Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 139 - SALE OF INSURANCE PRODUCTS BY FINANCIAL INSTITUTIONS AND SUPERVISED LENDERS › Section 029-139-IV - REQUIREMENTS AND PROCEDURES FOR SALE OF INSURANCE PRODUCTS BY FINANCIAL INSTITUTIONS AND SUPERVISED LENDERS

Current through 2024-29, July 17, 2024
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. Ifapplicable, 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.