12 U.S.C. § 92

Acting as insurance agent or broker

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In addition to the powers now vested by law in national banking associations organized under the laws of the United States any such association located and doing business in any place the population of which does not exceed five thousand inhabitants, as shown by the last preceding decennial census, may, under such rules and regulations as may be prescribed by the Comptroller of the Currency, act as the agent for any fire, life, or other insurance company authorized by the authorities of the State in which said bank is located to do business in said State, by soliciting and selling insurance and collecting premiums on policies issued by such company; and may receive for services so rendered such fees or commissions as may be agreed upon between the said association and the insurance company for which it may act as agent: Provided, however, That no such bank shall in any case assume or guarantee the payment of any premium on insurance policies issued through its agency by its principal: And provided further, That the bank shall not guarantee the truth of any statement made by an assured in filing his application for insurance.

Notes of Decisions

Cited in 87 cases, 1947–2016 · leading case: United States Nat'l Bank v. Indep. Ins. Agents of Am., Inc., 508 U.S. 439 (1993).

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United States Nat'l Bank v. Indep. Ins. Agents of Am., Inc., 508 U.S. 439 (1993). · cites it 7× “See 12 U. S. C. § 92 (1926 ed.); see also United States Code editions of 1934, 1940, and 1946.”

Lebron v. Nat'l R.R. Passenger Corp., 513 U.S. 374 (1995). · cites it 4× “), we upheld the propriety of the Court of Appeals' considering the prior question whether 12 U. S. C. § 92 had been inadvertently repealedeven though the parties themselves had failed to raise that question, not only (as here) in the court below, but even in the initial briefs…”

First Nat'l Bank of Lamarque v. James E. Smith, Comptroller of the Currency, State Ins. Bd. of the State of Texas, 610 F.2d 1258 (1st Cir. 1980). · cites it 9× “This practice, they argued, was in direct conflict with recent constructions of 12 U.S.C. § 92 6 prohibiting the receipt of *1262 insurance commissions by national banks.”

Barnett Bank of Marion Cnty., N. A. v. Nelson, 517 U.S. 25 (1996). · cites it 3× “753 , as amended, 12 U. S. C. § 92 (emphases changed). In 1974 Florida enacted a statute that prohibits certain banks from selling most kinds of insurance.”

Owensboro Nat'l Bank v. Moore, 803 F. Supp. 24 (E.D. Ky. 1992). · cites it 17× “[Record # 1], Specifically, the plaintiffs asked this court to require the Commissioner’s compliance with 12 U.S.C. § 92 , which purportedly permits national banks having an office in towns with less than 5,000 inhabitants to act as insurance agents.”

Nationsbank of North Carolina, N. A. v. Variable Annuity Life Ins., 513 U.S. 251 (1995). · cites it 2× “” 4 Ill A In the alternative, VALIC argues that 12 U. S. C. § 92 (1988 ed., Supp. V) bars NationsBank from selling annuities as agent.”

Wachovia Bank, Nat'l Ass'n v. Schmidt, 546 U.S. 303 (2006). “, §36(j) (defining “branch” to include “any branch place of business located in any State”); §85 (limiting interest rate charged by national bank to “rate allowed by the laws of the State, Territory, or District where the bank is located”) (construed in OCC Interpretive Letter…”

Monroe Retail, Inc. v. RBS Citizens, N.A., 589 F.3d 274 (6th Cir. 2009). · cites it 2× “753 , as amended, 12 U.S.C. § 92 , which provides that certain national banks may sell insurance in small towns).”

Indep. Bankers Ass'n of Am. v. John G. Heimann, Comptroller of the Currency of the United States Dep't of Treasury, 613 F.2d 1164 (D.C. Cir. 1980). · cites it 3× “One statute purportedly in direct conflict with the challenged rule is 12 U.S.C. § 92 (1976). This legislation authorizes national banks in towns of 5,000 inhabitants or less to act as agents for life insurance companies; in appellant’s view its language carries a clear…”

First Nat'l Bank of La Marque v. Smith, 436 F. Supp. 824 (S.D. Tex. 1977). · cites it 12× “” as that phrase is used in 12 U.S.C. § 92 and do not constitute the bank an “insurance agent” as that term is defined in Art.”

Wachovia Bank, Nat'l Ass'n v. Daniel G. Schmidt III Priag LLC Dgs Investments, Inc., 388 F.3d 414 (4th Cir. 2004). · cites it 2× “, 12 U.S.C. § 92 (authorizing any national bank “located and doing business in any place the population of which does not exceed five thousand inhabitants” to operate as an insurance agent (emphasis added)).”

L. Claire Lander, Charles M. Droz, Julian Block, & Zelda Block v. Hartford Life & Annuity Ins. Co. & Hartford Life Ins. Co., 251 F.3d 101 (2d Cir. 2001). “2d 740 (1995) (holding that Comptroller of Currency’s holding that annuities, both fixed and variable, are not insurance within the meaning of 12 U.S.C. § 92 (2000) (a provision allowing banks to sell insurance products in towns with less than 5,000 inhabitants) was a reasonable…”

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