Abstract
Distribution of insurance is not new to bankers. Credit and mortgage insurance are widely sold by banks and sometimes underwritten by bank affiliates. National banks with lending offices in towns with populations of less than 5,000 are allowed to sell all kinds of insurance, and 16 national banks were grandfathered unlimited insurance powers by the Bank Holding Company Act of 1956.1 All states have authority over state-chartered banks, and 11 have extended broad insurance agency powers. In addition, savings and loan associations can underwrite most types of insurance through service corporations; and mutual savings banks in three states underwrite life insurance.
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Pritchett, S.T. (1994). Potential Price and Product Quality Changes for Insurance Delivered by Banks. In: Gustavson, S.G., Harrington, S.E. (eds) Insurance, Risk Management, and Public Policy. Huebner International Series on Risk, Insurance and Economic Security, vol 18. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-1378-6_5
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