Massachusetts. Division of Savings Bank Life Insurance.

Savings Bank Life Insurance (SBLI) was a state-regulated program for Massachusetts savings bank insurance departments conceived of and promoted by then Boston attorney and later Supreme Court Justice Louis Brandeis. St 1907, c 561, drafted by Brandeis, authorized savings banks incorporated in Massachusetts, under the auspices of the bank commissioner and the insurance commissioner, to establish insurance departments for the purpose of issuing life insurance policies. The statute also established the General Insurance Guaranty Fund (GIGF) to provide protection for policy-holders. From 1919-1991 the program was run as the Division of Savings Bank Life Insurance, Dept. of Banking and Insurance. It was supported successively by the Massachusetts Savings Insurance League (1906) and the Savings Bank Life Insurance Council (1938, incorporated 1947).