The Notice of Public Hearing was issued on September 9, 2014
On October 16, 2014 the Division of Insurance will hold a public hearing in order to receive oral and written comments regarding the proposed amendments to 211 CMR 142.00 entitled “Insurance Sales by Banks and Credit Unions.” According to the DOI, the proposed amendments will seek to implement the provisions of a waiver which had been issued by the Commissioner of Banks and the Commissioner of Insurance pursuant to Section 9 of Chapter 423 of the Acts of 2008. More specifically:
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.
How to participate in the hearing
For those interested in giving either oral or written testimony, a Notice of Intent to Comment must be filed with the Division of Insurance’s Docket Clerk, no later than Monday October 13, 2014. Any person who does not file a notice will not be heard during the hearing until after those who have notified the DOI. For those looking to submit written testimony, written comments will be accepted until the record of the proceeding is closed at 5:00PM on Thursday, October 23, 2014. As always, submissions should be forwarded to the attention of the Docket Clerk, Hearings and Appeals, Division of Insurance, 1000 Washington Street, 8th Floor, Boston, Massachusetts 0218-6200. Make sure to identify all dockets include the reference to Docket No. G2014-06.
A redlined copy of the proposed 211 CMR 142.00 may be viewed here: Proposed amendments “Insurance Sales by Banks and Credit Unions.”
