(4) A policy on which no part of the premium is paid from funds
contributed by the insured members specifically for their insurance must insure:

(i) all eligible members; or

(ii) all eligible members other than those who have evidence of
individual insurability that is unsatisfactory to the insurer.]

(C) (1) THE PREMIUMS FOR THE POLICY SHALL BE PAID FROM FUNDS
CONTRIBUTED BY THE CREDIT UNION OR INSURED MEMBERS, OR BY BOTH.

(2) EXCEPT AS PROVIDED IN PARAGRAPH (3) OF THIS SUBSECTION, A
POLICY ON WHICH NO PART OF THE PREMIUM IS TO BE DERIVED FROM FUNDS
CONTRIBUTED BY THE INSURED MEMBER FOR THE INSURER MUST INSURE ALL
ELIGIBLE PERSONS, EXCEPT THOSE WHO REJECT THE COVERAGE IN WRITING.

(3) AN INSURER MAY EXCLUDE OR LIMIT THE COVERAGE ON ANY
PERSONS AS TO WHOM EVIDENCE OF INDIVIDUAL INSURABILITY IS NOT
SATISFACTORY TO THE INSURER

[(d) The amount of insurance on the life of a member may not exceed the lesser

of:

(1) the total amount of the member's shares and deposits in the credit

union; and

(2) $5,000.

(e) The policy must cover at least 25 members at date of issue.]
17-208.

(a) (1) Subject to the requirements of this section, the lives of a group of
individuals may be insured under a policy issued to a volunteer fire, rescue squad, or
ambulance service organization to cover the registered members of the organization
for the benefit of persons other than the organization.

(2) The volunteer fire, rescue squad, or ambulance service organization
to which the policy is issued is deemed the policyholder.

(b) All registered members of a volunteer fire, rescue squad, or ambulance
service organization are eligible for insurance under a policy issued in accordance
with this section.

[(c) (1) The volunteer fire, rescue squad, or ambulance service organization
shall pay the premium for the policy:

(i) wholly from the funds of the volunteer fire, rescue squad, or
ambulance service organization; or

(ii) partly from the funds of the volunteer fire, rescue squad, or
ambulance service organization and partly from funds contributed by the insured
members of that organization specifically for their insurance.