Agent Groups Challenge OCC Stance in West Virginia
Two insurance agent groups have filed a lawsuit against the Office of the Comptroller of the Currency seeking to nullify an OCC determination that four provisions of a West Virginia law regulating bank insurance activities should be preempted.
The Independent Insurance Agents of America and National Association of Professional Insurance Agents, both of Alexandria, Va., charge that the OCCs determination exceeds its statutory authority.
The Falls Church, Va.-based National Association of Insurance and Financial Advisors decided not to participate in a legal challenge to the OCCs determination.
The agent groups charge that the OCC, which based its determination on the Gramm-Leach-Bliley Financial Modernization Act, misinterpreted the law.
The lawsuit was filed on Nov. 13 in the United States District Court for the District of Columbia.