VARIABLE ANNUITY LIFE INS. CO. v. CLARKE

No. 92-2010.

998 F.2d 1295 (1993)

VARIABLE ANNUITY LIFE INSURANCE CO., Plaintiff-Appellant, v. Robert L. CLARKE, Comptroller of the Currency, the Office of the Comptroller of the Currency, the United States of America, NCNB National Bank of North Carolina, Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

August 26, 1993.


Attorney(s) appearing for the Case

David Overlock Stewart, Raymond C. Ortman, Jr., Ropes & Gray, Washington, DC, for plaintiff-appellant.

Ellen K. Dollase, Kansas City, MO, pro hac vice amicus curiae in support of appellant.

Jacob M. Lewis, Mark B. Stern, U.S. Dept. of Justice, Civil Div., Washington, DC, for Clarke, Office of Comp. & USA.

Steven S. Rosenthal, Robert M. Kurucza, Morrison & Foerster, Washington, DC, for NCNB Bk. & NCNB Sec.

Jonathan Sallet, Ann M. Kappler, Jenner & Block, Washington, DC, for amicus curiae.

Michael F. Crotty, Washington, DC, for amicus curiae (AMA).

Before GOLDBERG, JOLLY, and WIENER, Circuit Judges.


GOLDBERG, Circuit Judge:

In an opinion letter issued on March 21, 1990, the Comptroller of the Currency determined that § 24(7) of the National Bank Act, which grants national banks the power to engage in incidental activities necessary to the business of banking, authorizes national banks to sell annuity contracts. The Comptroller also concluded that 12 U.S.C. § 92, which permits national banks to act as insurance agents in towns with less than 5,000 inhabitants...

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