Regulatory Alerts1998-09-17
Single Premium Term Life Insurance
The Pennsylvania Department of Banking approved a licensed lender to market single premium term life insurance at its branch locations subject to strict regulatory conditions. The approval mandates that insurance purchases are not required for loan approval, prohibits initiating sales before loan disbursement, and requires specific consumer disclosures and record-keeping. The Department reserves the right to conduct examinations and withdraw approval or impose sanctions if sales abuses or violations of these conditions occur.
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