The House Banking Committee recently approved bills to reform the Glass-Steagall Act and reduce the burden of regulation on banks. The independent insurance agents and their friends in the House leadership are blocking a floor vote on the bills unless provisions are added to curtail the authority of banks to offer insurance products.

A white paper published recently by the Financial Institutions Insurance Association couldn't be more timely in view of the insurance agents' political machinations. The paper, using data from insurance industry sources, details the overwhelming problems in the current agent-based delivery system for life insurance.

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