Change in Effective Date of Insurance Consumer Protection Rules
The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision have jointly determined to extend the effective date of consumer protection rules for the sale of insurance products by banks. The final rules were published in the Federal Register on December 4, 2000, as Part 343 of the FDIC's rules and regulations - "Consumer Protection in Sales of Insurance" (see FIL-84-2000).
As stated in the attached Federal Register notice, the new effective date will be October 1, 2001, rather than the original effective date of April 1, 2001. No other provisions of the rules have changed.
For more information, please contact your FDIC regional office.