PORTER

Question 1

Gramm-Leach-Bliley Act of 1999

Answer 1

1. Each segment of the financial services business is regulated separately
2. Prohibits state actions that would prevent national banks-related firms from selling insurance on the same basis as insurance producers
3. The law prohibits national banks from forming subsidiaries to underwrite insurance
4. Requires banks to disclose their information-sharing policies and practices to customers
5. Compels states to facilitate insurance producers ability to operate in more than one state