Security Pacific sought approval for a new unit.

The Los Angeles-based bank said it has applied to the Federal Reserve Board for permission to write credit, life, accident and health insurance in Great Britain through two newly formed subsidiaries. U.S. law forbids bank holding companies from offering most types of insurance in this country but allows such activity by foreign units. Robert R. Morlan, president of Security Pacific’s insurance services subsidiary, said the initial investment in Britain would be about $3.5 million.