US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 20
                             GROUP LIFE INSURANCE
    41-2008.  CREDIT UNION GROUPS. The lives of a group of individuals may be
insured under a policy issued to a credit union, which shall be deemed the
policyholder, to insure eligible members of the credit union for the benefit
of persons other than the credit union or its officials, subject to the
following requirements:
    (1)  The members eligible for insurance under the policy shall be all of
the members of the credit union, or all except any as to whom evidence of
individual insurability is not satisfactory to the insurer, or all of any
class or classes thereof determined by conditions pertaining to their age or
membership in the credit union or both.
    (2)  The premium for the policy shall be paid by the policyholder, either
wholly from the credit union's funds, or partly from such funds and partly
from funds contributed by the insured members, specifically for their
insurance. No policy shall be issued for which the entire premium is to be
derived from funds contributed by the insured members specifically for their
insurance.
    (3)  The policy must cover at least twenty-five (25) members at the date
of issue.
    (4)  The amount of insurance under the policy shall not exceed the amount
of the total shares and deposits of the member in or with the credit union.