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reinsurer, the State in which the insurer or reinsurer is incor- porated or entered through, and licensed. (3) NAIC.—The term ‘‘NAIC’’ means the National Associa- tion of Insurance Commissioners or any successor entity. (4) REINSURANCE.—The term ‘‘reinsurance’’ means the assumption by an insurer of all or part of a risk undertaken originally by another insurer. (5) REINSURER.— (A) IN GENERAL.—The term ‘‘reinsurer’’ means an insurer to the extent that the insurer— (i) is principally engaged in the business of reinsur- ance; (ii) does not conduct significant amounts of direct insurance as a percentage of its net premiums; and (iii) is not engaged in an ongoing basis in the business of soliciting direct insurance. (B) DETERMINATION.—A determination of whether an insurer is a reinsurer shall be made under the laws of the State of domicile in accordance with this paragraph. (6) STATE.—The term ‘‘State’’ includes any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.

PART III—RULE OF CONSTRUCTION

15 USC 8231. SEC. 541. RULE OF CONSTRUCTION.
Nothing in this subtitle or the amendments made by this sub-
title shall be construed to modify, impair, or supersede the applica-
tion of the antitrust laws. Any implied or actual conflict between
this subtitle and any amendments to this subtitle and the antitrust
laws shall be resolved in favor of the operation of the antitrust
laws.

15 USC 8232. SEC. 542. SEVERABILITY.
If any section or subsection of this subtitle, or any application
of such provision to any person or circumstance, is held to be
unconstitutional, the remainder of this subtitle, and the application
of the provision to any other person or circumstance, shall not
be affected.

Bank and TITLE VI—IMPROVEMENTS TO REGULA-
Savings
Association TION OF BANK AND SAVINGS ASSO-
Holding
Company and CIATION HOLDING COMPANIES AND
Depository
Institution DEPOSITORY INSTITUTIONS
Regulatory
Improvements
Act of 2010. SEC. 601. SHORT TITLE.
12 USC 1811 This title may be cited as the ‘‘Bank and Savings Association
note.
Holding Company and Depository Institution Regulatory Improve-
ments Act of 2010’’.

12 USC 1815 SEC. 602. DEFINITION.
note.

LAWS For purposes of this title, a company is a ‘‘commercial firm’’ if the annual gross revenues derived by the company and all of its affiliates from activities that are financial in nature (as definedPUBLIC with on anorris VerDate Nov 24 2008 12:15 Aug 04, 2010 Jkt 089139 PO 00203 Frm 00222 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203