Bank Owned Insurance Agency Formation and Review

Insurance and financial services products and services are quickly becoming expected products in a community bank- especially for younger bank customers.

Most banks across the country have established operating subsidiaries licensed for insurance including many in Ohio, and over 95% of the banks in Michigan.

The formation of an operating subsidiary licensed for insurance creates a platform to add valuable products and services that assist customers, support key bank initiatives and generate material levels of immediate non- interest revenue.

CBAO has fronted legal fees and can quickly and cost effectively form an operating subsidiary which would include:

  • Form and license a limited liability company including employer identification number:
  • Obtain all required insurance licensing;
  • Generate and provide all necessary regulatory notifications;
  • Facilitate and conduct senior management focus group to develop a prioritized business plan for the subsidiary.

Consulting services are also provided for existing insurance agency performance and operational review as well as facility for sale or acquisition of an agency.

Contact Aza Bittinger at 614.846.2238 to learn how CBAO can help you with partner sourcing.