Section 760 Of Article 5.2. Consumer Protection In Sales Of Insurance By Or Through Depository Institutions From California Insurance Code >> Division 1. >> Part 2. >> Chapter 1. >> Article 5.2.
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. As used in this article, the following terms have the
following meanings:
(a) "Affiliate" has the same meaning as defined in Section 1215.
(b) "Depository institution" means any of the following:
(1) National banks, operating subsidiaries of a national bank, and
federal branches or agencies of a foreign bank, as defined in
Section 1 of the International Banking Act of 1978 (12 U.S.C. Sec.
3101 et seq.), in the case of institutions supervised by the Office
of the Comptroller of the Currency.
(2) State member banks in the case of the Board of Governors of
the Federal Reserve System.
(3) State nonmember banks in the case of the Federal Deposit
Insurance Corporation (FDIC).
(4) Savings associations and operating subsidiaries of savings
associations, in the case of the Office of Thrift Supervision.
(c) "Company" means any corporation, partnership, business trust,
association, or similar organization, or any other trust, other than
a trust that by its terms must terminate within 25 years or not later
than 21 years and 10 months after the death of individuals living on
the effective date of the trust. "Company" does not include any
corporation the majority of the shares of which are owned by the
United States or by any state, or a qualified family partnership, as
defined in paragraph (10) of subsection (o) of Section 2 of the
federal Bank Holding Company Act of 1956, as amended (12 U.S.C. Sec.
1841(o)(10)).
(d) "Consumer" means an individual who purchases, applies to
purchase, or is solicited to purchase from a covered person insurance
products or annuities primarily for personal, family, or household
purposes.
(e) "Control" has the same meaning as defined in Section 1215.
(f) (1) "Covered person" means either of the following:
(A) A depository institution.
(B) Another person only when the person sells, solicits,
advertises, or offers an insurance product or annuity to a consumer
at an office of a depository institution, or on behalf of a
depository institution.
(2) For purposes of this definition, activities on behalf of a
depository institution include activities pursuant to which a person,
whether at an office of the depository institution or at another
location, sells, solicits, advertises, or offers an insurance product
or annuity and where at least one of the following applies:
(A) The person represents to a consumer that the sale,
solicitation, advertisement, or offer of any insurance product or
annuity is by or on behalf of the depository institution.
(B) The depository institution refers a consumer to a seller of
insurance products or annuities and the institution has a contractual
arrangement to receive commissions or fees derived from a sale of an
insurance product or annuity resulting from that referral.
(C) Documents evidencing the sale, solicitation, advertising, or
offer of an insurance product or annuity identify or refer to the
depository institution.
(g) "Electronic media" includes any means for transmitting
messages electronically between a covered person and a consumer in a
format that allows visual text to be displayed on equipment such as a
personal computer monitor.
(h) "Office" means the premises of a depository institution where
retail deposits are accepted from the public.
(i) "Subsidiary" has the same meaning as defined in Section 1215.