Former FDIC Chairman Bill
The Crisis in Life Insurance "the most significant case for bank insurance ever
made." Describing Michael White as "one of the champions in the battle to achieve a market-oriented, level playing field in financial
services," former Comptroller of the Currency Gene Ludwig said The Crisis
"was extremely significant in making positive changes happen in this area."
Michael White authored the classic bank insurance white paper,
The Crisis in Life Insurance—How To Solve It With Freedom of Choice and Free-Market
The Crisis in Life Insurance
documented - long before others lamented the neglected middle market - how the traditional agency distribution system has left Americans under-insured. It
was a stunning rebuttal of claims made by insurance agent trade associations in their efforts to limit bank distribution of insurance.
is truly a masterpiece
and represents the seminal
work on the subject."
- Robert Sheridan, President, SBLI Company of Massachusetts
The study was published in 1995 by the Financial Institutions Insurance Association (FIIA), then
the nation’s largest nonprofit bank insurance trade association.
white paper used data derived from traditional life insurance industry sources to rebut agent association arguments against bank insurance sales. It
presented the insurance industry’s concerns over the cost and inefficiencies of traditional agency distribution and
proved that, in 1995, more than half of Americans lived in states or locations with broad bank insurance powers. The study
demonstrated that consumers gain more access and choice when banks are permitted to sell insurance products to their customers. As relevant today as when published, the paper details the extensive need consumers have for life insurance, and the opportunities banks have to meet those
The Crisis in Life Insurance in PDF, or download a complete copy of this classic study for your research