SECTION 180:10-1-5. Bond requirements; schedule

(a)   The following schedule shall be deemed as the minimum amount fixed by the Board for the bond provided in Title 6 O.S. Section 2010(B).

(1)   Assets of $0 through $10,000; Minimum coverage equal to amount of assets.

(2)   Assets of $10,001 through $4,000,000; Minimum coverage equal to the lesser of total assets or $250,000.

(3)   Assets of $4,000,001 through $50,000,000; Minimum coverage equal to $100,000 plus $50,000 for each million or fraction thereof over $4,000,000.

(4)   Assets of $50,000,001 through $500,000,000; Minimum coverage equal to $2,550,000 plus $10,000 for each million or fraction thereof over $50,000,000, to a maximum of $5,000,000.

(5)   Assets over $500,000,000; Minimum coverage equal to one percent (1%) of assets, rounded to the nearest one hundred million, to a maximum of $9,000,000.

(b)   No deductible may exceed 10% of the credit union's regular reserve unless the credit union creates a special segregated contingency reserve in the amount of the excess. Valuation allowance accounts (allowance for loan losses) may not be considered part of the reserve when determining the maximum deductible.

[Source: Amended at 26 Ok Reg 1413, eff 6-11-09]