A.
Signage. A
financial institution or supervised lender, or an
affiliate
of either, which sells, markets or promotes insurance products within the
retail area of the financial institution or supervised lender must utilize
signs which are clearly visible to its customers that distinguish insurance
products from non-insurance products, and which identify insurance agencies,
producers and consultants who are affiliated with the institution and who are
providing insurance products within the retail area.
To aid customers in distinguishing between insurance products
and non-insurance products, conspicuous signs must be posted in areas where
insurance is sold. If applicable, the signs must clarify that insurance sold is
not a deposit or obligation of the financial institution or supervised lender;
is not guaranteed by the financial institution or supervised lender; and is not
insured by the Federal Deposit Insurance Corporation (FDIC), the National
Credit Union Administration (NCUA), or their successors.
B.
Physical location. The space
utilized by the
insurance agency, producer or consultant must be separated, to
the extent practicable, from the retail area of the
financial institution or
supervised lender in such a manner as to prevent confusion in the public's
mind.
When certain considerations, such as the staffing level, size
or design of a particular facility of a financial institution or supervised
lender, prevent sales from being conducted in a location distinct from the
retail area, the financial institution, supervised lender, or an affiliate of
either, shall make every reasonable effort to minimize customer confusion
through an appropriate combination of signage, disclosure, and physical
location within the retail area. In no event, however, may the sale of
insurance products be conducted at the retail deposit-taking stations of a
financial institution (the "teller line" or "teller window").
C.
Identification and role of
personnel. To aid in distinguishing between insurance and non-insurance
products, financial institutions, supervised lenders, and their affiliates
shall develop written policies consistent with the purposes of this rule
specifying who may sell and recommend insurance products and how individuals
selling and recommending insurance products identify themselves and their sales
roles.
The involvement of personnel staffing the retail
deposit-taking stations of financial institutions and other individuals not
licensed to sell insurance products should be limited to providing
informational materials or directing customers to licensed personnel who can
provide information. Such employees may identify the availability and location
of informational material or brochures, and may provide telephone numbers or
other information to assist customers in contacting a licensed agency,
producer, or consultant.
The financial institution, supervised lender, or an affiliate
of either shall utilize signs clearly visible to customers that adequately
identify those insurance agencies, producers and consultants affiliated with
the financial institution or supervised lender, as discussed in Section
IV(A) of this
rule.
