§ 18512 Guaranty Corporation Loss Protection

• •The boss (commissioner) can make the Guaranty Corporation get extra protection (like insurance) to keep people's savings safe.
• •The boss decides what kind of protection is needed and how much.
• •The protection must be approved in writing by the boss.

Imagine you have a piggy bank at a special bank (thrift).

The boss can tell the bank to buy extra insurance so if something bad happens, your money stays safe. The boss picks the insurance and says yes to it in writing.