Business Services Industry
Insurers left behind by modernization; Gramm-Leach-Bliley Act's main beneficiaries have been banks, observers say.(Industry Overview)
Business Insurance, January, 2002 by Hofmann, Mark A.
Enactment of the Gramm-Leach-Bliley Act was supposed to pave the way to true financial modernization by allowing banks, insurance companies and producers, and securities firms to enter each other's businesses. But now, a little more than two years after then-President Clinton signed the measure into law, Gramm-Leach-Bliley is looking a lot more like a one-way street than the open road.
While banking companies have aggressively branched into new financial services sectors-particularly the distribution side of insurance-neither insurers nor securities firms have followed suit to any significant degree. In fact, the only high-profile merger of an insurer and a bank-the creation of Citigroup Inc. out of Travelers Group and Citicorp-took place before...
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