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Banking Law Keyed to Carnell, 7th Ed.
Independent Insurance Agents of America v. Hawke
Citation:
211 F.3d 638 (2000)Facts
In December 1997, the Office of the Comptroller of the Currency (OCC) issued a letter ruling that national banks could offer crop insurance as agents under their “incidental powers” granted by 12 U.S.C. § 24(Seventh). The product in question insured against unavoidable losses on crops due to various natural causes, with payments made directly to farmers when their crop yields fell below insured levels. The OCC justified this ruling by arguing that crop insurance was similar to credit-related insurance that banks could already offer, that it benefited both farmers and banks by protecting against risks, and that the risks were similar to those already borne by national banks in selling insurance under other statutory authorizations. The Independent Insurance Agents of America and other insurance associations challenged this interpretation, arguing that it contradicted the express limitation in 12 U.S.C. § 92, which only authorizes national banks located in towns with populations not exceeding 5,000 to act as insurance agents.
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