113 STAT. 1408 PUBLIC LAW 106-102—NOV. 12, 1999 (1) any product regulated as insurance as of January 1, 1999, in accordance with the relevant State insurance law, in the State in which the product is provided; (2) any product first offered after January 1, 1999, which— (A) a State insurance regulator determines shall be regulated as insurance in the State in which the product is provided because the product insures, guarantees, or indemnifies against liability, loss of life, loss of health, or loss through damage to or destruction of property, including, but not limited to, surety bonds, life insurance, health insurance, title insurance, and property and casualty insurance (such as private passenger or commercial automobile, homeowners, mortgage, commercial multiperil, general liability, professional liability, workers' compensation, fire and allied lines, farm owners multiperil, aircraft, fidelity, surety, medical malpractice, ocean marine, inland marine, and boiler and machinery insurance); and (B) is not a product or service of a bank that is— (i) a deposit product; (ii) a loan, discount, letter of credit, or other extension of credit; (iii) a trust or other fiduciary service; (iv) a qualified financial contract (as defined in or determined pursuant to section ll(e)(8)(D)(i) of the Federal Deposit Insurance Act); or (v) a financial guaranty, except that this subparagraph (B) shall not apply to a product that includes an insurance component such that if the product is offered or proposed to be offered by the bank as principal— (I) it would be treated as a life insurance contract under section 7702 of the Internal Revenue Code of 1986; or (II) in the event that the product is not a letter of credit or other similar extension of credit, a qualified financial contract, or a financial guaranty, it would qualify for treatment for losses incurred with respect to such product under section 832(b)(5) of the Internal Revenue Code of 1986, if the bank were subject to tax as an insurance company under section 831 of that Code; or (3) any annuity contract, the income on which is subject to tax treatment under section 72 of the Internal Revenue Code of 1986. (d) RULE OF CONSTRUCTION.—For purposes of this section, providing insurance (including reinsurance) outside the United States that insures, guarantees, or indemnifies insurance products provided in a State, or that indemnifies an insurance company with regard to insurance products provided in a State, shall be considered to be providing insurance as principal in that State. 15 USC 6713. SEC. 303. TITLE INSURANCE ACTIVITIES OF NATIONAL BANKS AND THEIR AFFILIATES. (a) GENERAL PROHIBITION.— No national bank may engage in any activity involving the underwriting or sale of title insurance. (b) NONDISCRIMINATION PARITY EXCEPTION.—
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