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Iowa Code § 524.816

Deposit account insurance

Redline — January 1, 2012 → current.View current text →
Current — January 1, 2024
As of January 1, 2012
1. A bank organized under this chapter, as a condition of maintaining its privilege of organization after July 1, 1984 shall become an insured bank and shall acquire and maintain insurance to protect each depositor against loss of funds held on account by the bank. The insurance shall be obtained from the federal deposit insurance corporation or another insurance plan approved by the superintendent, provided that each bank shall acquire deposit insurance from the appropriate agency of the federal government.
A state bank organized under this chapter shall be an insured bank and shall acquire and maintain insurance from the federal deposit insurance corporation, or its successor, to protect each depositor against loss of funds held on account by the state bank to the extent the federal deposit insurance corporation insures such deposits.
2. The superintendent may furnish to an official of an insurance plan by which the accounts of the bank are insured, any information relating to examinations and reports of the status of that bank for the purpose of determining availability of insurance to that bank.
84 Acts, ch 1196, §1; 91 Acts, ch 16, §1
84 Acts, ch 1196, §1; 91 Acts, ch 16, §1; 2022 Acts, ch 1062, §77

Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.