; (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; and (ii) does not include a subsidiary that is— (I) a functionally regulated subsidiary; (II) a nonoperating shell holding company; or (III) primarily engaged in— (aa) servicing activities for the holding company or its affiliates, including the activities described in section 225.22(b)(2) of title 12, Code of Federal Regulations; or (bb) internal financial activities, as that term is defined in section 10A(a). . (b) Registration and examination Section 10(b) of the Home Owners’ Loan Act ( 12 U.S.C. 1467a(b) ) is amended— (1) in paragraph (1), by inserting , and which shall, if applicable, provide for a savings and loan holding company to register as an insurance savings and loan holding company before the period at the end of the first sentence; (2) in paragraph (2)— (A) in subparagraph (A), by striking Each savings and loan holding company and inserting Subject to subparagraph (D), each savings and loan holding company ; (B) in subparagraph (C)— (i) by striking Upon and inserting the following: (i) In general Upon ; and (ii) by adding at the end the following: (ii) Insurance savings and loan companies In the case of an insurance savings and loan holding company— (I) clause (i) shall not apply; and (II) the Board shall submit a request for any information described in clauses (i) through (iii) of subparagraph (B) to the appropriate Federal or State regulatory agencies. ; and (C) by adding at the end the following: (D) Insurance savings and loan holding companies An insurance savings and loan holding company may be required only to file reports related to— (i) the organizational structure of the company and any changes in that structure; (ii) transactions between the company and its affiliates