PUBLIC LAW 102-242—DEC. 19, 1991 105 STAT. 2365 "(ii) subject to the exception contained in paragraph (l)(D)(ii), any eligible deferred compensation plan described in section 457 of such Code; and "(iii) any individual account plan defined in section 3(34) of the Employee Retirement Income Security Act, and any plan described in section 401(d) of the Internal Revenue Code of 1986, to the extent that participants and beneficiaries under such plan have the right to direct the investment of assets held in individual accounts maintained on their behalf by the plan, shall be aggregated and insured in an amount not to exceed $100,000 per participant per insured depository institution. "(B) AMOUNTS TAKEN INTO ACCOUNT. —For purposes of subparagraph (A), the amount aggregated for insurance coverage under this paragraph shall consist of the present vested and ascertainable interest of each participant under the plan, excluding any remainder interest created by, or as a result of, the plan.". (3) CERTAIN TRUST FUNDS.—Section 7(i) of the Federal Deposit Insurance Act (12 U.S.C. 1817(i)) is amended to read as follows: "(i) INSURANCE OF TRUST FUNDS.— "(1) IN GENERAL.— Trust funds held on deposit by an insured depository institution in a fiduciary capacity as trustee pursuant to any irrevocable trust established pursuant to any statute or written trust agreement shall be insured in an amount not to exceed $100,000 for each trust estate. "(2) INTERBANK DEPOSITS. —Trust funds described in paragraph (1) which are deposited by the fiduciary depository institution in another insured depository institution shall be similarly insured to the fiduciary depository institution according to the trust estates represented. "(3) REGULATIONS.—The Board of Directors may prescribe such regulations as may be necessary to clarify the insurance coverage under this subsection and to prescribe the manner of reporting and depositing such trust funds.". (4) EXPANDED COVERAGE BY REGULATION. — 12 USC 1821 (A) REVIEW OF COVERAGE. — For the purpose of prescribing "°*®- regulations, during the 1-year period beginning on the date of the enactment of this Act, the Board of Directors shall review the capacities and rights in which deposit accounts are maintained and for which deposit insurance coverage is provided by the Corporation. (B) REGULATIONS. —After the end of the 1-year period referred to in subparagraph (A), the Board of Directors may prescribe regulations that provide for separate insurance coverage for the different capacities and rights in which deposit accounts are maintained if a determination is made by the Board of Directors that such separate insurance coverage is consistent with— (i) the purpose of protecting small depositors and limiting the undue expansion of deposit insurance coverage; and (ii) the insurance provisions of the Federal Deposit Insurance Act. (C) DELAYED EFFECTIVE DATE FOR REGULATIONS. — No regulation prescribed under subparagraph (B) may take effect
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