Current through Register Vol. XLI, No. 52, December 27, 2024
Section 106-2-2 - Notice and Conduct of Insurance Activities2.1. Notice-- State-chartered banks shall first give the Commissioner of Banking thirty day written notice of their intent to engage in the sale of insurance products. Before the expiration of the thirty-day period, the Commissioner may object to the proposed sale of insurance products if he or she finds, based upon existing information known to the Commissioner or following an investigation conducted under subsection 3.1 of this rule, that the proposed activity would be contrary to the safety and soundness of the bank. If the Commissioner takes no action to prevent the bank from proceeding with the activity within the thirty-day period, the bank may sell the insurance products. The Commissioner, in his or her discretion, at any time prior to the end of the thirty-day period, may signify his or her non-objection to the sales, and the bank may proceed upon that assent. The notice and assent may apply to all products considered insurance under the laws of this state, unless otherwise limited by the Commissioner.2.2. Federal Guidelines on Noninsured Products-- State-chartered banks shall adhere to all federal rules, regulations and general policies and guidelines regarding the sale of non-federally insured insurance products by or at their banks, including those relating to the clear disclosure that those insurance products are not insured by the Federal Deposit Insurance Corporation.2.3. Insurance Commissioner Jurisdiction-- State- chartered banks shall adhere to any and all requirements imposed by the West Virginia Commissioner of Insurance as to the sale of insurance products, the distribution of fees associated with insurance and annuity sales, and as to the licensing of agents for insurance sales, to the same extent those requirements are applied to other corporations and national banks.2.4. Sharing of Customer Information-- State- chartered banks shall establish and adhere to written policies governing the use and sharing of their bank customer information in conformity with applicable state law. Unless contrary to applicable state laws, these policies shall conform to federal rules and guidelines involving the sale of non-deposit investment or insurance products.