Newspaper article THE JOURNAL RECORD

Life Insurers Intend to Block Bank Efforts to Offer Insurance

Newspaper article THE JOURNAL RECORD

Life Insurers Intend to Block Bank Efforts to Offer Insurance

Article excerpt

Fending off bankers' efforts to enter the insurance business tops the "To Do" list for Timothy S. Olsen, 1989 president of the Oklahoma City Association of Life Underwriters.

Olsen, manager of the Oklahoma City office of Manufacturers Financial Group, admits the insurance industry will have a tough time keeping bankers out of it.

But banks should stay out of the insurance industry, Olsen said, until they can prove they can contain their own industry.

"Before banks enter another financial endeavor, they should be on solid ground," Olsen said. "What makes them think they can manage a business that is strange to them any more than a business that's natural to them?"

If banks do get involved in the insurance business, Olsen wondered aloud about what the banks would pledge for financial security to the other insurance companies that make payments to the state's guaranty fund.

And, if banks enter the insurance business, Olsen said he wants fair competition from credible institutions with good financial structures and high quality assets. …

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