Deposit Insurance Option Act of 1991

Deposit Insurance Option Act of 1991 - Amends the Federal Deposit Insurance Act to permit an insured depository institution to voluntarily terminate its insured status pursuant to certain administrative guidelines. Denies such option to: (1) an insured Federal savings association; or (2) an insured branch that is required to be insured under the International Banking Act of 1978. Sets forth transition guidelines (including advertising and notice requirements).

Amends the Bank Holding Company Act of 1956 to exempt from its restrictions against interests in nonbanking organizations those holding companies whose banking subsidiaries have voluntarily terminated their insured status. (Thus permitting them to acquire securities interests, insurance interests, real estate brokerage interests, and financial interests closely related to banking.)

Amends the McFadden Act to exempt from its coverage any banks that have voluntarily terminated their insured status.

Amends the Banking Act of 1933 to permit: (1) noninsured banks to affiliate with securities organizations; and (2) securities dealers to participate in noninsured banks.

Amends Federal banking law with respect to bank organization to exempt a national bank that voluntarily terminates its insured status from the limitation on dealing in and underwriting securities.

Amends the Bank Holding Company Act of 1956 to exempt from its insured status requirements any subsidiary banks of holding companies if such subsidiaries have voluntarily terminated their insured status.