2015 New York Laws
BNK - Banking
Article 2 - (Banking) DEPARTMENT OF FINANCIAL SERVICES; SUPERINTENDENT OF FINANCIAL SERVICES; SUPERVISORY AND REGULATORY POWERS
32 - Insurance of deposits and share accounts.

 32. Insurance of deposits and share accounts.
1.  Within  one year from the date this section shall have become law,
  every bank, trust company, savings bank, savings  and  loan  association
  and  credit union shall obtain insurance of deposits and share accounts,
  as the case may be:
(a) from the Federal Deposit Insurance Corporation, in the case  of  a
  bank, trust company, savings bank or savings and loan association;
(b)   from   the   Administrator   of   the   National   Credit  Union
  Administration, in the case of a credit union; or
(c) in the case of any  such  banking  organization,  from  any  other
  insurer  upon  such  terms  and  conditions  as the superintendent shall
  approve.
2. No banking organization whose deposit  or  share  accounts  are  so
  insured shall hereafter voluntarily terminate such insured status.
3.  Notwithstanding  the  foregoing  provisions  of  this section, the
  superintendent shall have the power to promulgate  such  regulations  as
  the  superintendent  deems  necessary  and  proper  (a) to implement and
  define  the  provisions  of  this  section,  (b)  to  exempt  from   the
  requirements  of  this  section  any banking organization which does not
  receive deposits or share accounts from the general public, and (c)  for
  good  cause shown, to extend for up to two years the period within which
  any  banking  organization  must  comply  with   the   requirements   of
  subdivision one of this section.