X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OCC Upheld In W.V. Bank Suit

A three-judge panel in Virginia last week became the first federal court to uphold the right of the Office of the Comptroller of the Currency to preempt state law governing bank insurance sales.

The U.S. Court of Appeals for the 4th Circuit in Richmond, Va., ruled 2-1 that the OCC could preempt part of a West Virginia law limiting bank sales of insurance. It dismissed a petition from West Virginia Insurance Commissioner Jane L. Cline to strike down the OCCs preemption of part of a state law that forbids banks from selling insurance to a loan customer until after the loan is approved, and stops banks from sharing client information with their insurance affiliates.

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.