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#905014 - 02/14/08 07:23 PM Insurance sales in bank
ComplianceisOK Offline
100 Club
ComplianceisOK
Joined: Jan 2005
Posts: 167
Dickinson, ND
Our bank has an affilaite insurance agency and the bank would like to have the lenders offices and the insurance employees offices next to each other in the bank. This branch does accept deposits also. Is this acceptable? Anyone with any similiar circumstances? Not sure how the FDIC would view this?

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#905355 - 02/14/08 11:08 PM Re: Insurance sales in bank ComplianceisOK
ComplianceisOK Offline
100 Club
ComplianceisOK
Joined: Jan 2005
Posts: 167
Dickinson, ND
Anyone...............I need help!!

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#905617 - 02/15/08 03:43 PM Re: Insurance sales in bank ComplianceisOK
Lestie G Offline

Power Poster
Joined: May 2002
Posts: 3,608
Near the Land of Enchantment
You can make this work, but you will have to comply with the notice and signage requirements in the NDIP rules. That means that the insurance folks' offices have to be clearly marked as not part of the FDIC insured bank. Read up on your regulator's rules regarding non deposit investment product sales, and also the consumer sales of insurance rules (Reg H Subpart H for me).
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#905659 - 02/15/08 04:24 PM Re: Insurance sales in bank Lestie G
Retread Offline
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Retread
Joined: Oct 2003
Posts: 2,548
Southeast
Here is a good place to start your research.

http://www.fdic.gov/regulations/laws/rules/5000-4500.html
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Politicians are like diapers. They need to be changed often and for the same reason.

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