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Insurance Sales Disclosures (Part B)

What Insurance Sales Disclosures Are Required?

Before an insurance sale is complete, the bank must provide you with their insurance sales disclosure.

This insurance disclosure may inform you of the following:

• The insurance product or annuity you are purchasing is not insured by the Federal Deposit Insurance Corporation (FDIC), your banking institution, or any affiliates of your bank.
• Your insurance product is not a deposit to, or guaranteed by, your bank or its affiliates.
• Your insurance or annuity may carry investment risk, including the potential loss of value.

Only the applicable disclosures must be made during an insurance sale. For example, flood insurance is covered by the FDIC; therefore it cannot be stated that the product is not insured by a government agency.

The following disclosures must be made in advertisements for product sales and annuities:

• Not a deposit
• Not FDIC insured
• Not guaranteed by a federal government agency
• Not guaranteed by the bank
• May go down in value

What Are the Methods for Insurance Sales Disclosure?

Typically, an insurance sales disclosure must be communicated both verbally and in writing. If a sale is made over the phone, the sales representative may issue an oral disclosure, but must also send a written disclosure in the mail. If the sale is conducted through the mail or Internet, an oral disclosure is not necessary.

What Is a Credit Disclosure?

If your bank offers to sell you an insurance product when applying for credit, the bank must disclose that the extension of credit is not dependant on your insurance purchase. If the insurance is offered after the credit has been approved, no disclosure is necessary. This disclosure is designed to prevent banks and/or their representatives from coercing you into purchasing their insurance products.

Hiring a Massachusetts Insurance Class Action Lawyer

If your bank misrepresented the conditions of your insurance sale, or coerced you into purchasing a product, you should contact an experienced Massachusetts consumer rights lawyer. Your lawyer can help you determine if you have a valid case, and if so, how to proceed with a Massachusetts class action lawsuit. Speak with the experienced attorneys at Phillips & Garcia P.C. to learn more about your insurance sales disclosure case - (877) 892-5620.

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