BANKRUPTCY: Background: B LILS #7 Bankruptcy & Federal bankruptcy law permits individuals, when filing for bankruptcy, to Creditors INSURANCE EXEMPTION elect either the federal or the state exemptions (amounts of money, insurance proceeds, and items of personal property that are exempt from the claims of creditors). Insurance policy proceeds and cash values are generally larger under the state exemptions. Position: any proposal that would reduce the amount of insurance proceeds Oppose exempt from the claims of creditors. Web Keywords: B ADVANCE BANKS: GLBA: Position: SAFE HARBORS Support faithful adoption (i.e., no changes) of the NAIC Amendments to the UTPA relating to GLBA Safe Harbors for bank sales of insurance consumer Banks: Insurance protection laws. The federal Gramm Leach Bliley Act (GLBA) includes 13 Powers provisions insulating state consumer protection laws “Safe Harbor” addressing bank sales of insurance from federal regulatory preemption. The Unfair Trade NAIC developed amendments to the model Unfair Trade Practices Acts to Practices: Generally incorporate 11 of the federal provisions in a uniform manner for states to adopt (two provisions related to Privacy were not included in deference to their being addressed by the NAIC Privacy Model Regulation). If information is available mention if follow or deviates Compliance Notes: from the model. Web Keywords: bank distribution of insurance, unfair trade practices BANKS: Position: B Annuity (Lewis); INSURANCE Monitor bills that would permit state-chartered financial institutions to sell insurance products, including annuities. Look for bills that would give state Market Conduct POWERS banks the same powers as national banks ("parity laws"), which would in (Auerbach) effect allow state banks to sell annuities, since national banks are currently authorized to do so. Oppose legislation that would allow banks to underwrite insurance products. Compliance Notes: Include in summary whether provisions follow Model with respect to Agents’ whether a seller of insurance has to be registered as an agent; and whether there is a separate area required for the transaction of insurance business. Advance if it contains restrictions; do not advance if law merely authorizes banks to sell. Web Keywords: bank distribution of insurance CAMPAIGN Position: AB DO NOT ADVANCE FINANCE Monitor restrictions on corporate giving.
BANKRUPTCY: INSURANCE EXEMPTION Background: Federal bankruptcy law permits individuals, when filing for bankruptcy, to elect either the federal or the state exemptions (amounts of money, insurance proceeds, and items of personal property that are exempt from the claims of creditors). Insurance policy proceeds and cash values are generally larger under the state exemptions. Position: Oppose any proposal that would reduce the amount of insurance proceeds exempt from the claims of creditors. Web Keywords: B LILS #7 Bankruptcy & Creditors BANKS: GLBA: SAFE HARBORS Banks: Insurance Powers Unfair Trade Practices: Generally Position: Support faithful adoption (i.e., no changes) of the NAIC Amendments to the UTPA relating to GLBA Safe Harbors for bank sales of insurance consumer protection laws. The federal Gramm Leach Bliley Act (GLBA) includes 13 “Safe Harbor” provisions insulating state consumer protection laws addressing bank sales of insurance from federal regulatory preemption. The NAIC developed amendments to the model Unfair Trade Practices Acts to incorporate 11 of the federal provisions in a uniform manner for states to adopt (two provisions related to Privacy were not included in deference to their being addressed by the NAIC Privacy Model Regulation). Compliance Notes: If information is available mention if follow or deviates from the model. Web Keywords: bank distribution of insurance, unfair trade practices B ADVANCE BANKS: INSURANCE POWERS Position: Monitor bills that would permit state-chartered financial institutions to sell insurance products, including annuities. Look for bills that would give state banks the same powers as national banks ("parity laws"), which would in effect allow state banks to sell annuities, since national banks are currently authorized to do so. Oppose legislation that would allow banks to underwrite insurance products. Compliance Notes: Include in summary whether provisions follow Agents’ Model with respect to whether a seller of insurance has to be registered as an agent; and whether there is a separate area required for the transaction of insurance business. Advance if it contains restrictions; do not advance if law merely authorizes banks to sell. Web Keywords: bank distribution of insurance B Annuity (Lewis); Market Conduct (Auerbach) CAMPAIGN FINANCE Position: Monitor restrictions on corporate giving. AB DO NOT ADVANCE