§6712 Insurance underwriting in national banks

Summary

National banks and their subsidiaries must not act as the main seller of insurance in any State, unless allowed under section 6713. A product counts as allowed if, on January 1, 1999, the Comptroller of the Currency had put in writing that banks could sell it as the main provider or banks were already lawfully doing so, no court had finally overturned that Comptroller decision, and the product is not title insurance or an annuity whose income is taxed under section 72 of title 26. The law defines "insurance" to mean: (1) any product that was treated as insurance under the State’s insurance law on January 1, 1999 in the State where it is sold; (2) products first offered after January 1, 1999 that a State insurance regulator says are insurance because they cover liability, life, health, or property loss (covering many types like surety, life, health, title, and property/casualty), unless the product is a bank deposit, loan, trust service, a certain qualified financial contract, or a financial guaranty, except for products with an insurance component meeting specific tax tests in sections 7702, 831, and 832(b)(5) of title 26; and (3) any annuity taxed under section 72 of title 26. Selling or reinsuring insurance from outside the United States that covers policies in a State counts as selling insurance in that State.