dreamproit/uscode huggingface dataset:
15 U.S.C. § 6713 (COMMERCE AND TRADE)
§ 6713. Title insurance activities of national banks and their affiliates
(a) General prohibition
No national bank may engage in any activity involving the underwriting or sale of title insurance.
(b) Nondiscrimination parity exception
(1) In general
Notwithstanding any other provision of law (including section 6701 of this title), in the case of any State in which banks organized under the laws of such State are authorized to sell title insurance as agent, a national bank may sell title insurance as agent in such State, but only in the same manner, to the same extent, and under the same restrictions as such State banks are authorized to sell title insurance as agent in such State.
(2) Coordination with “wildcard” provision
A State law which authorizes State banks to engage in any activities in such State in which a national bank may engage shall not be treated as a statute which authorizes State banks to sell title insurance as agent, for purposes of paragraph (1).
(c) Grandfathering with consistent regulation
(1) In general
Except as provided in paragraphs (2) and (3) and notwithstanding subsections (a) and (b) of this section, a national bank, and a subsidiary of a national bank, may conduct title insurance activities which such national bank or subsidiary was actively and lawfully conducting before November 12, 1999.
(2) Insurance affiliate
In the case of a national bank which has an affiliate which provides insurance as principal and is not a subsidiary of the bank, the national bank and any subsidiary of the national bank may not engage in the underwriting of title insurance pursuant to paragraph (1).
(3) Insurance subsidiary
In the case of a national bank which has a subsidiary which provides insurance as principal and has no affiliate other than a subsidiary which provides insurance as principal, the national bank may not directly engage in any activity involving the underwriting of title insurance.
(d) “Affiliate” and “subsidiary” defined
For purposes of this section, the terms “affiliate” and “subsidiary” have the same meanings as in section 1841 of title 12.
(e) Rule of construction
No provision of this Act or any other Federal law shall be construed as superseding or affecting a State law which was in effect before November 12, 1999, and which prohibits title insurance from being offered, provided, or sold in such State, or from being underwritten with respect to real property in such State, by any person whatsoever.
(Pub. L. 106–102, title III, § 303, Nov. 12, 1999, 113 Stat. 1408.)
heading: References in Text
text: This Act, referred to in subsec. (e), is Pub. L. 106–102, Nov. 12, 1999, 113 Stat. 1338, known as the Gramm-Leach-Bliley Act. For complete classification of this Act to the Code, see Short Title of 1999 Amendment note set out under section 1811 of Title 12, Banks and Banking, and Tables.
15 U.S.C. § 6714 (COMMERCE AND TRADE)
§ 6714. Expedited and equalized dispute resolution for Federal regulators
(a) Filing in Court of Appeals
In the case of a regulatory conflict between a State insurance regulator and a Federal regulator regarding insurance issues, including whether a State law, rule, regulation, order, or interpretation regarding any insurance sales or solicitation activity is properly treated as preempted under Federal law, the Federal or State regulator may seek expedited judicial review of such determination by the United States Court of Appeals for the circuit in which the State is located or in the United States Court of Appeals for the District of Columbia Circuit by filing a petition for review in such court.
(b) Expedited review
The United States Court of Appeals in which a petition for review is filed in accordance with subsection (a) of this section shall complete all action on such petition, including rendering a judgment, before the end of the 60-day period beginning on the date on which such petition is filed, unless all parties to such proceeding agree to any extension of such period.
(c) Supreme Court review
Any request for certiorari to the Supreme Court of the United States of any judgment of a United States Court of Appeals with respect to a petition for review under this section shall be filed with the Supreme Court of the United States as soon as practicable after such judgment is issued.
(d) Statute of limitation
No petition may be filed under this section challenging an order, ruling, determination, or other action of a Federal regulator or State insurance regulator after the later of—
(1) the end of the 12-month period beginning on the date on which the first public notice is made of such order, ruling, determination or other action in its final form; or
(2) the end of the 6-month period beginning on the date on which such order, ruling, determination, or other action takes effect.
(e) Standard of review
The court shall decide a petition filed under this section based on its review on the merits of all questions presented under State and Federal law, including the nature of the product or activity and the history and purpose of its regulation under State and Federal law, without unequal deference.
(Pub. L. 106–102, title III, § 304, Nov. 12, 1999, 113 Stat. 1409.)
15 U.S.C. § 6715 (COMMERCE AND TRADE)
§ 6715. Certain State affiliation laws preempted for insurance companies and affiliates
Except as provided in section 6701(c)(2) of this title, no State may, by law, regulation, order, interpretation, or otherwise—
(1) prevent or significantly interfere with the ability of any insurer, or any affiliate of an insurer (whether such affiliate is organized as a stock company, mutual holding company, or otherwise), to become a financial holding company or to acquire control of a depository institution;
(2) limit the amount of an insurer’s assets that may be invested in the voting securities of a depository institution (or any company which controls such institution), except that the laws of an insurer’s State of domicile may limit the amount of such investment to an amount that is not less than 5 percent of the insurer’s admitted assets; or
(3) prevent, significantly interfere with, or have the authority to review, approve, or disapprove a plan of reorganization by which an insurer proposes to reorganize from mutual form to become a stock insurer (whether as a direct or indirect subsidiary of a mutual holding company or otherwise) unless such State is the State of domicile of the insurer.
(Pub. L. 106–102, title III, § 306, Nov. 12, 1999, 113 Stat. 1415.)
15 U.S.C. § 6717 (COMMERCE AND TRADE)
§ 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 Islands, the Virgin Islands, and the Northern Mariana Islands.
(Pub. L. 106–102, title III, § 308, Nov. 12, 1999, 113 Stat. 1417.)
heading: References in Text
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 subchapter and section 1831x of Title 12, Banks and Banking. For complete classification of this subtitle to the Code, see Tables.
heading: Termination of Trust Territory of the Pacific Islands
text: For termination of Trust Territory of the Pacific Islands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions.
15 U.S.C. § 6731 (COMMERCE AND TRADE)
§ 6731. General application
This subchapter shall only apply to a mutual insurance company in a State which has not enacted a law which expressly establishes reasonable terms and conditions for a mutual insurance company domiciled in such State to reorganize into a mutual holding company.
(Pub. L. 106–102, title III, § 311, Nov. 12, 1999, 113 Stat. 1417.)
heading: Effective Date
text: 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 enactment of this Act [Nov. 12, 1999].”
15 U.S.C. § 6734 (COMMERCE AND TRADE)
§ 6734. Other provisions
(a) Judicial review
The appropriate United States district court shall have exclusive jurisdiction over litigation arising under this section 1 involving any redomesticating or redomesticated insurer.
(b) Severability
If any provision of this section,1 or the application thereof to any person or circumstances, is held invalid, the remainder of the section,1 and the application of such provision to other persons or circumstances, shall not be affected thereby.
(Pub. L. 106–102, title III, § 314, Nov. 12, 1999, 113 Stat. 1420.)
heading: References in Text
text: This section, referred to in text, probably should be a reference to this subtitle, meaning subtitle B (§§ 311–316) of title III of Pub. L. 106–102, which is classified generally to this subchapter.
15 U.S.C. § 6752 (COMMERCE AND TRADE)
§ 6752. National Association of Registered Agents and Brokers
(a) Establishment
There is established the National Association of Registered Agents and Brokers (hereafter in this subchapter referred to as the “Association”).
(b) Status
The Association shall—
(1) be a nonprofit corporation;
(2) have succession until dissolved by an Act of Congress;
(3) not be an agent or instrumentality of the United States Government; and
(4) except as otherwise provided in this Act, be subject to, and have all the powers conferred upon a nonprofit corporation by the District of Columbia Nonprofit Corporation Act (D.C. Code, sec. 29y–1001 et seq.).
(Pub. L. 106–102, title III, § 322, Nov. 12, 1999, 113 Stat. 1424.)
heading: References in Text
text: This Act, referred to in subsec. (b)(4), is Pub. L. 106–102, Nov. 12, 1999, 113 Stat. 1338, known as the Gramm-Leach-Bliley Act. For complete classification of this Act to the Code, see Short title of 1999 Amendment note set out under section 1811 of Title 12, Banks and Banking, and Tables.
The District of Columbia Nonprofit Corporation Act, referred to in subsec. (b)(4), is Pub. L. 87–569, Aug. 6, 1962, 76 Stat. 265, as amended, which is not classified to the Code.
15 U.S.C. § 6753 (COMMERCE AND TRADE)
§ 6753. Purpose
The purpose of the Association shall be to provide a mechanism through which uniform licensing, appointment, continuing education, and other insurance producer sales qualification requirements and conditions can be adopted and applied on a multistate basis, while preserving the right of States to license, supervise, and discipline insurance producers and to prescribe and enforce laws and regulations with regard to insurance-related consumer protection and unfair trade practices.
(Pub. L. 106–102, title III, § 323, Nov. 12, 1999, 113 Stat. 1424.)
15 U.S.C. § 6756 (COMMERCE AND TRADE)
§ 6756. Board of directors
(a) Establishment
There is established the board of directors of the Association (hereafter in this subchapter referred to as the “Board”) for the purpose of governing and supervising the activities of the Association and the members of the Association.
(b) Powers
The Board shall have such powers and authority as may be specified in the bylaws of the Association.
(c) Composition
(1) Members
The Board shall be composed of 7 members appointed by the NAIC.
(2) Requirement
At least 4 of the members of the Board shall each have significant experience with the regulation of commercial lines of insurance in at least 1 of the 20 States in which the greatest total dollar amount of commercial-lines insurance is placed in the United States.
(3) Initial Board membership
(A) In general
If, by the end of the 2-year period beginning on November 12, 1999, the NAIC has not appointed the initial 7 members of the Board of the Association, the initial Board shall consist of the 7 State insurance regulators of the 7 States with the greatest total dollar amount of commercial-lines insurance in place as of the end of such period.
(B) Alternate composition
If any of the State insurance regulators described in subparagraph (A) declines to serve on the Board, the State insurance regulator with the next greatest total dollar amount of commercial-lines insurance in place, as determined by the NAIC as of the end of such period, shall serve as a member of the Board.
(C) Inoperability
If fewer than 7 State insurance regulators accept appointment to the Board, the Association shall be established without NAIC oversight pursuant to section 6762 of this title.
(d) Terms
The term of each director shall, after the initial appointment of the members of the Board, be for 3 years, with one-third of the directors to be appointed each year.
(e) Board vacancies
A vacancy on the Board shall be filled in the same manner as the original appointment of the initial Board for the remainder of the term of the vacating member.
(f) Meetings
The Board shall meet at the call of the chairperson, or as otherwise provided by the bylaws of the Association.
(Pub. L. 106–102, title III, § 326, Nov. 12, 1999, 113 Stat. 1426.)
15 U.S.C. § 6757 (COMMERCE AND TRADE)
§ 6757. Officers
(a) In general
(1) Positions
The officers of the Association shall consist of a chairperson and a vice chairperson of the Board, a president, secretary, and treasurer of the Association, and such other officers and assistant officers as may be deemed necessary.
(2) Manner of selection
Each officer of the Board and the Association shall be elected or appointed at such time and in such manner and for such terms not exceeding 3 years as may be prescribed in the bylaws of the Association.
(b) Criteria for chairperson
Only individuals who are members of the NAIC shall be eligible to serve as the chairperson of the board of directors.
(Pub. L. 106–102, title III, § 327, Nov. 12, 1999, 113 Stat. 1427.)
15 U.S.C. § 6759 (COMMERCE AND TRADE)
§ 6759. Assessments
(a) Insurance producers subject to assessment
The Association may establish such application and membership fees as the Association finds necessary to cover the costs of its operations, including fees made reimbursable to the NAIC under subsection (b) of this section, except that, in setting such fees, the Association may not discriminate against smaller insurance producers.
(b) NAIC assessments
The NAIC may assess the Association for any costs that the NAIC incurs under this subchapter.
(Pub. L. 106–102, title III, § 329, Nov. 12, 1999, 113 Stat. 1430.)
15 U.S.C. § 6760 (COMMERCE AND TRADE)
§ 6760. Functions of the NAIC
(a) Administrative procedure
Determinations of the NAIC, for purposes of making rules pursuant to section 6758 of this title, shall be made after appropriate notice and opportunity for a hearing and for submission of views of interested persons.
(b) Examinations and reports
(1) Examinations
The NAIC may make such examinations and inspections of the Association and require the Association to furnish to the NAIC such reports and records or copies thereof as the NAIC may consider necessary or appropriate in the public interest or to effectuate the purposes of this subchapter.
(2) Report by Association
As soon as practicable after the close of each fiscal year, the Association shall submit to the NAIC a written report regarding the conduct of its business, and the exercise of the other rights and powers granted by this subchapter, during such fiscal year. Such report shall include financial statements setting forth the financial position of the Association at the end of such fiscal year and the results of its operations (including the source and application of its funds) for such fiscal year. The NAIC shall transmit such report to the President and the Congress with such comment thereon as the NAIC determines to be appropriate.
(Pub. L. 106–102, title III, § 330, Nov. 12, 1999, 113 Stat. 1430.)
15 U.S.C. § 6761 (COMMERCE AND TRADE)
§ 6761. Liability of the Association and the directors, officers, and employees of the Association
(a) In general
The Association shall not be deemed to be an insurer or insurance producer within the meaning of any State law, rule, regulation, or order regulating or taxing insurers, insurance producers, or other entities engaged in the business of insurance, including provisions imposing premium taxes, regulating insurer solvency or financial condition, establishing guaranty funds and levying assessments, or requiring claims settlement practices.
(b) Liability of the Association, its directors, officers, and employees
Neither the Association nor any of its directors, officers, or employees shall have any liability to any person for any action taken or omitted in good faith under or in connection with any matter subject to this subchapter.
(Pub. L. 106–102, title III, § 331, Nov. 12, 1999, 113 Stat. 1430.)
15 U.S.C. § 6763 (COMMERCE AND TRADE)
§ 6763. Relationship to State law
(a) Preemption of State laws
State laws, regulations, provisions, or other actions purporting to regulate insurance producers shall be preempted as provided in subsection (b) of this section.
(b) Prohibited actions
No State shall—
(1) impede the activities of, take any action against, or apply any provision of law or regulation to, any insurance producer because that insurance producer or any affiliate plans to become, has applied to become, or is a member of the Association;
(2) impose any requirement upon a member of the Association that it pay different fees to be licensed or otherwise qualified to do business in that State, including bonding requirements, based on its residency;
(3) impose any licensing, appointment, integrity, personal or corporate qualifications, education, training, experience, residency, or continuing education requirement upon a member of the Association that is different from the criteria for membership in the Association or renewal of such membership, except that countersignature requirements imposed on nonresident producers shall not be deemed to have the effect of limiting or conditioning a producer’s activities because of its residence or place of operations under this section; or
(4) implement the procedures of such State’s system of licensing or renewing the licenses of insurance producers in a manner different from the authority of the Association under section 6755 of this title.
(c) Savings provision
Except as provided in subsections (a) and (b) of this section, no provision of this section shall be construed as altering or affecting the continuing effectiveness of any law, regulation, provision, or other action of any State which purports to regulate insurance producers, including any such law, regulation, provision, or action which purports to regulate unfair trade practices or establish consumer protections, including countersignature laws.
(Pub. L. 106–102, title III, § 333, Nov. 12, 1999, 113 Stat. 1432.)
15 U.S.C. § 6764 (COMMERCE AND TRADE)
§ 6764. Coordination with other regulators
(a) Coordination with State insurance regulators
The Association shall have the authority to—
(1) issue uniform insurance producer applications and renewal applications that may be used to apply for the issuance or removal of State licenses, while preserving the ability of each State to impose such conditions on the issuance or renewal of a license as are consistent with section 6763 of this title;
(2) establish a central clearinghouse through which members of the Association may apply for the issuance or renewal of licenses in multiple States; and
(3) establish or utilize a national database for the collection of regulatory information concerning the activities of insurance producers.
(b) Coordination with the National Association of Securities Dealers
The Association shall coordinate with the National Association of Securities Dealers in order to ease any administrative burdens that fall on persons that are members of both associations, consistent with the purposes of this subchapter and the Federal securities laws.
(Pub. L. 106–102, title III, § 334, Nov. 12, 1999, 113 Stat. 1433.)
15 U.S.C. § 6765 (COMMERCE AND TRADE)
§ 6765. Judicial review
(a) Jurisdiction
The appropriate United States district court shall have exclusive jurisdiction over litigation involving the Association, including disputes between the Association and its members that arise under this subchapter. Suits brought in State court involving the Association shall be deemed to have arisen under Federal law and therefore be subject to jurisdiction in the appropriate United States district court.
(b) Exhaustion of remedies
An aggrieved person shall be required to exhaust all available administrative remedies before the Association and the NAIC before it may seek judicial review of an Association decision.
(c) Standards of review
The standards set forth in section 553 of title 5 shall be applied whenever a rule or bylaw of the Association is under judicial review, and the standards set forth in section 554 of title 5 shall be applied whenever a disciplinary action of the Association is judicially reviewed.
(Pub. L. 106–102, title III, § 335, Nov. 12, 1999, 113 Stat. 1433.)
15 U.S.C. § 6766 (COMMERCE AND TRADE)
§ 6766. Definitions
For purposes of this subchapter, the following definitions shall apply:
(1) Home State
The term “home State” means the State in which the insurance producer maintains its principal place of residence and is licensed to act as an insurance producer.
(2) Insurance
The term “insurance” means any product, other than title insurance, defined or regulated as insurance by the appropriate State insurance regulatory authority.
(3) Insurance producer
The term “insurance producer” means any insurance agent or broker, surplus lines broker, insurance consultant, limited insurance representative, and any other person that solicits, negotiates, effects, procures, delivers, renews, continues or binds policies of insurance or offers advice, counsel, opinions or services related to insurance.
(4) State
The term “State” includes any State, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
(5) State law
The term “State law” includes all laws, decisions, rules, regulations, or other State action having the effect of law, of any State. A law of the United States applicable only to the District of Columbia shall be treated as a State law rather than a law of the United States.
(Pub. L. 106–102, title III, § 336, Nov. 12, 1999, 113 Stat. 1433.)
heading: Termination of Trust Territory of the Pacific Islands
text: For termination of Trust Territory of the Pacific Islands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions.