Lesson 4 Part 1 - 1 LESSON 4(1) Insurance Companies...

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Unformatted text preview: 1 LESSON 4(1) Insurance Companies Marketing Insurance After the Financial Services Reform Act of 1999 2 Financial Services Modernization Insurance marketing channels will definitely change in the next 10 years. Financial Services Reform Act of 1999 known as Gramm-Leach-Bliley (GLB) Act Allow the creation of financial services holding companies. 3 insurance investments banking insurance investments banking Silo Effect 4 Re vi se d the Re gu lat or y La nd sc ap e Ba nk s/ Ins ur an ce /Br ok er s Fi na nc ial Su pe rma rke t Re mo ve d De pr es si on Ba rri er s Imp ac t of Bi ll 5 Forbidden Acts/Required Acts Tying of Insurance Misrepresenting the product Providing disclosures that insurance is not a bank deposit , not guaranteed , not insured Limiting commissions to licensed agents Prohibiting referral fees based on a sale Prohibiting information release to third parties Prohibiting the release of health information Maintaining separate records for insurance 6 Many Legal Types Sell Insurance Cannot sell both life and non-life insurance Except for insurance holding companies but they are in separate operation Types of Insurers:- Stock companies Mutual companies Reciprocal exchanges Fraternal life insurers Blue Cross & Blue Shield Lloyds of London 7...
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Lesson 4 Part 1 - 1 LESSON 4(1) Insurance Companies...

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