InsurBanc was granted limited-service authority in Illinois, Indiana, Iowa, Kentucky, Louisiana, Minnesota, Missouri, Nebraska, Oklahoma, Oregon, South Carolina and Virginia.

Michael Herlihy, InsurBancs chief executive officer, said that under its limited-service authority the bank can provide full commercial and consumer banking services as it does in full-service states. However, it is limited to paying referral fees to participating agents for credit card applications and settlement fees for residential mortgages.

The U.S. Office of Thrift Supervision approved this expansion of services late last month, IIABA said, along with a new online agent education program for agents.

The Web-based training program, called the “InsurBanc Independent Agent Education Program,” is designed for agents and brokers to take their bank referral training online instead of having to sit through a four-hour, in-person training session, Mr. Herlihy explained.

Agents will receive the same course work and testing they have in the past. However, using the online program, available through IIABAs Virtual University and InsurBanc Web sites, they will be able to take the lessons at their own convenience, Mr. Herlihy said.

IIABA, along with insurer W.R. Berkley Corp., based in Greenwich, Conn., are partners in the bank.

Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, July 29, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.