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#817568 - 09/18/07 09:07 PM Insurance Sales and "Premises"
Last Mango Offline
Gold Star
Joined: Mar 2001
Posts: 293
Too Far From the Beach
I cannot seem to find guidance on this point for purposes of determining coverage of the insurance sales rule.

An insurance sales affiliate of the bank makes insurance sales on behalf of the affiliate (not the bank)in their rented office that is located within proximity to the platform area in a bank branch. Is this sale on the "premises" of a bank?

What if the affiliate is on the 4th floor of a building that contains the bank branch on the first floor. Is a sale made in the affiliate's office, on behalf of the affiliate, considered to be made on the premises of a bank?
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General Discussion
#817667 - 09/18/07 10:22 PM Re: Insurance Sales and "Premises" Last Mango
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
These are good questions and there isn't a lot of guidance. In your first scenario, the insurance agent is not within your "walls". I don't think they are covered.

In the second scenario, the insurance agent in on a different flood. Again, I don't think they are covered. I've seen several case where there are insurance agents on a different floor (or in the basement). The regulators have never considered these to be covered.

The bottom line logic is that a customer walks into the bank and, without leaving the bank walls, is able to talk to someone about insurance.
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David Dickinson
http://www.bankerscompliance.com

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#818138 - 09/19/07 04:52 PM Re: Insurance Sales and "Premises" David Dickinson
Last Mango Offline
Gold Star
Joined: Mar 2001
Posts: 293
Too Far From the Beach
I've spent alot of time on this issue. Thanks for your opinion Dave!
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If you keep living straight from the heart, you will know when to stop and to start.

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