After 60 years of operating as a thrift-insurance cooperative, Savings Banks Life Insurance Fund of New York is planning a makeover.

Bankers say the organization, now owned by 16 savings banks, is planning to recast itself as a mutual insurance company-a move that would let it broaden both its product line and geographic scope. Right now, SBLI Fund offers only low-cost life insurance, and only in New York State.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.