TAILIEUCHUNG - TAKING ADVANTAGE OF THE INSURANCE PROVISIONS IN THE GRAMM-LEACH-BLILEY ACT

In this paper, we propose Piggy Bank, a tool integrated into the contemporary web browser that lets Web users extract individual information items from within web pages and save them in Semantic Web format (RDF [20]), replete with metadata. Piggy Bank then lets users make use of these items right inside the same web browser. These items, collected from different sites, can now be browsed, searched, sorted, and organized together, regardless of their origins and types. Piggy Bank’s use of Semantic Web technologies offers direct, immediate benefits to Web users in their everyday’s use of the existing Web while incurring. | An ABA Insurance Association Analysis TAKING ADVANTAGE OF THE INSURANCE PROVISIONS IN THE GRAMM-LEACH-BLILEY ACT INTRODUCTION The Gramm-Leach-Bliley Act the Act includes several provisions of importance to banks and bank holding companies presently engaged in insurance activities or planning to engage in insurance activities. In broad terms the Act Expands the Insurance Powers of banks and bank holding companies but prohibits national banks from underwriting insurance Directs the federal banking agencies to adopt insurance Sales Practices Regulations comparable to existing regulatory guidelines and Affirms State Regulation of the insurance activities of banks and bank holding companies but gives federal regulators and federal courts the ability to preempt state insurance laws that interfere with the legitimate insurance activities of banks and bank holding companies. The following is a summary of the major provisions of the Act related to the insurance powers of bank holding companies national banks state banks and federal savings associations the insurance sales practices of banks and the regulation of the insurance activities of banks and bank holding companies. INSURANCE POWERS OF BANK HOLDING COMPANIES A Qualified Holding Company May Underwrite Broker and Sell Insurance The Act permits a bank holding company to underwrite broker and sell insurance and annuities. More specifically the Act states that a bank holding company which meets certain conditions may engage in activities that are financial in nature. The Act then defines a number of activities to be financial in nature including the underwriting brokerage and sale of insurance and annuities. A bank holding company that engages in activities that are financial in nature is a financial holding company. As discussed further below the Act prohibits national banks from underwriting insurance either directly or through a subsidiary and this prohibition also affects state banks. Thus if a bank is interested in .

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