1. Short title This Act may be cited as the Independent and Community Bank Shareholders Protection Act . 2. Shareholder claims (a) In general Section 11(d) of the Federal Deposit Insurance Act ( 12 U.S.C. 1821(d) ) is amended by adding at the end the following: (21) Shareholder claims for just compensation (A) Claims authorized (i) In general A shareholder of a covered institution may file a claim with the Corporation for just compensation to be paid by the Corporation to the shareholder. (ii) Holding companies A shareholder of a depository institution holding company may file a claim authorized by this subparagraph on behalf of such company with respect to a covered institution. (B) Amount to be paid Just compensation shall be paid to a shareholder in an amount equal to the pro-rata share of the shareholder of the net worth of the covered institution according to generally accepted accounting principles determined as of the date on which the covered institution enters conservatorship or receivership, whichever occurs first. (C) Limitation on payment of claims The Corporation shall not pay a claim under subparagraph (A) if— (i) the covered institution is determined by the final judgment of a court of competent jurisdiction to have been insolvent as of the date on which control of the covered institution passed from its shareholders to the Corporation; or (ii) the administrative expenses of the Corporation arising from the appointment of a conservator or receiver for the covered institution exceed available funds from the covered institution. (D) Statute of limitations The applicable statute of limitations with regard to a claim brought by a shareholder under subparagraph (A) shall be 90 days beginning on the date that a conservator or receiver is appointed for the covered institution pursuant to this Act. (E) Covered institution defined In this paragraph, the term covered institution means a depository institution— (i) for which the Corporation has appointed a conservator or receiver