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Rules & Regulations

Section 6.        Share Insurance

IV.     Operation Of A Credit Union Share Guaranty Corporation

A.      In order to permit the credit union share guaranty corporation to assess the financial condition and performance of a credit union, the Administrator shall provide to the corporation any and all reports of examination conducted by, and orders and notices issued by, the Administrator regarding any participating credit union under the supervision of the Administrator.

B.      Each credit union share account of an individual member of a participating credit union shall be guaranteed in amounts established from time to time by the credit union share guaranty corporation. Such primary guaranteed amount shall not be less than the amount of the credit union share account and in no event less than that provided by the NCUA.

C.      In addition to the primary guaranteed amount, the corporation may establish an excess coverage guarantee for the benefit of those participating credit unions that voluntarily elect to obtain such additional guarantee.

D.      The amount of the deposit account of each participating credit union, as required under the credit union share guaranty corporation's insurance policy, shall be carried on the books of the participating credit union as an asset.

E.      The credit union share guaranty corporation shall have a written contract with all participating credit unions further establishing the right and obligations of the parties.

F.      The credit union share guaranty corporation shall provide written notice to the Administrator of receipt of any application for participation by an Alabama state chartered credit union, and the corporation's underwriting decision, and in addition, the corporation shall also provide notice of any termination, voluntary or involuntary, as well as participation by any Alabama state chartered credit union.

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