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Title 15, Commerce and TradeRelease 119-110

§6716 Interagency Consultation

Title 15 › CHAPTER 93 — INSURANCE › SUBCHAPTER I — STATE REGULATION OF INSURANCE › § 6716

Last updated Sep 22, 2026|Official source

Summary

Require the Federal Reserve Board and State insurance regulators to work together and share confidential information about firms that own both a bank (or bank holding company) and an insurance business. The aim is better, more efficient supervision by giving regulators access to information about the combined firm’s financial health and about deals or relationships between the insurance company and its affiliated bank. The Board and the appropriate Federal banking agency may give such information to a State insurance regulator if asked. Likewise, a State insurance regulator may share its exam reports and other records with the Board or the appropriate Federal banking agency if requested. Before approving a new or continued affiliation between a bank (or financial holding company) and an insurance company, the federal banking agency must consult the state insurance regulator and consider the regulator’s views. Shared information must be kept confidential and the parties must try to prevent public disclosure. Sharing information does not waive any legal privilege. The terms “appropriate Federal banking agency” and “depository institution” have the same meanings as in 12 U.S.C. 1813, and “Board” and “financial holding company” have the same meanings as in 12 U.S.C. 1841.

Full Legal Text

Title 15, §6716

Commerce and Trade, Source: USLM XML via OLRC

(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.

Reference

Citations & Metadata

Citation

15 U.S.C. § 6716

Title 15, Commerce and Trade

Last Updated

Sep 22, 2026

Release point: 119-110