Taking Advantage of the Insurance Provisions in the Gramm-Leach-Bliley Act

Topics:
Insurance
Tags:
Act,
Gramm-Leach-Bliley Act,
Financing Startups,
Financial Services,
Financial Planning,
Finance,
Corporate Insurance,
Business Operations,
Bank Holding Company,
Bank,
...
Source:
American Bankers Association

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Overview: This paper describes about insurance operations. The Gramm-Leach-Bliley Act (the "Act") includes several provisions of importance to banks and bank holding companies presently engaged in insurance activities or planning to engage in insurance activities. In broad terms, the Act ? Expands the Insurance Powers of banks and bank holding companies, but prohibits national banks from underwriting insurance. The Act permits a bank holding company to underwrite, broker and sell insurance and annuities. More specifically, the Act states that a bank holding company, which meets certain conditions, may engage in activities that are "financial in nature." The Act then defines a number of activities to be "financial in nature," including the underwriting, brokerage and sale of insurance and annuities.

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Format: PDF | Size: 33KB | Date: Nov 2000 | Pages: 11

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