31A-22-507. Credit union groups.
(1) The lives of a group of individuals may be insured under a policy issued to a policyholder who is: a credit union; or trustees or agents designated by two or more credit unions.
(2) A policy described in Subsectionshall insure members of a credit union for the benefit of persons other than: (1) the credit union; trustees of the credit union; agents of the credit union; or an official of an entity described in Subsectionsthrough. (2)(a) (c)
(3) The policies are subject to the requirements of this Subsection. (3) The persons eligible for insurance are: all of the members of the credit union; or all of any classes of the members of the credit union. The premiums shall be paid by the policyholder. Except as provided in Section, a policy on which no part of the premium is collected from the covered members specifically for their insurance shall insure all eligible members. 31A-22-512 A group policy issued under this section is not subject to Sectionsthrough. 31A-22-517 31A-22-521