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15 U.S.C. § 6712 — Functional regulation of insurance
Federal law — U.S. Code and appendices · legal_authorities
The insurance activities of any person (including a national bank exercising its power to act as agent under [section 92 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section92&num=0&edition=prelim)) shall be functionally regulated by the States, subject to [section 6701 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6701&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 6712
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Stable record: federal_law:legal_authorities:record_usc_a41087b64a5ae53bb9616544
Source file: Laws/federal/codes/united-states-code/title-15/section-6712-functional-regulation-of-insurance--4644b691a8.md
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Source location: Title 15, Chapter 93, § 6712; chapter-093-insurance.md
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The insurance activities of any person (including a national bank exercising its power to act as agent under [section 92 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section92&num=0&edition=prelim)) shall be functionally regulated by the States, subject to [section 6701 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6701&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Protection against retroactive application of regulatory and legal action** Except as provided in subsection (b), 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.
**(c) Scope of application** 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title49-section13102&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 6701
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Federal law — U.S. Code and appendices · legal_authorities
In addition to the powers now vested by law in national banking associations organized under the laws of the United States any such association located and doing business in any place the population of which does not exceed five thousand inhabitants, as shown by the last preceding decennial census, may, under such rules and regulations as may be prescribed by the Comptroller of the Currency, act as the agent for any fire, life, or other insurance company authorized by the authorities of the State in which said bank is located to do business in said State, by soliciting and selling insurance and collecting premiums on policies issued by such company; and may receive for services so rendered such fees or commissions as may be agreed upon between the said association and the insurance company for which it may act as agent: Provided, however, That no such bank shall in any case assume or guarantee the payment of any premium on insurance policies issued through its agency by its principal: And provided further, That the bank shall not guarantee the truth of any statement made by an assured in filing his application for insurance.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 92
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization to conduct in subsidiaries certain activities that are financial in nature**
(1) **In general** — Subject to paragraph (2), a national bank may control a financial subsidiary, or hold an interest in a financial subsidiary.
(2) **Conditions and requirements** — A national bank may control a financial subsidiary, or hold an interest in a financial subsidiary, only if—
(A) the financial subsidiary engages only in—
(i) activities that are financial in nature or incidental to a financial activity pursuant to subsection (b); and
(ii) activities that are permitted for national banks to engage in directly (subject to the same terms and conditions that govern the conduct of the activities by a national bank);
(B) the activities engaged in by the financial subsidiary as a principal do not include—
(i) insuring, guaranteeing, or indemnifying against loss, harm, damage, illness, disability, or death (except to the extent permitted under section 302 or 303(c) of the Gramm-Leach-Bliley Act [[15 U.S.C. 6712](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6712&num=0&edition=prelim) or 6713(c)]) or providing or issuing annuities 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);
(ii) real estate development or real estate investment activities, unless otherwise expressly authorized by law; or
(iii) any activity permitted in subparagraph (H) or (I) of [section 1843(k)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843/k/4&num=0&edition=prelim), except activities described in [section 1843(k)(4)(H) of this title](https://uscode.house
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 24a
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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. § 6712
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