Magazine article American Banker

Another Banking Group Enlists in Battle against Bill Favoring Insurers

Magazine article American Banker

Another Banking Group Enlists in Battle against Bill Favoring Insurers

Article excerpt

Another trade group has joined the battle against the Independent Insurance Agents of America and legislation that would allow states to restrict insurance activities of national banks.

The Financial Institutions Insurance Association, a trade group for banks and thrifts interested in insurance brokerage, protested the bill in letters to House Commerce Committee Chairman Thomas J. Bliley - its sponsor - and other key lawmakers.

In the letter, Allen L. Raiken, a lobbyist for the group, attacked the bill as an attempt by the insurance agents "to preserve to themselves the ability to offer insurance products to the general public."

The group, whose members include First Interstate and Chemical Bank, has called for federal legislation granting insurance brokerage powers to all banks and thrifts.

The American Bankers Association has been out front so far in the fight against the Bliley bill. Other groups, including the Independent Bankers Association of America and the Bankers Roundtable, are on record in

opposition to the measure but have yet to commit any lobbying resources.

Big banks attending the Bankers Roundtable's annual meeting earlier this month were urged to hang tough in the battle to preserve the industry's long-sought insurance premium reduction.

At the trade group pow-wow in Naples, Fla., 230 regional and money- center bankers were briefed about the group's "hands off" stance on the looming disparity between bank and thrift insurance fund premiums.

The Federal Deposit Insurance Corp. …

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