A Federal Charter Option for Insurance Companies: Lessons from the Bank Experience

26 Pages Posted: 12 Oct 2002

See all articles by Lissa L. Broome

Lissa L. Broome

University of North Carolina School of Law

Date Written: September 2002

Abstract

Professor Broome discusses the interest following the enactment of the Gramm-Leach-Bliley Act in establishing a federal charter option for insurance companies. She summarizes previous efforts to obtain a federal insurance charter. The paper attempts to draw some lessons for the insurance industry from the bank experience with dual chartering. Professor Broome cautions that the dual banking system is not the product of a carefully crafted balancing of powers between state and federal regulators, but rather an historical accident, and suggests that creating a new federal bureaucracy to mimic this system would, at this juncture, be premature.

Keywords: Banking Law, Finance, State Chartering, Insurance

Suggested Citation

Broome, Lissa L., A Federal Charter Option for Insurance Companies: Lessons from the Bank Experience (September 2002). FINANCIAL MODERNIZATION AFTER GRAMM-LEACH-BLILEY, Pat McCoy, ed., Lexis Nexis, 2002. Available at SSRN: https://ssrn.com/abstract=334440 or http://dx.doi.org/10.2139/ssrn.334440

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)

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