Section Ban 1104.05 - Credit Union Requirements(a) Credit unions shall obtain and maintain fidelity bond coverage in compliance with the minimum amounts required in the National Credit Union Administration Regulation Part 713 as amended May 13, 2008.(b) The maximum amount of deductibles allowed to a credit union shall:(1) Be based on the credit union's total assets; and(2) Not exceed the deductible amounts set forth in the National Credit Union Administration Regulations Part 713 amended May 13, 2008.(c) A deductible may be applied separately to one or more insuring clauses in a blanket bond.(d) Notwithstanding Ban 1104.05(b), a deductible shall not exceed 10 percent of a credit union's guaranty fund unless the credit union creates a segregated contingency reserve for the amount of the excess.(e) Valuation of allowance accounts, such as allowances for loan losses, shall not be considered part of the guaranty fund when determining the maximum deductible.(f) The acceptable bond format for credit unions shall, at a minimum: (1) Meet the industry standard format, Financial Institution Credit Union Blanket Bond Standard Form No. 23, dated 1950; or(2) Be an equivalent that contains the same major areas of insuring agreements found in the standard bond format in (1) above.N.H. Admin. Code § Ban 1104.05
#4025, eff 3-26-86; ss by #4101, eff 7-24-86, EXPIRED 7-24-92
New. #6536, eff 7-2-97, EXPIRED: 7-2-05
New. #9767, eff 8-21-10