NC H501

Allow credit unions to own subsidiary insurance companies and provide insurance to directors, officers, agents, employees, and members through owned insurance companies or any other insurance company.

Permit credit unions to invest capital, deposits, and reserve funds in insurance companies organized as stock companies, mutual associations, or membership corporations, with membership or stockholdings confined to credit unions.

Allow credit unions to invest up to 25% of reserve fund allocations in insurance companies designed to assist in establishing and maintaining liquidity, solvency, and security in credit union operations.

Recognize credit unions alongside banks and savings and loan associations as eligible depositories for insurer cash and funds, and as eligible investments for insurer funds.

Effective date: October 1, 2011.