Financial Services Reform: Hearings Before the Subcommittee on Finance and Hazardous Materials of the Committee on Commerce, House of Representatives, One Hundred Fifth Congress, First Session, May 1, 1997--"A Two Way Street" and Functional Reform; May 14, 1997--Consolidation in the Brokerage Industry; June 24, 1997--Insurance Regulation, Volume 4U.S. Government Printing Office, 1997 - 163 páginas |
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Palavras e frases frequentes
ance bank affiliates bank holding company bank insurance bank regulators banking and insurance Banking Committee Barnett Bank believe BREEDEN broker-dealer brokerage business of insurance capital markets Chairman commercial Committee on Banks competition Comptroller concerns Congress consolidated supervision consumer protection Corporation customers Dean Witter entities Federal Reserve financial institutions financial services financial services industry financial services reform functional regulation GAVANES Glass-Steagall Glass-Steagall Act GLENN POMEROY Illinois insurance activities insurance agents insurance commissioners insurance companies insurance departments insurance industry insurance products insurance regulators insurance risk insurance sales investors issue latory legislation licensing Lincoln National Corporation loan MANTON Mark Pope marketplace McCarran-Ferguson Act ment mutual funds NAIC NARAB national banks non-bank operations oversight OXLEY Paine Webber policyholders preempt PREPARED STATEMENT regu regulatory structure requirements securities firms securities industry securities markets sell insurance solvency subcommittee subsidiaries sumers surance Thank tion underwriting
Passagens conhecidas
Página 151 - When I use a word,' Humpty Dumpty said in a rather scornful tone, 'it means just what I choose it to mean — neither more nor less.' 'The question is,' said Alice, 'whether you can make words mean so many different things.
Página 156 - ... affiliations. A. Federal Legislation Should Permit Insurers to Affiliate with both Banks and Commercial Firms, Subject to State Regulatory Oversight As a practical matter, insurers must be able under the legislation to acquire banks. In the past and at present, a number of major property/casualty insurers own, are owned by, or are affiliated with a wide range of commercial entities, including major corporations in the retail, industrial, and entertainment industries. In appropriate circumstances,...
Página 117 - States any such association located and doing business in any place the population of which does not exceed five thousand inhabitants, as shown by the last preceding decennial census, may, under such rules and regulations as may be prescribed by the Comptroller of the Currency, act as the agent for any fire, life, or other insurance company...
Página 62 - ... the opportunity to join this panel. The Committee should be commended for its continued leadership on the issue of financial services modernization. The question we will address today — the regulatory framework for consolidation in the banking and brokerage industry — is of great importance. I am pleased to have the opportunity to offer my views. Although I am a lawyer practicing here in Washington, and I previously served as Director of the Division of Market Regulation at the Securities...
Página 110 - ... another. A lender may not use or disclose, without the prior written consent of the borrower taken at a time other than during the loan transaction, information about a policy, for the purpose of replacing the policy. Lenders must explain to the borrower in writing that the insurance related to the loan may be purchased from an insurer or agent of the borrower's choice, subject to the lender's right to reject a given insurer or agent. However, a lender may not unreasonably reject an insurance...
Página 29 - ... eliminated. Whatever utility such strategies might have had in the past would be obviated by the express grant of insurance powers to banks and by appropriate limits on state action. Several of the arguments against functional regulation that have surfaced over the last few months are discussed below. 1) States will enact statutes or institute rules governing the sales of insurance products that will discriminate against banks either overtly or in practical effect. Based largely on experience...
Página 136 - In addition to setting qualification standards and standards of actuarial practice, a major purpose of the Academy is to act as the public information organization for the profession. The Academy is nonpartisan and assists the public policy process through the presentation of clear, actuarial analysis.
Página 12 - Commission, before the Committee on Banking and Financial Services Subcommittee on Financial Institutions and Consumer Credit, February 13, 1997, note 1.
Página 26 - ... effectuate meaningful financial services reform are now ready to participate in the hard work, the debates, and the compromises necessary to make this legislation a reality. Never before has this situation occurred. We look to you for direction and leadership. We commend you for this hearing, and we look forward to working with you in any way we can to achieve this common goal. Thank you very much. [The prepared statement of Mark Pope follows:] PREPARED STATEMENT OF MARK POPE, VICE PESIDENT,...
Página 109 - You may not know that the state insurance departments and the NAIC have made substantial progress in developing and using technological tools for improving efficiency for regulators and for those we regulate. Recently, for example, the NAIC embarked on a new public/private partnership that relies on this new technology. The Producer Information Network (PIN) involves automating and streamlining the licensing, appointment, and termination system for insurance producers throughout the United States....