ABA Media Contact: Meghan French
202-663-5468
Email: mfrench@aba.com
Last updated: Jan. 17, 2013

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 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 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 Statement on CFPB’s Lender-Placed Insurance Rule (January 17, 2013)
• ABA and ABIA Applaud Congress for Increasing NFIP’s Borrowing Authority (January 4, 2013)
• ABIA Announces New Executive Director (December 4, 2012)
• ABIA-Michael White Report: New Reporting Institutions Drive Bank Annuity Income (October 22, 2012)
• ABIA Elects 2012-2013 Officers, Board Members (September 28, 2012)
• ABIA-Michael White Report Bank Annuity Fee Income Declines in First Quarter Offset by New Thrift and Bank Holding Company Reporters (August 2, 2012)
• ABIA to Hold Annual Conference September 24-26 (July 19, 2012)
• ABIA-Michael White Report Bank Annuity Fee Income Up In 2011, But Down In Fourth Quarter (April 18, 2012)
• ABIA Report Reveals Break From Soft Market Conditions (April 4, 2012)
• ABIA Executive Issues Forum in Washington, May 14-15 to feature Charlie Cook (March 27, 2012)
• Bank Insurance Agencies Report Increased Acquisition Growth and Contingent Income, Staff Payrolls Increase (Jan. 20, 2012)
• American Bankers Association's HSA Council Receives Public Policy Leadership Award (Jan. 18, 2012)
• ABIA-Michael White Report Bank Annuity Fee Income Climbed 22.6% Through First Three Quarters of 2011 (Jan. 10, 2012)
• Fixed Annuity Bank Sales Total $4.1 Billion in Third Quarter (Dec. 7, 2011)
• ABIA-Michael White Report Bank Annuity Fee Income Hits Record Level for First Half and Second Quarter (Oct. 14, 2011)
• ABIA Report Defines Best Practices for Agency New Business (Oct. 4, 2011)
• ABIA Elects 2011-2012 Officers, Board Members (Sept. 28, 2011)
• ABIA to Hold Annual Conference September 26-28 in Washington (July 20, 2011)
• Fixed Annuity Bank Sales Total $4.93 Billion in First Quarter 2011 (July 19, 2011)
• Michael White-ABIA Report Bank Annuity Fee Income Hits a High in First Quarter (July 18, 2011)
• ABIA Report: Group Insurance Continues to Thrive (July 6, 2011)
• ABIA And Marshberry Release Bank-Insurance Viability Index (May 4, 2011)
• Bank Annuity Fee Income Down Only Slightly in 2010 (April 19, 2011)
• ABIA Announces Fourth Quarter 2010 Fixed Annuity Sales In Banks (April 7, 2011)
• ABIA Statement On Subcommittee Passage Of Flood Insurance Reform Act Of 2011 (April 6, 2011)
• Third Quarter Bank Annuity Fee Income Down 7.6% (Jan. 19, 2011)
• ABIA and MarshBerry Release Bank-Insurance Viability Index (Jan. 19, 2011)
• ABIA Announces Third Quarter 2010 Fixed Annuity Sales in Banks (Jan. 18, 2011)
• Total Bank Insurance Revenues Up Slightly in First Half 2010 (Oct. 25, 2010)
• ABIA and MarshBerry Release Bank-Insurance Viability Index (Oct. 19, 2010)
• Fixed Annuity Sales By Banks 44.13 Billion In Second Quarter 2010 (Oct. 12, 2010)
• Bank Annuity Fee Income Improves in Second Quarter, But Still Down for the Year  (Oct. 6, 2010)
• ABIA Elects 2010-2011 Board Members  (Sept. 27, 2010)
• ABIA To Hold Annual Conference September 22-24 in Phoenix  (Aug. 19, 2010)
• ABIA and MarshBerry Release Bank-Insurance Viability Index (July 19, 2010)
• ABIA Announces First Quarter 2010 Fixed Annuity Sales in Banks (July 16, 2010)
 

Background Information

• ABIA Analysis of June 2004 Bank Holding Company Insurance Revenue (November 10, 2004)
• Optional Federal Charter Talking Points (November 19, 2003)
• The Dual Banking System as a Case Study (October 4, 2001)
• Gramm-Leach-Bliley Act - Summary of Insurance Provisions

Comment Letters/Legislation

• Oxley-Baker Roadmap for Insurance Reform (March 30, 2004)
• Letter to Chairman Oxley and Chairman Baker (March 30, 2004)
• ABIA Amicus Brief in Support of MBA Suit (March 18, 2004)
• Letter to Representative Baker on State Laws (December 11, 2003)
• S. 1373, the Insurance Consumer Protection Act of 2003
• Summary of S. 1373, The Hollings Bill
• Chairman Oxley's Letter to Secretary O'Neill Opposing Preemption (March 22, 2002)

Testimony/Speeches

• Testimony of Alan F. Liebowitz before the U.S. Senate Banking Committee (September 22, 2004)
• Optional Federal Charter Presentation before National Conference of Insurance Legislators (February 28, 2004)
• Oral Testimony of Glen Milesko, Banc One, on insurance regulation (June 18, 2002)