(a) The superintendent hereby finds that the promulgation of this section is consistent with the policy of the State of New York as declared in section 10 of the New York Banking Law and thereby protects the public interest, including the interests of depositors, creditors, shareholders, stockholders and consumers and is necessary to achieve or maintain parity between savings banks and savings and loan associations and national banks with respect to rights, powers, privileges, benefits, activities, loans, investments or transactions relating to engaging in the insurance business.

(b) Savings banks and savings and loan associations may engage in the insurance business to the extent that banks and trust companies may engage in the insurance business pursuant to section 6.3 of this Part, as such section may be amended from time to time. All conditions, restrictions and disclosure requirements imposed upon banks and trust companies in section 6.3 of this Part with respect to engaging in such insurance business shall apply with equal force and effect to savings banks and savings and loan associations engaging in business pursuant to the authority granted by this section.