§412:5-205.6 Requirements of banks engaging in insurance activities. (a) Pursuant to section 412:5-205.5 a bank may engage in insurance underwriting if the following requirements are met:
(b) Pursuant to section 412:5-205.5, a bank may engage in insurance sales through an independent insurance producer or a producer under contract. In addition, a bank may engage in insurance sales pursuant to section 412:5-205.5, either directly in any department or division of the bank or through a subsidiary or affiliate of the bank, subject to chapter 431.
(c) Upon receipt of the commissioner's approval under section 412:5-205.5, the bank or its subsidiary or affiliate shall obtain any necessary approvals from the insurance commissioner required under chapter 431 and any insurance administrative rules adopted under chapter 431 or the applicable insurance and banking laws of any jurisdiction other than this State in which the bank will be conducting its insurance and annuity activities. [L 1996, c 225, pt of §1; am L 2001, c 49, §1; am L 2003, c 212, §9]