I can't answer that in detail, but I know that in the United States they don't have the same distinction. They don't have the same prohibition that banks cannot be offering insurance products.
On May 16th, 2012. See this statement in context.
On May 16th, 2012. See this statement in context.
Director, Financial Institutions Division, Financial Sector Policy Branch, Department of Finance
I can't answer that in detail, but I know that in the United States they don't have the same distinction. They don't have the same prohibition that banks cannot be offering insurance products.
See context to find out what was said next.