Hearing Scheduled for September 19, 2005
In accordance with the provisions of Massachusetts General Laws chapter 30A, a public hearing will be held on Monday, September 19, 2005 at 10:30 a.m., One South Station, Hearing Room A on the Fifth Floor, Boston, Massachusetts, at which oral comments will be received by the Division of Banks and the Division of Insurance relative to the adoption of proposed amendments to 209 CMR 49.00 and 211 CMR 142.00, each titled "INSURANCE SALES BY BANKS AND CREDIT UNIONS". The purpose of the proposed amendments is to bring certain provisions of each regulation into alignment with provisions of federal law governing the sale of insurance by banks in the Commonwealth so that federal and state-chartered banks are subject to the same requirements in these areas. The proposed amendments relate to the payment of referral fees; referral restrictions; physical space restrictions for banking and insurance sales activities; and waiting period restrictions in connection with credit transactions. Additional changes may be made based on comments received at the public hearing or during the comment period.
Written comments may be submitted to the Divisions on the proposed amendments until 5:00 p.m. on September 26, 2005. All submissions must refer to Docket #G2005-05: Amendments to 211 CMR 142.00 and 209 CMR 49.00 "Insurance Sales by Banks and Credit Unions" and must be sent to Docket Clerk, Division of Insurance, and to the Division of Banks, both of which are at One South Station, Boston, MA 02110-2208. Copies of the proposed amendments are available at, and copies may be obtained from, the Massachusetts Division of Banks or the Division of Insurance, One South Station, Boston, Massachusetts 02110 or at www.state.ma.us/dob/ or www.state.ma.us/doi/.