Letting Wells Fargo enter the insurance business is enough proof right there that there needs to be federal supervision of the insurance industry. Without that federal protection Wells Fargo could very likely be responsible to a real regulatory authority in the state and worse case could be required to actually hold enough reserves to pay a claim.
Ummm, I’m gathering from the comments that some people here think Wells Fargo is an insurance company, we are a bank owned insurance agency. Wells originally purchased Acordia and most recently ABD. So what’s the big deal with an insurance agency being owned by a bank?
that all banks and financial institutions should stay out of the insurance buisness…and banks should be re-regulated!
Letting Wells Fargo enter the insurance business is enough proof right there that there needs to be federal supervision of the insurance industry. Without that federal protection Wells Fargo could very likely be responsible to a real regulatory authority in the state and worse case could be required to actually hold enough reserves to pay a claim.
uh anon, when you say “pay a claim”…what on earth are you referring to?
Ummm, I’m gathering from the comments that some people here think Wells Fargo is an insurance company, we are a bank owned insurance agency. Wells originally purchased Acordia and most recently ABD. So what’s the big deal with an insurance agency being owned by a bank?