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Friday, February 15, 2013

OCC Seeks OMB Approval of Existing Bank Insurance Sales Disclosures

Included in today's Federal Register is a proposal by the Office of the Comptroller of the Currency (OCC) to extend "without revision" the current bank insurance sales disclosure rules. The extension requires approval by the Office of Management and Budget (OMB). The requirements include that institutions involved in insurance sales provide consumers with two disclosures, both orally and written: “Certain insurance disclosures to consumers before the completion of the initial sale of an insurance product or annuity to the consumer; and certain credit disclosures at the time of the consumer’s application for the extension of credit (if insurance products or annuities are sold, solicited, advertised, or offered in connection with an extension of credit).” OCC estimates 812 companies must provide the disclosures. Comments are due April 16, 2013.