Independent Insurance Agents of Georgia, Inc. v. Department of Banking & Finance

Jordan, Chief Justice.

This appeal presents the question of whether a state bank may operate a general insurance agency in a town with a population of less than 5,000.

The Citizens and Southern Bank of Cobb County, a state bank, began this action by applying to the Department of Banking and Finance (The Department) for approval of a purchase of 100 % of the stock of a general insurance agency in Austell, a municipality of less than 5,000 in population. The Department suggested that C & S amend its application to request approval to operate the agency through a new corporation to be wholly owned…