BANKS AS INSURANCE AGENTS 
BX an amendment to the Federal Reserve Act 
national banks located in any place the population 
of which does not exceed 5,000 (last decennial census) 
may act as the agents for fire insurance, life insurance, or 
other insurance companies, under the following pro- 
visions: 
(a) The insurance company for which the bank acts must be 
authorized by state authorities to do business in the state 
in which the bank is located. 
(b) The bank’s activities as insurance agent are restricted to 
the soliciting and selling of insurance and collection of 
premiums. 
(¢) The bank may receive such lawful fees as are agreed upon 
between itself and the insurance company. 
(d) The bank must not assume or guarantee the payment of 
any payment on insurance policies. 
(e) The bank must not guarantee the truth of any statement 
made by the person who is insured. 
In pursuance of the powers conferred upon him by law 
the Comptroller has prescribed a set of regulations for 
national banks which act as insurance agents, which are 
furnished upon request. No national bank can act as an 
insurance agent if the laws of the state in which it is lo- 
cated will not permit any bank to so act, nor unless it 
conducts its business under the rules that are prescribed 
by the Comptroller. 
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