Volume 796, Page 3664 View pdf image |
(b) All members of the credit union, or all of any class or classes of members [(c) (1) The credit union shall pay the premium for the policy: (i) wholly from the funds of the credit union; or (ii) partly from the funds of the credit union and partly from funds (2) A policy may not be issued on which the entire premium is to be paid (3) A policy on which the premium is to be paid partly from funds (4) A policy on which no part of the premium is paid from funds (i) all eligible members; or (ii) all eligible members other than those who have evidence of (C) (1) THE PREMIUMS FOR THE POLICY SHALL BE PAID FROM FUNDS (2) EXCEPT AS PROVIDED IN PARAGRAPH (3) OF THIS SUBSECTION; A (3) AN INSURER MAY EXCLUDE OR LIMIT THE COVERAGE ON ANY [(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.] (a) (1) Subject to the requirements of this section, the lives of a group of |
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Volume 796, Page 3664 View pdf image |
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