Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 142.00 - Insurance sales by banks, credit unions and lenders
Section 142.09 - Consumer Complaint Processing

Universal Citation: 211 MA Code of Regs 211.142

Current through Register 1531, September 27, 2024

(1) A Bank engaged in insurance sales activities, as an insurance producer, shall forthwith forward copies of all Massachusetts consumer complaints relative to such activities to the Office of Consumer Affairs. Said Office shall cause a record of all such complaints received to be maintained and shall, depending upon the nature of the complaint, refer any such complaint for resolution to the Division or the Division of Banks.

(2) The processing and resolution of consumer complaints under 211 CMR 142.09 shall be governed by the Interagency Agreement, and any amendments thereto.

(3) A Bank shall take reasonable steps to investigate all consumer complaints and shall make a good faith effort to resolve such consumer complaints in a timely manner.

(4) Nothing in 211 CMR 142.09(1) shall prohibit a consumer from filing a separate individual complaint directly with the Office of Consumer Affairs, the Division or the Division of Banks. Such complaints shall be processed pursuant to the Interagency Agreement.

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