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Article: New bank bill a 'bomb' for agents. (bill allowing affiliation of banks and insurance companies)
- Article from:
- National Underwriter Property & Casualty-Risk & Benefits Management
- Article date:
- July 3, 1995
- Author:
CopyrightCOPYRIGHT 1995 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON--Insurance agents are marshalling their forces in an all-out effort to defeat or modify legislation approved by the House Banking Committee that would allow banks, insurance companies and insurance agencies to affiliate.
Agents are expressing extreme disappointment that the Committee approved an amendment to a regulatory relief bill offered by Rep. Richard Baker, R-La., permitting affiliations, by a 37 to 12 vote.
"There is no doubt this is a setback for the insurance industry," said Robert Rusbuldt, vice president of federal affairs in the Capitol Hill office of the Independent Insurance Agents of America. "Hopefully, it is only a temporary ...