Bank-Insurance Lobbying Group Formed In Massachusetts
The Massachusetts Bankers Association has launched a new group to represent 62 banks statewide that sell insurance products.
The Massachusetts Bank Insurance Association will operate as a separate division of the MBA. It was created in part to help lobby the federal Office of the Comptroller of the Currency to preempt a 1998 Massachusetts law that banks say interferes with their rights to cross-sell insurance products to customers, says Kevin F. Kiley, executive vice president of the MBA.
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.