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Summary
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 Much
prior banking law on the subject of insurance was
changed with the passage of the Gramm Leach Bliley
Act GLBA. It is recommended that the
GLBA topic page be consulted in conjunction with
this page
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Agency regulations and interpretations
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 FRB
- The providing
of insurance services is considered a nonbanking service.
Reg Y, Subpart C
should be carefully reviewed in its entirety
to determine what types of insurance
products are allowed
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OCC
 12
CFR Part 2 - Sales of credit life insurance
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2.1 Authority, purpose, and scope
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2.2 Definitions
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2.3 Distribution of credit life
insurance income
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2.4 Bonus and incentive plans
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2.5 Bank compensation
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12 CFR Part 5, Section 5.34(d)(1) - term
"authorized product" for sale by operating subsidiary
of national bank does not include title insurance
or an annuity contract
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12 CFR Part 5, Section 5.34(e)(2)
- may provide title insurance as principal
under certain circumstances
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12 CFR Part 7, Section 7.1001 - national
bank acting as general insurance agent
12
CFR Part 14 - Consumer protection in sales of
insurance
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14.10 Purpose and scope
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14.20 Definitions
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14.30 Prohibited practices
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14.40 What a covered person must
disclose
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14.50 Where insurance activities
may take place
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14.60 Requirements for insurance sales
personnel
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Appendix A
- Consumer grievance process
Specific
activities
Reinsurance
underwriting
SEC_CODE_REF_0090001192884
- Mortgage
reinsurance
- Reinsurance
of credit life, health and disability insurance
Sale
of Insurance
- Special rules
for banks located in places of "Less than
5,000 Population"
- "Grandfathered"
activities
- Credit life
insurance
Title
insurance
- Grandfathered
activities, sales as agents, state
parity,
etc
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FDIC
- Exception to
general rule in order to allow insured state
banks located in MA, NY and CT to offer savings
bank life insurance -
12 CFR Part 362, Subpart A, Section 362.3(a)(2)(v)(B)
- Exception to
general rule to allow insured state banks to
hold up to 10% of stock in insurance company
that solely provides or reinsures D&O or bankers'
blanket bond coverage to insured depository
institutions -
12 CFR Part 362, Subpart A, Section 362.3(a)(2)(v)(A)
12
CFR Part 343 - Consumer protection in sales of
insurance
- 343.10 Purpose and scope
- 343.20 Definitions
- 343.30 Prohibited practices
- 343.40 What you must disclose
- 343.50 Where insurance activities may take place
- 343.60 Requirements for
insurance sales personnel
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Appendix A
- Consumer Grievance Process
- An insured state
bank may rely on the exclusions from the term
"consumer report" (Fair Credit reporting Act,
section 603(d)(2)) to communicate medical information
to an affiliate in connection with the business
of insurance or annuities -
12 CFR Part 334,
Section 334.32(c)(1)
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OTS
12
CFR Part 536 - Consumer protection in sales of
insurance
- 536.1 Purpose and scope
- 536.2 Definitions
- 536.3 Prohibited practices
- 536.4 What you must disclose
- 536.5 Where insurance activities may take place
- 536.6 Qualification
and licensing requirements
- Appendix A Consumer
grievance process
Specific
Activities
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NCUA
- A Federal credit
union may rely on the exclusions from the term
"consumer report" (Fair Credit Reporting Act,
section 603(d)(2)) to communicate medical information
to an affiliate in connection with the business
of insurance or annuities -
12 CFR part 717, section
717.32
- The term "account",
as used in the Truth in Savings regulations,
does not cover annuities -
12 CFR Part 707, section
707.11,
appendix C
to section 707.2
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