Banking and Insurance: Before and after the Gramm-Leach-Bliley Act

Posted: 8 Nov 2000

See all articles by Lissa L. Broome

Lissa L. Broome

University of North Carolina School of Law

Jerry W. Markham

Florida International University (FIU) - College of Law

Abstract

This article traces the growth of insurance in America and describes how its regulatory structure developed separately from the regulatory structure of other financial services. The authors describe how banks became involved in insurance activities as a way to expand their traditional banking services. Although regulatory restrictions at first impeded this effort, the Gramm-Leach-Bliley Act of 1999 has now opened the door more widely to the combination of banking and insurance. Nevertheless, banks will continue to face regulatory hurdles and restrictions under GLB that will impair their ability to compete in the insurance business. The article examines the landscape for bank insurance activities post-Gramm-Leach-Bliley and questions whether the "functional" regulation on which Gramm-Leach-Bliley is premised is an efficient or effective method to regulate financial products.

Suggested Citation

Broome, Lissa L. and Markham, Jerry W., Banking and Insurance: Before and after the Gramm-Leach-Bliley Act. Journal of Corporation Law, Vol. 25, Issue 4. Available at SSRN: https://ssrn.com/abstract=245400

Lissa L. Broome (Contact Author)

University of North Carolina School of Law ( email )

Van Hecke-Wettach Hall, 160 Ridge Road
CB #3380
Chapel Hill, NC 27599-3380
United States
919-962-7066 (Phone)
919-962-1277 (Fax)

Jerry W. Markham

Florida International University (FIU) - College of Law ( email )

11200 SW 8th St.
RDB Hall 1097
Miami, FL 33199
United States

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