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

True/False

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

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.