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15 U.S.C. § 6713 — Insurance underwriting in national banks
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Except as provided in [section 6713 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6713&num=0&edition=prelim), 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section72&num=0&edition=prelim).
**(c) Definition** 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 casualt
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Source file: Laws/federal/codes/united-states-code/title-15/section-6713-insurance-underwriting-in-national-banks--0125e5dae3.md
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Source location: Title 15, Chapter 93, § 6713; chapter-093-insurance.md
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**(a) In general** Except as provided in [section 6713 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6713&num=0&edition=prelim), 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section72&num=0&edition=prelim).
**(c) Definition** 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/e/8/D/i&num=0&edition=prelim)); or
(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section7702&num=0&edition=prelim); 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section832/b/5&num=0&edition=prelim), 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section72&num=0&edition=prelim).
**(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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rules for annuities**
(1) **Income inclusion** — Except as otherwise provided in this chapter, gross income includes any amount received as an annuity (whether for a period certain or during one or more lives) under an annuity, endowment, or life insurance contract.
(2) **Partial annuitization** — If any amount is received as an annuity for a period of 10 years or more or during one or more lives under any portion of an annuity, endowment, or life insurance contract—
(A) such portion shall be treated as a separate contract for purposes of this section,
(B) for purposes of applying subsections (b), (c), and (e), the investment in the contract shall be allocated pro rata between each portion of the contract from which amounts are received as an annuity and the portion of the contract from which amounts are not received as an annuity, and
(C) a separate annuity starting date under subsection (c)(4) shall be determined with respect to each portion of the contract from which amounts are received as an annuity.
**(b) Exclusion ratio**
(1) **In general** — Gross income does not include that part of any amount received as an annuity under an annuity, endowment, or life insurance contract which bears the same ratio to such amount as the investment in the contract (as of the annuity starting date) bears to the expected return under the contract (as of such date).
(2) **Exclusion limited to investment** — The portion of any amount received as an annuity which is excluded from gross income under paragraph (1) shall not exceed the unrecovered investment in the contract immediately before the receipt of such amount.
(3) **Deduction where annuity payments cease before entire investment recovered**
(A) *In general* — If—
(i) after the annuity starti
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 72
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of this title, the term “life insurance contract” means any contract which is a life insurance contract under the applicable law, but only if such contract—
(1) meets the cash value accumulation test of subsection (b), or
(2)
(A) meets the guideline premium requirements of subsection (c), and
(B) falls within the cash value corridor of subsection (d).
**(b) Cash value accumulation test for subsection (a)(1)**
(1) **In general** — A contract meets the cash value accumulation test of this subsection if, by the terms of the contract, the cash surrender value of such contract may not at any time exceed the net single premium which would have to be paid at such time to fund future benefits under the contract.
(2) **Rules for applying paragraph (1)** — Determinations under paragraph (1) shall be made—
(A) on the basis of interest at the greater of the applicable accumulation test minimum rate or the rate or rates guaranteed on issuance of the contract,
(B) on the basis of the rules of subparagraph (B)(i) (and, in the case of qualified additional benefits, subparagraph (B)(ii)) of subsection (c)(3), and
(C) by taking into account under subparagraphs (A) and (D) of subsection (e)(1) only current and future death benefits and qualified additional benefits.
(3) **Applicable accumulation test minimum rate** — For purposes of paragraph (2)(A), the term “applicable accumulation test minimum rate” means the lesser of—
(A) an annual effective rate of 4 percent, or
(B) the insurance interest rate (as defined in subsection (f)(11)) in effect at the time the contract is issued.
**(c) Guideline premium requirements** For purposes of this section—
(1) **In general** — A contract meets the guideline premium requirements of this
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 7702
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Federal law — U.S. Code and appendices · legal_authorities
Page 2273
TITLE 15—COMMERCE AND TRADE
§ 6713
‘‘(E) the availability and cost of private reinsur-
ance for small insurers; and
‘‘(F) the impact that State workers compensation
laws have on small insurers and workers compensa-
tion carriers in the terrorism risk insurance mar-
ketplace.
‘‘(2) REPORT.—The Secretary shall submit a report
to the Congress setting forth the findings and conclu-
sions of each study required under paragraph (1).’’
[Pub. L. 114–1, title I, §§ 103, 105, 111, 112, Jan. 12, 2015,
129 Stat. 4, 5, 10, 12, which directed amendment of ‘‘sub-
paragraph (B) of section 103(e)(1)’’, ‘‘paragraph (1)(A) of
section 102’’, ‘‘section 104’’, and ‘‘section 108’’, respec-
tively, without specifying the name of the Act being
amended, were executed to those sections of the Ter-
rorism Risk Insurance Act of 2002 (title I of Pub. L.
107–297, set out above), to reflect the probable intent of
Congress.]
[Pub. L. 110–160, § 4(b)(2), Dec. 26, 2007, 121 Stat. 1840,
which directed amendment of section 103(e)(3) of Pub.
L. 107–297, set out above, by substituting period for
‘‘ ‘and the Congress shall’ and all that follows through
the end of the paragraph’’, was executed by sub-
stituting period for ‘‘and the Congress shall’’ and all
that followed through end of first sentence, to reflect
the probable intent of Congress, in light of insertion of
last sentence of par. (3) by Pub. L. 110–160, § 4(b)(1).]
Executive Documents
TERMINATION OF TRUST TERRITORY OF THE PACIFIC
ISLANDS
For termination of Trust Territory of the Pacific Is-
lands, see note set out preceding section 1681 of Title
48, Territories and Insular Possessions.
SUBCHAPTER I—STATE REGULATION OF
INSURANCE
§ 6711. Functional regulation of insurance
The insurance activities of any person (includ-
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 6713
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