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ABAIAAmerican Bankers Association Insurance Association
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In the past, ABI has excelled at providing member support services while the ABAIA has focued on legislative and regulatory policy development and advocacy.
To date, ABAIA's membership has consisted of a dozen or so banking organizations.
Banking lobbyists are anxious to get the debate going in Congress, said Beth Climo, executive director of the ABAIA. "Our members are familiar with the federal and state charter system for banking, and it works well.
The ABAIA, a separately incorporated subsidiary of the American Bankers Association, represents nearly a dozen banks--including Bank of America Corp., Chase Manhattan Corp., Citigroup, Fleet Boston Corp., Wells Fargo--that sell or operate in the insurance industry.
ABAIA's proposal covers life, health and property/casualty insurance, as well as agents and underwriters, she said.
Under the ABAIA proposal, the national insurance commissioner would charter, regulate and supervise national insurance companies, which could underwrite and sell insurance and annuities, as well as national insurance agencies, which could broker or sell insurance and annuities.