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Leslie Bonacum
Neil Allen

CCH, ODEN Help Financial Institutions Comply With Insurance Laws

(RIVERWOODS, ILL., March 7, 2003) – With the Gramm-Leach-Bliley Act opening the door for financial institutions to sell insurance, they find they must now comply with a myriad of additional federal and state laws and regulations. To help these institutions avoid compliance problems, CCH INCORPORATED (CCH), a leading provider of financial services information and software, has joined together with ODEN Insurance Services, Inc. to offer Insurance Laws & Regulations for Financial Institutions, a comprehensive, online set of topical summaries of federal and state rules on the sale of insurance products by financial institutions and agents. (For more information or to order, call 1-800-449-6435 or visit

"When they venture into insurance, financial institutions have to comply both with federal law and with the laws of the individual states. In addition, there are rules governing insurance agents that apply to financial institutions selling specific lines of insurance products," said Karyn Blong, marketing manager for CCH’s Business and Finance Group.

Insurance Laws & Regulations for Financial Institutions is organized to address the two levels of compliance for financial institutions. The core subscription includes topics that address legislative and regulatory requirements unique only to financial institutions selling insurance and other related issues. The add-on modules detail agent-based issues pertaining to different lines of insurance.

Organized by topic, Insurance Laws & Regulations for Financial Institutions summarizes laws and regulations addressing the sale of insurance by financial institutions and agents. Coverage is available for both federal law and for each state. Subscribers access concise, consistent, comprehensive and easy-to-read summaries of statutes, regulations, bulletins and other regulatory sources. The add-on modules cover the requirements, disclosures, restrictions and guidelines for property and casualty, individual, group and variable life and annuities and long term care.

Features and Options

Thoughtful software features and options allow users to get maximum value from their subscriptions.

For example, subscribers who want to know when specific summaries change may sign up for e-mail notification. It allows multi-jurisdictional choices for any topic.

"Version History" and "What’s New" sections appear in each summary. The "Version History" provides a historical list of a summary's changes since its initial publication on the Internet. It is possible to view previous document versions with their publication and expiration dates. The "What’s New" section describes the most recent summary changes.

A "Document Version Comparison" feature shows the result of an automated, line by line comparison of two successive versions of an online document.

"User Notes" allow the subscriber to add pertinent information to specific material.

A "Global Search" capability finds specific information in any jurisdiction or topic.

Contents of Insurance Laws and Regulations for Financial Institutions

  • Advertising — Federal and State
  • Anti-Money Laundering
  • Anti-Terrorism
  • Anti-Tying — Federal and State
  • Authority Overview — Federal
  • Compensation — Federal and State
  • E-Commerce — Federal and State
  • Fair Credit Reporting
  • Insurance Commissioner's Office Personnel
  • OCC-Comptroller's Handbook for Insurance Activities — Federal
  • Privacy Rights
  • Privacy Rights — HIPAA
  • Record Retention — State
  • Separation of Activities — Federal and State
  • Solicitation — Federal and State
  • Telephone Solicitation
  • Third-Party Arrangements — Federal
  • Violent Crime Control Act

Contents of Life and Annuities Add-on Module

Individual Life and Annuities:

  • Advertising, Sales and Marketing
  • Agent Compensation and Finances
  • Claims Settlement
  • Complaint Handling
  • Countersignature Requirements
  • Fraud
  • Illustrations
  • Interest Sensitive Provisions
  • Replacement
  • Licensing Requirements — Resident and Nonresident

Variable Life and Annuities — Federal:

  • Advertising
  • Complaint Monitoring and Reporting
  • Illustrations
  • Licensing and Registration Requirements
  • Replacement and Churning
  • Suitability

Group Life and Annuities:

  • Individual Insured Rights
  • Conversion
  • Licensing Requirements — Resident and Nonresident
  • Record Retention
  • Replacement

Contents of Property and Casualty Add-on Module

  • Agency Agreement Termination
  • Approved Non-admitted Companies
  • Auto Insurance Verification Form/Proof of Coverage
  • Auto Self-insurance Requirements
  • Claims Settlement
  • Countersigning Requirements
  • Fraud
  • Joint Underwriting Authority/Fair Plans/Market Assistance Plans
  • Licensing Requirements — Resident and Nonresident
  • Motor Carrier Insurance and Filing Requirements — Intrastate and Federal
  • Surplus Lines Licenses and Premium Tax
  • Uninsured Motorist and Personal Injury Protection

Long-Term Care Add-on Module:

  • Administration
  • Advertising, Sales and Marketing
  • Accelerated Benefits
  • Agent Compensation and Finances
  • Disclosures and Notices
  • Fraud
  • Group LTC
  • HIPAA — Federal and State
  • Licensing Requirements — Resident and Nonresident
  • Policy Provisions
  • Reporting Requirements
  • Suitability

Pricing and Availability

For more information or to subscribe to Insurance Laws & Regulations for Financial Institutions and any of the add-on modules, contact CCH at 1-800-449-6435 or visit the CCH Online Store at

A one-year subscription to the core product is $1,650 for national coverage or $325 per state. The Life and Annuities and Property & Casualty add-on modules are priced at $840 each for national coverage or $165 each per state. The Long Term Care add-on module is $660 for national coverage or $125 per state.

About ODEN Insurance Services

ODEN Insurance Services, Inc. is a regulatory research organization providing compliance-based products to the insurance industry since 1988. The ODEN website can be accessed at


CCH INCORPORATED, headquartered in Riverwoods, Ill., was founded in 1913 and has served four generations of business professionals and their clients. The company produces more than 700 electronic and print products for the tax, legal, securities, human resources, health care and small business markets. CCH is a Wolters Kluwer company. The CCH web site can be accessed at The CCH Business and Finance Group web site can be accessed at

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