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Bulletin B-96-1

 

STATE SEAL

 

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.

Joint Bulletin on Insurance Sales in Tennessee