This study explores the most preferable model of financial alliance between banks and insurance companies from the point of supervisory authorities. As a decision support system, we incorporate the opinions of industry experts and apply the Analytic Network Process (ANP) technique. Based on the evaluations of the expert panel, the financial holding company option was preferred by Taiwan’s Financial Supervisory Commission. The results find the best bancassurance alliance structure is Financial holding company and the order importance of four criteria according to priority are Sufficiency of capital, Risks, Government policies, and Alliance fruitages. This study provides an evaluation criterion for determining the optimal alliance structure for Taiwan’s emerging bancassurance sector, and the proposed evaluation criterion provides high-level management of financial institutions, government supervisors, and academicians with recommendations for future development.