§ 58-2-128. Interagency consultation. - North Carolina Statutes

§ 58‑2‑128. Interagency consultation.

(a)        Purpose. – It isthe stated intention of the Congress in P.L. 106‑102, the Gramm‑Leach‑BlileyAct, that the Board of Governors of the Federal Reserve System, as the umbrellasupervisor for financial holding companies, and the Commissioner, as thefunctional regulator of persons engaged in insurance activities, coordinateefforts to supervise persons that control both a depository institution and aperson engaged in insurance activities regulated under State law. Inparticular, Congress believes that the Board and the Commissioner should share,on a confidential basis, information relevant to the supervision of personsthat control both a depository institution and a person engaged in insuranceactivities, including information regarding the financial health of theconsolidated organization and information regarding transactions andrelationships between persons engaged in insurance activities and affiliateddepository institutions. The purpose of this section is to encourage thiscoordination and confidential sharing of information and to thereby improveboth the efficiency and the quality of the supervision of financial holdingcompanies and their affiliated depository institutions and persons engaged ininsurance activities.

(b)        Commissioner'sAuthority. – Upon the request of the Board or the appropriate federal bankingagency, the North Carolina Secretary of State, or the North CarolinaCommissioner of Banks, the Commissioner may provide any examination or otherreports, records, or other information to which the Commissioner has accesswith respect to a person that:

(1)        Is engaged ininsurance activities and regulated by the Commissioner.

(2)        Is an affiliate of adepository institution or financial holding company.

Upon the request of the Boardor the appropriate federal banking agency, the North Carolina Secretary ofState, or the North Carolina Commissioner of Banks, the Commissioner mayprovide any examination or other reports, records, or other information to whichthe Commissioner has access with respect to any insurance producer.

(c)        Privilege. – Theprovision of information or material under this section by the Commissionerdoes not constitute a waiver of, or otherwise affect, any privilege to whichthe information or material is otherwise subject.

(d)        Definitions. – Asused in this section, the terms:

(1)        "Appropriatefederal banking agency" and "depository institution" have thesame meanings as in section 3 of the Federal Deposit Insurance Act, 12 U.S.C. §1813.

(2)        "Board"and "financial holding company" have the same meanings as in section2 of the Bank Holding Company Act of 1956, 12 U.S.C. § 1841, et seq.

(3)        "Insuranceproducer" or "producer" means a person required to be licensedunder this Article to sell, solicit, or negotiate insurance. "Insuranceproducer" or "producer" includes an agent, a broker, and alimited representative. (2001‑215, s. 1.)