A bill to amend the Bank Holding Company Act of 1956 to limit the property and casualty and life insurance activities of bank holding companies and their subsidiaries.

[AI summary unavailable — showing source text] Amends the Bank Holding Company Act of 1956 to prohibit bank holding companies and their subsidiaries from selling insurance as principals, agents or brokers, except: (1) where the insurance secures an extension of credit in the event of death or disability of the debtor; (2) where the insurance is declining balance credit property insurance, sold by a subsidiary finance company, to protect against loss or damage to collateral securing an extension of credit of $10,000 for less (adjusted by the Consumer Price Index with 1980 as the base year); (3) any insurance agency activity in a community of less than 5,000 which has inadequate insurance agency facilities; (4) any insurance agency activity lawfully engaged in by a bank holding company on June 6, 1978, or by a subsidiary finance company acquired between June 6, 1978, and June 6, 1979; (5) certain supervisory activity over agents who sell insurance covering a holding company's property and employees; and (6) any insurance agency activity, except the sale of unauthorized life insurance or annuities, conducted by a bank holding company or its subsidiary which has less than $50,000,000 in total assets.…