State Officials, Insurers Discuss Rules for Selling in Bank Branches

American Banker, October 26, 1984 | Go to article overview

State Officials, Insurers Discuss Rules for Selling in Bank Branches


MEMPHIS -- Both sides in the dispute over Craddock Insurance Agency's sales of policies in First Tennessee Bank lobbies have until Oct. 30 to file legal briefs following a hearing last week on proposed regulations to govern the sales.

About 120 bankers, insurance agents, lobbyists, and executives attended the session called in Nashville by Tennessee Commerce and Insurance Commissioner John Neff.

Craddock, a Memphis independent insurance agency, is leasing space at six Memphis branches and two Knoxville branches of First Tennessee Bank to sell insurance policies underwritten by Aetna Life & Casualty Co., Hartford.

First Tennessee, the state's largest bank holding company, has 135 branches. Its headquarters is in Memphis.

Independent insurance agents said they supported proposed state rules that would restrict cooperation between banks and insurance companies in the sale of policies.

The agreement between Craddock and First Tennessee calls for the bank to furnish lists for its customers to Craddock. The agency's payments to the bank are based on a percentage of sales.

Also, First Tennessee has inserted ads for Craddock auto insurance policies in checking account statements mailed to bank customers during the past few weeks. William S. Craddock Jr., president of the agency, said he did not believe those mailings constituted an illegal referral. The proposed regulations, if approved as written, would ban such a practice. Separated from Loan Areas

State Attorney General Mike Cody told Mr. Neff on Aug. 13 that the Cradock-First Tennessee arrangement was legal if the insurance agents were separated from bank loan areas to avoid possible intimidation of loan customers, if the bank did not refer insurance customers to Craddock, and if the bank couldn't advertise Craddock's insurance. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

State Officials, Insurers Discuss Rules for Selling in Bank Branches
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.