Dots - Same Products, Different Industries
- GICs vs BICs
- - GOV - Money Market v Checking Account
- UL - Checking Account + Term Insurance
- Annuity plus life insurance
The other issue I think I would like to highlight is what I have termed ‘‘the convergence of financial products,’’...
- If you look at the economic characteristics of these things, they are pretty similar.
- But one is produced largely by securities firms, or at least as a securities product under securities rules.
- The other is an insurance product, and it is regulated by States.
- The content of that regulation can be very different, and when you look at it in the crisis, I think the outcome can be very different between this different content of regulation.
- This has happened in several other areas as well. (p4)
-- Statement of Baird Webel, Specialist In Financial Economics, Congressional Research Service
2011 0914 - GOV (Senate) - Emerging Issues in Insurance Regulation - Senator Reed (D-RI) - PDF-51p