Washington CUs Can Broker InsuranceProducts

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OLYMPIA, Wash. - (04/22/05) -- State chartered credit unions mayact as brokers or agents to sell insurance products, includingauto, RV, homeowners, accidental death and dismemberment, andcredit life and disability coverage to their members, according tostate regulators. A new legal opinion letter issued by theDepartment of Financial Institutions' CU Division, says the state'sCU Act gives state chartered credit unions the same powers tobroker insurance sales as other state chartered financialinstitutions. Those credit unions, however, must comply with theWashington Insurance Code when doing so, the DFI noted.

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