1. (a) This section applies as follows:

   1. (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. (2) To the:

      1. (A) sale of;
      2. (B) solicitation for; or

      3. (C) application for;

         insurance by an individual primarily for personal, family, or household purposes and only to the extent that a disclosure is accurate.

2. (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. (1) is not a deposit;
   2. (2) is not insured by the Federal Deposit Insurance Corporation or another federal government agency;
   3. (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. (4) involves investment risk including possible loss of value, if appropriate.

As added by P.L.130-2002, SEC.2.