211 CMR, § 142.03
The following terms shall have the corresponding meanings unless the context requires otherwise:
Affiliate. An affiliate of a Bank as defined by M.G.L. c. 167A, § 1, or a credit union service organization as established pursuant to 12 U.S.C. § 1786a(e)(1) or by M.G.L. c. 171, § 6A.
Application. An application by a Bank to transact insurance sales activities submitted to the Division of Insurance under M.G.L. c. 175, § 209.
Bank. A State Bank or State-chartered Credit Union, Lender, Federal Bank or Federal Credit Union which is subject to M.G.L. c. 175, § 209.
Bank Premises. A main office or branch office(s) of a Bank established under state or federal law or any other Bank office, including a loan production office, in which consumer deposit or credit transactions may be effected. Bank Premises also shall include the offices of Lenders. Electronic branches established under M.G.L. c. 167B are not defined as Bank premises and are not authorized locations for insurance sales activities.
Commissioner. The Commissioner of Insurance, including the Division of Insurance of the Department of Banking and Insurance established under M.G.L. c. 26, § 1.
Commissioner of Banks. The Commissioner of Banks, including the Division of Banks of the Department of Banking and Insurance established under M.G.L. c. 26, § 1.
Division. Division of Insurance of the Department of Banking and Insurance established under M.G.L. c. 26, § 1.
Division of Banks. The Division of Banks of the Department of Banking and Insurance established under M.G.L. c. 26, § 1.
Federal Bank. A bank chartered by the United States subject to supervision and examination by the Office of the Comptroller of the Currency, or the Office of Thrift Supervision, or any such successor Federal Bank Regulatory Agency. Federal Bank also shall include an affiliate, subsidiary corporation or third party vendor engaged in insurance sales activities on behalf of, or under contract with, a Federal Bank.
Federal Bank Regulatory Agency. The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, or any other applicable Federal Bank regulatory agency.
Federal Conditions Governing the Sale of Insurance. The conditions established by the Comptroller of the Currency, the National Credit Union Administration and other applicable federal regulatory agencies, by guideline or subsequent regulation, governing the sale of insurance products. Federal Conditions Governing the Sale of Insurance shall also include conditions prescribed by the Federal Bank Regulatory Agencies' Interagency Statement on Retail Sales of Mutual Funds and other Non-deposit Investment Products, to the extent applicable.
Federal Credit Union. A credit union organized under the provisions of the Federal Credit Union Act and subject to supervision and examination by the National Credit Union Administration or any successor federal regulatory agency. Federal Credit Union also shall include an affiliate or third party vendor engaged in insurance sales activities on behalf of, or under contract with, a Federal Credit Union.
Insurance Sales Activities. Negotiating, soliciting or selling insurance products in Massachusetts, as those terms are defined in M.G.L. c. 175, § 162H.
Interagency Agreement. The Interagency Agreement Relative to Bank Insurance Sales Consumer Complaint Resolution Procedures entered into by the Commissioner and the Commissioner of Banks pursuant to M.G.L. c. 175, § 210; M.G.L. c. 167F, § 2A(b)(9); St. 1998, c. 129, § 11; M.G.L. c. 171, § 75B(b)(9); and St. 2002, c. 454, § 6.
Lender. A small loan company licensed pursuant to M.G.L. c. 140, § 96; a mortgage lender and a mortgage broker licensed pursuant to M.G.L. c. 255E; and a mortgagee subject to the provisions of M.G.L. c. 183, § 68. Lender also shall include an affiliate, subsidiary corporation or third party vendor engaged in insurance sales activities on behalf of, or under contract with, a Lender.
Office of Consumer Affairs. The Office of Consumer Affairs and Business Regulation established under M.G.L. c. 24A, § 1.
St. 1998, c. 129. Chapter 129 of the Acts of 1998.
St. 2002, c. 454. Chapter 454 of the Acts of 2002.
St. 2008, c. 423. Chapter 423 of the Acts of 2008.
State Bank. A state-chartered savings bank, co-operative bank, or trust company or any other bank charter form hereinafter established under the General Laws. State Bank shall include a Massachusetts branch of an out-of-state bank, as defined by M.G.L. c. 167, § 1, provided, however, that the laws of such bank's chartering State authorize a bank to engage in insurance sales activities. State Bank also shall include an affiliate, subsidiary corporation or third party vendor engaged in insurance sales activities on behalf of, or under contract with, a State Bank.
State-chartered Credit Union. A corporation as defined in M.G.L. c. 171, § 1. State-chartered Credit Union also shall include an affiliate or third party vendor engaged in insurance sales activities on behalf of, or under contract with, a State-chartered Credit Union.
211 CMR, § 142.03