[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC6712]
TITLE 15--COMMERCE AND TRADE
CHAPTER 93--INSURANCE
SUBCHAPTER I--STATE REGULATION OF INSURANCE
Sec. 6712. Insurance underwriting in national banks
(a) In general
Except as provided in section 6713 of this title, a national bank
and the subsidiaries of a national bank may not provide insurance in a
State as principal except that this prohibition shall not apply to
authorized products.
(b) Authorized products
For the purposes of this section, a product is authorized if--
(1) as of January 1, 1999, the Comptroller of the Currency had
determined in writing that national banks may provide such product
as principal, or national banks were in fact lawfully providing such
product as principal;
(2) no court of relevant jurisdiction had, by final judgment,
overturned a determination of the Comptroller of the Currency that
national banks may provide such product as principal; and
(3) the product is not title insurance, or an annuity contract
the income of which is subject to tax treatment under section 72 of
title 26.
(c) Definition
For purposes of this section, the term ``insurance'' means--
(1) any product regulated as insurance as of January 1, 1999, in
accordance with the relevant State insurance law, in the State in
which the product is provided;
(2) any product first offered after January 1, 1999, which--
(A) a State insurance regulator determines shall be
regulated as insurance in the State in which the product is
provided because the product insures, guarantees, or indemnifies
against liability, loss of life, loss of health, or loss through
damage to or destruction of property, including, but not limited
to, surety bonds, life insurance, health insurance, title
insurance, and property and casualty insurance (such as private
passenger or commercial automobile, homeowners, mortgage,
commercial multiperil, general liability, professional
liability, workers' compensation, fire and allied lines, farm
owners multiperil, aircraft, fidelity, surety, medical
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