§ 6716. — Interagency consultation.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC6716]
TITLE 15--COMMERCE AND TRADE
CHAPTER 93--INSURANCE
SUBCHAPTER I--STATE REGULATION OF INSURANCE
Sec. 6716. Interagency consultation
(a) Purpose
It is the intention of the Congress that the Board of Governors of
the Federal Reserve System, as the umbrella supervisor for financial
holding companies, and the State insurance regulators, as the functional
regulators of companies engaged in insurance activities, coordinate
efforts to supervise companies that control both a depository
institution and a company engaged in insurance activities regulated
under State law. In particular, Congress believes that the Board and the
State insurance regulators should share, on a confidential basis,
information relevant to the supervision of companies that control both a
depository institution and a company engaged in insurance activities,
including information regarding the financial health of the consolidated
organization and information regarding transactions and relationships
between insurance companies and affiliated depository institutions. The
appropriate Federal banking agencies for depository institutions should
also share, on a confidential basis, information with the relevant State
insurance regulators regarding transactions and relationships between
depository institutions and affiliated companies engaged in insurance
activities. The purpose of this section is to encourage this
coordination and confidential sharing of information, and to thereby
improve both the efficiency and the quality of the supervision of
financial holding companies and their affiliated depository institutions
and companies engaged in insurance activities.
(b) Examination results and other information
(1) Information of the Board
Upon the request of the appropriate insurance regulator of any
State, the Board may provide any information of the Board regarding
the financial condition, risk management policies, and operations of
any financial holding company that controls a company that is
engaged in insurance activities and is regulated by such State
insurance regulator, and regarding any transaction or relationship
between such an insurance company and any affiliated depository
institution. The Board may provide any other information to the
appropriate State insurance regulator that the Board believes is
necessary or appropriate to permit the State insurance regulator to
administer and enforce applicable State insurance laws.
(2) Banking agency information
Upon the request of the appropriate insurance regulator of any
State, the appropriate Federal banking agency may provide any
information of the agency regarding any transaction or relationship
between a depository institution supervised by such Federal banking
agency and any affiliated company that is engaged in insurance
activities regulated by such State insurance regulator. The
appropriate Federal banking agency may provide any other information
to the appropriate State insurance regulator that the agency
believes is necessary or appropriate to permit the State insurance
regulator to administer and enforce applicable State insurance laws.
(3) State insurance regulator information
Upon the request of the Board or the appropriate Federal banking
agency, a State insurance regulator may provide any examination or
other reports, records, or other information to which such insurance
regulator may have access with respect to a company which--
(A) is engaged in insurance activities and regulated by such
insurance regulator; and
(B) is an affiliate of a depository institution or financial
holding company.
(c) Consultation
Before making any determination relating to the initial affiliation
of, or the continuing affiliation of, a depository institution or
financial holding company with a company engaged in insurance
activities, the appropriate Federal banking agency shall consult with
the appropriate State insurance regulator of such company and take the
views of such insurance regulator into account in making such
determination.
(d) Effect on other authority
Nothing in this section shall limit in any respect the authority of
the appropriate Federal banking agency with respect to a depository
institution or bank holding company or any affiliate thereof under any
provision of law.
(e) Confidentiality and privilege
(1) Confidentiality
The appropriate Federal banking agency shall not provide any
information or material that is entitled to confidential treatment
under applicable Federal banking agency regulations, or other
applicable law, to a State insurance regulator unless such regulator
agrees to maintain the information or material in confidence and to
take all reasonable steps to oppose any effort to secure disclosure
of the information or material by the regulator. The appropriate
Federal banking agency shall treat as confidential any information
or material obtained from a State insurance regulator that is
entitled to confidential treatment under applicable State
regulations, or other applicable law, and take all reasonable steps
to oppose any effort to secure disclosure of the information or
material by the Federal banking agency.
(2) Privilege
The provision pursuant to this section of information or
material by a Federal banking agency or State insurance regulator
shall not constitute a waiver of, or otherwise affect, any privilege
to which the information or material is otherwise subject.
(f) Definitions
For purposes of this section, the following definitions shall apply:
(1) Appropriate Federal banking agency; depository
institution
The terms ``appropriate Federal banking agency'' and
``depository institution'' have the same meanings as in section 1813
of title 12.
(2) Board and financial holding company
The terms ``Board'' and ``financial holding company'' have the
same meanings as in section 1841 of title 12.
(Pub. L. 106-102, title III, Sec. 307, Nov. 12, 1999, 113 Stat. 1415.)
