At its option, a depository institution may elect to purchase insurance for one hundred percent (100%) of any public deposit not covered by federal deposit insurance or secured pursuant to this chapter; provided, that this insurance is provided by an insurer rated "AAA" by standard & poor's corporation, moody's investors service, or both. This insurance may be provided in lieu of, but shall not be required in addition to, collateral otherwise required pursuant to this chapter.
History of Section.
P.L. 1991, ch. 44, art. 74, § 1.