As expected, several insurance groups have sued the Office of the Comptroller of the Currency over a recent crop insurance ruling.
The Independent Insurance Agents of America, the National Association of Professional Insurance Agents, the National Association of Life Underwriters, the National Association of Mutual Insurance Companies, and the Crop Insurance Research Bureau all signed on to the suit, which argues that the OCC's decision to allow national banks to sell crop insurance in towns of any size - not just those with populations below 5,000 - was illegal.
In broadening national banks' authority, the OCC said it was simply giving them the same powers as some state-chartered banks. Iowa banks, for example, can sell crop insurance from anywhere in the state.
"No insurance-sales-related powers broader than those (allowing banks to sell insurance from small towns) have ever been granted by Congress to national banks," according to the lawsuit.