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What do these three distinct entities have in common?
The Financial Services Act of 1999 repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company.
The only thing I can think of that ties the three together is risk management. In fact, I suspect risk management takes president over our savings for the bank, our dividends/growth for the securities company an our health for the insurance company. Is there anything else they all have in common?
I meant the Financial Services "Modernization" Act of 1999 and it is also referred to as the Gramm-Leach-Bliley Act of 1999
2 Answers
- 6 years agoFavorite Answer
Yes... They all have in common "The Chinese Wall."
The idea was to separate out features that would give such a combined institution an unfair competitive advantage over similar institutions which did not possess detailed information pertaining to, for example, major insurance claims pending against a client.