021-14 Wyo. Code R. § 14-3

Current through April 27, 2019

Section 14-3 - Authorization to Provide Brokerage Services, Sell Insurance, or Sell Annuities

(a) A bank is authorized to provide brokerage services to its customers, on bank premises, subject to full compliance with all state and federal laws, rules, regulations and regulatory conditions applicable to the bank-related sale of securities.

(b) Brokerage services may be provided directly by the bank through the employees of the bank or under a contract for services with a broker.

(c) A bank is authorized to act as an agent for any fire, life or other insurance company, subject to full compliance with all state and federal laws, rules and regulations applicable to a bank-related sale of insurance.

(d) A bank is authorized to sell annuities, subject to full compliance with all state and federal law, rules and regulations applicable to a bank-related sale of insurance.

(e) A bank may make bank-related sales of insurance but only through the services of a covered agent.

(f) All bank-related sales of insurance and annuities shall be in accordance with the insurance laws applicable to bank-related sales of insurance.

(g) Before engaging in bank-related sales of insurance, a bank must file with the Commissioner a notice that

• (i) states the banks intent to engage in such services,

• (ii) indicates whether such services will be provided by the bank serving as an insurance agent, by a bank insurance agent, by a shared employee or by a contract agent, and

• (iii) provides such additional information as the Commissioner may request.

(h) A bank shall not be an insurer and shall not underwrite insurance products or pay insurance claims.

021-14 Wyo. Code R. § 14-3