FOR IMMEDIATE RELEASE
For More Information Contact:
Brian Hoffman, Illinois BankService Corp., (217) 789-9340, [email protected]
Josh Miller, The KeyState Companies, (702) 598-3738, [email protected]
Hillary Frei, The KeyState Companies, (702) 598-3738, [email protected]
Illinois BankService Corp. endorses KeyState’s Bank Captive Program
SPRINGFIELD, Ill. (February 2015) KeyState’s Bank Captive Program has been endorsed by the Illinois BankService Corp., a wholly-owned subsidiary of the Illinois Bankers Association (IBA).
Illinois banks with over $1 billion in assets will have the opportunity to form their own captive insurance company through KeyState’s Captive Program. The captive augments a bank’s commercial policies by covering the existing commercial deductible layers, increasing coverage levels on existing policies (excess layers), and identifying other currently unfunded risks to insure where commercial insurance is not available to the bank. The captive insurance company is implemented by Crowe Horwath LLP, a national CPA firm, and then managed on an ongoing basis by KeyState Captive Management. If properly structured, the captive may also allow the bank to take advantage of a significant small business incentive available under a section of the tax code.
“Several banks in Illinois are currently exploring the structure and this program has been extremely successful in other states.” explained Brian Hoffman, IBA Vice President. “Over 90 percent of Indiana’s eligible banks have already formed or will form their own captive insurance company since the Bank Captive Program was introduced by KeyState, a little more than two years ago.”
Illinois BankService Corporation is the tenth state banking association or subsidiary to endorse the captive program with several other state banking endorsements in progress.
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About IBA Employee Benefits Corporation
Illinois BankService Corp.is a wholly owned subsidiary of the Illinois Bankers Association (IBA). The IBA is a full-service trade association dedicated to creating a positive business climate that benefits the entire banking industry and the communities they serve. Founded in 1891, the IBA brings together state and national banks, savings banks, and savings and loan associations of all sizes in Illinois. Learn more about the IBA at www.ilbanker.com or call 800-783-2265.
About The KeyState Companies
Founded in 1990, The KeyState Companies are based in Las Vegas, NV and provide banks with innovative and independent services and expertise in risk management, investments, treasury, regulatory compliance and corporate governance. KeyState is not a broker dealer. Learn more about KeyState Companies at http://www.key-state.com or call (702) 598-3738.