The bill amends section 657.033 of the Florida Statutes to provide a private insurance option for credit union accounts. It allows credit unions to obtain insurance either through the National Credit Union Administration or from a qualified private organization. The Office of Financial Regulation is granted the authority to prohibit these qualified private organizations from providing insurance if they are found to lack the necessary resources or bylaws to adequately protect the accounts of credit unions in Florida. Additionally, organizations that are prohibited can seek judicial review.

The bill also defines "qualified private organization" as an insurance company licensed to operate in Florida or an approved share insurance guarantor. The effective date for this act is set for July 1, 2026. The amendments aim to enhance the insurance options available to credit unions while ensuring that the organizations providing such insurance meet specific regulatory standards.

Statutes affected:
H 1083 Filed: 657.033