Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 31 - CREDIT UNIONS
Section 16-31-12 - Bonds

Universal Citation: HI Admin Rules 16-31-12

Current through November, 2023

(a) The board of directors of each credit union shall review at least annually the bond coverage in force in order to ascertain the adequacy of the coverage in relation to the exposure and to the minimum requirements fixed from time to time by the commissioner or by applicable law.

(b) The surety insurer shall be authorized to do business in Hawaii.

(c) A credit union whose surety bond coverage is terminated shall submit written notice to the commissioner no less than thirty-five days prior to the effective date of such termination.

(d) The commissioner may require additional coverage for any credit union should the commissioner find that the surety bonds in force are insufficient to provide adequate surety coverage. It shall be the duty of the board of directors to obtain such additional coverage within thirty days after the date of written notice.

[Eff 7/2/81; am and comp 8/12/02] (Auth: HRS § 412:2-107) (Imp: HRS § 412:10-112)

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