Iowa Code 533.307 – Account insurance
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 533.307
- Account: means the same as defined in section 554. See Iowa Code 554E.1
- Commissioner: means the commissioner of insurance. See Iowa Code 510.1B
- credit union: is a lso a "supervised financial organization" as that term is defined and used in chapter 537, the Iowa consumer credit code. See Iowa Code 533.102
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Superintendent: means the superintendent of credit unions appointed pursuant to section 533. See Iowa Code 533.102
Except as provided in section 533.302, subsection 3, a credit union organized under this chapter, as a condition of maintaining its privilege of organization, shall acquire and maintain insurance to protect each shareholder and each depositor against loss of funds held on account by the credit union. The insurance shall be obtained from the national credit union administrator or from some other share guarantor or insurance plan approved by the Iowa commissioner of insurance and the superintendent, provided that each credit union shall acquire deposit insurance from the appropriate agency of the federal government.