209 CMR 49.04 - Eligibility to Conduct Insurance Sales Activities
(1)
Financial and Managerial
Requirements. Any bank or lender engaging in insurance sales
activities pursuant to
209 CMR 49.00 must possess
the necessary financial and managerial resources to ensure such activity will
not adversely affect the institution's safety and soundness.
(2)
Policy and Procedure
Requirements. Any bank or lender engaging in insurance sales
activities pursuant to
209 CMR 49.00 must have in
place adequate policies and procedures governing the performance of such
activity by the institution and its employees, to minimize any credit, market,
liquidity, operational, legal, reputational and compliance risks to the bank or
lender.
(3)
Satisfactory CRA Rating Requirement. Any bank or, if
applicable, a lender, seeking to engage in insurance sales activities pursuant
to
209 CMR 49.00 must have
received at least a satisfactory CRA rating at the most recent examination
conducted by the Commissioner or other applicable federal bank regulatory
agency at the time authority to engage in such activity is sought.
(4)
Review.
Insurance sales activity undertaken by a bank or lender pursuant to
209 CMR 49.00 shall remain
subject to periodic review by the Commissioner. The Commissioner may modify,
curtail, rescind or otherwise limit the authority of a bank or lender to
conduct insurance sales activities pursuant to
209 CMR 49.00 through a
formal or informal remedial action if a bank or lender ceases to meet
applicable eligibility requirements of 209 CMR 49.04, based upon a report of
examination conducted by the Commissioner or other applicable federal bank
regulatory agency, or an investigation conducted by the Division of Insurance
or based on other reliable information.
Notes
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