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Bank and Credit Union Insurance Sales

Massachusetts law allows banks, credit unions, and other lenders to sell insurance. This page explains how to apply for a new license, renew an existing license, or update approved insurance sales activities.

Banks, credit unions, and lenders may sell insurance through:

  • Licensed employees
  • A licensed subsidiary or affiliate
  • A licensed third-party producer

All individuals and organizations engaged in insurance sales must hold the required Massachusetts insurance licenses and be identified on the application.

How to Apply

A. Massachusetts Chartered Banks, Credit Unions, and Local Branches

  1. Send one copy of your Plan of Operation for insurance sales in Massachusetts to the Division of Banks for approval. 
  2. After the Division of Banks approves your plan, send your completed application and a copy of the approved plan to the Division of Insurance. 

Submit any requests for a "physical separation waiver" directly to the Division of Banks first. After it is approved, send a copy to the Division of Insurance. 

B. Federally Chartered Institutions and Out-of-State Banks

  1. Send your completed application and Plan of Operation directly to the Division of Insurance. 
  2. Include a statement showing that you have met all federal rules for selling insurance. 

Submit any requests for a "physical separation waiver" directly to the Division of Insurance along with your application.

C. Subsidiaries, Affiliates, Employees, and Third Parties

  • Subsidiaries and Affiliates: These entities must be organized according to state law (M.G.L. c. 175 § 174). They must be independently licensed as insurance producers and listed in the Bank or Credit Union application for a Producer License. 
  • Employees and Third Parties: Any employee or third-party entity selling insurance on behalf of the bank or credit union must be individually licensed and identified in the Bank or Credit Union application for a Producer License.

Forms

Application Fees

A check made payable to the Commonwealth of Massachusetts in the amount of $75 must be enclosed with each application. Please note the fee is non-refundable.

License Term

Licenses are valid for one year. You are responsible for renewing your license every year by the date printed on the license.

How to File

Please mail your completed application, fees, and supporting documents to:

Producer Licensing
Division of Insurance
One Federal Street, Suite 700
Boston, MA 02110

Note: Incomplete applications will not be processed.

Need Help? Contact the Producer Licensing Department at: producerupdate.mailbox@mass.gov. 

Access the Massachusetts Division of Banks Webpage

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