113 STAT. 1412 PUBLIC LAW 106-102—NOV. 12, 1999 "(E) ADJUSTMENTS FOR ALTERNATIVE METHODS OF PUR- CHASE. —In prescribing the requirements under subparagraphs (A) and (F), necessary adjustments shall be made for purchase in person, by telephone, or by electronic media to provide for the most appropriate and complete form of disclosure and acknowledgments. "(F) CONSUMER ACKNOWLEDGMENT. — A requirement that a depository institution shall require any person selling an insurance product at any office of, or on behalf of, the institution to obtain, at the time a consumer receives the disclosures required under this paragraph or at the time of the initial purchase by the consumer of such product, an acknowledgment by such consumer of the receipt of the disclosure required under this subsection with respect to such product. "(2) PROHIBITION ON MISREPRESENTATIONS. — A prohibition on any practice, or any advertising, at any office of, or on behalf of, the depository institution, or any subsidiary, as appropriate, that could mislead any person or otherwise cause a reasonable person to reach an erroneous belief with respect to— "(A) the uninsured nature of any insurance product sold, or offered for sale, by the institution or any subsidiary of the institution; "(B) in the case of a variable annuity or insurance product that involves an investment risk, the investment risk associated with any such product; or "(C) in the case of an institution or subsidiary at which insurance products are sold or offered for sale, the fact that— "(i) the approval of an extension of credit to a customer by the institution or subsidiary may not be conditioned on the purchase of an insurance product by such customer from the institution or subsidiary; and "(ii) the customer is free to purchase the insurance product from another source. " (d) SEPARATION OF BANKING AND NONBANKING ACTIVITIES.— "(1) REGULATIONS REQUIRED.—The regulations prescribed pursuant to subsection (a) shall include such provisions as the Federal banking agencies consider appropriate to ensure that the routine acceptance of deposits is kept, to the extent practicable, physically segregated from insurance product activity. "(2) REQUIREMENTS. —Regulations prescribed pursuant to paragraph (1) shall include the following requirements: "(A) SEPARATE SETTING.—A clear delineation of the setting in which, and the circumstances under which, transactions involving insurance products should be conducted in a location physically segregated from an area where retail deposits are routinely accepted. "(B) REFERRALS. —Standards that permit any person accepting deposits from the public in an area where such transactions are routinely conducted in a depository institution to refer a customer who seeks to purchase any insurance product to a qualified person who sells such product, only if the person making the referral receives no more
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