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Article: Annunzio questions bank-sales benefits. (Frank Annunzio)
- Article from:
- National Underwriter Property & Casualty-Risk & Benefits Management
- Article date:
- March 5, 1990
- Author:
CopyrightCOPYRIGHT 1990 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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Annunzio Questions Bank-Sales Benefits
WASHINGTON--Consumers will likely receive no benefits if banks are allowed to directly sell insurance, according to a top member of the House Banking Committee.
"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, D.C.-based ...