Section 27-58-1. – Short title.

§ 27-58-1. Short title. This act may be cited as the “Financial Institution Insurance Sales Act.” History of Section.P.L. 1996, ch. 325, § 1.

Section 27-58-10. – Confidential customer information.

§ 27-58-10. Confidential customer information. (a) As used in this section, unless the context requires otherwise: (1) “Customer” means a person with an investment, security, deposit, trust, or credit relationship with a financial institution; and (2) “Nonpublic customer information” means information regarding a person that has been derived from a record of a financial institution, […]

Section 27-58-11. – Insurance in connection with a loan.

§ 27-58-11. Insurance in connection with a loan. (a) If insurance is required as a condition of obtaining a loan, the credit and insurance transactions shall be completed independently and through separate documents. (b) A loan for premiums on required insurance shall not be included in the primary credit without the written consent of the […]

Section 27-58-12. – Physical location of insurance activities.

§ 27-58-12. Physical location of insurance activities. The place of solicitation or sale of insurance by any financial institution shall be from an office physically separated from the banking activities of the institution. Physical separation shall not be defined as a separate building. The commissioner shall have the authority to promulgate rules and regulations to […]

Section 27-58-13. – Penalties.

§ 27-58-13. Penalties. Any person who violates the provisions of this chapter, or who fails to perform any duties imposed by this chapter, or who violates any administrative regulation promulgated pursuant to this chapter shall be liable for a civil penalty not to exceed the sum of one hundred dollars ($100) for each day which […]

Section 27-58-2. – Purpose.

§ 27-58-2. Purpose. The purpose of this chapter is to regulate financial institutions in the conduct of the business of insurance in this state. History of Section.P.L. 1996, ch. 325, § 1.

Section 27-58-3. – Definitions.

§ 27-58-3. Definitions. (a) For the purposes of this chapter, “financial institution” includes: (1) A bank, savings bank, or trust company, as defined in title 19, its affiliates or subsidiaries, or any of its officers, agents, representatives, or employees, or any bank, savings bank, or savings and loan association chartered pursuant to federal law and […]

Section 27-58-4. – Authorization for implementing regulations.

§ 27-58-4. Authorization for implementing regulations. The commissioner may promulgate administrative regulations to effectuate the purposes of this chapter and to ensure the safety and soundness of the banking and insurance businesses. History of Section.P.L. 1996, ch. 325, § 1.

Section 27-58-5. – Licensure requirement.

§ 27-58-5. Licensure requirement. Any insurance transaction conducted by a financial institution shall be conducted only by a Rhode Island licensed insurance producer representing a Rhode Island authorized insurer or representing a Rhode Island eligible surplus lines insurer. History of Section.P.L. 1996, ch. 325, § 1.

Section 27-58-6. – Anti-tying provisions.

§ 27-58-6. Anti-tying provisions. (a) No financial institution may offer a banking product or service, or fix or vary the conditions of this offer, on a condition or requirement that the customer obtains insurance from the financial institution, or any particular insurance producer. (b) No person shall require or imply that the purchase of an […]

Section 27-58-7. – Disclosures.

§ 27-58-7. Disclosures. (a) A financial institution shall prominently disclose in writing, in clear and concise language, to the institution’s customers, including in any advertisement or promotional material, pursuant to regulations prescribed by the commissioner, that insurance offered, recommended, sponsored, or sold by the financial institution: (1) Is not a deposit; (2) Is not insured […]

Section 27-58-8. – Sales force.

§ 27-58-8. Sales force. Solicitation for the purchase or sale of insurance by a financial institution shall be conducted only by persons whose responsibilities do not include loan transactions or other transactions involving the extension of credit, or the taking of deposits. For the purposes of this section solicitation does not include signage on the […]

Section 27-58-9. – No discrimination against non-affiliated agents.

§ 27-58-9. No discrimination against non-affiliated agents. No financial institution may: (1) Require as a condition of providing any product or service to any customer, or any renewal of any contract for providing the product or service, that the customer acquire, finance, or negotiate any policy or contract of insurance through a particular insurer, or […]