Sec. 1. 9 MRSA §5007, as amended by PL 1981, c. 456, Pt. A, §31, is further amended by adding at the end a new paragraph to read:

This section does not apply to a national bank, a federal savings bank, a subsidiary of a national bank or federal savings bank or any other financial institution or credit union chartered under the laws of the United States or any state and subject to supervision and regulation by a federal financial regulatory agency.

Sec. 2. 9 MRSA §5008, sub-§4 is enacted to read:

4.__Exemption.__This section does not apply to a national bank, a federal savings bank, a subsidiary of a national bank or federal savings bank or any other financial institution or credit union chartered under the laws of the United States or any state and subject to supervision and regulation by a federal financial regulatory agency.

Sec. 3. 9 MRSA §5009, sub-§3 is enacted to read:

3.__Exemption.__This section does not apply to a national bank, a federal savings bank, a subsidiary of a national bank or federal savings bank or any other financial institution or credit union chartered under the laws of the United States or any state and subject to supervision and regulation by a federal financial regulatory agency.

Sec. 4. 9 MRSA §5012, as amended by PL 1999, c. 221, §3 and c. 386, Pt. A, §18, is further amended by adding at the end a new paragraph to read:

This section does not apply to a national bank, a federal savings bank, a subsidiary of a national bank or federal savings bank or any other financial institution or credit union chartered under the laws of the United States or any state and subject to supervision and regulation by a federal financial regulatory agency.

Sec. 5. 24-A MRSA §§3488 to 3490 are enacted to read:

§3488.__Reorganization of mutual insurer through formation of

mutual holding company

1.__Procedure for reorganization as stock insurer.__A mutual insurer may be reorganized as a stock insurer within a mutual holding company as provided in this section.__The mutual insurer