(4) SECRETARY
MAY
IMPOSE
LIMITATIONS.—
Until the conditions described in a notice to an in-
surance company under paragraph (2) are corrected,
the Secretary may impose such limitations on the ex-
tent to which mortgage loans secured by real prop-
erty insured by such insurance company may be ac-
quired by the Federal Home Mortgage Corporation
or the Federal National Mortgage Association as the
Secretary determines to be appropriate under the
circumstances and consistent with the purposes of
this section.
(5) FAILURE TO CORRECT.—If the conditions
described in a notice to a mortgage bank under
paragraph (2) are not corrected within 180 days
after the date of receipt by the mortgage bank of a
notice under paragraph (2), the Secretary shall—
(A) prohibit the Federal Home Mortgage
Corporation and the Federal National Mortgage
Association from acquiring any mortgage loan
secured by real property insured by such insur-
ance company;
(B) publish notice of such failure to cor-
rect in the Federal Register; and
(C) notify each appropriate State insur-
ance regulator of such failure to correct.
(6) CONSULTATION.—In taking any action
under this subsection, the Secretary shall consult
with all relevant Federal and State regulatory agen-
cies and authorities.
SEC. 107. SATISFACTORY RATINGS REQUIRED BY SECURI-
TIES COMPANY, MORTGAGE BANK, AND IN-
SURANCE COMPANY AFFILIATES OF FINAN-
CIAL HOLDING COMPANIES.
(a) IN GENERAL.—Section 4(l)(1) of the Bank Hold-
ing Company Act of 1956 (12 U.S.C. 1843(l)(1)) is
amended—
(1) by striking ‘‘and’’ at the end of subpara-
graph (B);
(2) by redesignating subparagraph (C) as sub-
paragraph (F); and
(3) by inserting after subparagraph (B) the fol-
lowing new subparagraphs:
‘‘(C) all of the securities company affiliates
of the bank holding company have a satisfac-
tory rating of meeting community needs under
section 104 of the Community Reinvestment
Modernization Act of 2000;
‘‘(D) all of the mortgage bank affiliates of
the bank holding company have a satisfactory
rating of meeting community needs under sec-
tion 105 of the Community Reinvestment Mod-
ernization Act of 2000;
‘‘(E) all of the insurance company affili-
ates of the bank holding company have a satis-
factory rating of meeting community needs
under section 106 of the Community Reinvest-
ment Modernization Act of 2000; and’’.
(b) TECHNICAL AND CONFORMING AMENDMENTS.—
(1) Section 5(a) of the Bank Holding Company
Act of 1956 (12 U.S.C. 1844(a)) is amended by
striking ‘‘section 4(l)(1)(C)’’ and inserting ‘‘section
4(l)(1)(F)’’.
(2) Section 8(c)(3)(A) of the International
Banking Act of 1978 (12 U.S.C. 3106(c)(3)(A)) is
amended by striking ‘‘section 4(l)(1)(C)’’ and insert-
ing ‘‘section 4(l)(1)(F)’’.
TITLE II—DATA DISCLOSURE
REQUIREMENTS
Subtitle A—Disclosure of Insurance
Availability and Insurer Invest-
ment Information
SEC. 201. SHORT TITLE.
This title may be cited as the ‘‘Insurance Disclosure
Act’’.
SEC. 202. ESTABLISHMENT OF GENERAL REQUIREMENTS
TO SUBMIT INFORMATION.
(a) IN GENERAL.—The Secretary of Housing and
Urban Development shall, by regulation, establish require-
ments for insurers to compile and submit information to
the Secretary for each annual reporting period, in accord-
ance with this title.
(b) CONSULTATION.—In establishing the require-
ments for the submission of information under this title,
the Secretary shall consult with Federal agencies having
appropriate expertise, the National Association of Insur-
ance Commissioners, State insurance regulators, statis-
tical agents, representatives of small businesses, rep-
resentatives of insurance agents (including minority insur-
ance agents), representatives of property and casualty in-
surers, and community, consumer, and civil rights organi-
zations, as appropriate.
SEC. 203. REPORTING OF NONCOMMERCIAL INSURANCE IN-
FORMATION.
(a) IN GENERAL.—The requirements established pur-
suant to section 202 to carry out this section shall—
(1) be designed to ensure that information is
submitted and compiled under this section as may be
necessary to permit analysis and comparison of—
(A) the availability and affordability of in-
surance coverage and the quality or type of in-
ance shall be obtained only in accordance
with the procedures for requesting and re-
cording racial information established in
Regulation C of the Board of Governors of
the Federal Reserve System under the
Home Mortgage Disclosure Act of 1975, as
in effect on the date of the enactment of
this Act.
(ii) NOTICE OF VOLUNTARY NATURE
OF QUESTION.—Any such written question
shall clearly indicate that a response to the
question is voluntary on the part of the ap-
plicant or policyholder, but encouraged,
and that the information is being re-
quested by the Federal Government to
monitor the availability and affordability of
insurance.
(iii) PROVISION OF INFORMATION BY
AGENT OR INSURER.—If an applicant for,
or policyholder of, insurance declines to
provide such information, the agent or in-
surer for such insurance may provide such
information.
(3) RULE FOR REPORTING BY INSURERS.—An
insurer for a designated line shall submit—