§ 1540 Industrial Bank Insurance Requirement

• •Industrial banks must be insured whenever they are doing their business.
• •The insurance must be in place at all times while they operate.
• •If they stop being an industrial bank, the rule no longer applies.

A new industrial bank opens to finance factories and needs to follow banking rules.

Because it is doing industrial banking, the law requires it to be insured all the time, so it must get insurance before it starts operating.