Credit unions authorization to obtain insurance from a credit union share insurance provider

This bill allows Minnesota credit unions to obtain share insurance from approved credit union share guaranty corporations in addition to or instead of the National Credit Union Administration Share Insurance Program. It requires credit unions to maintain insurance on member accounts, with guaranteed amounts of at least the account balance but not exceeding $250,000 or the NCUA limit, whichever is greater. The legislation gives the commissioner of commerce authority to examine and assess share guaranty corporations, and prohibits credit unions from voluntarily switching off NCUA insurance without commissioner approval. Credit unions must secure insurance commitments before receiving approval to operate.