Legislature opens door for banks to sell insurance.

A dramatic change in the world of insurance sales is forthcoming. Effective July 1, the Florida Legislature has fully opened the door for financial institutions to sell all insurance products.

In 1974, the Legislature forbade banks from selling insurance. This was in reaction to a growing interest by financial institutions in offering their customers additional services. For many years, banks tried to get the legislation changed, and the insurance agents resisted. Many legislative battles were fought by the two industries.

History has many examples of opponents who, after a time, become allies. Similarly, after 25 years these two industries In Florida have …