NAIC Joins Suit Against OCC

Tuesday, March 19th, 2002 Litigation

The National Association of Insurance Commissioners will file a supporting brief in the court case challenging the right of the U.S. Office of the Comptroller of the Currency to preempt state laws regulating bank sales of insurance. The decision to submit an NAIC amicus brief in support of the West Virginia suit in U.S. District Court in Washington, D.C. was made during the NAIC's spring meeting here after the OCC moved against another state--in this case Massachusetts--for regulating bank insurance sales. A March 18 OCC bulletin preempting Massachusetts state law found that provisions in the statute "frustrate the ability of national banks to solicit and cross-market products. (See NU's "Hot News" Web site for a related story.)

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http://www.nationalunderwriter.com/pandc/hotnews/ArcPC.asp?article=3_19_02_17_4516.xml

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