OLDWICK, N.J.--(BUSINESS WIRE)--
Culprit or savior, the Gramm-Leach-Bliley Act is getting a lot of fresh
debate for a law that was enacted 10 years ago, according to the latest
issue of BestWeek U.S./Canada. Some blame that particular act —
the legislation that opened up the financial-services industry to
cross-ownership of banks, securities and insurance businesses — for the
economic crisis the United States is trying to pull out of. Some credit
it with helping form the kind of strong, diversified companies that have
been healthy enough to absorb their wayward cousins, BestWeek
said.
In BestWeek Europe, the occurrence of a large insurance claim is
normally followed by the arrival of a loss adjuster, who will sift
through the damage and begin to work out the numbers. Loss adjusters
have traditionally represented insurers. But they are now increasingly
found on the other side of the fence, speaking for clients who may feel
overwhelmed by the complexity of the claims process.
Also, in BestWeek U.S./Canada, at the same time that health
insurance groups received a backlash of heavy criticism from Democratic
lawmakers for releasing reports that health reform efforts could lead to
much higher premiums, another legislative effort saw a jolt of interest
in Congress. Momentum has been building for Senate and House bills that
aim to tear down the antitrust exemption enjoyed by the health and
medical liability industries.
BestWeek is published by A.M. Best Co. for insurance
professionals. To subscribe, visit www.ambest.com/sales/BestWeek.
Founded in 1899, A.M. Best Company is a global full-service credit
rating organization dedicated to serving the financial and health care
service industries, including insurance companies, banks, hospitals and
health care system providers. For more information, visit www.ambest.com.
Please enable Javascript
A.M. Best Company
Caroline Saucer, 908-439-2200, ext. 5774
caroline.saucer@ambest.com
Source: A.M. Best Company
