Question

The Financial Services Modernization Act allowed bank holding companies to open insurance underwriting affiliates and allowed insurance companies to open banks.

True/False

Answer 1

The correct answer to the following question will be "True".

Step-by-step explanation:

• Towards the latter half of the 20th century, various banking and financial–investment banking, corporate finance, and insurance became more and more intertwined.
• It required banks to hold organizations to establish associated insurance firms and authorized insurers to operate banking.

Therefore, the given statement is True.