Shares of Jefferson Pilot Corp., a Greensboro, N.C., insurance company with a broadcasting business, have shot up 8% since the U.S. House of Representatives passed a proposal that would make a purchase of the company more palatable for a bank.

Jefferson's stock rose to $71.625 Monday, from $66.3125 on June 30, the day before the House passed a tailor-made amendment to its financial modernization bill. The amendment would eliminate a potential problem with a Federal Communications Act rule that would prevent a banking company from expanding its broadcast arm to 15% of its operating revenue.

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