§ 27-1-38-9 — Required disclosures before sale of insurance

(a) This section applies as follows:
(1) To an affiliate of a depository institution only to the extent that
the affiliate sells, solicits, advertises, or offers insurance at the
office of a depository institution or on behalf of a depository
institution.
(2) To the:
(A) sale of;
(B) solicitation for; or
(C) application for;
insurance by an individual primarily for personal, family, or
household purposes and only to the extent that a disclosure is
accurate.
(b) A depository institution or an affiliate of a depository institution
that solicits, sells, advertises, or offers insurance, and a person that
sells, solicits, advertises, or offers insurance on behalf of a depository
institution, shall disclose to a customer, in writing where practicable,
in a clear and conspicuous manner, and before a sale of insurance, that
the insurance:
(1) is not a deposit;
(2) is not insured by the Federal Deposit Insurance Corporation
or another federal government agency;
(3) is not guaranteed by the depository institution, the affiliate of
a depository institution, or the person that sells, solicits,
advertises, or offers insurance on behalf of a depository
institution; and
(4) involves investment risk including possible loss of value, if
appropriate.

Legislative History

As added by P.L.130-2002, SEC.2.