Bank-Insurance Lobbying Group Formed In Massachusetts

The OCC is still considering the associations preemption request, says Kiley.

The new group will also help member banks to train employees in how to sell insurance, says Kiley, and will help educate consumers on the advantages of bank-sold products.

About a third of MBA member banks selling insurance have their own agencies or have allied with outside agencies to help sell insurance products, Kiley reports.

The new insurance group also will ally with a Connecticut-based network that helps financial institutions that dont have their own agencies to sell annuities and investment products, he says. The network, known as Infinex, is based in Farmington.

Reproduced from National Underwriter Life & Health/Financial Services Edition, June 4, 2001. Copyright 2001 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.

Copyright 2001 by The National Underwriter Company. All rights reserved. Contact Webmaster