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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
- 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)
- ABIA Elects 2007-2008 Board Members, Officers (September 18, 2007)
- Banking and Insurance Leaders to Address ABIA Annual Conference in Washington (September 10, 2007)
- ABIA to Hold Annual Conference Sept 16-18 in Washington DC (August 23, 2007)
- ABIA and ABA Support Optional Federal Charter Legislation Proposed in the Senate (July 25, 2007)
- OFCC Hails Introduction of House Optional Federal Charter Legislation (July 25, 2007)
- Health Savings Account Council Announces New Leadership (June 20, 2007)
- ABIA and ABA Support Optional Federal Charter Legislation Proposed in the Senate (May 24 ,2007)
Background Information
Comment Letters/Legislation
Testimony/Speeches
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