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Insurance Ad Rules

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Question: 
A third party auditor noted an exception for not including the NOT FDIC, etc. language on an ad that was in the name of our affilate insurance company. The bank's name wasn't mentioned anywhere. I don't think this is required, but am not finding a helpful resource. If we had mentioned the Bank's name also then yes...anyone?
Answer: 

Refer to Section 343.20(j) regarding coverage of the insurance agent. Basically, the Consumer Protection for Bank Sales of Insurance applies to a bank or any other person when the person sells, solicits, advertises, or offers an insurance product or annuity to a consumer at an office of the bank or on behalf of the bank.

Advertisements and promotional material of insurance products or annuities requires the insurance disclosures unless they are of a general nature (listing of services) [Section 343.40(d)].

The following may be used for visual media, ATM screens, billboards, signs, posters, written advertisements, and promotional material:

  • Not a deposit
  • Not FDIC insured
  • Not insured by any federal government agency (if applicable)
  • Not guaranteed by the bank
  • May go down in value (if applicable)

Now to your comments: your bank's name doesn't have to be mentioned. If the insurance company promoted an insurance product in an ad, they need the "Not/Not/Not/Not/May" disclosures.

First published on BankersOnline.com 7/16/07

First published on 07/16/2007

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