§ 533.308 — Fidelity bond and general insurance coverage

Iowa § 533.308

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 533: CREDIT UNIONS

Text

1. A state credit union shall maintain a fidelity bond for state credit union employees
and officials in a sufficient amount to indemnify the state credit union against losses that
may be incurred by reason of any act or acts of fraud, dishonesty, forgery, theft, larceny,
embezzlement,wrongfulabstraction,misapplication,misappropriation,orotherunlawfulact
committedbytheemployeeorofficialdirectlyorthroughconnivancewithothers,andgeneral
insurance coverage for losses caused by persons not associated with the state credit union.
a. The fidelity bond and general insurance coverage shall be obtained from a company
authorized to do business in this state.
b. The superintendent may require additional coverage for a state credit union if, in the
opinion of the superintendent, current coverage is insufficient. The board of directors of the
state credit union shall obtain the additional coverage within thirty days after written notice
from the superintendent.
2. The superintendent may furnish to any official of an insurance plan by which the
accounts of a state credit union are insured or by which its employees and officials are
bonded, any information relating to examinations, investigations, and reports of the status
of that state credit union or its employees and officials for the purpose of facilitating the
availability or continuation of the insurance or bond of the state credit union or resolution of
a claim. The superintendent and the insurance company shall, whenever possible, execute
a confidentiality agreement regarding the information provided by the superintendent that
imposes standards of confidentiality comparable to those required by this chapter.
3. A state credit union may furnish to any official of an insurance plan by which the
accounts of the state credit union are insured or by which its employees and officials are
bonded, any information regarding transactions of the state credit union, examinations,
investigations, or reports of the status of the state credit union or its employees and officials
for the purpose of facilitating the availability or continuation of the insurance or bond of the
state credit union or resolution of a claim. The state credit union and the insurance company
shall, whenever possible, execute a confidentiality agreement regarding the information
provided by the state credit union that imposes standards of confidentiality comparable to
those required by this chapter.