Agents face tough battle on banks. (bank entry into insurance business)

National Underwriter Life & Health-Financial Services Edition, January, 1989 by Brostoff, Steven

Agents Face Tough Battle On Banks

WASHINGTON--Insurance agents face a tough struggle getting legislation limiting bank entry into the insurance business through Congress this year, according to a top agent lobbyist.

"The problem with the Federal Savings and Loan Insurance Corp. is so overwhelming that it will probably blot out most other issues," said Paul Equale, vice president of government affairs for the Independent Insurance Agents of America.

Speaking at a press briefing on the upcoming Congress, Mr. Equale said that despite the giant cloud caused by FSLIC, agents will still try to encourage the House and Senate Banking Committees to shed some light on the issue of bank powers. And indeed, he said, the Senate committee should be a "much...

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