(a) Every credit union authorized to do business in this State under this title shall insure its members' shares with the National Credit Union Administration (NCUA) or the successor to that federal agency.

(b) A credit union insured under this section shall have the duty and power to comply with all statutes and regulations governing insurance of shares by the NCUA; provided that nothing contained in this section shall be construed as repealing, modifying, or impairing any powers, duties, rights, or responsibilities of the Commissioner, or the credit union so insured, under the provisions of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)