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Insurance Definition: GRAMM-LEACH-BLILEY ACT

By Compuquotes Team on March 27th, 2008

GRAMM-LEACH-BLILEY ACT:

Definition:

  • Financial services legislation, passed by Congress in 1999, that removed Depression-era prohibitions against the combination of commercial banking and investment-banking activities. It allows insurance companies, banks, and securities firms to engage in each others' activities and own one another.

Information provided by Insurance Information Institute

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