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Can you summarize WVCS 106-02?
Banking > The Sale Of Insurance Products By State-Chartered Banks
Short Summary
This legal document, part of the West Virginia Code of State Rules, governs the sale of insurance products by state-chartered banks. It outlines the requirements and procedures that state-chartered banks must follow when engaging in the sale of insurance products. State-chartered banks are required to provide the Commissioner of Banking with a thirty-day written notice before engaging in the sale of insurance products. The Commissioner has the authority to object to the proposed sale if it is deemed contrary to the safety and soundness of the bank. If no objection is raised within the thirty-day period, the bank may proceed with the sale. The document also mandates that state-chartered banks adhere to federal guidelines regarding the sale of non-federally insured insurance products and comply with the requirements imposed by the West Virginia Commissioner of Insurance. Additionally, state-chartered banks must establish written policies governing the use and sharing of customer information in accordance with applicable state and federal laws. The document does not specify any penalties for non-compliance.
Whom does it apply to?
State-chartered banks
What does it govern?
Sale of insurance products by state-chartered banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
West Virginia