1301:9-3-05 Necessity of reinsurance or line of credit.

The superintendent of credit unions may consider the following criteria, among others, in determining if it is actuarially or financially necessary for a credit union share guaranty corporation to obtain reinsurance or a line of credit from one or more insurance companies or financial institutions:

(A) The operating level of the credit union share guaranty corporation's guarantee fund has not been maintained at a level of one and three-tenths per cent of the aggregate share capital of the participating credit unions.

(B) The capital contribution contributed by any participating credit union exceeds more than one per cent of the guarantee fund.

(C) Reinsurance is obtained from an insurance company which is not licensed to do business in the state of Ohio pursuant to Title XXXIX of the Revised Code.

R.C. 119.032 review dates: 11/16/2009 and 11/15/2014

Promulgated Under: 119.03

Statutory Authority: 1761.04

Rule Amplifies: 1761.06(B)

Prior Effective Dates: None