This research project presents the Gramm-Leach-Bliley Act of 1999 also known as the Financial Service Modernization Act, and the events that inf luence the passage of the law. The Modernization Act permits the affiliation of the insurance, securities and financial institutions repealing the Glass-Steagal Act of 1993 and the sections that separated the commercial and investment banks. Historical events like the Crash of 1929 and the Great Depression of 1930 had an impact in the passage of the Glass-Steagall Act of 1933. The World Trade Organization prompted the United States to join them to liberalize trade on financial statements under the General Agreement of Trade in Services. This joint was an important key in the deregulation process. In addition, the project presents the provisions of the GLBA in Puerto Rico as defined in the Rule No. 74. It contains graphics that shows the trends of the insurance companies in Puerto Rico before and after the Act. Finally, discusses some conclusions and recommendations to any person who want to learn more about this topic.