the insurance companies under the federal regulation, while the McCarran-Ferguson
Act in 1945 demolished most federal regulations on insurance companies while re-
affirming the governance of state regulation.
In 1999, the Gramm-Leach-Bliley (GLB) Act was enacted. It was expected to
make a profound impact on the competitive landscape because it started a new era
that allowed commercial banks and insurance companies to conduct each other’s
business. With the firewall between the two comprehensive business fields cracked
down, it was expected that business integrations equipped with intensive capital flows
would transform the two fields that would forever change the face of the insurance
industry. Did it really happen? How significant is the effect? This curiosity motivated
me to use comprehensive statistical techniques to pursue the answer. Statistics has
been playing a key role in the insurance business. I hope this research can continue
the legendary role of statistics in this industry.
Specifically, this research studies the changes in the survival of insurance compa-
nies before and after the passage of the GLB Act using a survival analysis framework.
In order to effectively address the dependency issues between events and censoring,
we utilize copula functions to model the dependent censoring. We also study whether
there is a change-point in a hazard function and how to locate it.