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N.Y. governor signs law allows insurance co. deposits in CUs
ALBANY, N.Y. (9/3/10)--Nonlife insurance companies can now invest up to $250,000 in share certificates at New York credit unions. New York Gov. David Paterson signed a law Monday allowing the companies to invest in credit unions. It reverses a ruling of the New York State Insurance Department that prevented insurance companies from investing in credit unions. The legislation was signed into law as Chapter 461. It was sponsored by Senate Insurance Committee Chair Neil Breslin (D-Albany) and Assembly Insurance Committee Joseph Morelle (D-Irondequoit). The law was supported by both chambers unanimously. “The more safe investment options a business has, the more likelihood that it will be able to expand and hire new employees,” Breslin said. The Credit Union Association of New York applauded the measure, noting that consumers will benefit from a more cost-effective marketplace. “The association will continue to work toward the passage of legislation, such as municipal depository choice, which would increase the financial options available to consumers, businesses and local governments,” said William J. Mellin, association president/CEO. “Credit unions have provided security and high-quality banking services for millions of New Yorkers,” Morelle added. “Allowing non-life insurance companies to invest in them strengthens credit unions, their members and policyholders alike.” Thomas White, president of Community Mutual Insurance Company, said his company advocated for the change. “I am able to better diversify Community Mutual’s investment portfolio and maximize return on investment now that my company has the ability to deposit funds in credit unions,” White said.


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