Sec. 5. Source of strength

162 words·~1 min read·/bill/113/hr/2140/ih/section-5

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Section 38A of the Federal Deposit Insurance Act ( 12 U.S.C. 1831o–1 ) is amended— by redesignating subsections (c), (d), and

(e)as subsections (d), (e), and (f), respectively; and by inserting after subsection

(b)the following: In cases involving a depository institution holding company that is an insurance company or that has one or more subsidiaries that are insurance companies, before the appropriate Federal banking agency may require such insurance company to be used directly or indirectly as a source of financial strength pursuant to subsection

(a)or (b), the appropriate Federal banking agency shall obtain— the consent of the insurance commissioner (or similar official charged with the principal responsibility of supervising the business of insurance within each State, territory, or insular possession of the United States) of the insurance company’s domiciliary State; and a certification from such commissioner that the commissioner considered the safety and soundness of the insurance company or subsidiary insurance company prior to providing such consent. .

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12 USC 1831o–1

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Sec. 5

Source of strength

Cite12 USC 1831o–1

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