1301:9-3-11 Normal operating level of guarantee fund.

(A) The credit union share guaranty corporation shall notify the superintendent of credit unions and the superintendent of insurance of the normal operating level of the guarantee fund, as approved by its board of directors, and of any change in the normal operating level of the guarantee fund.

(B) The credit union share guaranty corporation shall request, in writing, the written approval of the superintendent of insurance of any change in such normal operation level as approved by its board of directors.

(C) The credit union share guaranty corporation shall notify the superintendent of credit unions of the approval or disapproval of such normal operating level of the guarantee fund by the superintendent of insurance.

(D) The credit union share guaranty corporation shall notify the superintendent of insurance and the superintendent of credit unions, in writing, within twenty-four hours after the guarantee fund is reduced below the normal operating level approved by the superintendent of insurance.

Five Year Review (FYR) Dates: 01/11/2016 and 01/11/2021
Promulgated Under: 119.03
Statutory Authority: 1761.04
Rule Amplifies: 1761.10
Prior Effective Dates: None