New Delaware Law Gives Banks Power to Sell Insurance

From Reuters

Delaware’s governor Wednesday signed into law a controversial bill that gives all banks chartered in Delaware the power to sell and underwrite insurance nationwide, a measure hotly opposed by the insurance industry.

The law gives broader power to major banks, many of which moved some operations to Delaware over the past decade because of the state’s favorable corporate environment.

The package, signed by Gov. Michael Castle, was approved by the Legislature late Tuesday.