Insurance Solicitation Disclosure

Posted By: ACBbank

Insurance Solicitation Disclosure - 08/03/21 03:41 PM

Is anyone familiar with this disclosure? Are banks required to provide it during the application process for an automotive loan? Our auditor is asking about it and no one seems to know what this form is?
Posted By: edAudit

Re: Insurance Solicitation Disclosure - 08/03/21 03:57 PM

I can not help you but have you seen?

https://dfs.ny.gov/insurance/faqs/faqs-reg194.htm
Posted By: ACBbank

Re: Insurance Solicitation Disclosure - 08/03/21 04:26 PM

I have not. If the Bank does not offer insurance products, is this applicable?
Posted By: edAudit

Re: Insurance Solicitation Disclosure - 08/03/21 04:31 PM

I would check back with the auditor.

I am not an expert here but if you are not an insurance producer why would you need this?

It appears to be a NYS thing
Posted By: ACBbank

Re: Insurance Solicitation Disclosure - 08/03/21 04:38 PM

Interesting. Thanks for the information Ed. Any other opinions on this?
Posted By: Dan Persfull

Re: Insurance Solicitation Disclosure - 08/03/21 07:31 PM

Is it possible they are referring to:

https://www.fdic.gov/regulations/laws/rules/2000-6300.html
Posted By: Island Dreaming

Re: Insurance Solicitation Disclosure - 08/03/21 07:36 PM

is this what they are referring to: FDIC PART 343—CONSUMER PROTECTION IN SALES OF INSURANCE


edited: or what Dan said
Posted By: ACBbank

Re: Insurance Solicitation Disclosure - 08/03/21 08:12 PM

I think that may be it.