STATEMENTS OF POLICY
Title 31--INSURANCE
INSURANCE DEPARTMENT
[31 PA. CODE CH. 38]
Procedures for State and Nationally Chartered Banking Institutions Selling Annuities or Insurance
[29 Pa.B. 3085] The Insurance Department (Department) hereby deletes Chapter 38 as set forth in Annex A. The statement of policy was announced December 14, 1996 (26 Pa. B. 5992) under the authority of sections 602 and 622 of The Insurance Department Act of 1921 (40 P. S. §§ 232 and 252). The statement of policy set forth the Department's procedures for the sale of insurance and annuities by National and State banks in compliance with the preemption of State law as announced in VALIC, 115 S. Ct. 810 (1995) and Barnett, 116 S. Ct. 1103 (1996).
Purpose
The purpose of this notice is to delete Chapter 38 and to eliminate an obsolete statement of policy. The act of June 25, 1997 (P. L. 349, No. 40)(40 P. S. §§ 286--289.1) removed the restriction against financial institutions engaging in the sale of insurance and established parameters for the sales of insurance by financial institutions. Therefore, the statement of policy is no longer needed.
Affected Parties
Financial institutions doing the business of insurance and annuities in this Commonwealth will be effected.
Fiscal Impact
The deletion of the statement of policy has no fiscal impact.
Paperwork
The deletion of the statement of policy has no impact on paperwork.
Effectiveness/Sunset Date
The deletion of the statement of policy will become effective upon final publication in the Pennsylvania Bulletin. No sunset date has been assigned because the Department is deleting an obsolete statement of policy.
Contact Person
The person to contact for information on the deletion of this statement of policy is Peter J. Salvatore, Regulatory Coordinator, 1326 Strawberry Square, Harrisburg, PA 17120, (717) 787-4429.
Questions or comments regarding this deletion may also be e-mailed to psalvato@ins.state.pa.us or faxed to (717) 705-3873.
Findings
The Commissioner finds that:
(1) Public notice of intention to delete this statement of policy by this order has been given under sections 201 and 202 of the act of July 31, 1968 (P. L. 769, No. 240) (45 P. S. §§ 1201 and 1202) and the regulations thereunder, 1 Pa. Code §§ 7.1 and 7.2.
(2) The adoption of this rulemaking in the manner provided in this order is necessary and appropriate for the administration and enforcement of the authorizing statutes.
Order
The Commissioner, acting under the authorizing statutes, orders that:
(a) The regulations of the Department, 31 Pa. Code Chapter 38, are amended by deleting §§ 38.1, 38.11, 38.21, 38.31--38.33 and 38.51--38.65 to read as set forth in Annex A.
(b) The Commissioner shall submit this order and Annex A to the Office of General Counsel for approval as to form and legality as required by law.
(c) The Commissioner shall certify this order and Annex A and deposit them with the Legislative Reference Bureau as required by law.
(d) The statement of policy deleted by this order shall take effect upon final publication in the Pennsylvania Bulletin.
M. DIANE KOKEN,
Insurance CommissionerFiscal Note: 11-169. No fiscal impact; (8) recommends adoption.
Annex A
TITLE 31. INSURANCE
PART I. GENERAL PROVISIONS
Subpart C. AGENTS AND BROKERS
CHAPTER 38. (Reserved)
[Pa.B. Doc. No. 99-966. Filed for public inspection June 18, 1999, 9:00 a.m.]
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