insurance regulator, and the

Association concludes that retention of membership in the

Association would not be in the public interest.

(i) Office of consumer complaints

(1) In general

The Association shall establish an office of consumer

complaints that shall -

(A) receive and investigate complaints from both consumers

and State insurance regulators related to members of the

Association; and

(B) recommend to the Association any disciplinary actions

that the office considers appropriate, to the extent that any

such recommendation is not inconsistent with State law.

(2) Records and referrals

The office of consumer complaints of the Association shall -

(A) maintain records of all complaints received in accordance

with paragraph (1) and make such records available to the NAIC

and to each State insurance regulator for the State of

residence of the consumer who filed the complaint; and

(B) refer, when appropriate, any such complaint to any

appropriate State insurance regulator.

(3) Telephone and other access

The office of consumer complaints shall maintain a toll-free

telephone number for the purpose of this subsection and, as

practicable, other alternative means of communication with

consumers, such as an Internet home page.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 325, Nov. 12, 1999, 113 Stat.

1424.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 6763 of this title.

-CITE-

15 USC Sec. 6756 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6756. Board of directors

-STATUTE-

(a) Establishment

There is established the board of directors of the Association

(hereafter in this subchapter referred to as the ''Board'') for the

purpose of governing and supervising the activities of the

Association and the members of the Association.

(b) Powers

The Board shall have such powers and authority as may be

specified in the bylaws of the Association.

(1) Members

The Board shall be composed of 7 members appointed by the NAIC.

(2) Requirement

At least 4 of the members of the Board shall each have

significant experience with the regulation of commercial lines of

insurance in at least 1 of the 20 States in which the greatest

total dollar amount of commercial-lines insurance is placed in

the United States.

(3) Initial Board membership

(A) In general

If, by the end of the 2-year period beginning on November 12,

1999, the NAIC has not appointed the initial 7 members of the

Board of the Association, the initial Board shall consist of

the 7 State insurance regulators of the 7 States with the

greatest total dollar amount of commercial-lines insurance in

place as of the end of such period.

(B) Alternate composition

If any of the State insurance regulators described in

subparagraph (A) declines to serve on the Board, the State

insurance regulator with the next greatest total dollar amount

of commercial-lines insurance in place, as determined by the

NAIC as of the end of such period, shall serve as a member of

the Board.

If fewer than 7 State insurance regulators accept appointment

to the Board, the Association shall be established without NAIC

oversight pursuant to section 6762 of this title.

(d) Terms

The term of each director shall, after the initial appointment of

the members of the Board, be for 3 years, with one-third of the

directors to be appointed each year.

(e) Board vacancies

A vacancy on the Board shall be filled in the same manner as the

original appointment of the initial Board for the remainder of the

term of the vacating member.

(f) Meetings

The Board shall meet at the call of the chairperson, or as

otherwise provided by the bylaws of the Association.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 326, Nov. 12, 1999, 113 Stat.

1426.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 6762 of this title.

-CITE-

15 USC Sec. 6757 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6757. Officers

-STATUTE-

(a) In general

(1) Positions

The officers of the Association shall consist of a chairperson

and a vice chairperson of the Board, a president, secretary, and

treasurer of the Association, and such other officers and

assistant officers as may be deemed necessary.

(2) Manner of selection

Each officer of the Board and the Association shall be elected

or appointed at such time and in such manner and for such terms

not exceeding 3 years as may be prescribed in the bylaws of the

Association.

(b) Criteria for chairperson

Only individuals who are members of the NAIC shall be eligible to

serve as the chairperson of the board of directors.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 327, Nov. 12, 1999, 113 Stat.

1427.)

-CITE-

15 USC Sec. 6758 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6758. Bylaws, rules, and disciplinary action

-STATUTE-

(a) Adoption and amendment of bylaws

(1) Copy required to be filed with the NAIC

The board of directors of the Association shall file with the

NAIC a copy of the proposed bylaws or any proposed amendment to

the bylaws, accompanied by a concise general statement of the

basis and purpose of such proposal.

(2) Effective date

Except as provided in paragraph (3), any proposed bylaw or

proposed amendment shall take effect -

(A) 30 days after the date of the filing of a copy with the

NAIC;

(B) upon such later date as the Association may designate; or

(3) Disapproval by the NAIC

Notwithstanding paragraph (2), a proposed bylaw or amendment

shall not take effect if, after public notice and opportunity to

participate in a public hearing -

(A) the NAIC disapproves such proposal as being contrary to

the public interest or contrary to the purposes of this

subchapter and provides notice to the Association setting forth

the reasons for such disapproval; or

(B) the NAIC finds that such proposal involves a matter of

such significant public interest that public comment should be

obtained, in which case it may, after notifying the Association

in writing of such finding, require that the procedures set

forth in subsection (b) of this section be followed with

respect to such proposal, in the same manner as if such

proposed bylaw change were a proposed rule change within the

meaning of such subsection.

(b) Adoption and amendment of rules

(1) Filing proposed regulations with the NAIC

(A) In general

The board of directors of the Association shall file with the

NAIC a copy of any proposed rule or any proposed amendment to a

rule of the Association which shall be accompanied by a concise

general statement of the basis and purpose of such proposal.

(B) Other rules and amendments ineffective

No proposed rule or amendment shall take effect unless

approved by the NAIC or otherwise permitted in accordance with

this paragraph.

(2) Initial consideration by the NAIC

Not later than 35 days after the date of publication of notice

of filing of a proposal, or before the end of such longer period

not to exceed 90 days as the NAIC may designate after such date,

if the NAIC finds such longer period to be appropriate and sets

forth its reasons for so finding, or as to which the Association

consents, the NAIC shall -

(A) by order approve such proposed rule or amendment; or

(B) institute proceedings to determine whether such proposed

rule or amendment should be modified or disapproved.

(3) NAIC proceedings

(A) In general

Proceedings instituted by the NAIC with respect to a proposed

rule or amendment pursuant to paragraph (2) shall -

(i) include notice of the grounds for disapproval under

consideration;

(ii) provide opportunity for hearing; and

(iii) be concluded not later than 180 days after the date

of the Association's filing of such proposed rule or

amendment.

(B) Disposition of proposal

At the conclusion of any proceeding under subparagraph (A),

the NAIC shall, by order, approve or disapprove the proposed

rule or amendment.

The NAIC may extend the time for concluding any proceeding

under subparagraph (A) for -

(i) not more than 60 days if the NAIC finds good cause for

such extension and sets forth its reasons for so finding; or

(ii) such longer period as to which the Association

consents.

(4) Standards for review

(A) Grounds for approval

The NAIC shall approve a proposed rule or amendment if the

NAIC finds that the rule or amendment is in the public interest

and is consistent with the purposes of this Act.

(B) Approval before end of notice period

The NAIC shall not approve any proposed rule before the end

of the 30-day period beginning on the date on which the

Association files proposed rules or amendments in accordance

with paragraph (1), unless the NAIC finds good cause for so

doing and sets forth the reasons for so finding.

(5) Alternate procedure

(A) In general

Notwithstanding any provision of this subsection other than

subparagraph (B), a proposed rule or amendment relating to the

administration or organization of the Association shall take

effect -

(i) upon the date of filing with the NAIC, if such proposed

rule or amendment is designated by the Association as

relating solely to matters which the NAIC, consistent with

the public interest and the purposes of this subsection,

determines by rule do not require the procedures set forth in

this paragraph; or

(ii) upon such date as the NAIC shall for good cause

determine.

(B) Abrogation by the NAIC

(i) In general

At any time within 60 days after the date of filing of any

proposed rule or amendment under subparagraph (A)(i) or

clause (ii) of this subparagraph, the NAIC may repeal such

rule or amendment and require that the rule or amendment be

refiled and reviewed in accordance with this paragraph, if

the NAIC finds that such action is necessary or appropriate

in the public interest, for the protection of insurance

producers or policyholders, or otherwise in furtherance of

the purposes of this subchapter.

(ii) Effect of reconsideration by the NAIC

Any action of the NAIC pursuant to clause (i) shall -

(I) not affect the validity or force of a rule change

during the period such rule or amendment was in effect; and

(II) not be considered to be a final action.

The NAIC may, in accordance with such rules as the NAIC

determines to be necessary or appropriate to the public interest or

to carry out the purposes of this subchapter, require the

Association to adopt, amend, or repeal any bylaw, rule, or

amendment of the Association, whenever adopted.

(d) Disciplinary action by the Association

(1) Specification of charges

In any proceeding to determine whether membership shall be

denied, suspended, revoked, or not renewed (hereafter in this

section referred to as a ''disciplinary action''), the

Association shall bring specific charges, notify such member of

such charges, give the member an opportunity to defend against

the charges, and keep a record.

(2) Supporting statement

A determination to take disciplinary action shall be supported

by a statement setting forth -

(A) any act or practice in which such member has been found

to have been engaged;

(B) the specific provision of this subchapter, the rules or

regulations under this subchapter, or the rules of the

Association which any such act or practice is deemed to

violate; and

(e) NAIC review of disciplinary action

(1) Notice to the NAIC

If the Association orders any disciplinary action, the

Association shall promptly notify the NAIC of such action.

(2) Review by the NAIC

Any disciplinary action taken by the Association shall be

subject to review by the NAIC -

(A) on the NAIC's own motion; or

(B) upon application by any person aggrieved by such action

if such application is filed with the NAIC not more than 30

days after the later of -

(i) the date the notice was filed with the NAIC pursuant to

paragraph (1); or

(ii) the date the notice of the disciplinary action was

received by such aggrieved person.

(f) Effect of review

The filing of an application to the NAIC for review of a

disciplinary action, or the institution of review by the NAIC on

the NAIC's own motion, shall not operate as a stay of disciplinary

action unless the NAIC otherwise orders.

(g) Scope of review

(1) In general

In any proceeding to review such action, after notice and the

opportunity for hearing, the NAIC shall -

(A) determine whether the action should be taken;

(B) affirm, modify, or rescind the disciplinary sanction; or

(2) Dismissal of review

The NAIC may dismiss a proceeding to review disciplinary action

if the NAIC finds that -

(A) the specific grounds on which the action is based exist

in fact;

(B) the action is in accordance with applicable rules and

regulations; and

manner consistent with the purposes of this subchapter.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 328, Nov. 12, 1999, 113 Stat.

1427.)

-REFTEXT-

REFERENCES IN TEXT

This Act, referred to in subsec. (b)(4)(A), is Pub. L. 106-102,

Nov. 12, 1999, 113 Stat. 1338, known as the Gramm-Leach-Bliley Act.

For complete classification of this Act to the Code, see Short

Title of 1999 Amendment note set out under section 1811 of Title

12, Banks and Banking, and Tables.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 6760, 6762 of this title.

-CITE-

15 USC Sec. 6759 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6759. Assessments

-STATUTE-

(a) Insurance producers subject to assessment

The Association may establish such application and membership

fees as the Association finds necessary to cover the costs of its

operations, including fees made reimbursable to the NAIC under

subsection (b) of this section, except that, in setting such fees,

the Association may not discriminate against smaller insurance

producers.

(b) NAIC assessments

The NAIC may assess the Association for any costs that the NAIC

incurs under this subchapter.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 329, Nov. 12, 1999, 113 Stat.

1430.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 6762 of this title.

-CITE-

15 USC Sec. 6760 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6760. Functions of the NAIC

-STATUTE-

(a) Administrative procedure

Determinations of the NAIC, for purposes of making rules pursuant

to section 6758 of this title, shall be made after appropriate

notice and opportunity for a hearing and for submission of views of

interested persons.

(b) Examinations and reports

(1) Examinations

The NAIC may make such examinations and inspections of the

Association and require the Association to furnish to the NAIC

such reports and records or copies thereof as the NAIC may

consider necessary or appropriate in the public interest or to

effectuate the purposes of this subchapter.

(2) Report by Association

As soon as practicable after the close of each fiscal year, the

Association shall submit to the NAIC a written report regarding

the conduct of its business, and the exercise of the other rights

and powers granted by this subchapter, during such fiscal year.

Such report shall include financial statements setting forth the

financial position of the Association at the end of such fiscal

year and the results of its operations (including the source and

application of its funds) for such fiscal year. The NAIC shall

transmit such report to the President and the Congress with such

comment thereon as the NAIC determines to be appropriate.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 330, Nov. 12, 1999, 113 Stat.

1430.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 6762 of this title.

-CITE-

15 USC Sec. 6761 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6761. Liability of the Association and the directors,

officers, and employees of the Association

-STATUTE-

(a) In general

The Association shall not be deemed to be an insurer or insurance

producer within the meaning of any State law, rule, regulation, or

order regulating or taxing insurers, insurance producers, or other

entities engaged in the business of insurance, including provisions

imposing premium taxes, regulating insurer solvency or financial

condition, establishing guaranty funds and levying assessments, or

requiring claims settlement practices.

(b) Liability of the Association, its directors, officers, and

employees

Neither the Association nor any of its directors, officers, or

employees shall have any liability to any person for any action

taken or omitted in good faith under or in connection with any

matter subject to this subchapter.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 331, Nov. 12, 1999, 113 Stat.

1430.)

-CITE-

15 USC Sec. 6762 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6762. Elimination of NAIC oversight

-STATUTE-

(a) In general

The Association shall be established without NAIC oversight and

the provisions set forth in section 6754 of this title, subsections

(a), (b), (c), and (e) of section 6758 of this title, and sections

6759(b) and 6760 of this title shall cease to be effective if, at

the end of the 2-year period beginning on the date on which the

provisions of this subchapter take effect pursuant to section 6751

of this title -

(1) at least a majority of the States representing at least 50

percent of the total United States commercial-lines insurance

premiums have not satisfied the uniformity or reciprocity

requirements of subsections (a), (b), and (c) of section 6751 of

this title; and

(2) the NAIC has not approved the Association's bylaws as

required by section 6758 of this title or is unable to operate or

supervise the Association, or the Association is not conducting

its activities as required under this Act.

(b) Board appointments

If the repeals required by subsection (a) of this section are

implemented, the following shall apply:

(1) General appointment power

The President, with the advice and consent of the Senate, shall

appoint the members of the Association's Board established under

section 6756 of this title from lists of candidates recommended

to the President by the NAIC.

(2) Procedures for obtaining NAIC appointment recommendations

(A) Initial determination and recommendations

After the date on which the provisions of subsection (a) of

this section take effect, the NAIC shall, not later than 60

days thereafter, provide a list of recommended candidates to

the President. If the NAIC fails to provide a list by that

date, or if any list that is provided does not include at least

14 recommended candidates or comply with the requirements of

section 6756(c) of this title, the President shall, with the

advice and consent of the Senate, make the requisite

appointments without considering the views of the NAIC.

(B) Subsequent appointments

After the initial appointments, the NAIC shall provide a list

of at least six recommended candidates for the Board to the

President by January 15 of each subsequent year. If the NAIC

fails to provide a list by that date, or if any list that is

provided does not include at least six recommended candidates

or comply with the requirements of section 6756(c) of this

title, the President, with the advice and consent of the

Senate, shall make the requisite appointments without

considering the views of the NAIC.

(i) Removal

If the President determines that the Association is not

acting in the interests of the public, the President may

remove the entire existing Board for the remainder of the

term to which the members of the Board were appointed and

appoint, with the advice and consent of the Senate, new

members to fill the vacancies on the Board for the remainder

of such terms.

(ii) Suspension of rules or actions

The President, or a person designated by the President for

such purpose, may suspend the effectiveness of any rule, or

prohibit any action, of the Association which the President

or the designee determines is contrary to the public

interest.

As soon as practicable after the close of each fiscal year, the

Association shall submit to the President and to the Congress a

written report relative to the conduct of its business, and the

exercise of the other rights and powers granted by this subchapter,

during such fiscal year. Such report shall include financial

statements setting forth the financial position of the Association

at the end of such fiscal year and the results of its operations

(including the source and application of its funds) for such fiscal

year.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 332, Nov. 12, 1999, 113 Stat.

1431.)

-REFTEXT-

REFERENCES IN TEXT

This Act, referred to in subsec. (a)(2), is Pub. L. 106-102, Nov.

12, 1999, 113 Stat. 1338, known as the Gramm-Leach-Bliley Act. For

complete classification of this Act to the Code, see Short Title of

1999 Amendment note set out under section 1811 of Title 12, Banks

and Banking, and Tables.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 6756 of this title.

-CITE-

15 USC Sec. 6763 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6763. Relationship to State law

-STATUTE-

(a) Preemption of State laws

State laws, regulations, provisions, or other actions purporting

to regulate insurance producers shall be preempted as provided in

subsection (b) of this section.

(b) Prohibited actions

No State shall -

(1) impede the activities of, take any action against, or apply

any provision of law or regulation to, any insurance producer

because that insurance producer or any affiliate plans to become,

has applied to become, or is a member of the Association;

(2) impose any requirement upon a member of the Association

that it pay different fees to be licensed or otherwise qualified

to do business in that State, including bonding requirements,

based on its residency;

(3) impose any licensing, appointment, integrity, personal or

corporate qualifications, education, training, experience,

residency, or continuing education requirement upon a member of

the Association that is different from the criteria for

membership in the Association or renewal of such membership,

except that countersignature requirements imposed on nonresident

producers shall not be deemed to have the effect of limiting or

conditioning a producer's activities because of its residence or

place of operations under this section; or

(4) implement the procedures of such State's system of

licensing or renewing the licenses of insurance producers in a

manner different from the authority of the Association under

section 6755 of this title.

Except as provided in subsections (a) and (b) of this section, no

provision of this section shall be construed as altering or

affecting the continuing effectiveness of any law, regulation,

provision, or other action of any State which purports to regulate

insurance producers, including any such law, regulation, provision,

or action which purports to regulate unfair trade practices or

establish consumer protections, including countersignature laws.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 333, Nov. 12, 1999, 113 Stat.

1432.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 6764 of this title.

-CITE-

15 USC Sec. 6764 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6764. Coordination with other regulators

-STATUTE-

(a) Coordination with State insurance regulators

The Association shall have the authority to -

(1) issue uniform insurance producer applications and renewal

applications that may be used to apply for the issuance or

removal of State licenses, while preserving the ability of each

State to impose such conditions on the issuance or renewal of a

license as are consistent with section 6763 of this title;

(2) establish a central clearinghouse through which members of

the Association may apply for the issuance or renewal of licenses

in multiple States; and

(3) establish or utilize a national database for the collection

of regulatory information concerning the activities of insurance

producers.

(b) Coordination with the National Association of Securities

Dealers

The Association shall coordinate with the National Association of

Securities Dealers in order to ease any administrative burdens that

fall on persons that are members of both associations, consistent

with the purposes of this subchapter and the Federal securities

laws.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 334, Nov. 12, 1999, 113 Stat.

1433.)

-CITE-

15 USC Sec. 6765 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6765. Judicial review

-STATUTE-

(a) Jurisdiction

The appropriate United States district court shall have exclusive

jurisdiction over litigation involving the Association, including

disputes between the Association and its members that arise under

this subchapter. Suits brought in State court involving the

Association shall be deemed to have arisen under Federal law and

therefore be subject to jurisdiction in the appropriate United

States district court.

(b) Exhaustion of remedies

An aggrieved person shall be required to exhaust all available

administrative remedies before the Association and the NAIC before

it may seek judicial review of an Association decision.

The standards set forth in section 553 of title 5 shall be

applied whenever a rule or bylaw of the Association is under

judicial review, and the standards set forth in section 554 of

title 5 shall be applied whenever a disciplinary action of the

Association is judicially reviewed.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 335, Nov. 12, 1999, 113 Stat.

1433.)

-CITE-

15 USC Sec. 6766 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER III - NATIONAL ASSOCIATION OF REGISTERED AGENTS AND

BROKERS

-HEAD-

Sec. 6766. Definitions

-STATUTE-

For purposes of this subchapter, the following definitions shall

apply:

(1) Home State

The term ''home State'' means the State in which the insurance

producer maintains its principal place of residence and is

licensed to act as an insurance producer.

(2) Insurance

The term ''insurance'' means any product, other than title

insurance, defined or regulated as insurance by the appropriate

State insurance regulatory authority.

(3) Insurance producer

The term ''insurance producer'' means any insurance agent or

broker, surplus lines broker, insurance consultant, limited

insurance representative, and any other person that solicits,

negotiates, effects, procures, delivers, renews, continues or

binds policies of insurance or offers advice, counsel, opinions

or services related to insurance.

(4) State

The term ''State'' includes any State, 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.

(5) State law

The term ''State law'' includes all laws, decisions, rules,

regulations, or other State action having the effect of law, of

any State. A law of the United States applicable only to the

District of Columbia shall be treated as a State law rather than

a law of the United States.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 336, Nov. 12, 1999, 113 Stat.

1433.)

-TRANS-

TERMINATION OF TRUST TERRITORY OF THE PACIFIC ISLANDS

For termination of Trust Territory of the Pacific Islands, see

note set out preceding section 1681 of Title 48, Territories and

Insular Possessions.

-CITE-

15 USC SUBCHAPTER IV - RENTAL CAR AGENCY INSURANCE

ACTIVITIES 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER IV - RENTAL CAR AGENCY INSURANCE ACTIVITIES

-HEAD-

SUBCHAPTER IV - RENTAL CAR AGENCY INSURANCE ACTIVITIES

-CITE-

15 USC Sec. 6781 01/06/03

-EXPCITE-

TITLE 15 - COMMERCE AND TRADE

CHAPTER 93 - INSURANCE

SUBCHAPTER IV - RENTAL CAR AGENCY INSURANCE ACTIVITIES

-HEAD-

Sec. 6781. Standard of regulation for motor vehicle rentals

-STATUTE-

(a) Protection against retroactive application of regulatory and

legal action

Except as provided in subsection (b) of this section, during the

3-year period beginning on November 12, 1999, it shall be a

presumption that no State law imposes any licensing, appointment,

or education requirements on any person who solicits the purchase

of or sells insurance connected with, and incidental to, the lease

or rental of a motor vehicle.

(b) Preeminence of State insurance law

No provision of this section shall be construed as altering the

validity, interpretation, construction, or effect of -

(1) any State statute;

(2) the prospective application of any court judgment

interpreting or applying any State statute; or

(3) the prospective application of any final State regulation,

order, bulletin, or other statutorily authorized interpretation

or action,

which, by its specific terms, expressly regulates or exempts from

regulation any person who solicits the purchase of or sells

insurance connected with, and incidental to, the short-term lease

or rental of a motor vehicle.

This section shall apply with respect to -

(1) the lease or rental of a motor vehicle for a total period

of 90 consecutive days or less; and

(2) insurance which is provided in connection with, and

incidentally to, such lease or rental for a period of consecutive

days not exceeding the lease or rental period.

(d) Motor vehicle defined

For purposes of this section, the term ''motor vehicle'' has the

same meaning as in section 13102 of title 49.

-SOURCE-

(Pub. L. 106-102, title III, Sec. 341, Nov. 12, 1999, 113 Stat.

1434.)

-CITE-

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Enviado por:	El remitente no desea revelar su nombre
Idioma:	inglés
País:	Estados Unidos

Palabras clave:

Codificación normativa de EEUU (Estados Unidos)Legislación federal estadounidense # Commerce and Trade

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