Financial institutions: credit unions; insurance from a qualified private insurance organization; allow for domestic credit unions. Amends sec. 387 of 2003 PA 215 (MCL 490.387). TIE BAR WITH: HB 5779'26, HB 5780'26, HB 5781'26, HB 5783'26

This bill amends Michigan's Credit Union Act to allow domestic credit unions to obtain primary share and deposit insurance from qualified private insurance organizations licensed in the state, in addition to federal agencies. It establishes a process where the state director can authorize private insurers to provide coverage and may deny or revoke this authorization if the insurer lacks sufficient resources or governance. The legislation also permits credit unions to contract with licensed carriers for coverage on account balances that exceed the limits of primary insurance. Importantly, the bill does not take effect unless four related companion bills are also enacted into law.