NOTICE OF PUBLIC HEARING

DOCKET NO. G2014-06

PROPOSED AMENDMENTS TO 211 CMR 142.00
INSURANCE SALES BY BANKS AND CREDIT UNIONS


Pursuant to Massachusetts General Laws Chapter (“Chapter”) 30A and the authority granted to the Commissioner of Insurance under Chapter 175 and Chapter 423 of the Acts of 2008, a hearing will be held at the offices of the Division of Insurance, 1000 Washington Street, 1st Floor, Boston, Massachusetts 02118-6200 on Thursday, October 16, 2014 at 10:00 a.m.  The purpose of this hearing is to afford all interested persons an opportunity to provide oral and written comments regarding the proposed amendments to 211 CMR 142.00 pdf format of 211-142-redlined.pdf
et seq. entitled “Insurance Sales by Banks and Credit Unions.”  211 CMR 142.00 et seq. sets forth rules and procedural requirements that the Commissioner of Insurance deems necessary to carry out the provisions of Chapter 175, §209.

The proposed amendments to 211 CMR 142.00 et seq. will implement the provisions of the waiver issued by the Commissioner of Banks and the Commissioner of Insurance pursuant to Section 9 of Chapter 423 of the Acts of 2008 (the “Waiver”).  Through the Waiver, which became effective October 30, 2009, the Commissioner of Banks and the Commissioner of Insurance determined it necessary to waive certain provisions of Chapter 171, § 75B, specifically the “Referral and Referral Fee Prohibition” [Chapter 171, § 75B(b)(2)], the “Separation Restriction” [Chapter 171, § 75B(b)(3)] and the “Waiting Period Restrictions” [Chapter 171, §§ 75B(b)(4)(B) and 75B(b)(4)(C)], as to Massachusetts chartered credit unions and federally chartered credit unions in order to permit such credit unions to engage in the sale, solicitation and negotiation of insurance products in the Commonwealth under similar conditions as those governing federal and state banks, small loan companies, mortgage lenders and mortgage brokers.  Additional proposed amendments to 211 CMR 142.00 et seq. provide general updates to the regulation. 

These proceedings concerning the proposed amendments to 211 CMR 142.00 et seq. are designated Division of Insurance Docket No. G2014-06.  Any person who wishes to provide oral comment concerning the proposed amendments to this regulation must file a Notice of Intent to Comment with the Docket Clerk no later than Monday, October 13, 2014.  Persons who do not file such Notice will be heard after those who notify the Division.  Persons wishing to submit written comments may do so until the record of this proceeding is closed at 5:00 p.m. on Thursday, October 23, 2014.  All submissions must be forwarded to the Docket Clerk, Hearings and Appeals, Division of Insurance, 1000 Washington Street, 8th Floor, Boston, Massachusetts 02118-6200 and must refer to Docket No. G2014-06.

Copies of the proposed amendments to 211 CMR 142.00, et seq. are available from the Division of Insurance and the proposed amendments may be accessed at the Division of Insurance website www.ma.gov/doi.

 

 

Dated:  September 9, 2014                            __________________________________   

                                                                                    Joseph G. Murphy

                                                                                   Commissioner of Insurance