Insurance License Hub

The Massachusetts Bank and Credit Union Insurance Producer license

Bank and Credit Union Insurance Producer

The producer license Massachusetts issues to a bank or a credit union rather than to a person or an ordinary agency. It is the one license here that another regulator has to approve first, and the one the Division still takes on paper through the post.

Course

None

This license has no pre-licensing course route.

Ways in

1

There is no state exam for this license.

Exam

n/a

Not required on any of the routes below.

Every way to qualify

  1. Route 1 Apply as the institution, on an approved plan of operation

    No state exam for this license

    The plan of operation, to whichever regulator sees it first

    • A Massachusetts chartered bank or credit union sends one copy of its plan of operation for insurance sales to the Division of Banks for approval, and only then sends the completed application and a copy of the approved plan to the Division of Insurance. A request for a physical separation waiver goes to the Division of Banks first as well, with a copy of the approval to the Division of Insurance.

    • or

      A federally chartered institution or an out-of-state bank sends the completed application and the plan of operation directly to the Division of Insurance, with a statement showing that all federal rules for selling insurance have been met, and sends any physical separation waiver request to the Division of Insurance with the application.

    and everybody who sells, licensed in their own right

    • an individual Massachusetts producer license for every employee who sells, and a separate Massachusetts producer license for any subsidiary, affiliate or third-party entity selling on the institution's behalf, each identified in the application

    G.L. c. 175, section 209 is the granting sentence and it grants nothing new: "The commissioner may issue a license pursuant to section 162M and section 162N to a bank or credit union chartered by the commonwealth pursuant to chapter 168, 170, 171 or 172, and to a bank or credit union chartered by the United States, to act as an insurance producer", in accordance with G.L. c. 167F section 2A for banks and G.L. c. 171 section 75B for credit unions. Sections 162M and 162N are the ordinary producer and business entity licensing sections, so this is the producer license issued to a class of applicant rather than a license of its own kind. It is here because the Division names it, prices it and terms it separately from the business entity producer license, at $75 a year against $75 per member for three, and takes it on a form of its own. There is no examination of the institution, because every person who actually sells holds an individual license and every affiliated seller holds an entity one. Subsidiaries and affiliates are organized under section 174. The two filing paths differ only in which regulator sees the plan of operation first, and the difference is a real one for an applicant: a Massachusetts chartered institution cannot start with the Division of Insurance at all. The Division publishes a list of every approved bank and credit union, so who holds this license is public in a way no other Massachusetts license register is. Applications are mailed to Producer Licensing at One Federal Street with a check for $75 payable to the Commonwealth of Massachusetts, which is not refundable, and incomplete applications are not processed. The license runs one year and the holder renews by the date printed on it.

    Read at the Department on 2026-08-19

No national seller sells a course for this license, and nothing could. The institution is licensed on a plan of operation rather than on anything a person studies for, and every individual who actually sells under it holds a producer license of their own, which is where the courses already are.