THE BILL ITSELF
HB 1083
Private Insurance Coverage for Credit Union Accounts
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A bill to be entitled
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An act relating to private insurance coverage for
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credit union accounts; amending s. 657.033, F.S.;
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providing a private insurance option for coverage for
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credit union accounts; authorizing the Office of
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Financial Regulation to prohibit qualified private
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organizations from providing such insurance coverage
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under certain circumstances; authorizing such
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qualified private organizations to seek judicial
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review; defining the term "qualified private
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organization"; providing an effective date.
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Be It Enacted by the Legislature of the State of Florida: Section 1. Subsection (9) of section 657.033, Florida
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Statutes, is amended to read:
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657.033 Accounts.—
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(9)(a) A credit union shall obtain and maintain insurance
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of accounts through the National Credit Union Administration or
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from a qualified private organization.
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(b) The office may prohibit a qualified private
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organization from providing insurance under paragraph (a) if the
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office finds, after giving the organization notice of and
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opportunity for a hearing, that the organization lacks the
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resources or bylaws, or both, to adequately protect accounts of
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credit unions in this state. A qualified private organization
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that is prohibited by the office from providing insurance under
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paragraph (a) may seek judicial review in accordance with s.
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120.68.
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(c) As used in this subsection, the term "qualified
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private organization" means an insurance company licensed to do
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business in this state or an approved share insurance guarantor.
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Section 2. This act shall take effect July 1, 2026.