Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1100 - Division of Credit Unions
Chapter 4 - Sale of Insurance by a Credit Union
Section 20 CSR 1100-4.010 - Fiduciary Responsibility
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This rule 1) prevents a conflict of interest for any officer, director, committee member or employee of a credit union by prohibiting them from benefiting personally from the sale of insurance or other services which could lead to a breach of their fiduciary duty to the credit union and its members and 2) assures that compensation will be added to the credit union's income rather than be paid directly to and retained by any officer, director, committee member or employee of the credit union.
(1) To avoid incidence of conflict of interest or violation of fiduciary responsibility to the membership, any person acting on behalf of the credit union shall pay to the credit union, all commissions, fees, bonuses, reimbursements or other considerations received from any source other than the credit union by reason of his/her relationship with the credit union.
(2) Reimbursements shall be accounted for as other income or reserve for expense adjustment pending final allocation to related expense categories.
*Original authority: 370.100, RSMo 1939, amended, 1945(2), 1949, 1959, 1967 and 1972.
