Mass. Private Insurer Seeking Power To Expand Outside State.(Massachusetts Share Insurance Corp.

The Massachusetts Share Insurance Corp. (MSIC), one of two surviving excess deposit insurers for credit unions, has requested authority to expand its charter to allow it to serve credit unions outside of the Bay State.

Legislation to amend the company charter failed in the state legislature, but lawmakers agreed to appoint a commission to study the matter, according to MSIC President John Buddle, who was named to the panel. The commission is expected to present its report to the legislature by year-end.

The company was one of almost two-dozen private sta