Adopt changes to federal law regarding banking and finance and change provisions regarding loan limits, branch banking, failing financial institutions, credit unions, surety bonds, and interest rates for damages payable to irrigation districts

Added a new definition for 'funding agreement' as an agreement allowing admitted life insurers to accept funds for future payments that are not based on mortality or morbidity contingencies.

Added new exemptions to interest rate limitations for loans made by financial institutions insured by the FDIC or NCUA, loans secured by real property, and loans made for business or agricultural purposes.

Added requirements that funding agreements must be based on reasonable assumptions about investment income and expenses, and that amounts cannot be guaranteed except under equitable terms for all holders of the same class.

Added authority for the Director of Insurance to adopt and promulgate rules and regulations governing the issuance and sale of funding agreements.

Modified the scope of banking and finance regulations to explicitly exclude funding agreements from being classified as the business of insurance, life insurance, or annuities.