INSURBANC EXPANDING

InsurBanc, the federal savings bank developed by the Independent Insurance Agents & Brokers of America (IIABA) to serve agents and brokers, and their clients, won regulatory approval to expand its operations to 15 additional states—three on a full-service basis and 12 on a limited-service capacity. According to bank CEO Michael Herlihy, the Office of Thrift Supervision (OTS) approved this expansion of services along with a new online agent education program for agents. W.R. Berkley Corporation is a partner in the bank. InsurBanc is now authorized to offer full commercial and consumer banking services to agencies and agency employees in Maine, Rhode Island and Delaware. In addition, InsurBanc-trained agents can make referrals for commercial and consumer banking products. This is the same authority the bank already has in the three states—Connecticut, Massachusetts and New Jersey—where it was permitted to do business upon approval of its charter by the OTS in April 2001. InsurBanc also is granted limited-service authority in a dozen states—Kentucky, Illinois, Iowa, Indiana, Louisiana, Missouri, Minnesota, Nebraska, South Carolina, Oklahoma, Oregon and Virginia. Limited-service authority enables the bank to provide full commercial and consumer banking services to agencies and agency employees as well as pay referral fees to agents for the origination of credit card applications and settlement fees for residential mortgages. The OTS also approved the bank’s online agent education program. Called the InsurBanc Independent Agent Education Program, this online educational tool will allow agents and brokers to use the Internet to complete the training required for them to be qualified to refer business to the bank. Previously, InsurBanc staff conducted training sessions in person. The new Internet-based educational program uses technology made available through the Big “I” Virtual University.

Topics Agencies Training Development