Logo: ABA.com - American Bankers Association

Login | Home | Contact Us | Site Map
Go to: ConsumersGo to: AffiliatesGo to: Press




Issue of Interest: Banks and Insurance Sales

ABA Media Contact: Jonathan Snowling
202-663-5468                                                                     Last updated:
 Sept. 18, 2007
E-mail: jsnowlin@aba.com                                              Last reviewed: June 14, 2005


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 2002, bank insurance sales increased 26 percent to an estimated $69.5 billion, according to the ABIA 2003 Study of Leading Banks in Insurance. This growth rate establishes the third consecutive year that bank insurance and annuities premiums have grown by more than 20 percent.

Insurers are subject to regulation 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 proposes 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 


Background Information


Comment Letters/Legislation


Testimony/Speeches

Members Only Content - Members Only Content