Section 06.05.355 - Deposit insurance required(a) The department shall require a state bank, at the time the bank applies for a certificate of authority under AS 06.05.350, to become a member of the Federal Deposit Insurance Corporation.(b) A bank that is a member of the Federal Deposit Insurance Corporation may not voluntarily relinquish membership without the consent of the department. Request for the consent must be made at least 180 days before the proposed date of relinquishment.(c) Relinquishment of membership without giving notice and obtaining the department's consent, involuntary loss of membership, or failure to become a member after the department directs the bank to become a member constitutes cause for the department to take possession of the bank in the manner provided by this chapter.Amended by SLA 2022, ch. 20,sec. 9, eff. 6/29/2022, app. to a state bank that applies for a certificate of authority under AS 06.05.350 on or after 6/29/2022.