RALEIGH, N.C.-State Employees Credit Union is in the process of creating a CUSO that will offer life insurance and annuities to members, following passage by the North Carolina legislature of an amendment to the state's credit union statute to allow credit unions to own insurance companies.
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The bill, which was unanimously approved by both houses, was brought to the legislature by SECU.
While the lawmakers have given their OK, a SECU representative said that the $23-billion, 1.6-million member institution still needs the approval of the state's Department of Insurance in order to move forward.
That process is not expected to be completed until sometime later this fall.
