§ 6715. — Certain State affiliation laws preempted for insurance companies and affiliates.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC6715]
TITLE 15--COMMERCE AND TRADE
CHAPTER 93--INSURANCE
SUBCHAPTER I--STATE REGULATION OF INSURANCE
Sec. 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, Sec. 306, Nov. 12, 1999, 113 Stat. 1415.)
