§431:10D-211  Credit union groups.  Thelives of the members of a credit union may be insured under a policy issued tothe credit union that shall be deemed the policyholder to insure members of thecredit union for the benefit of persons other than the credit union or any ofits officials, subject to the following requirements:

(1)  Except for paragraph (2), the members eligiblefor insurance under the policy shall be all of the members of the credit union;

(2)  An insurer may exclude or limit the coverage onany member as to whom evidence of individual insurability is not satisfactoryto the insurer;

(3)  The premiums for the policy shall be paid by thepolicyholder, either from the credit union's own funds or from chargescollected from the insured members specifically for the insurance, or fromboth; provided that when the premium is paid by the members, or by the creditunion and its members jointly, at least seventy-five per cent of the theneligible members, excluding any as to whom evidence of insurability is notsatisfactory to the insurer, shall elect to make the required contributions;and

(4)  The amounts of insurance under the policy shallbe based upon some plan precluding individual selection either by the membersor by the credit union.

As used in this section, "creditunion" means a credit union chartered under the provisions of the FederalCredit Union Act or article 10 of chapter 412. [L 1987, c 347, pt of §2; am L1993, c 350, §17; am L 2004, c 122, §52]