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Bancassurance |
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Bancassurance Insurance provided by a bank. For example, a bank could offer life insurance in addition to its savings, loan, and investment services. Proponents argue that bancassurance can streamline internal and government regulations. For example, a bank offering a mortgage may require borrowers to buy homeowners insurance; if bancassurance is available, the borrower could purchase a policy directly from the bank without needing to shop around. However, bancassurance is somewhat controversial; critics contend that allowing banks to sell insurance gives them too much control over the financial services sector. As a result, some countries prohibit it. The United States has allowed it since the passage of the Gramm-Leach-Bliley Act. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Standard & Poor's views CGU France as well-positioned to compete with both traditional composite insurers and bankassurers, thanks to its multidistribution strategy through tied agents; brokers; a salaried salesforce; and direct-insurance subsidiary Eurofil (not rated), which set up early this year France's first insurance Web site. As a result, Standard & Poor's believes that Skandia is constrained as it increasingly competes with banks and bankassurers for a share of the growing Nordic life and savings market. |
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