TITLE III -- INSURANCE

Summary of Provisions

• Provides for the functional regulation of insurance activities.

• Establishes which insurance products banks and bank subsidiaries may provide as principal.

• Prohibits national banks not currently engaged in underwriting or sale of title insurance from commencing that activity. However, sales activities by banks are permitted in States that specifically authorize such sales for State banks, but only on the same conditions. National bank subsidiaries are permitted to sell all types of insurance including title insurance. Affiliates may underwrite or sell all types of insurance including title insurance.

• State insurance and Federal regulators may seek an expedited judicial review of disputes with equalized deference.

• The Federal banking agencies are directed to establish consumer protections governing bank insurance sales.

• Preempts state laws interfering with affiliations.

• Provides for interagency consultation and confidential sharing of information between the Federal Reserve Board and State insurance regulators.

• Allows mutual insurance companies to re-domesticate.

• Allows multi-state insurance agency licensing.