Required disclosures before sale of insurance

Sec. 9. (a) This section applies as follows: (1) To an affiliate of a depository institution only to the extent that the affiliate sells, solicits, advertises, or offers insurance at the office of a depository institution or on behalf of a depository institution. (2) To the: (A) sale of; (B) solicitation for; or (C) application for; insurance by an individual primarily for personal, family, or household purposes and only to the extent that a disclosure is accurate. (b) A depository institution or an affiliate of a depository institution that solicits, sells, advertises, or offers insurance, and a person that sells, solicits, advertises, or offers insurance on behalf of a depository institution, shall disclose to a customer, in writing where practicable, in a clear and conspicuous manner, and before a sale of insurance, that the insurance: (1) is not a deposit; (2) is not insured by the Federal Deposit Insurance Corporation or another federal government agency; (3) is not guaranteed by the depository institution, the affiliate of a depository institution, or the person that sells, solicits, advertises, or offers insurance on behalf of a depository institution; and (4) involves investment risk including possible loss of value, if appropriate.