2.59.403    CREDIT UNIONS - SURETY BOND AND HAZARD INSURANCE COVERAGE

(1) Each credit union shall provide surety bond coverage for each of its employees, board members, or committee members whose duties include the handling of cash, cash equivalents, negotiable instruments of any kind, credit cards, debit cards, or who act as bookkeepers or who are able to make entries to accounts affecting the credit union or its members.

(2) Each credit union shall obtain casualty insurance, fire insurance, liability insurance or such other types of insurance as may be appropriate to the credit union's needs.

(3) Surety bond coverage and insurance coverage shall be in amounts appropriate to the total assets of the credit union, the nature of its business, and the value of its insured property. In no case shall the amounts of coverage be less than those required of federal credit unions by the National Credit Union Administration.

History: 32-3-201, MCA; IMP, 32-3-201, MCA; NEW, 1992 MAR p. 2465, Eff. 11/13/92; TRANS, from Commerce, 2001 MAR p. 1178.