Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-3 - Credit Union Share Guaranty Corporation › Section 1301:9-3-14 - Credit union share guaranty corporation annual report

Current through all regulations passed and filed through July 1, 2024
(A) The credit
			 union share guaranty corporation shall submit its annual report to the
			 superintendent of credit unions, department of commerce, within one hundred
			 days after the close of the fiscal year. The annual report shall be certified
			 by the oath of the president and secretary of the credit union share guaranty
			 corporation which shall state that the annual report is true and correct in all
			 respects to the best of the knowledge and belief of the signatories. The annual
			 report shall include:
(1) Audited financial
			 statements, prepared in accordance with generally accepted accounting
			 principles, for the fiscal year. Audited financial statements shall include,
			 but not be limited to, a balance sheet and an income statement for the year
			 ended on the balance sheet date. The audited financial statements shall be
			 accompanied by an opinion of an independent certified public accountant. If the
			 opinion of the independent certified public accountant is qualified pursuant to
			 generally accepted auditing standards, the superintendent of credit unions
			 shall require the credit union share guaranty corporation to take such action
			 as he considers appropriate to effect removal of such qualification from the
			 opinion.
(2) Special reports
			 addressing the following areas:
(a) Guarantee
			 fund;
(b) Capital deposits;
(c) Reserves;
(d) Additions; and
(e) Excess premiums.
(3) A report on the standard contract used by
			 the credit union share guaranty corporation. In addition to any standard
			 contract of share guaranty and any amendments thereto not previously submitted,
			 the report shall address the following issues:
(a) The terms of the standard contract and
			 any amendments thereto;
(b) State
			 by state variations in the contract, including any amendments thereto made in
			 the previous calendar year; and
(c) Marketing material and any and all other
			 membership documents and publications used in each state for primary and excess
			 coverage including any changes thereto made in the previous calendar year.
(4) A report on
			 reinsurance and lines of credit in effect for the credit union share guaranty
			 corporation. This report shall include the following items:
(a) Description of the coverage which shall
			 include sources, amount and exceptions;
(b) Credit union share guaranty corporation
			 evaluation of financial need to support the coverage amount; and
(c) Credit union share guaranty corporation
			 evaluation of actuarial need to support the coverage amount.
(5) A report on the risk
			 eligibility standards for participating credit unions.
(6) A crisis contingency plan providing for
			 an event in which the credit union share guaranty corporation is unable to
			 restore its guarantee fund to its normal operating level following the payment
			 of any deficiencies in credit union share accounts or it is otherwise in
			 financially hazardous condition.
(7) A reconciliation of generally accepted
			 accounting principles to statutory accounting principles, including a written
			 description of such difference. Such reconciliation shall include, but not be
			 limited to, the normal operating level of the guarantee fund, as defined in
			 section 1761.10 of the Revised Code.