What is the definition of Gramm-Leach-Bliley Act?
The Gramm-Leach-Bliley Act (which is also called the Financial Services Modernization Act) refers to the law that raised the prohibition regarding the combination of investment banking, insurance activities and commercial banking activities. These prohibitions are based on the Glass-Steagall Act and the Bank Holding Company Act of 1956. Currently, the Gramm-Leach-Bliley Act enables banks, securities firms and insurance companies to have controlling interest in each other and to use the other entities' services.
This allows companies to consolidate and offer a combination of financial services (insurance, securities, banking) all under one "roof". An example of this would be an insurance company merging with a commercial bank holding to result in a conglomerate that offer clients a variety of services provided under a house of different brands.
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- Gross Annuity Cost
- Group Insurance
- Guarantee Period
- Guaranteed Death Benefit
- Guaranteed Income Contract (GIC)
- Guaranteed Insurability (GI) Benefit
- Guaranteed Living Benefits
- Guaranteed Renewable Policy
- Guaranteed Replacement Cost Coverage
- Guaranty Fund
- Graduated Driver Licenses
- Graded Premium Policy
- Grace Period
- Glass Insurance
- Generic Auto Parts
- Generally Accepted Accounting Principles (GAAP)
- General Account
- Gap Insurance
- Futures
- Fronting