Insurance Sales Disclosure and Consumer Protection
- Topics:
- Insurance
- Tags:
- Business Operations,
- Consumer Protection,
- Corporate Insurance,
- Finance,
- Financial Planning,
- Insurance,
- Regulation,
- Sales,
- Sales Strategy
- Source:
- American Bankers Association
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Overview: This paper summarizes the regulation and provides some insights into its implementation. The regulation was mandated by the landmark Gramm-Leach-Bliley Act (GLBA), which not only expanded the insurance powers of bank holding companies and national banks, but also directed the federal banking agencies (OCC, Fed, FDIC, and OTS) to issue a regulation to help consumers distinguish between insurance products and deposit products, and to prevent coercive insurance sales practices. The federal insurance sales disclosure and consumer protection regulation does this by imposing disclosure requirements on the sale of insurance by depository institutions and prohibiting certain sales practices.
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Format: PDF | Size: 154KB | Date: Oct 2004 | Pages: 12
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