Regulatory Alerts2002-01-29
Title Insurance Activities
The Pennsylvania Department of Banking issued a non-objection letter to a state-chartered bank for forming a subsidiary to sell title insurance as an agent. The Department noted that the bank violated statutory notice requirements by establishing the subsidiary without providing the mandated thirty-day prior written notice. This approval is conditional upon restricting the subsidiary's activities to those specified and limiting its borrowings from the bank and affiliated companies.
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