Bill > H3773

This bill aims to modernize the investment capabilities of the Massachusetts Credit Union Share Insurance Corporation (MSIC). The key provisions of the bill are: 1. It amends the existing law to allow MSIC to invest in a broader range of investments, up to 15% of its assets, beyond the specific investments currently enumerated. This expansion is subject to MSIC establishing adequate policies and procedures to manage the associated risks. 2. It allows MSIC to authorize registered investment advisers to manage these additional investments on its behalf, with the percentage of assets under this authority to be determined by the Commissioner. 3. The Commissioner has the power to increase, modify, curtail or rescind MSIC's authority to make these expanded investments, providing regulatory oversight. The purpose of these changes is to modernize and diversify MSIC's investment options, while maintaining appropriate safeguards and Commissioner oversight to ensure the safety and soundness of the corporation.

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https://malegislature.gov/Bills/193/H3773