15 U.S.C. § 6731 — General application

Page 2276 TITLE 15—COMMERCE AND TRADE § 6717 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 bank- ing agency. (2) Privilege The provision pursuant to this section of in- formation 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; de- pository 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 sec- tion 1841 of title 12. (Pub. L. 106–102, title III, § 307, Nov. 12, 1999, 113 Stat. 1415.) § 6717. Definition of State 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 Is- lands, the Virgin Islands, and the Northern Mar- iana Islands. (Pub. L. 106–102, title III, § 308, Nov. 12, 1999, 113 Stat. 1417.) Editorial Notes REFERENCES IN TEXT This subchapter, referred to in text, was in original ‘‘this subtitle’’, meaning subtitle A (§ 301 et seq.) of title III of Pub. L. 106–102, which enacted this sub- chapter and section 1831x of Title 12, Banks and Bank- ing. For complete classification of this subtitle to the Code, see Tables. 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 II—REDOMESTICATION OF MUTUAL INSURERS § 6731. General application This subchapter shall only apply to a mutual insurance company in a State which has not en- acted a law which expressly establishes reason- able terms and conditions for a mutual insur- ance company domiciled in such State to reor- ganize into a mutual holding company. (Pub. L. 106–102, title III, § 311, Nov. 12, 1999, 113 Stat. 1417.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Pub. L. 106–102, title III, § 316, Nov. 12, 1999, 113 Stat. 1422, provided that: ‘‘This subtitle [subtitle B (§§ 311–316) of title III of Pub. L. 106–102, enacting this subchapter] shall take effect on the date of the enact- ment of this Act [Nov. 12, 1999].’’ § 6732. Redomestication of mutual insurers (a) Redomestication A mutual insurer organized under the laws of any State may transfer its domicile to a trans- feree 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), the mutual insurer becomes a stock insurer that is a direct or indirect sub- sidiary of a mutual holding company. (b) Resulting domicile Upon complying with the applicable law of the transferee domicile governing transfers of domi- cile 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 exist- ence, shall be a domestic insurer of the trans- feree domicile. (c) Licenses preserved The certificate of authority, agents’ appoint- ments 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 con- tracts (1) In general All outstanding insurance policies and annu- ities 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 insur- ance 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 re- domesticating insurer to file new policy forms with the State insurance regulator of a li- censed State on or before the effective date of the transfer. (B) Notwithstanding subparagraph (A), a re- domesticating insurer may use existing policy forms with appropriate endorsements to re- flect the new domicile of the redomesticating insurer until the new policy forms are ap- proved for use by the State insurance regu- lator 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