No provision of this section shall be construed as preventing the Corporation, if the Corporation finds it necessary to determine the condition of a depository institution for insurance purposes, from examining an affiliate of any depository institution, pursuant to section 1820(b)(4) of this title, as may be necessary to disclose fully the relationship between the depository institution and the affiliate, and the effect of such relationship on the depository institution.
12 U.S. Code § 1831v. Authority of State insurance regulator and Securities and Exchange Commission
(a) In generalNotwithstanding any other provision of law, the provisions of—
section 1844(c) of this title that limit the authority of the Board of Governors of the Federal Reserve System to require reports from, to make examinations of, or to impose capital requirements on holding companies and their functionally regulated subsidiaries or that require deference to other regulators;
section 1844(g) of this title that limit the authority of the Board to require a functionally regulated subsidiary of a holding company to provide capital or other funds or assets to a depository institution subsidiary of the holding company and to take certain actions including requiring divestiture of the depository institution; and
shall also limit whatever authority that a Federal banking agency might otherwise have under any statute or regulation to require reports, make examinations, impose capital requirements, or take any other direct or indirect action with respect to any functionally regulated affiliate of a depository institution, subject to the same standards and requirements as are applicable to the Board under those provisions.
(b) Certain exemption authorized
(c) DefinitionsFor purposes of this section, the following definitions shall apply:
(1) Functionally regulated subsidiary
(2) Functionally regulated affiliateThe term “functionally regulated affiliate” means, with respect to any depository institution, any affiliate of such depository institution that is—
not a depository institution holding company; and
References in Text
 See References in Text note below.