Which of the Following Was a Consequence of Passage of the Financial

question 22

Multiple Choice

Which of the following was a consequence of passage of the Financial Modernization Act (Gramm-Leach-Bliley) ?

• A) Formation of insurers was made easier because capital requirements were reduced.
• B) It became easier for insurers to conduct business as they were no longer required to be licensed in each state where they operate, but only in the state where they are domiciled.
• C) Insurers were required to prepare financial statements using generally accepted accounting principles (GAAP) instead of using statutory accounting.
• D) Depression-era barriers between underwriting risk, depository functions, and securities underwriting were eliminated.

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