Geez, take a gander at the OED "word of the day"

[Itascapark]

I received in my in-box this morning. And what the hell is the "Financial Services Modernization Act" of 1999? Must "google" for more info.



bancassurance, n. DRAFT ENTRY Sept. 2002
Banking and Insurance.

Brit. /bakrns/, /bakrs/, /bakrns/, /bakrs/, U.S. /bækrns/ Forms: 19- bancassurance, bankassurance. << French bancassurance (app. early 1970s: see note) < banc, alteration (after e.g. bancaire adjective ‘banking’, bancable bankable) of banque BANK n.3 + assurance ASSURANCE n. Cf. Italian bancassicurazione.>

The selling of insurance products and services, esp. life assurance, by banking institutions. Freq. attrib.
Although pioneered in France in the early 1970s (first by the regional bank Crédit Mutuel), significant merging of banking services and insurance products in the United Kingdom began after the removal of regulatory barriers as part of the Financial Services Act (1986), and in the United States with the Financial Services Modernization Act (1999).

1989 World Insurance Rep.: Corporate 6 Jan. 1/2 Development at home would be based upon the concept of ‘bancassurance’, since ‘a bank and an insurance company are two aspects of the same whole, namely the collection and management of savings.’ 1991 Banking World Nov. 12/1 National Westminster Bank..has gone over to the tied camp with a plan to set up its own life assurance company..only days after Abbey National... Both moves signal a significant quickening of the pace of ‘bankassurance’ activity. 1993 Guardian 25 June I. 17/1 The job losses stem largely from the amalgamation of TSB's bank and insurance operations into a unified ‘bankassurance’ business. 2001 Times 24 Jan. I. 22/4 Mr Tucker said that expansion would be aided by the Japanese Government's relaxation of the rules prohibiting bancassurance, and new legislation to encourage retail private pensions.

[TreasonousBastard]

1. Might wanna google Glass-Stegall...

and see why financial services were separated in the first place.

Yeah, the banks have been wanting to get more into other areas to make money for a long time now, and selling life insurance is a natural fit with their other services.

Personally, I have no idea whether or not it's a good idea.

[Itascapark]

2. Thanks for the tip...

I'll follow up on Glass-Stegall.

[joeybee12]

3. Good Lord! I have a headache just reading all that!

Did you find out anything interesting?

[Itascapark]

4. Well, a brief History

Still reading through it. Thanks TB!


http://www.timen.com/nick/index.php?p=41

[joeybee12]

5. Good luck!