Insurance State's and Consumer's Rights Clarification and Fair Competition Act: Hearing Before the Subcommittee on Commerce, Trade, and Hazardous Materials of the Committee on Commerce, House of Representatives, One Hundred Fourth Congress, First Session, on H.R. 1317, May 22, 1995, Volume 4U.S. Government Printing Office, 1995 - 74 páginas |
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Palavras e frases frequentes
affiliated Agents of America ALPERT American Bankers Association ance bank holding companies bank insurance sales bank powers bank sales banking regulators banks and insurance banks to sell believe bill Bliley business of insurance Chairman Bliley Committee comply Comptroller concerns Congress consumer protection define insurance definition of insurance deposit DINGELL ensure entities FDIC federal law financial services functional regulation Glass-Steagall Independent Insurance Agents insurance activities insurance business insurance commissioners insurance companies insurance consumer insurance groups insurance industry insurance laws insurance powers insurance regulation insurance regulatory insurance underwriting issue Jim Long KAPPLER legislation lender McCarran-Ferguson Act mortgage NAIC National Bank Act North Carolina Norwest OCC's OXLEY percent prohibit question regu regulate insurance regulate the business regulation of insurance requirements rules sale of insurance Section 92 solvency statement Subcommittee Supreme Court surance TAUZIN Thank tion title insurance underwriting VALIC decision YINGLING
Passagens conhecidas
Página 42 - National banks are instrumentalities of the federal government, created for a public purpose, and as such necessarily subject to the paramount authority of the United States. It follows that an attempt, by a state, to define their duties or control the conduct of their affairs is absolutely void, wherever such attempted exercise of authority expressly conflicts with the laws of the United States, and either frustrates the purpose of the national legislation or impairs the efficiency of these agencies...
Página 39 - USC 1972) prevents consumers from being required to purchase other corporate products as a condition of obtaining a bank product. Such illegal "tie-ins" would subject violators to substantial damages.
Página 12 - ... incidental" banking powers.4 And the Federal Reserve Board has determined that the insurance prohibitions of the Bank Holding Company Act apply with full force to title insurance. As one court simply put it...
Página 20 - insurance" means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under applicable State or Federal law. (2) POLLUTION LIABILITY. — The term "pollution liability" means liability for injuries arising from the release of hazardous substances or pollutants or contaminants.
Página 21 - The following are hereby defined as unfair methods of competition and unfair and deceptive acts or practices in the business of insurance: (1) Misrepresentations and false advertising of policy contracts.
Página 34 - ON BEHALF OF THE AMERICAN BANKERS ASSOCIATION Mr. Chairman and members of the Committee, my name is George A.
Página 19 - This report surveys key elements of the child abuse and neglect statutes of the 50 states, the District of Columbia, American Samoa, Guam, Puerto Rico and the Virgin Islands that were in effect on April 30, 1977.
Página 37 - In-testimony before the Senate Banking Committee in July 1987, J. Robert Hunter, president of the National Insurance Consumer Organization, stated: Banks are a logical source of insurance. Sales outlets in banks would be convenient for consumers and should be extremely efficient points for sale. The incredible reaction of insurance agents against bank entry is due in the main to their inefficiency and high cost.
Página 35 - In fact, while the assets banks' hold have increased, banks' market share of total assets held has fallen steadily over the past two decades, from about 40 percent in 1973 to 25 percent in 1994 (see Chart 1). Moreover, the share of total credit extended by banks has also fallen, from 39.2 percent in 1980 to 32.5 percent in 1994. In contrast, the share of credit extended by insurance companies grew from 16.8 percent in 1980 to 20.6 percent in 1994.
Página 4 - Over the past several years, these rules have unilaterally expanded insurance authority of national banks. For example, these rules have: • Interpreted existing statutory authority of small town banks to sell insurance in rural areas in a way that permits money center banks with branches in small towns to sell insurance nationally. • Concluded that municipal bond guarantee insurance could be issued by national banks as "standby letters of credit.