# Title 13 — Department of Financial Institutions

## Article 13-03 — Credit Unions

## Chapter 13-03-17 — Excess Deposit Insurance

### § 13-03-17-01. Authorization.

The board of directors of a North Dakota state-chartered credit union may authorize purchase of an
excess deposit insurance policy in addition to deposit insurance coverage provided by the national
credit share insurance fund for the credit union's members.
History: Effective October 1, 1994.
General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-06-06
### § 13-03-17-02. Financial information.

Prior to purchasing an excess deposit insurance policy, the board of directors shall evaluate the
financial condition and rating, if any, of the insurance company by acquiring adequate and current
financial information. The board shall, on at least an annual basis, continue to evaluate the company's
financial condition and rating.
History: Effective October 1, 1994.
General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-06-06
### § 13-03-17-03. Notice of termination of insurance.

If an excess deposit insurance policy is terminated, either at the request of the credit union or the
insurance company, the credit union must notify in writing all members covered by such excess deposit
insurance at least ninety days prior to the effective date of termination. The credit union must allow any
member affected by the policy termination to withdraw the deposit without the assessment of any fee or
early withdrawal penalty.
History: Effective October 1, 1994.
General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-06-06
