Amendments Make It Easier for Banks to Offer Insurance
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| Boston-based Eastern Bank is among the financial institutions pleased with recent regulatory changes that make it easier for state-chartered banks to offer insurance products. |
By Andrea Gregory
The rules have changed, making it easier for banks to sell insurance. A series of amendments went into place on April 21, putting a final end to an argument by local bankers who said a handful of regulations put state-chartered banks at a disadvantage when trying to sell insurance. The changes resulted from a court ruling last year that decreed four provisions of Massachusetts law were preempted by the federal Gramm-Leach-Bliley Act.
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