§412:5-205.5  Insurance and annuities
powers.  (a)  With the prior written approval of the commissioner, and
subject to the limitations set forth in this section and section 412:5-205.6
and to any conditions the commissioner may impose, any bank organized under the
laws of the State, at the discretion of its board of directors, may transact a
business of insurance, including but not limited to making contracts of
insurance and selling insurance as a producer, selling insurance through an
independent insurance producer or a producer under contract, selling annuities,
and engaging in any related or incidental activities, within the State;
provided that any insurance activities conducted pursuant to the authority
conferred in this subsection shall be governed by and comply with chapter 431
and any insurance administrative rules adopted under chapter 431. 
Administration of chapter 431 and any insurance administrative rules shall be
vested with the insurance commissioner.



(b)  With the prior written approval of the
commissioner, and subject to the limitations set forth in this section and
section 412:5-205.6 and to any conditions the commissioner may impose, any bank
organized under the laws of the State, at the discretion of its board of
directors, may transact a business of insurance, including but not limited to
the making of contracts of insurance and the sale of insurance as a producer,
selling insurance through an independent insurance producer or a producer under
contract, selling annuities, and engaging in any related or incidental
activities, in any places outside this State, including any other states of the
United States, dependencies or insular possessions of the United States, or any
foreign countries; provided that any insurance activities conducted in this
State pursuant to the authority conferred in this subsection shall be governed
by and comply with chapter 431 and any insurance administrative rules adopted
under chapter 431; provided further that any insurance activities conducted
outside the State pursuant to the authority in this subsection shall be
governed by and comply with the laws and administrative rules of the state,
dependency, insular possession, or foreign country applicable to the conduct of
insurance activities within that jurisdiction.



(c)  The bank shall file an application for
approval with the commissioner in a form prescribed by the commissioner.  The
application shall be accompanied by a fee the amount of which shall be
prescribed by rule.  The application shall contain:



(1)  A description of the activities to be conducted;



(2)  The experience and qualifications of the proposed
managers;



(3)  The specific location where the activities will
be conducted; and



(4)  Any other information that the commissioner may
require.



If the bank proposes to engage in the business of
insurance through a subsidiary or affiliate, then the application shall also
contain information regarding the experience and qualifications of the proposed
executive officers and directors of the subsidiary or affiliate and the
ownership, amount, and nature of the bank's investment in and advances to the
subsidiary or affiliate.  Upon being satisfied that the application is
complete, that the conduct of the insurance business will not affect the safety
or soundness of the bank or harm the public interest, and that the bank and its
subsidiary or affiliate, if applicable, have sufficient experience,
qualifications, and financial capability to engage in the activities authorized
by this section, the commissioner shall approve the application.  The
commissioner may impose any terms and conditions which the commissioner
considers necessary to protect the bank, the customers of the bank, and the
public interest.



(d)  Upon receipt of the commissioner's
approval under this section, the bank or its subsidiary or affiliate shall
obtain any necessary approvals from the insurance commissioner required under
chapter 431 and any insurance administrative rules adopted under chapter 431,
or the applicable insurance and banking laws of any jurisdiction other than
this State in which the bank will be conducting its insurance and annuity
activities.



(e)  The provisions of this section are in
addition to, and not a limitation of, any other provision in this chapter.  The
powers granted by this section may be exercised notwithstanding any other
provision of this chapter.  Furthermore, the commissioner may adopt rules
governing the exercise of powers granted by this section as the commissioner
finds necessary to avoid unsound banking practices, to ensure the safety and
soundness of the bank, and to protect the public interest. [L 1996, c 225, pt
of §1; am L 2003, c 212, §8]