Refer to Section 343.20(j) of the FDIC's regulations regarding coverage of the insurance agent. Basically, the regulation vovering 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 8/13/07