No. HB 1083
Filed under Insurance.
Private Insurance Coverage for Credit Union Accounts; Provides private insurance option for coverage for credit union accounts; authorizes OFR to prohibit qualified private organizations from providing such insurance coverage under certain circumstances; authorizes such qualified private organizations to seek judicial review.
Plain English Summary
AI-GENERATEDCredit unions must currently insure member accounts only through the National Credit Union Administration. This bill adds a second option: a private insurance company licensed in Florida, or an approved share insurance guarantor.
The Office of Financial Regulation can bar a private insurer from covering credit union accounts if it lacks the resources or bylaws to protect them, but only after notice and a hearing.
A private organization barred by regulators from offering this insurance may seek judicial review of that decision under Florida law.
Only an insurance company licensed in Florida or an approved share insurance guarantor can qualify as a private insurer under this option.
AICredit unions could previously insure member accounts only through the National Credit Union Administration. The bill lets them instead use a qualified private organization -- either a Florida-licensed insurance company or an approved share insurance guarantor -- as the account insurer.
AIThe bill lets the Office of Financial Regulation prohibit a qualified private organization from insuring credit union accounts if, after notice and a hearing, the office finds the organization lacks the resources or bylaws to adequately protect those accounts.
AIIf the office bars a qualified private organization from insuring credit union accounts, that organization may ask a court to review the decision under the state's administrative procedure law, section 120.68.
AIThe bill defines a qualified private organization as either an insurance company licensed to do business in Florida or an approved share insurance guarantor. No other entity is eligible under this option.