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304.16-090 Credit union groups.
The lives of a group of individuals may be insured under a policy issued to a credit
union, or to a trustee or trustees or agent designated by two (2) or more credit
unions, which shall be deemed the policyholder, to insure eligible members of the
credit union or credit unions for the benefit of persons other than the credit union or
credit unions, trustee or trustees, or agent, 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 for whom evidence of individual
insurability is not satisfactory to the insurer, or all of any class or classes
thereof;
(2) The premium for the policy shall be paid by the policyholder, either wholly from
the credit union's funds, or partly from the credit union's funds and partly from
funds contributed by the insured member specifically for the member's
insurance. A policy shall insure all eligible members, or all except any for whom
evidence of individual insurability is not satisfactory to the insurer; and
(3) The amounts of insurance under the policy must be based upon some plan
precluding individual selection either by the insured members or by the
policyholder.
Effective:July 12, 2012
History: Amended 2012 Ky. Acts ch. 116, sec. 2, effective July 12, 2012. -Amended 2008 Ky. Acts ch. 140, sec. 8, effective July 15, 2008. -- Created 1970
Ky. Acts ch. 301, subtit. 16, sec. 9, effective June 18, 1970.
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