§ 92. — Acting as insurance agent or broker.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC92]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER IV--REGULATION OF THE BANKING BUSINESS; POWERS AND DUTIES OF
NATIONAL BANKS
Sec. 92. Acting as insurance agent or broker
In addition to the powers now vested by law in national banking
associations organized under the laws of the United States any such
association located and doing business in any place the population of
which does not exceed five thousand inhabitants, as shown by the last
preceding decennial census, may, under such rules and regulations as may
be prescribed by the Comptroller of the Currency, act as the agent for
any fire, life, or other insurance company authorized by the authorities
of the State in which said bank is located to do business in said State,
by soliciting and selling insurance and collecting premiums on policies
issued by such company; and may receive for services so rendered such
fees or commissions as may be agreed upon between the said association
and the insurance company for which it may act as agent: Provided,
however, That no such bank shall in any case assume or guarantee the
payment of any premium on insurance policies issued through its agency
by its principal: And provided further, That the bank shall not
guarantee the truth of any statement made by an assured in filing his
application for insurance.
(Dec. 23, 1913, ch. 6, Sec. 13 (par.), as added Sept. 7, 1916, ch. 461,
39 Stat. 753; amended Pub. L. 97-320, title IV, Sec. 403(b), Oct. 15,
1982, 96 Stat. 1511.)
Codification
Section is based on the eleventh par. of section 13 of act Dec. 23,
1913, as amended. The eleventh par. constituted the ninth par. of
section 13 in 1916 (39 Stat. 752, 753), became the tenth par. in 1923
(42 Stat. 1478), and became the eleventh par. in 1932 (47 Stat. 715).
For further details, see Codification notes under sections 342 to 344 of
this title.
For decision by U.S. Supreme Court that, despite faulty placement of
quotation marks, act Sept. 7, 1916, placed within section 13 of act Dec.
23, 1913, each of the ten pars. located between the phrases that
introduced the amendments to sections 13 and 14 of said act, that only
the seventh par. (rather than seventh to tenth pars.) comprised the
amended R.S. Sec. 5202, and that section 20 of act Apr. 5, 1918 (40
Stat. 512) (which amended R.S. Sec. 5202 comprised of a single par.),
did not amend section 13 of said act so as to repeal the eighth to tenth
pars., see United States National Bank of Oregon v. Independent
Insurance Agents of America, Inc., et al., 508 U.S. 439, 113 S.Ct. 2173,
124 L.Ed. 2d 402 (1993). As the result of subsequent amendments, such
seventh to tenth pars. of section 13 now constitute the ninth to twelfth
pars. The ninth par. amended former section 82 of this title, and the
tenth to twelfth pars. are classified to sections 361, 92, and 373,
respectively, of this title.
Amendments
1982--Pub. L. 97-320 struck out ``; and may also act as the broker
or agent for others in making or procuring loans on real estate located
within one hundred miles of the place in which said bank may be located,
receiving for such services a reasonable fee or commission'' after ``may
act as agent'' and ``guarantee either the principal or interest of any
such loans or'' after ``shall in any case''.
Effective Date of 1982 Amendment
Amendment by Pub. L. 97-320 effective upon the expiration of 180
days after Oct. 15, 1982, see section 403(c) of Pub. L. 97-320, set out
as a note under section 371 of this title.
Moratorium
Pub. L. 100-86, title II, Sec. 201(a), (b)(5), Aug. 10, 1987, 101
Stat. 581, 583, provided that, during period beginning Mar. 6, 1987, and
ending Mar. 1, 1988, national banks and Federal branches or agencies of
foreign banks could not expand their insurance agency activities
pursuant to this section into places where they were not conducting such
activities as of Mar. 5, 1987.
Section Referred to in Other Sections
This section is referred to in section 412 of this title; title 15
section 6711.
