Sec. 952. Ensuring the protection of insurance policyholders
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/bill/114/s/1910/pcs/section-952A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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: The provisions of section 5(g) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1844(g) ) shall apply to a savings and loan holding company that is an insurance company, an affiliate of an insured depository institution that is an insurance company, and to any other company that is an insurance company and that directly or indirectly controls an insured depository institution, to the same extent as the provisions of that section apply to a bank holding company that is an insurance company. Requiring a bank holding company that is an insurance company, a savings and loan holding company that is an insurance company, an affiliate of an insured depository institution that is an insurance company, or any other company that is an insurance company and that directly or indirectly controls an insured depository institution to serve as a source of financial strength under this section shall be deemed an action of the Board that requires a bank holding company to provide funds or other assets to a subsidiary depository institution for purposes of section 5(g) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1844(g) ). . The Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 et seq. ) is amended— in section 203(e)(3) ( 12 U.S.C. 5383(e)(3) ), by inserting or rehabilitation after orderly liquidation each place that term appears; and in section 204(d)(4) ( 12 U.S.C. 5384(d)(4) ), by inserting before the semicolon at the end the following: “, except that, if the covered financial company or covered subsidiary is an insurance company or a subsidiary of an insurance company, the Corporation— shall promptly notify the State insurance authority for the insurance company of the intention to take such lien; and may only take such lien— to secure repayment of funds made available to such covered financial company or covered subsidiary; and if the Corporation determines, after consultation with the State insurance authority, that such lien will not unduly impede or delay the liquidation or rehabilitation of the insurance company, or the recovery by its policyholders .
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- 12 USC 1831o–1
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Sec. 952
Ensuring the protection of insurance policyholders
Cite12 USC 1831o–1
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