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Issue of Interest: Banks and Insurance Sales
ABA Media Contact: Jonathan Snowling
202-663-5468 Last updated: Oct. 27, 2009
E-mail: jsnowlin@aba.com
In 1999, Congress enacted the Gramm-Leach-Bliley Act (GLB), which expanded the ability of banks to market insurance products. ABA and its affiliate the American Bankers Insurance Association (ABIA) are committed to ensuring that insurance organizations and the consumers they serve continue to benefit from the enlarged insurance authority granted under the GLB Act.
Since 1999, bank insurance sales have steadily grown. In the first half of 2008, the nation's bank holding companies increased their total insurance revenue 9.5 percent to $23.7 billion in the first half of 2008 from $21.7 billion during the same period in 2007. During the first six months of 2008, 607 bank holding companies (64.2 percent of all top-level large BHCs reporting) earned some type of insurance-related revenue.
Insurers are subject to regualtion by both the federal and state governments; however, the federal government has given states the primary authority to regulate insurance. Because of this, insurers are often subject to a patchwork of state regulations. ABIA propses offering an optional federal charter for insurance companies and agencies to create a system similar to the dual banking system that banks have successfully operated under for 140 years. A federal regulatory structure would make the sale of insurance products more efficient, benefiting consumers, banks and insurance companies alike.
American Bankers Insurance Association
Press Releases
- Bank Insurance Revenue Steady in First Half of 2009 (Oct. 27, 2009)
- ABIA and MarshBerry Launch New Bank-Insurance Viability Index (Oct. 21, 2009)
- Bank Fixed Annuity Sales Down 1% in Second Quarter (Oct. 14, 2009)
- Bank Annuity Fee Income Up, But Slowing in First Half 2009 (Oct. 14, 2009)
- ABIA Elects 2009-2011 Board Members (Oct. 6, 2009)
- ABIA Commends Volcker For Recommending An Optional Federal Charter For Insurance (Sept. 25, 2009)
- ABIA To Hold Annual Conference Oct 4-6 in Washington D.C. (Sept. 15, 2009)
- ABIA Statement on Proposed Office of National Insurance Legislation (July 23, 2009)
- Michael White-ABIA Report Record Bank Annuity Fee Income in First Quarter 2009 (July 22, 2009)
- Income Earned from Sale of Annuities at Bank Holding Companies Up 29% (June 8, 2009)
- Without MetLife, Bank Insurance Revenue Was Up 7.2% in 2008 (May 19, 2009)
- ABA and ABIA Support Optional Federal Charter Legislation Proposed in the House (April 2, 2009)
- ABIA Forms Agreement with Hales & Company (March 18, 2009)
- ABIA Forms Agreement with Reagan Consulting (March 5, 2009)
- ABIA Commends Bernanke for Recommending an Optional Federal Charter for Insurance (Feb. 25, 2009)
- ABIA Forms Agreement with Insurance Licensing Services of America (Jan. 12, 2009)
- ABIA & NCOIL Discuss Federal Insurance Regulation (Nov. 24, 2008)
- ABIA Conducts National Study of Banks in Insurance (Nov. 21, 2008)
- ABIA Elects 2008 - 2009 Board Members, Officers (Sept. 25, 2008)
- NAIFA Joins Optional Federal Charter Coalition (Sept. 11, 2008)
- Banking and Insurance Leaders to Address ABIA Annual Conference in Phoenix(Sept. 4, 2008)
- Total Bank Insurance Revenue Up Slightly in 2007 (April 15, 2008)
- The Optional Federal Charter Coalition Applauds Treasury Recommendation of "OFC" in Blueprint (March 31, 2008)
- ABIA and ABA Commend Paulson's Call for an Optional Federal Charter for Insurance (March 31, 2008)
- Optional Federal Charter Coalition Launches New Web Site (March 28, 2008)
- ABIA Gains 3 New Board Members (March 4, 2008)
Background Information
Comment Letters/Legislation
Testimony/Speeches
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