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New York Gov. David A. Paterson (D) recently signed legislation that will enable insurance companies to deposit funds in credit unions.

Nonlife insurance companies are now able to invest up to $250,000 in share certificates with credit unions where they are eligible for membership. The legislation was sponsored by Senate Insurance Committee Chair Neil Breslin and Assembly Insurance Committee Chair Joseph Morelle and was unanimously supported in both chambers. The new law reverses a ruling of the New York State Insurance Department that prohibited insurance companies from investing in credit union share certificates.

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Peter Westerman

 

Credit Union Times

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