FL H1083

Credit unions may obtain account insurance through the National Credit Union Administration or from a qualified private organization, expanding beyond the current federal-only requirement

Qualified private organizations are defined as insurance companies licensed in Florida or approved share insurance guarantors

The Office of Financial Regulation may prohibit a private organization from providing coverage if it determines, after notice and hearing, that the organization lacks adequate resources or bylaws to protect credit union accounts

Private organizations prohibited from providing insurance may seek judicial review under section 120.68 of Florida Statutes

Effective date: July 1, 2026