Code of Massachusetts Regulations › 211 CMR - DIVISION OF INSURANCE › Title 211 CMR 142.00 - Insurance sales by banks, credit unions and lenders › Section 142.03 - Definitions

Current through Register 1525, July 5, 2024
The following terms shall have the corresponding meanings
				unless the context requires otherwise:
Affiliate
. An affiliate of a Bank as
				defined by M.G.L. c. 167A, § 1, or a credit union service organization as
				established pursuant to 12 U.S.C. § 1786a(e)(1) or by M.G.L. c. 171,
				§ 6A.
Application
. An application by a Bank
				to transact insurance sales activities submitted to the Division of Insurance
				under M.G.L. c. 175, § 209.
Bank
. A State Bank or State-chartered
				Credit Union, Lender, Federal Bank or Federal Credit Union which is subject to
				M.G.L. c. 175, § 209.
Bank Premises
. A main office or branch
				office(s) of a Bank established under state or federal law or any other Bank
				office, including a loan production office, in which consumer deposit or credit
				transactions may be effected.
Bank Premises
also shall
				include the offices of Lenders. Electronic branches established under M.G.L. c.
				167B are not defined as Bank premises and are not authorized locations for
				insurance sales activities.
Commissioner
. The Commissioner of
				Insurance, including the Division of Insurance of the Department of Banking and
				Insurance established under M.G.L. c. 26, § 1.
Commissioner of Banks
. The
				Commissioner of Banks, including the Division of Banks of the Department of
				Banking and Insurance established under M.G.L. c. 26, § 1.
Division
. Division of Insurance of the
				Department of Banking and Insurance established under M.G.L. c. 26, §
				1.
Division of Banks
. The Division of
				Banks of the Department of Banking and Insurance established under M.G.L. c.
				26, § 1.
Federal Bank
. A bank chartered by the
				United States subject to supervision and examination by the Office of the
				Comptroller of the Currency, or the Office of Thrift Supervision, or any such
				successor Federal Bank Regulatory Agency.
Federal Bank
also shall include an affiliate, subsidiary corporation or third party vendor
				engaged in insurance sales activities on behalf of, or under contract with, a
				Federal Bank.
Federal Bank Regulatory Agency
. The
				Federal Deposit Insurance Corporation, the Board of Governors of the Federal
				Reserve System, the Office of the Comptroller of the Currency, the Office of
				Thrift Supervision, or any other applicable Federal Bank regulatory
				agency.
Federal Conditions Governing the Sale of
				Insurance
. The conditions established by the Comptroller of the
				Currency, the National Credit Union Administration and other applicable federal
				regulatory agencies, by guideline or subsequent regulation, governing the sale
				of insurance products.
Federal Conditions Governing the Sale of
				Insurance
shall also include conditions prescribed by the Federal
				Bank Regulatory Agencies' Interagency Statement on Retail Sales of Mutual Funds
				and other Non-deposit Investment Products, to the extent applicable.
Federal Credit Union
. A credit union
				organized under the provisions of the Federal Credit Union Act and subject to
				supervision and examination by the National Credit Union Administration or any
				successor federal regulatory agency.
Federal Credit
				Union
also shall include an affiliate or third party vendor
				engaged in insurance sales activities on behalf of, or under contract with, a
				Federal Credit Union.
Insurance Sales Activities
.
				Negotiating, soliciting or selling insurance products in Massachusetts, as
				those terms are defined in M.G.L. c. 175, § 162H.
Interagency Agreement
. The Interagency
				Agreement Relative to Bank Insurance Sales Consumer Complaint Resolution
				Procedures entered into by the Commissioner and the Commissioner of Banks
				pursuant to M.G.L. c. 175, § 210; M.G.L. c. 167F, § 2A(b)(9); St.
				1998, c. 129, § 11; M.G.L. c. 171, § 75B(b)(9); and St. 2002, c. 454,
				§ 6.
Lender
. A small loan company licensed
				pursuant to M.G.L. c. 140, § 96; a mortgage lender and a mortgage broker
				licensed pursuant to M.G.L. c. 255E; and a mortgagee subject to the provisions
				of M.G.L. c. 183, § 68.
Lender
also shall include
				an affiliate, subsidiary corporation or third party vendor engaged in insurance
				sales activities on behalf of, or under contract with, a Lender.
Office of Consumer Affairs
. The Office
				of Consumer Affairs and Business Regulation established under M.G.L. c. 24A,
				§ 1.
St. 1998, c. 129
. Chapter 129 of the
				Acts of 1998.
St. 2002, c. 454
. Chapter 454 of the
				Acts of 2002.
St. 2008, c. 423
. Chapter 423 of the
				Acts of 2008.
State Bank
. A state-chartered savings
				bank, co-operative bank, or trust company or any other bank charter form
				hereinafter established under the General Laws.
State
				Bank
shall include a Massachusetts branch of an out-of-state bank,
				as defined by M.G.L. c. 167, § 1, provided, however, that the laws of such
				bank's chartering State authorize a bank to engage in insurance sales
				activities.
State Bank
also shall include an
				affiliate, subsidiary corporation or third party vendor engaged in insurance
				sales activities on behalf of, or under contract with, a State Bank.
State-chartered Credit Union
. A
				corporation as defined in M.G.L. c. 171, § 1.
State-chartered
				Credit Union
also shall include an affiliate or third party vendor
				engaged in insurance sales activities on behalf of, or under contract with, a
				State-chartered Credit Union.