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Navarre Travel on In 1991, Congress passed the Federal Deposit Insurance Corporation Improvement Act (FDICIA), which was intended to penalize banks that engaged in high-risk activities. Its most important provision was to make FDIC insurance more resemble private insurance. Deposit insurance premiums were to be based on the risk of banks, rather than on a traditional fixed rate. Risk-based deposit insurance premiums are now based on a regulatory rating and the financial institution’s capital levels. In 1999, the Financial Services Modernization Act was passed, which allowed commercial banks, securities firms, and insurance companies to merge essentially repealing the Glass-Steagall Act. The most prominent example of bank expansion into securities services is Citicorp’s merger with Traveler’s Insurance Company, which resulted in the financial conglomerate named Citigroup. Since Traveler’s Insurance Group already owned the investment bank Salomon Smith Barney, the merger was a massive consolidation of banking, securities, and insurance services. Navarre Travel 2016.

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