To: ALL TENNESSEE STATE CHARTERED BANKS
SUBJECT: Bulletin No. B-96-1
Dated June 18, 1996
Bank Insurance Sale in Tennessee
Please find attached a joint Bulletin executed by myself and Commissioner
Sizemore of the Department of Commerce and Insurance recognizing the parity of
State and National banks relative to the sale of insurance products in
Tennessee.
State banks may operate insurance agencies within the bank's own corporate
structure or may do so through separate bank subsidiaries. If the bank itself is
acting as the insurance agency, the Department of Financial Institutions should
be notified that insurance agency operations are being conducted, what lines of
insurance products are being offered, the date the service began, and the name
of the town (population of 5,000 or less) where this activity is headquartered.
If a bank subsidiary is to be organized an application should be filed with the
Department providing the above information. Upon filing the application, a $100
application fee and the appropriate filing fee should be submitted.
