Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 14 - BANK SALES OF SECURITIES, INSURANCE AND ANNUITIES › Section 14-2 - Definitions

Current through July 13, 2024
(a) As used in this Chapter:
(i)
"Annuity"
is defined in
				W.S.
				26-1-102, and includes any insurance or
				endowment policy or annuity contract under which an insurance company promises
				to pay money either in a lump sum or periodically for life or for some other
				specified period.
(ii)
"Appropriate banking regulatory authority"
means
(A) as to a federally-chartered depository
				institution, the appropriate Federal banking agency as defined in
				12
				U.S.C. 1813(q);
(B) as to an out-of-state bank, the State
				banking supervisor, as defined in
				12
				U.S.C. 1813(r); or
(C) as to banks, the Commissioner.
(iii)
"Bank-related sale of
				insurance"
means and includes the sale of insurance or annuities by a
				covered agent occurring on or from bank premises, or any sale solicited on or
				from bank premises, or any sale resulting from referral of a bank customer for
				which the bank or a bank employee receives a benefit or compensation;
(iv)
"Bank-related sale of
				securities"
means and includes the sale of any security directly by a
				bank employee, or by a dual employee, occurring on bank premises, or any sale
				solicited by mail from bank premises, or any sale resulting from referral of a
				bank customer for which the bank or a bank employee receives a benefit or
				compensation;
(v)
"Bank
				insurance agent"
means a bank employee who is a properly licensed agent
				qualified to sell insurance in Wyoming and who sells insurance or annuities on
				or from bank premises on behalf of a bank serving as an insurance
				agent.
(vi)
"Broker"
means a person or entity registered, licensed and qualified under the laws of
				the United States and of the State of Wyoming, and the regulations of the
				appropriate federal and state regulatory agencies, to act as a broker or a
				broker-dealer in the purchase and sale of securities;
(vii)
"Brokerage service"
means
				providing investment advice and executing customer purchase and sale orders for
				securities, without recourse, solely upon the order of the customer and for the
				customers account;
(viii)
"Contract agent"
means a person properly licensed and qualified to
				sell insurance and annuities in Wyoming that has entered into an agreement with
				a bank to sell insurance and/or annuities to bank customers on or from bank
				premises.
(ix)
"Covered
				agent"
means a bank serving as an insurance agent, a bank insurance
				agent, a shared employee or a contract agent.
(x)
"Dual employee"
means a
				person who engages in activities or performs services for customers for both a
				bank and a broker;
(xi)
"Insurance"
is defined in W.S. W.S.
				W.S.
				26-1-102.
(xii)
"Insurance Agent"
means a
				person registered, licensed and qualified under the Wyoming Insurance Code, and
				the regulations of the appropriate state regulatory agencies, to act as an
				agent in the sale of insurance and/or annuities;
(xiii)
"Insurance laws"
means
				the Wyoming Insurance Code, the Rules and Regulations of the Insurance
				Commissioner, and all other applicable state and federal laws, rules and
				regulations.
(xiv)
"Insurer"
is defined in W.S. W.S.
				W.S.
				26-1-102 and includes a provider or other
				underwriter of insurance and/or annuities and excludes bank insurance
				agents.
(xv)
"Insurance
				Commissioner"
means the insurance commissioner appointed pursuant to
				W.S. W.S.
				26-2-102(b) to serve as the
				chief officer of the state department of insurance, as created and existing
				under W.S. W.S.
				W.S.
				26-2-101.
(xvi)
"Rules of Fair Practice"
means the Rules of Fair Practice of the National Association of Securities
				Dealers, Inc.
(xvii)
"Securities"
means and includes any mutual fund or other debt or
				equity instrument qualified for issuance and sale under the securities laws of
				the United States and the State of Wyoming, and authorized for purchase and
				sale for customer accounts by the appropriate banking regulatory
				authority.
(xviii)
"Shared
				employee"
means a bank employee who is also an insurance agent engaged
				by a contract agent to make bank-related sales of insurance to bank
				customers.