NAMIC Bank Open For Business
Monday, July 3rd, 2000 Life & Health Risk ManagementAssurance Partners Bank, a savings bank sponsored by the National Association of Mutual Insurance Companies, recently opened for business with an array of consumer and small-business banking products that will be primarily sold through affiliated independent agents. Besides providing a consumer service, the new bank also gives agents new tools to better compete in the rapidly evolving financial services marketplace, according to David Fronek, president and chief executive officer of Assurance Partners Bank, which opened for business on June 12. Mr. Fronek said that with the Gramm-Leach-Bliley Financial Services Modernization Act removing barriers between insurers, banks and securities firms, an increasing number of banks are selling insurance. Assurance Partners Bank was created to help independent agents of NAMIC companies keep market share as new players enter the insurance industry, he said.
