12 C.F.R. § 7.1001
National bank acting as general insurance agent
Pursuant to 12 U.S.C. 92, a national bank may act as an agent for any fire, life, or other insurance company in any place the population of which does not exceed 5,000 inhabitants. This section is applicable to any office of a national bank when the office is located in a community having a population of less than 5,000, even though the principal office of such bank is located in a community whose population exceeds 5,000.
Notes of Decisions
Cited in 2
cases, 1999–2006 · leading case: Wachovia Bank, Nat'l Ass'n v. Schmidt, 546 U.S. 303 (2006).
Wachovia Bank, Nat'l Ass'n v. Schmidt, 546 U.S. 303 (2006). “§92 (permitting national bank to act as insurance agent in certain circumstances when bank is “located and doing business in any place the population of which does not exceed five thousand inhabitants”) (construed in 12 CFR §7.”
Valley Nat'l Bank v. Lavecchia, 59 F. Supp. 2d 432 (D.N.J. 1999). “Acting pursuant to this Congressional authorization, the OCC has promulgated 12 C.F.R. § 7.1001 , which instructs that: Pursuant to 12 U.”
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