Massachusetts Ruling Eases Insurance Sales By Banks
Massachusetts bankers are still awaiting word from state insurance regulators on whether they will appeal a recent federal district court ruling, which, if left unchallenged, could bring an end to state regulatory efforts to impose limits on bank sales of insurance.
The Boston-based federal district court issued a declaratory judgment Jan. 12 in favor of banks wanting to engage in insurance sales.
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The ruling caps a long battle pitting state insurance regulators against the federal regulatory authorities and banks who have been seeking to end some restrictions on banks selling insurance.
A spokesperson for Massachusetts insurance regulators said they were reviewing their options.
“Todays decision brings Massachusetts in line with most of the states throughout the nation,” said Daniel J. Forte, president and CEO of the Massachusetts Bankers Association.