Allows Michigan credit unions to obtain insurance from qualified private insurance organizations.

This bill amends Michigan law to allow domestic credit unions to obtain insurance for their share and deposit accounts from a qualified private insurance organization, in addition to federal agencies. It mandates that credit unions denied insurance by federal agencies or private insurers must either dissolve, merge with another insured credit union, or contract with a state-licensed insurer for balances exceeding federal insurance limits. The bill also allows state-licensed insurers to apply for authorization to provide such insurance, subject to approval by the state's financial regulator.

Allows Michigan credit unions to obtain insurance from qualified private insurance organizations.

This bill amends Michigan law to allow domestic credit unions to obtain insurance for their share and deposit accounts from a qualified private insurance organization, in addition to federal agencies. It mandates that credit unions denied insurance by federal agencies or private insurers must either dissolve, merge with another insured credit union, or contract with a state-licensed insurer for balances exceeding federal insurance limits. The bill also allows state-licensed insurers to apply for authorization to provide such insurance, subject to approval by the state's financial regulator.