534.506 - ACCOUNT INSURANCE REQUIRED.
534.506 ACCOUNT INSURANCE REQUIRED. 1. An association organized under this chapter as a condition of maintaining its privilege of organization after July 1, 1984 shall acquire and maintain insurance to protect each depositor against loss of funds held on account by the association. The insurance shall be obtained from the federal deposit insurance corporation or another insurance plan approved by the superintendent, provided that each association organized under this chapter shall acquire deposit insurance from the appropriate agency of the federal government. 2. The superintendent may furnish to an official of an insurance plan by which the accounts of the association are insured, any information relating to examinations and reports of the status of that association for the purpose of determining availability of insurance to that association.
Section History: Recent Form 84 Acts, ch 1196, § 4; 91 Acts, ch 16, § 3; 91 Acts, ch 92, § 16 Referred to in § 534.516