Banking a sole proprietorship insurance agency

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Question:

When banking an insurance agency that handles only cash deposits, what documents are required? Do we have to obtain their contract agreement, if they are a sole proprietorship and are licensed with multiple agencies? I am located in Georgia and regulated by the OCC.

Answer:

There is no specific answer to your question. It is purely a risk decision as to what you need to confirm their legitimacy and operating practices. Insurance is a State law issue also, so how an independent agency can operate might vary between States. A cash only insurance agent is not a common practice in my experience.