This bill amends the Credit Union Act of 2003 by updating the requirements for domestic credit unions regarding insurance for their share and deposit accounts. It specifies that credit unions must apply for and maintain insurance from a federal agency authorized to insure such accounts or from a qualified private insurance organization. The bill also introduces new provisions that allow credit unions to contract with licensed insurance carriers for additional coverage beyond the insured amounts and establishes a process for these carriers to apply for authorization as qualified private insurance organizations.

Additionally, the bill outlines the responsibilities of credit unions that are denied insurance commitments, including the requirement to either dissolve, merge, or request additional time to secure insurance. It also clarifies the role of the director in granting extensions and the criteria for denying or revoking an insurance carrier's authorization. The bill includes definitions for "primary share or deposit insurance" and "qualified private insurance organization," ensuring clarity in the terms used. The enactment of this bill is contingent upon the passage of several other specified bills in the legislature.

Statutes affected:
Substitute (H-1): 490.387
House Introduced Bill: 490.387
As Passed by the House: 490.387