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This paper investigates the impact of the Gramm-Leach-Bliley Act (GLBA) on the insurance industries of developed countries. We find that the insurance industries of most of the developed countries in our sample have significant negative spillover effects from the GLBA. Further, we find that the impact of this deregulation on the insurance industries of any two countries is not same. After controlling for country-specific effect, we find that profitability can explain the impact of the GLBA on non-U.S. insurance companies. This result is robust whether we use ordinary least squares or bootstrap as the estimation technique. However, we do not find any evidence demonstrating that the impact of the GLBA is statistically different for firms that are from European Union member countries versus those that are not.

Global Impact of the Gramm-Leach-Bliley Act: Evidence from Insurance Industries of Developed Countries