New Hampshire Code of Administrative Rules
Ins - Commissioner, Insurance Department
Chapter Ins 3200 - SALES OF INSURANCE BY FINANCIAL INSTITUTIONS
Part Ins 3204 - CONSUMER PROTECTION
Section Ins 3204.03 - Disclosures When Insurance is Required as a Condition of Obtaining a Loan
Universal Citation: NH Admin Rules Ins 3204.03
Current through Register No. 40, October 3, 2024
(a) When a financial institution requires a customer to obtain insurance in connection with a loan the financial institution may inform customers that insurance is available from the financial institution, its subsidiary or an affiliate.
(b) To avoid the impression that a connection exists between the financial institution's credit decision and the customer's choice of insurance seller, when insurance is available through the financial institution, a customer applying for a loan or an extension of credit shall be informed by the financial institution that:
(1) The customer shall not be required to
purchase insurance from the financial institution, a subsidiary or an
affiliate; and,
(2) The purchase of
insurance from an agent of the customer's choice shall not affect current or
future credit decisions.
#7064, eff 7-24-99
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