1. Short title This Act may be cited as the State Insurance Regulation Preservation Act . 2. Supervision of insurance savings and loan holding companies (a) Definitions Section 10(a)(1) of the Home Owners’ Loan Act ( 12 U.S.C. 1467a(a)(1) ) is amended by adding at the end the following: (K) Insurance savings and loan holding company The term insurance savings and loan holding company means— (i) a top-tier savings and loan holding company that is an insurance underwriting company; (ii) a savings and loan holding company that held 75 percent or more of its total consolidated assets in an insurance underwriting company or insurance underwriting companies, other than assets associated with insurance for credit risk, during the 4 most recent consecutive quarters, as calculated in accordance with generally accepted accounting principles or the Statutory Accounting Principles of the National Association of Insurance Commissioners, as applicable; or (iii) a top-tier savings and loan holding company that— (I) was registered as a savings and loan holding company before July 21, 2010; and (II) is a New York not-for-profit corporation formed for the purpose of holding the stock of a New York insurance company. (L) Insurance underwriting company The term insurance underwriting company means an entity that is— (i) engaged in the business of insurance; (ii) subject to regulation by a State insurance regulator; and (iii) covered by a State law that is designed to specifically deal with the rehabilitation, liquidation, or insolvency of an insurance company. (M) Material subsidiary The term material subsidiary — (i) means a subsidiary that has— (I) off-balance sheet activities not less than $5,000,000,000; (II) equity capital not less than 5 percent of the consolidated equity capital of the top-tier holding company; or (III) consolidated operating revenue not less than 5 percent of the consolidated operating revenue of the top-tier holding company