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§ 17-207. Credit unions

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 17. Group Life Insurance
Subtitle 2. Group Requirements (Refs & Annos)
MD Code, Insurance, § 17-207
§ 17-207. Credit unions
In general
(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 credit union organized in accordance with State law or the Federal Credit Union Act1 to cover members of the credit union for the benefit of persons other than the credit union or its officials.
(2) The credit union to which the policy is issued is deemed the policyholder.
Eligibility of members for insurance
(b) All members of the credit union, or all of any class or classes of members determined by conditions pertaining to their age or membership in the credit union or both, are eligible for insurance under a policy issued in accordance with this section.
Source of funds for payment of premiums
(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.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 1999, c. 659, § 1, eff. Oct. 1, 1999.
Formerly Art. 48A, § 424.

Footnotes

June 26, 1934, ch. 750, 48 Stat. 1216, codified at 12 U.S.C.A. § 1751 et seq.
MD Code, Insurance, § 17-207, MD INSURANCE § 17-207
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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