Independent Agent Groups SueTo Overturn OCC Va. Bank Ruling
Washington
Two insurance agent groups have filed a lawsuit against the U.S. Office of the Comptroller of the Currency seeking to nullify an OCC determination that four provisions of a West Virginia law regulating bank insurance activities should be preempted.
The Independent Insurance Agents of America and National Association of Professional Insurance Agents, both of Alexandria, Va., charge that the OCCs determination exceeds its statutory authority.
In addition, the agent groups charge that the OCC, which based its determination on the Gramm-Leach-Bliley Financial Services Modernization Act, misinterpreted the law. The lawsuit was filed in the U.S. District Court for the District of Columbia.
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