Section 384:16-b Service Corporations.
I. Any state-chartered bank or association may directly or indirectly engage in, or otherwise organize, invest in or loan funds to, any corporation or other type of company formed to engage in, any activity that is financial in nature or incidental to such financial activity authorized under the federal Gramm-Leach-Bliley Act to the same extent and in the same manner as permitted for a national bank under the Act and any activity that is complementary to a financial activity that is authorized by federal regulatory authorities under the federal Gramm-Leach-Bliley Act. Any activity that is financial in nature or incidental or complementary thereto which is treated as insurance under the laws or regulations of this state shall be subject to regulation by the insurance commissioner. Any bank or association seeking to engage in any such insurance activity shall give prior written notice to the insurance commissioner and shall comply with all applicable insurance laws and regulations.
II. [Repealed.]
III. The provisions of this section shall not be construed to prevent such bank, banking association, or subsidiary from conducting insurance activities pursuant to RSA 406-C and rules adopted under RSA 406-C, as permitted in RSA 394-A:9. An affiliate of any bank or banking association shall be bound by the provisions of RSA 406-C, with respect to sales of insurance in this state which are recommended or sponsored by a depository financial institution or sold on the premises of a depository financial institution.
Source. 1965, 92:1. 1971, 411:1. 1973, 444:1. 1997, 223:1. 2000, 236:5, 10, eff. July 31, 2000; 313:10, eff. Aug. 20, 2000.