Section 49.04 - Eligibility to Conduct Insurance Sales Activities(1)Financial and Managerial Requirements. Any bank or lender engaging in insurance sales activities pursuant to 209 CMR 49.00 must possess the necessary financial and managerial resources to ensure such activity will not adversely affect the institution's safety and soundness.(2)Policy and Procedure Requirements. Any bank or lender engaging in insurance sales activities pursuant to 209 CMR 49.00 must have in place adequate policies and procedures governing the performance of such activity by the institution and its employees, to minimize any credit, market, liquidity, operational, legal, reputational and compliance risks to the bank or lender.(3)Satisfactory CRA Rating Requirement. Any bank or, if applicable, a lender, seeking to engage in insurance sales activities pursuant to 209 CMR 49.00 must have received at least a satisfactory CRA rating at the most recent examination conducted by the Commissioner or other applicable federal bank regulatory agency at the time authority to engage in such activity is sought.(4)Review. Insurance sales activity undertaken by a bank or lender pursuant to 209 CMR 49.00 shall remain subject to periodic review by the Commissioner. The Commissioner may modify, curtail, rescind or otherwise limit the authority of a bank or lender to conduct insurance sales activities pursuant to 209 CMR 49.00 through a formal or informal remedial action if a bank or lender ceases to meet applicable eligibility requirements of 209 CMR 49.04, based upon a report of examination conducted by the Commissioner or other applicable federal bank regulatory agency, or an investigation conducted by the Division of Insurance or based on other reliable information.Amended by Mass Register Issue 1316, eff. 7/1/2016.