§ 533.308

533.308 Fidelity bond and general insurance coverage. 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 thatmay be incurred by reason of any act or acts of fraud, dishonesty, forgery, theft, larceny,embezzlement, wrongful abstraction, misapplication, misappropriation, or other unlawfulact committed by the employee or official directly or through connivance with others, andgeneral insurance coverage for losses caused by persons not associated with the state creditunion. 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 thestate credit union shall obtain the additional coverage within thirty days after written noticefrom 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

noticefrom 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 arebonded, any information relating to examinations, investigations, and reports of the statusof that state credit union or its employees and officials for the purpose of facilitating theavailability or continuation of the insurance or bond of the state credit union or resolution ofa claim. The superintendent and the insurance company shall, whenever possible, executea confidentiality agreement regarding the information provided by the superintendent thatimposes 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 arebonded, 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 officialsfor the purpose of facilitating the availability or continuation of the insurance or bond of

minations,investigations, or reports of the status of the state credit union or its employees and officialsfor the purpose of facilitating the availability or continuation of the insurance or bond of thestate credit union or resolution of a claim. The state credit union and the insurance companyshall, whenever possible, execute a confidentiality agreement regarding the informationprovided by the state credit union that imposes standards of confidentiality comparable tothose required by this chapter. 2007 Acts, ch 174, §39; 2012 Acts, ch 1020, §14, 15Referred to in §533.108, 533.325 Sat Dec 23 01:33:16 2023 Iowa Code 2024, Section 533.308 (18, 0)