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Article: Annunzio blasts bank/ins. ties; sets Merchant National hearing. (Frank Annunzio)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- February 26, 1990
- Author:
CopyrightCOPYRIGHT 1990 Summit Business Media. 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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Annunzio Blasts Bank/Ins. Ties; Sets Merchant National Hearing
WASHINGTON--A top member of the House Banking Committee said that consumers will likely receive no benefits if banks are allowed to directly sell insurance.
"I do not accept the argument that allowing banks to sell insurance directly will be a good deal for consumers," said Rep. Frank Annunzio, D-Ill., chairman of the House Banking subcommittee on financial institutions.
Indeed, he said, consumers could be harmed both by tie-in sales and potential solvency problems if banks are allowed into the insurance business. Rep. Annunzio, who spoke at a Chicago meeting of the Washington, ...