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UNDERWRITERS v. BANKING DEPT

190 A.D.2d 338 (1993)

In the Matter of New York State Association of Life Underwriters, Inc., et al., Respondents, v. New York State Banking Department et al., Appellants

Appellate Division of the Supreme Court of the State of New York, Third Department.

June 3, 1993

Attorney(s) appearing for the Case

Robert Abrams, Attorney-General, Albany (John McConnell and Peter G. Crary of counsel), for appellants.

Hinman, Straub, Pigors & Manning, P. C., Albany (Bartley J. Costello, III, and Kimberly C. Lawrence of counsel), and Jenner & Block, Washington, D.C. (Jonathan B. Sallet and Ann Kappler of counsel), for respondents.

Sullivan & Cromwell, New York City (Theodore Edelman, John L. Warden, H. Rodgin Cohen, Michael M. Wiseman, Robert J. Giuffra, Jr., and Lisa J. Laplace of counsel), and David L. Glass, New York City, for New York State Bankers Association, amicus curiae.

MIKOLL, J. P., YESAWICH JR., MAHONEY and HARVEY, JJ., concur.

CREW III, J.

On December 20, 1989 and February 12, 1990 the Office of the Comptroller of the Currency (hereinafter OCC) issued interpretive letters declaring that national banking associations were permitted to broker fixed-rate annuities under the provisions of 12 USC § 24 (Seventh). Following the issuance of the OCC letters, the New York State Bankers Association requested an opinion by respondents as...

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