268 
National Insurer shall pay all assessments that were de-
ferred pursuant to a repayment plan approved by the 
board of directors of the Corporation. 
(e) REFUNDS.—The board of directors of the Cor-
poration may, by an equitable method as established by 
operating rules, refund to National Insurers, in proportion 
to the contribution of each Insurer to that account, the 
amount by which the assets of the account exceed the 
amount the board finds is necessary to carry out during 
the coming year the obligations of this title with regard 
to that account, including assets accruing from assign-
ment, subrogation, net realized gains, and income from in-
vestments. A reasonable amount may be retained in any 
account to provide funds for the continuing expenses of 
the Corporation, and for future claims. 
(f) ASSESSMENT PROTESTS.— 
(1) IN
GENERAL.—A National Insurer that 
wishes to protest all or part of an assessment shall 
pay when due the full amount of the assessment as 
set forth in the notice provided by the Corporation. 
The payment shall be available to meet obligations 
under this title during the pendency of the protest 
or any subsequent appeal. Payment shall be accom-
panied by a statement in writing that the payment 
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269 
is made under protest and setting forth a brief 
statement of the grounds for the protest. 
(2) NOTIFICATION OF DETERMINATION.—With-
in 60 days following the payment of an assessment 
under protest by a National Insurer, the Corporation 
shall notify the National Insurer in writing of the 
Corporation’s determination with respect to the pro-
test unless the Corporation notifies the Insurer that 
additional time is required to resolve the issues 
raised by the protest. 
(3) FINAL DECISION.—Within 30 days after a 
final decision has been made, the Corporation shall 
notify the protesting National Insurer in writing of 
the final decision. Within 60 days of receipt of notice 
of the final decision, the protesting National Insurer 
may appeal that final action to the Commissioner. 
(4) REFERRAL.—In the alternative to rendering 
a final decision with respect to a protest based on 
a question regarding the assessment base, the Cor-
poration may refer protests to the Commissioner for 
a final decision, with or without a recommendation 
from the Corporation. 
(5) PROTEST OR APPEAL UPHELD.—If the pro-
test or appeal on the assessment is upheld, the 
amount paid in error or excess shall be returned to 
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270 
the National Insurer. Interest on a refund due a 
protesting National Insurer shall be paid at the rate 
actually earned by the Corporation. 
(g) INFORMATION REQUESTS.—The Corporation may 
request information of National Insurers doing business 
in nonqualified States in order to aid in carrying out the 
Corporation’s duties under this section and such Insurers 
shall promptly comply with such a request. 
SEC. 609. REGULATION. 
In addition to the duties and powers enumerated else-
where in this title, the Commissioner shall issue such regu-
lations as the Commissioner determines necessary to fa-
cilitate the operations of the Corporation and implement 
the terms of this title. 
SEC. 610. STATE TAXATION. 
No State shall have the power to impose its premium, 
franchise, or income tax on any National Insurer unless 
deductions or offsets of the Corporation and association 
assessments against such premium, franchise, or income 
tax are allowed National Insurers to the same extent and 
in the same manner as allowed State insurers. 
SEC. 611. EXAMINATION OF THE CORPORATION; ANNUAL 
REPORT. 
The Corporation shall be subject to examination and 
regulation by the Commissioner. The Corporation shall 
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271 
submit to the Commissioner and each State insurance 
commissioner in each non-qualified State, a financial re-
port in a form approved by the Commissioner and a report 
of the Corporation’s activities during the preceding fiscal 
year, as the activities relate to the duties and functions 
carried out under this title. 
TITLE 
VII—CONFORMING 
AMENDMENTS 
AND 
MIS-
CELLANEOUS PROVISIONS 
SEC. 701. NONDISCRIMINATION. 
No State may discriminate, in any manner, against— 
(1) any State insurer because such insurer or 
any affiliate has applied to become, or has declared 
its intention to become, a National Insurer chartered 
under this Act; 
(2) any State-licensed insurance producer be-
cause such insurance producer or an affiliate has ap-
plied to become, or has declared its intention to be-
come, a National Agency chartered under this Act or 
a federally licensed insurance producer licensed 
under this Act; 
(3) any affiliate of a National Insurer, National 
Agency, or a federally licensed insurance producer 
because the affiliate is so affiliated; 
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272 
(4) any policyholder, insured, claimant, State-li-
censed insurance producer, or any person engaged in 
the acts described in section 404(b) because of any 
dealing with a National Insurer, National Agency, a 
federally licensed insurance producer, or an affiliate 
of a National Insurer, National Agency, or a feder-
ally licensed insurance producer; or 
(5) any State-licensed insurance producer (in-
cluding with respect to such producer’s sales, solici-
tation, or negotiation of any insurance policy written 
or sold by a State insurer) because it sells, solicits, 
or negotiates an insurance policy written or sold by 
a National Insurer. 
SEC. 702. APPLICATION OF THE FEDERAL ANTITRUST LAWS 
TO NATIONAL INSURERS, NATIONAL AGEN-
CIES, AND FEDERALLY LICENSED INSURANCE 
PRODUCERS. 
(a) APPLICATION.—Except as provided in subsection 
(b), the Sherman Act (15 U.S.C. 1 et seq.), the Clayton 
Act (15 U.S.C. 12 et seq.), the Federal Trade Commission 
Act (15 U.S.C. 41 et seq.), and the Act of June 19, 1936 
(49 Stat. 1526) (commonly known as the Robinson-Pat-
man Antidiscrimination Act), shall be applicable to Na-
tional Insurers, National Agencies, and federally licensed 
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273 
insurance producers to the same extent as other busi-
nesses are subject to such laws, except as follows: 
(1) Such laws shall not apply to the develop-
ment, dissemination, or use of standard insurance 
policy forms (including, standard endorsements, 
addendums, and policy language), or to activities in-
cidental thereto, by National Insurers, National 
Agencies, and federally licensed insurance producers. 
(2) Section 3 of the Act of March 9, 1945 (59 
Stat. 33; 15 U.S.C. 1013), shall apply to National 
Insurers, National Agencies, and federally licensed 
insurance producers to the extent that such insurers 
and producers are subject to State law. 
(b) EXCEPTION.—Section 5 of the Federal Trade 
Commission Act (15 U.S.C. 45) shall not apply to Na-
tional Insurers, National Agencies, and federally licensed 
insurance producers. 
SEC. 703. APPLICATION OF STATE LAW AND REGULATION 
TO NATIONAL INSURERS, NATIONAL AGEN-
CIES, AND FEDERALLY LICENSED INSURANCE 
PRODUCERS. 
Except to the extent expressly provided in this Act, 
National Insurers, National Agencies and federally li-
censed insurance producers shall not be subject under 
State law to any form of licensing, examination, reporting, 
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274 
regulation, or other supervision relating to the sale, solici-
tation, or negotiation of insurance, to the underwriting of 
insurance, or to any other insurance operations. 
SEC. 704. FEDERAL COURT JURISDICTION. 
Chapter 87 of part IV of title 28, United States Code, 
is amended by adding at the end the following: 
‘‘§ 1414. National Insurer as party 
‘‘The district courts shall have original jurisdiction 
of any civil action— 
‘‘(1) commenced by the United States, or by di-
rection of any officers thereof, against any National 
Insurer, National Agency or any federally licensed 
insurance producer; 
‘‘(2) to enjoin the Commissioner of National In-
surance in the Commissioner’s capacity as head of 
the Office of National Insurance or as the receiver 
of a National Insurer.’’. 
SEC. 705. FEDERAL COURT VENUE. 
Chapter 87 of part IV of title 28, United States Code, 
as amended by section 704, is further amended by adding 
at the end the following: 
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275 
‘‘§ 1415. National Insurer or National Agency action 
against Commissioner of National Insur-
ance 
‘‘Any civil action by a National Insurer or a National 
Agency to enjoin the Commissioner of National Insurance, 
under the provisions of any Act of Congress relating to 
such insurers or agencies, may be prosecuted in the judi-
cial district where such insurer or agency is located.’’. 
SEC. 706. JUDICIAL REVIEW. 
Except as otherwise expressly provided in this Act, 
any party aggrieved by an order of the Commissioner 
under this Act may obtain a review of such order in the 
United States Court of Appeals within any circuit wherein 
such party has its main office, or in the Court of Appeals 
for the District of Columbia, by filing in the court, within 
30 days after the entry of the Commissioner’s order, a 
petition praying that the order of the Commissioner be 
set aside, modified, or terminated. A copy of such petition 
shall be forthwith transmitted to the Commissioner by the 
clerk of the court, and thereupon the Commissioner shall 
file in the court the record made before the Commissioner, 
as provided in section 2112 of title 28, United States 
Code. Upon the filing of such petition, the court shall have 
jurisdiction to affirm, set aside, modify, or terminate the 
order of the Commissioner and to require the Commis-
sioner to take such action with regard to the matter under 
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276 
review as the court determines proper. Review of an order 
under this section shall be had as provided in chapter 7 
of part I of title 5, United States Code. The judgment 
and decree of the court shall be final, except that the same 
shall be subject to review by the Supreme Court upon cer-
tiorari, as provided in section 1254 of title 28, United 
States Code. 
SEC. 707. AMENDMENT TO FREEDOM OF INFORMATION 
ACT. 
Section 552(b)(8) of title 5, United States Code, is 
amended by inserting ‘‘(including National Insurers and 
National Agencies)’’ after ‘‘financial institutions’’. 
SEC. 708. AMENDMENTS TO THE FEDERAL SECURITIES 
LAWS. 
(a) SECURITIES ACT OF 1933.—The Securities Act 
of 1933 (15 U.S.C. 77a et seq.) is amended— 
(1) in section 2(a)(13), by inserting ‘‘the Com-
missioner of National Insurance or’’ after ‘‘subject 
to supervision by’’; 
(2) in section 2(a)(14), by inserting ‘‘the 
United States or’’ after ‘‘the laws of’’; 
(3) in section 3(a)(8), by inserting ‘‘the Com-
missioner of National Insurance or’’ after ‘‘subject 
to the supervision of’’; and 
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277 
(4) in section 4(5)(A)(ii), by inserting ‘‘the 
Commissioner of National Insurance or’’ after ‘‘sub-
ject to the supervision of’’. 
(b) SECURITIES EXCHANGE ACT OF 1934.—The Se-
curities Exchange Act of 1934 (15 U.S.C. 78a) is amend-
ed— 
(1) in section 17(i)(3)(C)(iii), by inserting ‘‘or 
by the Commissioner of National Insurance’’ after 
‘‘appropriate State insurance regulator’’; and 
(2) in section 17(i)(4)— 
(A) in subparagraph (A), by striking 
‘‘and’’ after the semicolon; 
(B) in subparagraph (B), by striking the 
period at the end and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(D) the Commissioner of National Insur-
ance with regard to all interpretations of, and 
the enforcement of, the National Insurance Act 
of 2006 relating to the activities, conduct, and 
operations of National Insurers, National Agen-
cies, and federally licensed insurance pro-
ducers.’’. 
(c) AMENDMENTS TO INVESTMENT COMPANY ACT OF 
1940.—The Investment Company Act of 1940 (15 U.S.C. 
80a–1 et seq.) is amended— 
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278 
(1) in section 2(a)(17), by inserting ‘‘the Com-
missioner of National Insurance or’’ after ‘‘subject 
to supervision by’’; 
(2) in section 2(a)(37), by inserting ‘‘the 
United States or’’ after ‘‘the laws of’’; 
(3) in section 12(g)— 
(A) by inserting ‘‘the Commissioner of Na-
tional Insurance or’’ after ‘‘affect or derogate 
from the powers of’’; and 
(B) by inserting ‘‘Federal or’’ after ‘‘affect 
the right under’’; 
(4) in section 26(f)(2)(B)(ii), by inserting ‘‘or, 
in the case of a National Insurer chartered under 
the National Insurance Act of 2006, files with the 
Commissioner of National Insurance,’’ after ‘‘files 
with the insurance regulatory authority of the State 
which is the domiciliary State of the insurance com-
pany,’’; and 
(5) in section 26(f)(2)(B)(iii), by inserting ‘‘or, 
in the case of a National Insurer chartered under 
the National Insurance Act of 2006, the Commis-
sioner of National Insurance’’ after ‘‘insurance au-
thority of such State’’. 
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279 
SEC. 709. AMENDMENTS TO THE EMPLOYEE RETIREMENT 
INCOME SECURITY ACT OF 1974. 
The Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1001 et seq.) is amended— 
(1) in section 401(b)(2)(A), by inserting ‘‘or li-
censed as a National Insurer’’ after ‘‘qualified to do 
business in a State’’; and 
(2) in section 733(b)(2), by inserting ‘‘or which 
is licensed as a National Insurer and which is sub-
ject to the authority of the Commissioner of Na-
tional Insurance’’ after ‘‘(within the meaning of sec-
tion 514(b)(2))’’. 
SEC. 710. AMENDMENTS TO THE GRAMM-LEACH-BLILEY 
ACT. 
(a) INTERAGENCY CONSULTATION.— 
(1) 
AMENDMENTS.—Section 
307 
of 
the 
Gramm-Leach-Bliley Act (15 U.S.C. 6716) is 
amended by adding at the end the following: 
‘‘(g) OFFICE OF NATIONAL INSURANCE.—In this sec-
tion, the terms ‘State insurance regulator’, ‘State insur-
ance regulators’, and ‘insurance regulator of any State’ 
shall include the Office of National Insurance.’’. 
(2) NO WAIVER.—The provision of information 
or material by the Office of National Insurance to 
a Federal banking agency (as defined in section 3 of 
the Federal Deposit Insurance Act (12 U.S.C. 
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