Developments of Note
OCC Seeks Comments on Request to Pre-empt Massachusetts Insurance Sales Law
The OCC is seeking public comment (OCC 00-15) on a request submitted by the Massachusetts Bankers Association (the "Massachusetts Association") for a determination that the Gramm-Leach-Bliley Act of 1999 ("GLB") pre-empts certain provisions of the Massachusetts Bank Insurance Sales Law (the "Insurance Sales Law"). Section 104(d) of GLB pre-empts state laws that "significantly interfere" with the ability of depository institutions to engage in insurance sales, solicitation, or cross-marketing activities; however, GLB preserves certain state laws described in a safe harbor provision. The Massachusetts Association asserts that GLB pre-empts the provisions of the Insurance Sales Law that (i) prohibit non-licensed personnel from initiating insurance referrals except upon an inquiry initiated by the customer, (ii) prohibit non-licensed personnel from receiving any referral compensation, even
