The committee says a bill is urgently needed, because the bank insurance fund that pays depositors of failed banks is virtually out of money.
Interstate Banking and Insurance Activities of National Banks: Hearings Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Third Congress, First Session, on Nationwide Banking and Branching and the Insurance Activities of National Banks, October 5 and November 3, 1993, Volume 4
Governor Ware - FRB
Somewhere in that range, it seems to me, would be a reasonable restraint, and at the same time offer the consumer advantages of perhaps being able to purchase all kinds of general insurance at lower premiums because the large commission for the agent, which is a major part of at least the first year's premium , for example,
on a life insurance policy, could be substantially cut because of the more efficient way of distributing it.